Document:

Note Purchase Agreement

 Exhibit 10(b)(7)(i) 
  
  
 NOTE PURCHASE AGREEMENT 
 by and among 
 NEWSTAR WAREHOUSE FUNDING 2005 LLC, 
 as Issuer 
 NEWSTAR FINANCIAL, INC., 
 as Seller and
Servicer 
 EACH OF THE INVESTORS FROM TIME TO TIME PARTY HERETO 
 EACH OF THE LIQUIDITY BANKS FROM TIME TO TIME PARTY HERETO 
 and 
 CITICORP NORTH AMERICA, INC., 
 as the Note
Purchaser Agent 
 Dated as of November 19, 2008 
  
  

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
	 ARTICLE I DEFINITIONS
	  	
	 SECTION 1.01
	    	 Certain Defined Terms
	  	1
		
	 ARTICLE II RESTATEMENT CLOSING; PURCHASES OF INCREMENTAL NOTE BALANCES; INTEREST RATE HEDGES
	  	
	 SECTION 2.01
	    	 Restatement Closing
	  	1
	 SECTION 2.02
	    	 Requests for Purchases of Incremental Note Balances
	  	1
	 SECTION 2.03
	    	 Annual Credit Review
	  	3
	 SECTION 2.04
	    	 Interest Rate Hedges
	  	4
	 SECTION 2.05
	    	 Unused Fee
	  	4
	 SECTION 2.06
	    	 Intentionally Omitted
	  	4
	 SECTION 2.07
	    	 Letters of Credit
	  	4
	 SECTION 2.08
	    	 Increased Costs; Capital Adequacy; Breakage
	  	6
	 SECTION 2.09
	    	 Taxes
	  	7
		
	 ARTICLE III FUNDING DATES
	  	
	 SECTION 3.01
	    	 Funding Dates
	  	9
		
	 ARTICLE IV CONDITIONS PRECEDENT
	  	
	 SECTION 4.01
	    	 Restatement Closing Subject to Conditions Precedent
	  	10
		
	 ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER, SELLER and SERVICER
	  	
	 SECTION 5.01
	    	 Representations and Warranties of Issuer
	  	12
	 SECTION 5.02
	    	 Representations and Warranties of Seller
	  	14
	 SECTION 5.03
	    	 Representations and Warranties of Servicer
	  	16
	 SECTION 5.04
	    	 Securities Act
	  	18
	 SECTION 5.05
	    	 No Fee
	  	19
	 SECTION 5.06
	    	 Information
	  	19
	 SECTION 5.07
	    	 The New Note
	  	19
	 SECTION 5.08
	    	 Use of Proceeds
	  	19
	 SECTION 5.09
	    	 Representations and Warranties
	  	19
	 SECTION 5.10
	    	 Taxes, etc
	  	20
	 SECTION 5.11
	    	 Financial Condition
	  	20
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES WITH RESPECT TO NEW NOTE PURCHASER
	  	
	 SECTION 6.01
	    	 Representations and Warranties
	  	20
		
	 ARTICLE VII COVENANTS OF ISSUER AND SERVICER
	  	
	 SECTION 7.01
	    	 Information from Issuer
	  	21
	 SECTION 7.02
	    	 Access to Information
	  	22
	 SECTION 7.03
	    	 Ownership and Security Interests; Further Assurances
	  	23

  

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	 SECTION 7.04
	    	 Covenants
	  	23
	 SECTION 7.05
	    	 Amendments
	  	23
	 SECTION 7.06
	    	 With Respect to the Exempt Status of the New Note
	  	23
	 SECTION 7.07
	    	 Enforcement Costs
	  	23
	 SECTION 7.08
	    	 Demand Note
	  	24
	 SECTION 7.09
	    	 Fixed Rate Adjustment Amount
	  	24
	 SECTION 7.10
	    	 Moody’s Structured Note Model Procedures; Determination of Borrowing Base
	  	25
		
	 ARTICLE VIII ADDITIONAL COVENANTS
	  	
	 SECTION 8.01
	    	 Legal Conditions to Restatement Closing
	  	26
	 SECTION 8.02
	    	 Mutual Obligations
	  	26
	 SECTION 8.03
	    	 Restrictions on Transfer
	  	26
		
	 ARTICLE IX INDEMNIFICATION
	  	
	 SECTION 9.01
	    	 Issuer’s Indemnification Obligations
	  	26
	 SECTION 9.02
	    	 Seller’s Indemnification Obligations
	  	26
	 SECTION 9.03
	    	 Servicer’s Indemnification Obligations
	  	27
	 SECTION 9.04
	    	 Indemnification Procedures
	  	27
	 SECTION 9.05
	    	 Indemnification Not General Credit Recourse
	  	29
		
	 ARTICLE X Note purchaser AGENT
	  	
	 SECTION 10.01
	    	 Authorization and Action
	  	29
	 SECTION 10.02
	    	 Note Purchaser Agent’s Reliance, Etc
	  	29
	 SECTION 10.03
	    	 CNAI and Affiliates
	  	30
	 SECTION 10.04
	    	 Liquidity Bank’s Purchase Decision
	  	30
	 SECTION 10.05
	    	 Indemnification of Note Purchaser Agent
	  	30
		
	 ARTICLE XI MISCELLANEOUS
	  	
	 SECTION 11.01
	    	 Amendments
	  	31
	 SECTION 11.02
	    	 Notices
	  	31
	 SECTION 11.03
	    	 No Waiver; Remedies
	  	31
	 SECTION 11.04
	    	 Binding Effect; Assignability
	  	31
	 SECTION 11.05
	    	 Provision of Documents and Information
	  	33
	 SECTION 11.06
	    	 GOVERNING LAW; JURISDICTION
	  	33
	 SECTION 11.07
	    	 Waiver of Jury Trial
	  	34
	 SECTION 11.08
	    	 Execution in Counterparts
	  	34
	 SECTION 11.09
	    	 No Recourse - New Note Purchaser, Seller, Servicer and Issuer
	  	34
	 SECTION 11.10
	    	 Survival
	  	36
	 SECTION 11.11
	    	 Tax Characterization
	  	36
	 SECTION 11.12
	    	 Conflicts
	  	36
	 SECTION 11.13
	    	 Expenses
	  	36
	 SECTION 11.14
	    	 Updating List of Authorized Officers
	  	37
	 SECTION 11.15
	    	 Right of Setoff
	  	37
	 SECTION 11.16
	    	 Special Provisions Applicable to Investors
	  	37

  

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	Schedule I	    	Information for Notices
		
	Exhibit A	    	Form of New Note
	Exhibit B	    	Notice of Incremental Note Balance
	Exhibit C	    	Form of Borrowing Base Certificate
	Exhibit D	    	Form of Demand Note
	Exhibit E	    	Moody’s Structured Note Model Asset Inputs
	Exhibit F	    	Authorized Officers of the Designated Manager of the Issuer
	Exhibit G	    	Form of Letter of Credit Request
	Exhibit H	    	Form of Assignment and Acceptance
		
	Appendix A	    	Definitions and Usage

  

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 NOTE PURCHASE AGREEMENT 
 NOTE PURCHASE AGREEMENT, dated as of November 19, 2008 (as amended, supplemented and otherwise modified from time to time, this “Agreement”), by and among NEWSTAR WAREHOUSE FUNDING 2005 LLC, a
Delaware limited liability company, as issuer (“Issuer”), NEWSTAR FINANCIAL, INC., a Delaware corporation, as seller (in such capacity, “Seller”) and as servicer (in such capacity, “Servicer”), each
of the INVESTORS from time to time party hereto (together with their respective successors and assigns, each an “Investor” and collectively, “Investors”), each of the LIQUIDITY BANKS from time to time party hereto
(together with their respective successors and assigns, each a “Liquidity Bank” and collectively, “Liquidity Banks”) and CITICORP NORTH AMERICA, INC., as administrative agent for the Investors and the Liquidity
Banks (in such capacity, together with its successors and assigns, the “Note Purchaser Agent”). 
 The parties hereto agree
as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Certain Defined Terms. Capitalized terms used herein without definition shall have the
meanings set forth in Appendix A to this Agreement. Such Appendix A also contains rules as to usage applicable to this Agreement. 
 ARTICLE II 
 RESTATEMENT CLOSING; PURCHASES OF INCREMENTAL NOTE BALANCES; 
 INTEREST RATE HEDGES 
 SECTION 2.01
Restatement Closing. The closing (the “Restatement Closing”) of the execution of the Basic Documents shall take place at the offices of Kaye Scholer LLP, 425 Park Avenue, New York, New York 10022 on November 19, 2008, or
if the conditions to closing set forth in Section 4.01 of this Agreement shall not have been satisfied or waived by such date, as soon as practicable after such conditions shall have been satisfied or waived, or at such other time, date
and place as the parties shall agree upon (the date of the Restatement Closing being referred to herein as the “Restatement Date”). On the Restatement Date, Issuer shall have delivered to the Note Purchaser Agent, on behalf of the
New Note Purchaser, and the New Note Purchaser shall have acquired from Issuer, the New Note, substantially in the form set forth as Exhibit A, having (i) an aggregate initial Note Balance equal to the Incremental Note Balance to be
acquired on the Restatement Date and (ii) a maximum Note Balance of $300,000,000. 
 SECTION 2.02 Requests for Purchases of
Incremental Note Balances. 
 (a) At any time during the Revolving Period, no later than 2:00 p.m. New York time at least one
(1) Business Day prior to a proposed Funding Date, to the extent that the sum of the aggregate outstanding Note Balance of the Notes (after giving effect to the proposed 

  

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purchase) plus the Aggregate L/C Amount is less than the Note Purchase Obligation Limit, and subject to the terms and conditions hereof and in
accordance with the other Basic Documents applicable thereto, Issuer may request that New Note Purchaser purchase Incremental Note Balances in a minimum daily amount of $1,000,000 (each such request, a “Notice of Incremental Note
Balance”) by delivery of (i) a request to the Note Purchaser Agent in the form attached as Exhibit B, (ii) a Borrowing Base Certificate in the form attached as Exhibit C (which may be delivered as a part of the
Notice of Incremental Note Balance) and (iii) such additional information as may be reasonably requested by the Note Purchaser Agent. No later than 12:00 p.m., New York Time, on each Funding Date or other Purchase Date, the Issuer shall
deliver, or cause to be delivered, to the Note Purchaser Agent and the Custodian, with respect to any Purchased Assets to be included in the Borrowing Base for purposes of such Funding Date or other Purchase Date, (A) the First Deliverable
Documents, (B) documentation reasonably satisfactory to the Note Purchaser Agent evidencing that, to the extent not reflected in the related Loan Assignment Document, the Required Consents, if any, have been obtained and (C) in the case of
the purchase of an Incremental Note Balance as to which all or a portion of the proceeds will be applied by the Issuer to satisfy its reimbursement obligations pursuant to the Reimbursement Agreement with respect to any Letter of Credit that has
been drawn, evidence satisfactory to the Note Purchaser Agent in its sole discretion that the Issuer is entitled to a reimbursement right in like amount pursuant to the Loan Documents relating to the Related Loan (which may include a certification
by the Servicer to the Note Purchaser Agent to such effect); provided, that the requirement in this sentence shall be, in the case of a Pre-Funded Purchased Asset, subject to Section 2.02(c). 
 (b) No later than 4:00 p.m., New York Time, on the proposed Funding Date identified in the Notice of Incremental Note Balance, subject to compliance with
this Section 2.02 and, subject to and in reliance upon the other terms, conditions, covenants, representations and warranties set forth in this Agreement and in the other Basic Documents, Investors may in their sole discretion purchase
the Incremental Note Balance requested in the Notice of Incremental Note Balance, and if Investors do not purchase the entire amount of such Incremental Note Balance, the Liquidity Banks shall purchase, ratably in accordance with their Liquidity
Bank Commitments, the entire amount of such Incremental Note Balance not purchased by the Investors by payment to or at the direction of the Issuer (or, in the case of a Pre-Funded Purchased Asset, to the Holding Account in accordance with
Section 2.02(c)) of a purchase price (each, a “Note Purchase Price”) equal to the amount of such Incremental Note Balance (the date on which any such purchase occurs, a “Funding Date”) as provided in
Section 3.01(c). Notwithstanding anything contained in this Section 2.02 or elsewhere in this Agreement to the contrary, (i) no Investor shall purchase any Incremental Note Balance at any time if, after giving effect
thereto, the outstanding principal amount of Incremental Note Balances purchased by the Investors would exceed the Investor Purchase Limit, and (ii) no Liquidity Bank shall be obligated to purchase any Incremental Note Balance at any time if,
after giving effect thereto, the outstanding principal amount of Incremental Note Balances purchased by such Liquidity Bank would exceed such Liquidity Bank’s Liquidity Bank Commitment then in effect. 
 (c) Notwithstanding the last sentence of Section 2.02(a), in the case of a Purchased Asset to be included in the Borrowing Base for purposes
of any Funding Date that is originated on or around such Funding Date, such that it is commercially impracticable to deliver the First Deliverable Documents on such Funding Date (any such Asset, a “Pre-Funded Purchased Asset”), the
First Deliverable Documents instead may be delivered in accordance with 

  

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the procedures set forth in this Section 2.02(c). In the case of a Pre-Funded Purchased Asset, subject to all of the conditions to purchase of
Incremental Note Balance set forth in this Agreement and the other Basic Documents, save for the delivery of the First Deliverable Documents on the Funding Date, one or more New Note Purchasers or the Note Purchaser Agent on behalf of New Note
Purchasers shall deposit the amount of the related Note Purchase Price into the Holding Account. Upon receipt by the Indenture Trustee of notice from the Custodian that the Custodian has received from the Seller the First Deliverable Documents with
respect to the applicable Purchased Asset, and so long as the Indenture Trustee has not received notice that an Event of Default or Potential Event of Default has occurred and is continuing or the conditions to funding hereunder otherwise have not
been satisfied, the Indenture Trustee shall make available to the Issuer in same day funds, at such bank or other location reasonably designated by the Issuer in the Notice of Incremental Note Balance delivered pursuant to
Section 2.02(a), the funds held in the Holding Account in respect of such Purchased Asset; provided, however, that in the event that such First Deliverable Documents are delivered to the Custodian after 4:30 p.m., or such
later time as the Indenture Trustee may agree, on any day, the Indenture Trustee shall make such funds available to the Issuer on the next succeeding Business Day; provided, further, that in the event that the applicable First
Deliverable Documents with respect to any such Purchased Asset are not delivered to the Custodian (with a copy to the Note Purchaser Agent) within two Business Days of the Funding Date, the Indenture Trustee shall cause the funds on deposit in the
Holding Account in respect of such Purchased Asset to be paid to New Note Purchasers or the Note Purchaser Agent on behalf of New Note Purchasers who deposited such funds, pro rata, as a prepayment of principal of the Notes, in reduction of
the Note Balance, unless both the Note Purchaser Agent and the Issuer direct the Indenture Trustee to retain such funds in the Holding Account for a longer period of time and specify the end date of such period. Any investment earnings on amounts on
deposit in the Holding Account shall be deposited into the Interest Collection Subaccount to be applied as a part of Collections on the related Payment Date in accordance with the Indenture. The Seller shall provide copies of the First Deliverable
Documents with respect to any Pre-Funded Purchased Asset to the Note Purchaser Agent, simultaneously with the delivery of such documents to the Indenture Trustee. 
 (d) Notwithstanding the foregoing or anything in this Agreement or any other Basic Document to the contrary, (i) nothing contained in this Agreement or any other Basic Document shall constitute a commitment by an
Investor to purchase any Incremental Note Balances and (ii) no Investor shall be liable to make any payments under this Agreement or any other Basic Document (all liability with respect to which shall be an obligation of the Liquidity Banks).

 SECTION 2.03 Annual Credit Review. Upon the Issuer’s request, made not more than 60 days prior to the then Scheduled
Termination Date, each Liquidity Bank shall present the transactions contemplated by the Basic Documents (including risks to such Liquidity Bank relating to (i) the Notes held by the Note Purchaser Agent on behalf of New Note Purchasers,
(ii) such Liquidity Bank’s obligations to purchase Incremental Note Balances under this Agreement and (iii) the Issuing Bank’s continued willingness and ability to issue, or continue to issue, Letters of Credit in the manner
contemplated by Section 2.07) to its credit committee (such process, the “Annual Credit Review”). If each Liquidity Bank’s credit committee approves the continuation of the Revolving Period (which approval may be withheld
or granted in the sole discretion of such committee) prior to the end of the then current 

  

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Revolving Period, then the Annual Credit Review will have been completed in a satisfactory manner and the Revolving Period will be renewed for an additional
term of 364 days pursuant to Section 2.7(b) of the Sale and Servicing Agreement; otherwise, the Revolving Period shall terminate pursuant to the proviso to Section 2.7(b) of the Sale and Servicing Agreement. No later than 45 days
prior to each Scheduled Termination Date, each Liquidity Bank will inform the Seller, Servicer and Issuer of the status of the Annual Credit Review. Not later than the earlier to occur of (i) two Business Days following the completion of each
Annual Credit Review and (ii) the last Business Day of the Revolving Period, each Liquidity Bank will notify Seller, Servicer and Issuer as to whether or not the Revolving Period has been terminated. If any Liquidity Bank does not provide such
notice within the time period described in the preceding sentence, then the Revolving Period shall terminate on the last day of the current Revolving Period, unless Liquidity Banks having aggregate Liquidity Bank Commitments equal to the Investor
Purchase Limit shall agree to renew the Revolving Period. 
 SECTION 2.04 Interest Rate Hedges. Issuer may enter into Interest Rate
Hedges from time to time with respect to any Eligible Asset that bears interest at a fixed rate; provided, however, that Issuer shall enter into, and Servicer shall cause Issuer to enter into, an Interest Rate Hedge only if
(i) Issuer has delivered, or caused to be delivered, a complete set of the final documents with respect to such Interest Rate Hedge (including the identity of the related Hedge Counterparty) and (ii) the Note Purchaser Agent has delivered
to Issuer its prior written consent to the Issuer’s entering into such Interest Rate Hedge (which consent may be delivered or withheld in the reasonable discretion of the Note Purchaser Agent). Issuer shall not amend, waive, terminate, increase
or decrease the notional balance of, or otherwise modify the terms of, any Interest Rate Hedge, unless the Note Purchaser Agent has delivered its prior written consent thereto (which consent may be delivered or withheld in the reasonable discretion
of Note Purchaser Agent). Note Purchaser Agent shall not be responsible for, and shall have no liability to Issuer, Indenture Trustee, Seller or Servicer for, any approval of the terms of, or failure to approve any Interest Rate Hedge, the
Issuer’s entry into, or failure to enter into any Interest Rate Hedge, or the structure or terms of any Interest Rate Hedge. 
 SECTION
2.05 Unused Fee. The Note Purchaser Agent shall be entitled to receive from Issuer, and Issuer shall pay to the Note Purchaser Agent for distribution to New Note Purchasers, the Unused Fee Amount on each Payment Date. 
 SECTION 2.06 Intentionally Omitted 
 SECTION 2.07 Letters of Credit. 
 (a) Subject to the terms and conditions set forth in this Agreement and the other Basic
Documents and subject to Applicable Law, the Note Purchaser Agent agrees to cause Letters of Credit payable in United States Dollars to be issued by the Issuing Bank from time to time after the Restatement Date and during the Revolving Period upon
the request of the Servicer, on behalf of the Issuer, provided, however, that: 
 (i) the Servicer, on behalf of
the Issuer, shall not request that any Letter of Credit be issued (and the Note Purchaser Agent shall not be required to cause 

  

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any Letter of Credit to be issued) if, after giving effect thereto, the sum of the Note Balance plus the Aggregate L/C Amount would exceed the
Borrowing Base or the Note Purchase Obligation Limit; 
 (ii) such Letters of Credit shall be in the Issuing Bank’s
standard form (subject to such changes proposed by the prospective beneficiary thereof as shall be reasonably satisfactory to the Issuing Bank) and shall be otherwise in form and substance reasonably satisfactory to the Issuing Bank and the Note
Purchaser Agent; 
 (iii) the Borrower shall not request that any Letter of Credit be issued (and the Note Purchaser Agent
shall not be obligated to cause any Letter of Credit to be issued) unless (i) the Issuer is required to cause the issuance of a Letter of Credit in like amount, to the applicable beneficiary and with like terms pursuant to the terms of the Loan
Documents with respect to any Purchased Loan Portion (and such issuance has been directed by the related Obligor or Agent in the manner set forth in such Loan Documents), (ii) each of the conditions to such issuance as are set forth in the
applicable Loan Documents have been satisfied (except, in the case of clauses (i) and (ii), to the extent of any conditions that may have been waived by or on behalf of the Issuer with the prior written consent of the Note Purchaser Agent which
may be given or withheld in its sole discretion), (iii) such requested Letter of Credit shall be in an amount that is not less than $ 250,000, (iv) after giving effect to such issuance, the Aggregate L/C Amount would not exceed $25,000,000
and (v) such issuance would not cause the total L/C Amount with respect to any single Obligor (including any Affiliates thereof) to exceed $5,000,000 (except that the total L/C Amount for one Obligor, including any Affiliates thereof, at any
one time, may be up to $10,000,000); and 
 (iv) all conditions applicable to New Note Purchaser’s purchase of an
Incremental Note Balance (excluding any notice requirements) are satisfied with respect to the issuance of a Letter of Credit as if such request for issuance were a request for a purchase of an Incremental Note Balance (provided, that the
requirements set forth in Section 2.02 and clause (i) of Section 3.01 shall not be required to be satisfied, except to the extent of any such requirements as are specifically set forth in this Section 2.07).

 (b) Whenever the Issuer desires the issuance of a Letter of Credit, it shall deliver to the Note Purchaser Agent and the Issuing Bank
(A) a written notice, substantially in the form of Exhibit G hereto (the “Letter of Credit Request”), no later than 2:00 p.m., New York City time, at least three (3) Business Days prior to the proposed date of issuance and
(B) a Borrowing Base Certificate in the form attached as Exhibit C (which may be delivered as a part of the Letter of Credit Request). Each Letter of Credit Notice shall specify (i) the proposed date of issuance (which shall be a
Business Day), (ii) the face amount of the Letter of Credit, (iii) the expiration date of the Letter of Credit and (iv) the name and address of the beneficiary. Upon request of the Note Purchaser Agent or the Issuing Bank, the Issuer
shall provide reasonable additional details regarding the proposed Letter of Credit, the related Purchased Loan Portion or the Related Loan. As soon as practicable after the giving of written notice of a request for the issuance of a Letter of
Credit, the Issuer shall specify a precise description of the documents and the verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which, if presented by such beneficiary prior to the expiration date of the
Letter of Credit, would require the Issuing Bank to make payment under the Letter of Credit; provided, however, that (A) the Note 

  

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Purchaser Agent shall not be obligated to cause to be issued any Letter of Credit until the Note Purchaser Agent and the Issuing Bank have had a reasonable
time to review such documentation and (B) the Note Purchaser Agent or the Issuing Bank, in its reasonable discretion, may require customary and reasonable changes in any such documents and certificates or changes necessary to comply with the
terms of this Agreement. 
 (c) Notwithstanding anything to the contrary in this Agreement or any other Basic Document, nothing in this
Agreement or in any other Basic Document shall be deemed to give the Issuer or any other party any rights against the Issuing Bank with respect to the issuance or non-issuance of any Letter of Credit or otherwise, except as may be expressly set
forth in the Reimbursement Agreement. 
 (d) It shall be a condition to the issuance of the initial Letter of Credit pursuant to this
Section 2.07 that (i) the Issuing Bank shall have received an executed copy of the Reimbursement Agreement and (ii) all of the representations any warranties made by the Issuer therein and in the other Basic Documents shall be
true and correct in all material aspects. 
 (e) The Note Purchaser Agent shall determine in its reasonable discretion whether each of the
conditions to the issuance of a Letter of Credit pursuant to this Section 2.07 have been satisfied and its determination shall be binding on the parties hereto. 
 (f) Citibank shall constitute the initial Issuing Bank. The Note Purchaser Agent may from time to time designate (by notice to the Issuer and the
Servicer) one or more other banks to issue Letters of Credit pursuant to this Section 2.07; provided, that, in the case of a bank that does not have a short-term unsecured debt rating of at least “A-1” by S&P and at
least “P-1” by Moody’s, and a long-term unsecured debt rating of at least “A+” by S&P and at least “A1” by Moody’s, such designation shall be subject to the prior consent of the Issuer (which consent shall
not be unreasonably withheld, conditioned or delayed). Following any such designation, “Issuing Bank” shall be deemed to refer to such additional bank (as well as Citibank and any other banks previously so designated pursuant to this
Section 2.07(f)). At the direction of the Note Purchaser Agent, the Issuer shall enter into a reimbursement agreement with any additional bank designated pursuant to this Section 2.07(f) (provided, that such
reimbursement agreement is either (i) reasonably satisfactory in form and substance to the Issuer or (ii) substantially similar in form and substance to the initial Reimbursement Agreement with Citibank) and, thereafter,
“Reimbursement Agreement” shall be deemed to such additional reimbursement agreement entered into in connection with the designation of additional banks pursuant to this Section 2.07(f). 
 SECTION 2.08 Increased Costs; Capital Adequacy; Breakage. 
 (a) If the Note Purchaser Agent, any New Note Purchaser, any entity which purchases a Note or enters into a commitment to purchase interests therein, or any of their respective Affiliates (each an “Affected
Person”) determines that compliance with any law or regulation or any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) or the occurrence of any Consolidation Event
(i) affects or would affect the amount of the capital required or expected to be maintained by such Affected Person and such Affected Person determines that the amount of such capital is increased by or based upon the existence of any
commitment to make purchases of Incremental Note Balances or 

  

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to maintain its investment in the Note Balance or interests therein or upon the funding thereof, (ii) increases the cost of making or maintaining such
commitment under this Agreement or any Asset Purchaser Agreement or purchasing or maintaining any Note Balance or interest therein to any Affected Person or (iii) reduces the return of an Affected Person in connection with this Agreement or any
Asset Purchase Agreement then, upon demand by such Affected Person (with a copy to the Note Purchaser Agent), the Issuer shall immediately pay to the Note Purchaser Agent for the account of such Affected Person (as a third-party beneficiary), from
time to time as specified by such Affected Person, additional amounts sufficient to compensate such Affected Person for such increase in capital, increased cost and/or reduced return in the light of such circumstances. A certificate as to such
amounts submitted to the Issuer and the Note Purchaser Agent by such Affected Person shall be conclusive and binding for all purposes, absent manifest error. 
 (b) If, due to either (i) the introduction of or any change (other than any change by way of imposition or increase of reserve requirements referred to in the definition of Eurodollar Rate Reserve Percentage)
after the Restatement Date in or in the interpretation of any law or regulation or (ii) compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any
increase in the costs to any New Note Purchaser of agreeing to purchase or purchasing, or maintaining the ownership of any Note Balance in respect of which interest is computed by reference to the Eurodollar Rate, then, upon demand by such New Note
Purchaser (with a copy to the Note Purchaser Agent), the Issuer shall immediately pay to the Note Purchaser Agent, for the account of such New Note Purchaser (as a third-party beneficiary), from time to time as specified by such New Note Purchaser,
additional amounts sufficient to compensate such New Note Purchaser for such increased costs. A certificate as to such amounts submitted to the Issuer and the Note Purchaser Agent by such New Note Purchaser shall be conclusive and binding for all
purposes, absent manifest error. 
 (c) The Issuer agrees to pay each New Note Purchaser any breakage and related costs incurred by such New
Note Purchaser in connection with any reduction in the principal amount of any Note Balance (i) in respect of which interest is computed at the Investor Rate as to which the Issuer has not provided at least three Business Days’ prior
notice or (ii) in respect of which interest is computed at the Adjusted Eurodollar Rate, which is not made on the last day of the applicable Interest Period. 
 (d) If any Person requests compensation under this Section 2.08, then such Person shall use reasonable efforts to designate a different office for funding or booking its purchases hereunder or to assign
its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Person, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this Section 2.08
and (ii) would not subject such Person to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Person. The Issuer hereby agrees to pay all reasonable costs and expenses incurred by any Person in connection with
any such designation or assignment. 
 SECTION 2.09 Taxes. 
 (a) Any and all payments and deposits required to be made hereunder or under any other Basic Document by the Servicer or the Issuer shall be made free and
clear of and 

  

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without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto,
excluding net income taxes that are imposed by the United States and franchise taxes and net income taxes that are imposed on an Affected Person by the state or foreign jurisdiction under the laws of which such Affected Person is organized or
any political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If the Issuer or the Servicer shall be required by law to
deduct any Taxes from or in respect of any sum payable hereunder to any Affected Person, the Issuer shall make an additional payment to such Affected Person, in an amount sufficient so that, after making all required deductions (including deductions
applicable to additional sums payable under this Section 2.09), such Affected Person receives an amount equal to the sum it would have received had no such deductions been made. Within 30 days after the date of any such payment of
Taxes, the Issuer or the Servicer, as the case may be, will furnish to such Affected Person the original or a certified copy of a receipt evidencing payment thereof. 
 (b) In addition, the Issuer agrees to pay any present or future stamp or other documentary taxes or any other excise or property taxes, charges or similar levies which arise from any payment made hereunder or under
any other Basic Document or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other Basic Document (hereinafter referred to as “Other Taxes”). 
 (c) The Issuer will indemnify each Affected Person for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes
imposed by any jurisdiction on amounts payable under this Section 2.09) paid by such Affected Person and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto whether or not such Taxes or
Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty days from the date the Affected Person makes written demand therefor (and a copy of such demand shall be delivered to the Note Purchaser Agent). A
certificate as to the amount of such indemnification submitted to the Issuer and the Note Purchaser Agent by such Affected Person, setting forth, in reasonable detail, the basis for and the calculation thereof, shall be conclusive and binding for
all purposes absent manifest error. 
 (d) Each Affected Person which is organized outside the United States and which is entitled to an
exemption from, or reduction of, withholding tax under the laws of the United States as in effect on the date hereof (or, in the case of any Person which becomes an Affected Person after the date hereof, on the date on which it so becomes an
Affected Person with respect to any payments under this Agreement) shall, on or prior to the date hereof (or, in the case of any Person who becomes an Affected Person after the date hereof, on or prior to the date on which it so becomes an Affected
Person), deliver to the Issuer such certificates, documents or other evidence, as required by the Internal Revenue Code of 1986, as amended or Treasury Regulations issued pursuant thereto, including Internal Revenue Service Form W-8BEN or Form
W-8ECI and any other certificate or statement of exemption required by Treasury Regulation Section 1.1441-1(a) or Section 1.1441-6(c) or any subsequent version thereof, properly completed and duly executed by such Affected Person as will
permit such payments to be made without withholding or at a reduced rate. Each such Affected Person shall from time to time thereafter, upon written request from the Issuer, deliver to the Issuer any new certificates, documents or other evidence as
described in the preceding sentence as will permit payments under this Agreement to be made without withholding or at a reduced rate (but only so long as such Affected Person is legally able to do so). 
  

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 (e) The Issuer shall not be required to pay any amounts to any Affected Person in respect of Taxes and
Other Taxes pursuant to paragraphs (a), (b) and (c) above if the obligation to pay such amounts is attributable to the failure by such Affected Person to comply with the provisions of paragraph (d) above; provided,
however, that should an Affected Person become subject to Taxes because of its failure to deliver a form required hereunder, the Issuer shall take such steps as such Affected Person shall reasonably request to assist such Affected Person to
recover such Taxes. 
 ARTICLE III 
 FUNDING DATES 
 SECTION 3.01 Funding Dates. (a) New Note Purchaser’s purchase of Incremental Note Balances
shall be subject to the satisfaction, as of the applicable Funding Date or proposed Funding Date, of each of the following additional conditions: 
 (i) Each document required to be provided pursuant to Section 2.02 shall have been provided to the Note Purchaser Agent; 
 (ii) Each condition set forth in Article II and Article V of the Sale and Servicing Agreement shall have been satisfied;

 (iii) Each of the representations and warranties of Issuer, Servicer and Seller made in the Basic Documents shall be true
and correct as of such date (except to the extent they expressly relate to an earlier or later time); 
 (iv) Issuer, Servicer
and Seller shall be in compliance with all of their respective covenants contained in the Basic Documents; 
 (v) No Event of
Default or Potential Event of Default shall have occurred and be continuing or would occur as a result of the purchase of Incremental Note Balances proposed to occur on the Funding Date; 
 (vi) After giving effect to the purchase of Incremental Note Balances that is proposed to occur on the Funding Date, the sum of the Note
Balance plus the Aggregate L/C Amount would not exceed the Borrowing Base or the Note Purchase Obligation Limit; 
 (vii) The Note Purchaser Agent shall have received evidence reasonably satisfactory to it of the completion of all recordings, registrations, and filings as may be necessary or, in the reasonable opinion of the Note Purchaser Agent,
desirable to perfect or evidence ownership interest of Issuer and the security interest of Indenture Trustee in the Purchased Assets or any entitlement to reimbursement under any letter of credit in which the Issuer has rights; and 
 (viii) Intentionally Omitted. 
  

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 (b) The Note Purchaser Agent shall determine in its reasonable discretion whether each of the above
conditions have been met and its determination shall be binding on the parties hereto. 
 (c) Except as otherwise specified in
Section 2.02(c), the price paid by New Note Purchaser on each Funding Date for the Incremental Note Balance purchased on such Funding Date shall be equal to the amount of such Incremental Note Balance, and shall be remitted not later
than 4:00 p.m. New York City time on the Funding Date by wire transfer of immediately available funds to or at the direction of Issuer or the Servicer on behalf of Issuer (in accordance with the wiring instructions to be provided by Issuer or the
Servicer on behalf of the Issuer). 
 (d) New Note Purchaser or Note Purchaser Agent on behalf of New Note Purchaser shall record on the
schedule attached to its Note, the date and amount of any Incremental Note Balance purchased by it; provided, that failure to make such recordation on such schedule or any error in such schedule shall not adversely affect New Note
Purchaser’s rights with respect to its Note Balance and its right to receive interest payments in respect of the Note Balance actually held. Absent manifest error, the Note Balance of the New Note as set forth in New Note Purchaser’s or
Note Purchaser Agent’s records shall be binding upon the parties hereto, notwithstanding any notation or record made or kept by any other party hereto. 
 ARTICLE IV 
 CONDITIONS PRECEDENT 
 SECTION 4.01 Restatement Closing Subject to Conditions Precedent. The Restatement Closing of the Basic Documents is subject to the satisfaction
at the time of the Restatement Closing of the following conditions (any or all of which may be waived by Note Purchaser Agent in its sole discretion): 
 (a) Performance by Issuer, Servicer and Seller. All the terms, covenants, agreements and conditions of the Basic Documents to be complied with and performed by Issuer, Servicer and Seller on or before the
Restatement Date shall have been complied with and performed in all material respects. 
 (b) Representations and Warranties. Each of
the representations and warranties of Issuer, the Servicer and Seller made in the Basic Documents shall be true and correct in all material respects as of the Restatement Date (except to the extent they expressly relate to an earlier or later time).

 (c) Officer’s Certificate. Note Purchaser Agent shall have received in form and substance reasonably satisfactory to Note
Purchaser Agent an Officer’s Certificate from Seller and Servicer and a certificate of an Authorized Officer of Issuer, dated the Restatement Date, certifying to the satisfaction of the conditions set forth in the preceding paragraphs
(a) and (b). 
 (d) Capital Contribution (Demand Note). Issuer shall have delivered to Note Purchaser Agent a Demand
Note, executed by the Seller, in the form attached as Exhibit D. 
  

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 (e) Capital Contribution (Expenses). Seller shall have made a capital contribution to the Issuer
in the amount of the expenses payable by the Issuer pursuant to SECTION 11.13(a)(i). 
 (f) Opinions of Counsel to Issuer, Seller
and Servicer. Counsel to Issuer, Seller and Servicer shall have delivered to Note Purchaser Agent opinions, dated as of the Restatement Date and reasonably satisfactory in form and substance to Note Purchaser Agent and its counsel. 

(g) Opinion of Counsel to Indenture Trustee. Counsel to Indenture Trustee shall have delivered to Note Purchaser Agent a favorable opinion,
dated as of the Restatement Date and reasonably satisfactory in form and substance to Note Purchaser Agent and its counsel. 
 (h) Filings
and Recordations. Within ten (10) days of the Restatement Date and on or prior to each Funding Date, Note Purchaser Agent shall have received evidence reasonably satisfactory to it of (i) the completion of all recordings, registrations
and filings as may be necessary or, in the reasonable opinion of Note Purchaser Agent, desirable to perfect or evidence the assignment by Seller to Issuer of Seller’s ownership interest in the Collateral including, without limitation, the
Purchased Assets (including the Lender Collateral relating to any Purchased Assets) and the proceeds thereof and (ii) the completion of all recordings, registrations, and filings as may be necessary or, in the reasonable opinion of Note
Purchaser Agent, desirable to perfect or evidence the grant of a first priority perfected security interest in Issuer’s ownership interest in the Collateral including, without limitation, any Purchased Assets to be acquired from time to time
pursuant to the Sale and Servicing Agreement, in favor of Indenture Trustee, subject to no Liens prior to the Lien of the Indenture. 
 (i)
Documents. Note Purchaser Agent shall have received a duly executed counterpart of each of the Basic Documents, in form mutually acceptable to Note Purchaser Agent, Seller, Issuer and Servicer, the New Note and each and every document or
certification delivered by any party in connection with any of the Basic Documents or the New Note, and each such document shall be in full force and effect. 
 (j) Actions or Proceedings. No action, suit, proceeding or investigation by or before any Governmental Authority shall have been instituted to restrain or prohibit the consummation of, or to invalidate, any of
the transactions contemplated by the Basic Documents, the New Note and the documents related thereto in any material respect. 
 (k)
Approvals and Consents. All Governmental Actions of all Governmental Authorities required with respect to the transactions contemplated by the Basic Documents, the New Note and the documents related thereto shall have been obtained or made.

 (l) Accounts. Note Purchaser Agent shall have received evidence reasonably satisfactory to it that the Collection Account has been
established in accordance with the terms of the Sale and Servicing Agreement. 
 (m) Other Documents. Issuer, Seller and Servicer
shall have furnished to Note Purchaser Agent such other opinions, information, certificates and documents as Note Purchaser Agent may reasonably request. 
  

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 (n) Proceedings in Contemplation of Sale of New Note. All actions and proceedings undertaken by
Issuer, Seller and Servicer in connection with the issuance and sale of the New Note as herein contemplated shall be reasonably satisfactory in all respects to Note Purchaser Agent and its counsel. 
 If any condition specified in this Section 4.01 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be
terminated by Note Purchaser Agent by notice to Seller at any time at or prior to the Restatement Date, and Note Purchaser Agent shall incur no liability as a result of such termination. 
 ARTICLE V 
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF 
 ISSUER, SELLER AND SERVICER 
 SECTION
5.01 Representations and Warranties of Issuer. Issuer hereby makes the following representations and warranties as of the Restatement Date, as of each Funding Date and as of each L/C Issuance Date, and each of the Note Purchaser Agent, New
Note Purchasers and the Issuing Bank shall be deemed to have relied on such representations and warranties in acquiring the New Note on the Restatement Date, in making purchases of Incremental Note Balances on each Funding Date or issuing Letters of
Credit on each L/C Issuance Date, as the case may be: 
 (a) Issuer has been duly organized and is validly existing and in good standing as a
limited liability company under the laws of the State of Delaware, with requisite power and authority to own its properties and to transact the business in which it is now engaged, and is duly qualified to do business and is in good standing (or is
exempt from such requirements) in each State of the United States where the nature of its business requires it to be so qualified and the failure to be so qualified and in good standing would reasonably be expected to have a material adverse effect
on Issuer or any adverse effect on the interests of the Note Purchaser Agent or New Note Purchasers. 
 (b) The issuance, sale, assignment
and conveyance of the New Note and the Incremental Note Balances, the performance of Issuer’s obligations under each Basic Document to which it is a party and the consummation of the transactions therein contemplated will not conflict with or
result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien (other than any Lien created by the Basic Documents), charge or encumbrance upon any of the property or
assets of Issuer pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which it is bound or to which any of its property or assets is subject, nor will such action result in any
violation of the provisions of its organizational documents or any Governmental Rule applicable to Issuer, in each case which could reasonably be expected to have a Material Adverse Effect on the transactions contemplated therein. 
 (c) No Governmental Action which has not been obtained is required by or with respect to Issuer in connection with the execution and delivery to Note
Purchaser Agent of the New Note. No Governmental Action which has not been obtained is required by or with respect to Issuer in connection with the execution and delivery of any of the Basic Documents to which 

  

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Issuer is a party or the consummation by Issuer of the transactions contemplated thereby except for any requirements under state securities or “blue
sky” laws in connection with any transfer of the New Note. 
 (d) Issuer possesses all material licenses, certificates, authorities or
permits issued by the appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the business now operated by it, and has not received any notice of proceedings relating to the revocation or modification of any such
license, certificate, authority or permit which, singly or in the aggregate, would reasonably be expected to materially and adversely affect its condition, financial or otherwise, or its earnings, business affairs or business prospects. 

(e) Each of the Basic Documents to which Issuer is a party has been duly authorized, executed and delivered by Issuer and is a valid and legally
binding obligation of Issuer, enforceable against Issuer in accordance with its terms, subject to enforcement of bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting
creditors’ rights and to general principles of equity. 
 (f) The execution, delivery and performance by Issuer of each of its
obligations under each of the Basic Documents to which it is a party will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any agreement or instrument to which Issuer is a party or by which
Issuer is bound or to which any of its properties are subject or of any statute, order or regulation applicable to Issuer of any court, regulatory body, administrative agency or governmental body having jurisdiction over Issuer or any of its
properties, in each case which could reasonably be expected to have a material adverse effect on any of the transactions contemplated therein. 
 (g) Issuer is not in violation of its organizational documents or in default under any agreement, indenture or instrument the effect of which violation or default would be material to Issuer or the transactions contemplated by the Basic
Documents. Issuer is not a party to, bound by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or
governmental body having jurisdiction over Issuer that would reasonably be expected to materially and adversely affect (i) the ability of Issuer to perform its obligations under any of the Basic Documents to which it is a party or (ii) the
business, operations, financial condition, properties, assets or prospects of Issuer. 
 (h) There are no actions or proceedings against, or
investigations of, Issuer pending, or, to the knowledge of Issuer threatened, before any Governmental Authority, court, arbitrator, administrative agency or other tribunal (i) asserting the invalidity of any of the Basic Documents, or
(ii) seeking to prevent the issuance of the New Note or the consummation of any of the transactions contemplated by the Basic Documents or the New Note, or (iii) that could reasonably be expected to materially and adversely affect the
business, operations, financial condition, properties, assets or prospects of Issuer or the validity or enforceability of, or the performance by Issuer of its respective obligations under, any of the Basic Documents to which it is a party or
(iv) seeking to affect adversely the income tax attributes of the New Note. 
 (i) Issuer is not, and neither the issuance and sale of
the New Note or the sale of Incremental Note Balances to New Note Purchaser nor the activities of Issuer pursuant to the 

  

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Basic Documents, shall render Issuer an, “investment company” or under the “control” of an “investment company” as such terms
are defined in the Investment Company Act or the Issuer is exempt from the provisions of the Investment Company Act. Furthermore, but without limiting the above, Issuer has not and will not acquire or dispose of the Loans for the primary purpose of
recognizing market gains or decreasing market losses. 
 (j) It is not necessary to qualify the Indenture under the Trust Indenture Act of
1939, as amended. 
 (k) Issuer is solvent and has adequate capital for its business and undertakings. 
 (l) The chief executive offices of Issuer are located at 500 Boylston Street, Suite 1600, Boston, MA, 02116, or such other address as shall be designated
by Issuer in a written notice to the other parties hereto. 
 (m) There are no contracts, agreements or understandings between Issuer and any
Person granting such Person the right to require the filing at any time of a registration statement under the Securities Act with respect to the New Note or any Incremental Note Balances. 
 (n) No Potential Event of Default or Event of Default has occurred and is continuing. 
 (o) As of the Restatement Date, the New Note has been duly and validly authorized, and, when executed and authenticated in accordance with the terms of
the Indenture and delivered to and paid for by New Note Purchaser in accordance with this Agreement, will be duly and validly issued and outstanding, and will be entitled to the benefits of the Indenture. 
 (p) Subject to the last sentence in Section 7.01, all information furnished by the Issuer to the Note Purchaser Agent or New Note Purchasers
is true and correct in all material respects as of the date specified in such information (or, if no date is specified therein, the date on which such information was provided to the Note Purchaser Agent). Subject to the last sentence in
Section 7.01, all information hereafter furnished by the Issuer to the Note Purchaser Agent will be true and correct in all material respects. 
 SECTION 5.02 Representations and Warranties of Seller. Seller hereby makes the following representations and warranties as of the Restatement Date, as of each Funding Date and as of each L/C Issuance Date, and
each of the Note Purchaser Agent, New Note Purchasers and the Issuing Bank shall be deemed to have relied on such representations and warranties in acquiring the New Note on the Restatement Date, in making purchases of Incremental Note Balances on
each Funding Date or issuing Letters of Credit on each L/C Issuance Date, as the case may be: 
 (a) Seller has been duly organized and is
validly existing and in good standing as a corporation under the laws of the State of Delaware, with full power and authority to own their respective properties and to transact the business in which it is now engaged, and each is duly qualified to
do business and is in good standing (or is exempt from such requirements) in each State of the United States where the nature of its business requires it to be so qualified and the failure to be so qualified and in good standing would reasonably be
expected to have a material adverse effect on Issuer or any adverse effect on the interests of the Note Purchaser Agent or New Note Purchasers. 
  

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 (b) The issuance, sale, assignment and conveyance of the New Note and the Incremental Note Balances, the
performance of the Seller’s obligations under each Basic Document to which it is a party and the consummation of the transactions therein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property or assets of Seller pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which Seller is bound or to which any of the property or assets of Seller is subject, nor will such action result in any violation of the provisions of the organizational documents or any Governmental Rule applicable to Seller, in
each case which could reasonably be expected to have a material adverse effect on the transactions contemplated therein. 
 (c) No
Governmental Action which has not been obtained is required by or with respect to Seller in connection with the execution and delivery of any of the Basic Documents to which Seller is a party or the consummation by Seller of the transactions
contemplated thereby. 
 (d) Seller possesses all material licenses, certificates, authorities or permits issued by the appropriate state,
federal or foreign regulatory agencies or bodies necessary to conduct the business now operated by it, and has not received any notice of proceedings relating to the revocation or modification of any such license, certificate, authority or permit
which, singly or in the aggregate, would reasonably be expected to materially and adversely affect its condition, financial or otherwise, or its earnings, business affairs or business prospects. 
 (e) Each of the Basic Documents to which Seller is a party has been duly authorized, executed and delivered by Seller and is a valid and legally binding
obligation of Seller enforceable against Seller in accordance with its terms, subject to enforcement of bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity. 
 (f) The execution, delivery and performance by Seller of each of its obligations under each of
the Basic Documents to which it is a party will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any agreement or instrument to which Seller is a party or by which Seller is bound or to which
any of its properties are subject or of any statute, order or regulation applicable to Seller of any court, regulatory body, administrative agency or governmental body having jurisdiction over Seller or any of its properties, in each case which
could reasonably be expected to have a material adverse effect on any of the transactions contemplated therein. 
 (g) Seller is not in
violation of its organizational documents or in default under any agreement, indenture or instrument the effect of which violation or default would be material to Seller or the transactions contemplated by the Basic Documents. Seller is not a party
to, bound by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction
over Seller that would reasonably be expected to materially and adversely affect (i) the ability of Seller to perform its obligations under any of the Basic Documents to which it is a party or (ii) the business, operations, financial
condition, properties, assets or prospects of Seller. 
  

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 (h) There are no actions or proceedings against, or investigations of, Seller pending, or, to the
knowledge of Seller, threatened, before any Governmental Authority, court, arbitrator, administrative agency or other tribunal (i) asserting the invalidity of any of the Basic Documents, or (ii) seeking to prevent the issuance of the New
Note or the consummation of any of the transactions contemplated by the Basic Documents or the New Note, or (iii) that could reasonably be expected to materially and adversely affect the business, operations, financial condition, properties,
assets or prospects of Seller or the validity or enforceability of, or the performance by Seller of its obligations under, any of the Basic Documents to which it is a party or (iv) seeking to affect adversely the income tax attributes of the
New Note. 
 (i) Seller is not, and the activities of Seller pursuant to the Basic Documents shall not render Seller an, “investment
company” or under the “control” of an “investment company” as such terms are defined in the Investment Company Act or Seller is exempt from the provisions of the Investment Company Act. 
 (j) Seller is solvent and has adequate capital for its business and undertakings. 
 (k) The chief executive offices of Seller are located at 500 Boylston Street, Suite 1600, Boston, MA, 02116, or such other address as shall be designated
by Seller in a written notice to the other parties hereto. 
 (l) No Potential Event of Default, Event of Default, Servicer Event of Default
or event that with the passage of time or the giving of notice or both would constitute a Servicer Event of Default has occurred and is continuing. 
 (m) Subject to the last sentence in Section 7.01, all information furnished by the Seller to the Note Purchaser Agent or New Note Purchasers is true and correct in all material respects as of the date specified in such
information (or, if no date is specified therein, the date on which such information was provided to New Note Purchaser). Subject to the last sentence in Section 7.01, all information hereafter furnished by the Seller to Note Purchaser
Agent or New Note Purchasers will be true and correct in all material respects. 
 SECTION 5.03 Representations and Warranties of
Servicer. Servicer hereby makes the following representations and warranties as of the Restatement Date, as of each Funding Date and as of each L/C Issuance Date, and each of the Note Purchaser Agent, New Note Purchasers and the Issuing Bank
shall be deemed to have relied on such representations and warranties in acquiring the New Note on the Restatement Date, in making purchases of Incremental Note Balances on each Funding Date and issuing Letters of Credit on each L/C Issuance Date,
as the case may be: 
 (a) Servicer has been duly organized and is validly existing and in good standing as a corporation under the laws of
the State of Delaware, with full power and authority to own its properties and to transact the business in which it is now engaged, and is duly qualified to do business and is in good standing (or is exempt from such requirements) in each State of
the United States where the nature of its business requires it to be so qualified and the failure to be 

  

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so qualified and in good standing would reasonably be expected to have a material adverse effect on Issuer or any adverse effect on the interests of the Note
Purchaser Agent or New Note Purchasers. 
 (b) The issuance, sale, assignment and conveyance of the New Note and the Incremental Note
Balances, the performance of the obligations of Servicer under each Basic Document to which it is a party and the consummation of the transactions therein contemplated will not conflict with or result in a breach of any of the terms or provisions
of, or constitute a default under, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property or assets of Servicer pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which Servicer is bound or to which any of the property or assets of Servicer is subject, nor will such action result in any violation of the provisions of the organizational documents or any Governmental Rule applicable
to Servicer, in each case which could reasonably be expected to have a material adverse effect on the transactions contemplated therein. 
 (c) No Governmental Action which has not been obtained is required by or with respect to Servicer in connection with the execution and delivery of any of the Basic Documents to which Servicer is a party or the consummation by Servicer of
the transactions contemplated thereby. 
 (d) Servicer possesses all material licenses, certificates, authorities or permits issued by the
appropriate state, federal or foreign regulatory agencies or bodies necessary to conduct the business now operated by it, and has not received any notice of proceedings relating to the revocation or modification of any such license, certificate,
authority or permit which, singly or in the aggregate, would reasonably be expected to materially and adversely affect its condition, financial or otherwise, or its earnings, business affairs or business prospects. 
 (e) Each of the Basic Documents to which Servicer is a party has been duly authorized, executed and delivered by Servicer, and is a valid and legally
binding obligation of Servicer, enforceable against Servicer in accordance with its terms, subject to enforcement of bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting
creditors’ rights and to general principles of equity. 
 (f) The execution, delivery and performance by Servicer of each of its
obligations under each of the Basic Documents to which it is a party will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any agreement or instrument to which Servicer is a party or by which
Servicer is bound or to which any of its properties are subject or of any statute, order or regulation applicable to Servicer of any court, regulatory body, administrative agency or governmental body having jurisdiction over Servicer or any of its
properties, in each case which could reasonably be expected to have a material adverse effect on any of the transactions contemplated therein. 
 (g) Servicer is not in violation of its organizational documents or in default under any agreement, indenture or instrument the effect of which violation or default would be material to Servicer or the transactions contemplated by the Basic
Documents. Servicer is not a party to, bound by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative 

  

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agency or governmental body having jurisdiction over Servicer that would reasonably be expected to materially and adversely affect (i) the ability of
Servicer to perform its obligations under any of the Basic Documents to which it is a party or (ii) the business, operations, financial condition, properties, assets or prospects of Servicer. 
 (h) There are no actions or proceedings against, or investigations of, Servicer pending, or, to the knowledge of Servicer, threatened, before any
Governmental Authority, court, arbitrator, administrative agency or other tribunal (i) asserting the invalidity of any of the Basic Documents, or (ii) seeking to prevent the issuance of the New Note or the consummation of any of the
transactions contemplated by the Basic Documents or the New Note, or (iii) that could reasonably be expected to materially and adversely affect the business, operations, financial condition, properties, assets or prospects of Servicer or the
validity or enforceability of, or the performance by Servicer of its obligations under, any of the Basic Documents to which it is a party or (iv) seeking to affect adversely the income tax attributes of the New Note. 
 (i) Servicer is not, and the activities of Servicer pursuant to the Basic Documents shall not render Servicer an, “investment company” or under
the “control” of an “investment company” as such terms are defined in the Investment Company Act or Servicer is exempt from the provisions of the Investment Company Act. 
 (j) Servicer is solvent and has adequate capital for its business and undertakings. 
 (k) The chief executive offices of Servicer are located at 500 Boylston Street, Suite 1600, Boston, MA, 02116, such other address as shall be designated
by Servicer in a written notice to the other parties hereto. 
 (l) No Potential Event of Default, Event of Default, Servicer Event of
Default or Potential Servicer Event of Default has occurred and is continuing. 
 (m) Subject to the last sentence in
Section 7.01, all information furnished by Servicer to the Note Purchaser Agent or New Note Purchasers is true and correct in all material respects as of the date specified in such information (or, if no date is specified therein, the
date on which such information was provided to the Note Purchaser Agent or New Note Purchasers, as applicable). Subject to the last sentence in Section 7.01, all information hereafter furnished by Servicer to the Note Purchaser Agent or
New Note Purchasers will be true and correct in all material respects. 
 SECTION 5.04 Securities Act. Issuer hereby makes the
following representations and warranties, as of the Restatement Date and as of each Funding Date, and the Note Purchaser Agent and New Note Purchasers shall be deemed to have relied on such representations and warranties in acquiring the New Note on
the Restatement Date, in making purchases of Incremental Note Balances on each Funding Date and issuing Letters of Credit on each L/C Issuance Date, as the case may be: 
 (a) Assuming the accuracy of the representations and warranties of and compliance with the covenants of New Note Purchaser contained herein, the sale of the New Note and the sale of Incremental Note Balances pursuant
to this Agreement are each exempt from the registration and prospectus delivery requirements of the Securities Act. 
  

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 (b) In the case of the offer or sale of the New Note, no form of general solicitation or general
advertising was used by Issuer, any Affiliates of Issuer or any person acting on its or their behalf, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or
broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. 
 (c) Neither Issuer, any Affiliates of Issuer nor any Person acting on its or their behalf has offered or sold, nor will Issuer or any Person acting on its behalf offer or sell directly or indirectly, the New Note or any other security in
any manner that, assuming the accuracy of the representations and warranties and the performance of the covenants given by New Note Purchaser and compliance with the applicable provisions of the Indenture with respect to each transfer of the New
Note, would render the issuance and sale of the New Note as contemplated hereby a violation of Section 5 of the Securities Act or the registration or qualification requirements of any state securities laws, nor has any such Person authorized,
nor will it authorize, any Person to act in such manner. 
 SECTION 5.05 No Fee. Neither Issuer, nor Seller, nor any of their
Affiliates has paid or agreed to pay to any Person any compensation for soliciting another to purchase the New Note. 
 SECTION 5.06
Information. Subject to the last sentence in Section 7.01, the information provided pursuant to Section 7.01(a) hereof will, at the date thereof (or at the date referred to therein), be true and correct in all material
respects. 
 SECTION 5.07 The New Note. The New Note has been duly and validly authorized, and, when executed and authenticated in
accordance with the terms of the Indenture, and delivered to and paid for in accordance with this Agreement, will be duly and validly issued and outstanding and will be entitled to the benefits of the Indenture. 
 SECTION 5.08 Use of Proceeds. The Issuer will apply the proceeds of the Note Purchase Price paid to the Issuer on each Funding Date solely
(i) to pay, pursuant to Section 2.6(a) of the Sale and Servicing Agreement, the Asset Purchase Price for the Purchased Assets, (ii) to make distributions to its members in accordance with the Basic Documents or (iii) to
make payments (other than in respect of the L/C Fee Amount) to the Issuing Bank under the Reimbursement Agreement. The Note Purchaser Agent shall remit any proceeds that are to be applied pursuant to clause (iii) of the immediately preceding
sentence directly to the Issuing Bank, on behalf of the Issuer. None of the transactions contemplated herein (including, without limitation, the use of the proceeds from the sale of the Collateral) will violate or result in a violation of
Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Seller does not own or intend
to carry or purchase, and no proceeds from any Asset Purchase Price will be used to carry or purchase, any “margin stock” within the meaning of Regulation U or to extend “purpose credit” within the meaning of Regulation U.

 SECTION 5.09 Representations and Warranties. Each of Seller and Servicer, solely, with respect to itself, hereby makes directly to
the Note Purchaser Agent, New 

  

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Note Purchasers and the Issuing Bank each of the representations, warranties and covenants set forth for the benefit of Issuer, the Note Purchaser Agent, New
Note Purchasers and/or the Issuing Bank in the Sale and Servicing Agreement as of the Restatement Date, as of each Funding Date and as of each L/C Issuance Date (except to the extent that any such representation, warranty or covenant is expressly
made as of another date). Seller represents and warrants (and, as of each Purchase Date, shall be deemed to represent and warrant) to and for the benefit of the Note Purchaser Agent, New Note Purchasers and the Issuing Bank with respect to each
Purchased Asset, that such Purchased Asset satisfies the Loan Eligibility Criteria as of the Purchase Date with respect to such Purchased Asset. 
 SECTION 5.10 Taxes, etc. Any taxes, fees and other charges of Governmental Authorities applicable to Issuer or to Seller, as applicable (except for franchise or income taxes), in connection with the execution, delivery and
performance by each of Issuer and Seller of each Basic Document to which it is a party, the issuance of the New Note by Issuer or otherwise applicable to Issuer or Seller in connection with the Collateral have been paid or will be paid by Issuer or
Seller, as applicable, at or prior to the Restatement Date or Funding Date, to the extent then due. 
 SECTION 5.11 Financial
Condition. On the date hereof and on each Funding Date, neither Issuer nor Seller is subject to an Insolvency Event or has reason to believe that its insolvency is imminent. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
 WITH RESPECT TO NEW NOTE PURCHASER 
 SECTION 6.01 Representations and Warranties. New Note Purchaser hereby makes the following representations and warranties, as to itself, to Issuer, Seller and Servicer on which the same are relying in entering into this Agreement and
the other Basic Documents. 
 (a) Organization. New Note Purchaser has been duly organized and is validly existing and in good standing
under the laws of the jurisdiction of its organization with power and authority to own its properties and to transact the business in which it is now engaged. 
 (b) Authority, etc. New Note Purchaser has all requisite power and authority to enter into and perform its obligations under this Agreement and to consummate the transactions herein contemplated. The execution
and delivery by New Note Purchaser of this Agreement and the consummation by New Note Purchaser of the transactions contemplated hereby have been duly and validly authorized by all necessary organizational action on the part of New Note Purchaser.
This Agreement has been duly and validly executed and delivered by New Note Purchaser and constitutes a legal, valid and binding obligation of New Note Purchaser, enforceable against New Note Purchaser in accordance with its terms, subject as to
enforcement to bankruptcy, reorganization, insolvency, moratorium and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. Neither the execution and delivery by New Note
Purchaser of this Agreement nor the consummation by New Note Purchaser of any of the transactions contemplated hereby, nor the fulfillment by New 

  

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Note Purchaser of the terms hereof, will conflict with, or violate, result in a breach of or constitute a default under any term or provision of New Note
Purchaser’s organizational documents or any Governmental Rule applicable to New Note Purchaser. 
 (c) Institutional Accredited
Investor. New Note Purchaser satisfies the requirements set forth in Section 2.4(h) of the Indenture with respect to the acquisition of the New Note. 
 (d) Securities Act. New Note Purchaser will acquire the New Note pursuant to this Agreement without a view to any public distribution thereof, and will not offer to sell or otherwise dispose of the New Note (or
any interest therein) in violation of any of the registration requirements of the Securities Act or any applicable state or other securities laws, or by means of any form of general solicitation or general advertising (within the meaning of
Regulation D under the Securities Act) and will comply with the requirements of the Indenture. New Note Purchaser acknowledges that it has no right to require Issuer or any other Person to register the New Note under the Securities Act or any other
securities law. 
 (e) Conflicts With Law. The execution, delivery and performance by New Note Purchaser of its obligations under this
Agreement will not result in a breach or violation of any of the terms or provisions of, or constitute a default under, any agreement or instrument to which New Note Purchaser is a party or by which New Note Purchaser is bound or of any statute,
order or regulation applicable to New Note Purchaser of any court, regulatory body, administrative agency or governmental body having jurisdiction over New Note Purchaser, in each case which could be expected to have a material adverse effect on the
transactions contemplated therein. 
 (f) Conflicts With Agreements, etc. New Note Purchaser is not in violation of its organizational
documents or in default under any agreement, indenture or instrument the effect of which violation or default would be materially adverse to New Note Purchaser in the performance of its obligations or duties under any of the Basic Documents to which
it is a party. New Note Purchaser is not a party to, bound by or in breach or violation of any indenture or other agreement or instrument, or subject to or in violation of any statute, order or regulation of any court, regulatory body,
administrative agency or governmental body having jurisdiction over New Note Purchaser that materially and adversely affects, or which could be expected in the future to materially and adversely affect the ability of New Note Purchaser to perform
its obligations under this Agreement. 
 ARTICLE VII 
 COVENANTS OF ISSUER AND SERVICER 
 SECTION 7.01 Information from Issuer. So long as the New
Note or any Letter of Credit remains outstanding, Issuer, Seller and Servicer shall furnish, or cause to be furnished, to the Note Purchaser Agent, New Note Purchasers, to the Issuing Bank and to the Indenture Trustee (for distribution to each New
Note Purchaser): 
 (a) such information (including financial information), documents, records or reports with respect to the Collateral,
including, without limitation, the Loans and the Lender 

  

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Collateral, as the Note Purchaser Agent, New Note Purchasers or the Issuing Bank may from time to time reasonably request; provided, that Issuer or
Servicer is not prohibited (i) under the terms of the Loan Documents from obtaining such information (unless such information is otherwise available) or (ii) under any Governmental Rules or by confidentiality restrictions under the Loan
Documents from providing such information to the Note Purchaser Agent, New Note Purchasers or the Issuing Bank; 
 (b) as soon as possible
and in any event within five (5) Business Days after the Issuer or Servicer, as applicable, has actual knowledge of the occurrence thereof, notice of each Event of Default, each Potential Event of Default, each Servicer Event of Default and
each Potential Servicer Event of Default; and 
 (c) promptly and in any event within thirty (30) days after the occurrence thereof,
written notice of a change in address of the chief executive office or jurisdiction of organization of Issuer or Seller, as applicable. 
 None of Seller, the Servicer nor the Issuer shall have any liability pursuant to Section 4.01(m) or SECTION 7.01 of this Agreement, or pursuant to Section 6.9(c) of the Sale and Servicing Agreement for any
inaccuracy or error in any information provided by any of them to any other Person as required pursuant to this Agreement or the Sale and Servicing Agreement, as the case may be, which information is inaccurate, untimely or incomplete as a result of
inaccurate, untimely or incomplete information or data being received from any Person that is not the Purchaser, the Seller, the Issuer, the Servicer or an Affiliate, subservicer or agent of any of the foregoing; provided, that this paragraph
shall not apply to the extent that Seller, Servicer or Issuer had notice or knowledge (or should have been aware, after reasonable investigation) of any such inaccuracy or incompleteness (unless such inaccuracy or incompleteness is disclosed to the
Person to whom the Seller, Servicer or the Issuer provides such information pursuant to this Agreement or the other applicable Basic Document. 
 SECTION 7.02 Access to Information. So long as any Note remains outstanding, each of the Issuer, Seller and Servicer will, at its expense (provided, that with respect to any successor Servicer, such expense shall be borne by the
Seller), from time to time during regular business hours as reasonably requested by the Note Purchaser Agent or New Note Purchasers, permit the Note Purchaser Agent or New Note Purchasers or their respective agents or representatives (such as
independent audit and consulting firms specializing in securitization transactions), (i) to conduct periodic audits and examinations of the Purchased Assets and the books, records, documents, reports, other materials and collections systems of
the Issuer, Seller and Servicer related to the Purchased Assets or to the Issuer’s, Seller’s and Servicer’s performance under the Basic Documents, (ii) to examine and make copies of and abstracts from all books, records,
documents, reports and other materials (including, without limitation, computer tapes and disks) in the possession or under the control of the Issuer, Seller or Servicer relating to the Purchased Assets or to Issuer’s, Seller’s or
Servicer’s performance under the Basic Documents, and (iii) to visit the offices and properties of the Issuer, Seller or Servicer for the purpose of examining such materials described in clause (ii) above, and to discuss matters
relating to the Purchased Assets or to the Issuer’s, Seller’s or Servicer’s performance under the Basic Documents with any of the officers or employees of the Issuer, Seller or Servicer having knowledge of such matters. In addition,
upon the Note Purchaser Agent’s reasonable request from time to time, the Issuer, Seller and Servicer will, at their 

  

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expense, appoint an independent audit and consulting firm specializing in securitization transactions selected by the Note Purchaser Agent to prepare and
deliver to the Note Purchaser Agent a written report with respect to the Purchased Assets and the Credit Policies and Procedures (including, in each case, the systems, procedures and records relating thereto) on a scope and in a form reasonably
requested by the Note Purchaser Agent. The Issuer, Seller and Servicer will maintain all such pertinent books, records documents, reports and other materials for a period of 2 years after the termination of its obligations under this Agreement.

 SECTION 7.03 Ownership and Security Interests; Further Assurances. Seller will take all action reasonably necessary to maintain
Issuer’s ownership interest in the Purchased Assets and the other items sold pursuant to Article II of the Sale and Servicing Agreement. Issuer and Servicer, on behalf of Issuer, will take all action necessary to maintain Indenture
Trustee’s security interest in the Eligible Assets and the other items pledged to Indenture Trustee pursuant to the Indenture. 
 Issuer
and Servicer, on behalf of Issuer, agree to take any and all acts and to execute any and all further instruments reasonably necessary or requested by the Note Purchaser Agent, New Note Purchasers or the Issuing Bank to more fully effect the purposes
of this Agreement. 
 SECTION 7.04 Covenants. Issuer, Seller and Servicer shall each duly observe and perform each of their
respective covenants set forth in each of the Basic Documents to which they are parties which shall in each case be deemed to be for the benefit of the Note Purchaser Agent, New Note Purchasers and the Issuing Bank. 
 SECTION 7.05 Amendments. None of Issuer, Servicer or Seller shall make, or permit any Person to make, any amendment, modification or change to,
or provide any waiver under any Basic Document to which Issuer, Servicer or Seller, as applicable, is a party without the prior written consent of the Note Purchaser Agent, on behalf of New Note Purchasers. 
 SECTION 7.06 With Respect to the Exempt Status of the New Note. 
 (a) Neither Issuer nor Seller, nor any of their respective Affiliates, nor any Person acting on their behalf will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security,
under circumstances that would require the registration of any Note under the Securities Act. 
 (b) Neither Issuer nor Seller, nor any of
their Affiliates, nor any Person acting on their behalf will engage in any form of general solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in connection with any offer or sale of the New
Note. 
 SECTION 7.07 Enforcement Costs. 
 (a) To the extent not previously paid by the Issuer on demand, Seller shall pay all amounts required to be paid by the Issuer pursuant to SECTION 11.13. 
  

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 (b) The Servicer shall pay, on the first Payment Date that is at least 10 Business Days after demand
therefor, all reasonable costs and expenses incurred by the Note Purchaser Agent, New Note Purchasers and/or the Issuing Bank in connection with the enforcement of any obligation of the Servicer under the Indenture, this Agreement or any other Basic
Document or any breach of representation, warranty or covenant of Servicer under any Basic Document (including Attorney Costs for one law firm and any necessary local counsel). 
 (c) The Seller shall pay, on the first Payment Date that is at least 10 Business Days after demand therefor, all reasonable costs and expenses incurred
by the Note Purchaser Agent, New Note Purchasers and/or the Issuing Bank in connection with the enforcement of any obligation of the Seller under the Indenture, this Agreement or any other Basic Document or any breach of representation, warranty or
covenant of Seller under any Basic Document (including Attorney Costs for one law firm and any necessary local counsel). 
 SECTION 7.08 Demand Note. Issuer shall not make any demand for payment under the Demand
Note (whether in respect of principal or interest), except at the prior written direction of the Note Purchaser Agent. The Note Purchaser Agent shall be entitled to direct the Issuer to demand, and Issuer shall demand, payment of the amount
designated by the Note Purchaser Agent under the Demand Note to cure or cover the related deficiency at any time in the event that (i) a Borrowing Base Deficiency is continuing, (ii) there are insufficient funds on any Payment Date to be
applied to make the net payments due by Issuer under any Interest Rate Hedge or (iii) following an Event of Default, acceleration of the Notes and sale of the Collateral pursuant to Article V of the Indenture, the amounts realized upon
the sale of the Collateral are insufficient to pay in full (A) the amounts due under the Notes, (B) the other amounts due under the Indenture and (C) any amounts due to the Note Purchaser Agent, New Note Purchasers and/or the Issuing
Bank under the Reimbursement Agreement and/or any other Basic Document (including, without limitation, any obligation to collateralize outstanding Letters of Credit). To the extent that the Indenture Trustee has foreclosed upon, or otherwise
obtained possession of, the Demand Note, the Note Purchaser Agent and the Issuing Bank shall direct the Indenture Trustee to demand payment under the Demand Note pursuant to Section 5.18 of the Indenture only if and to the extent that
the Note Purchaser Agent would be permitted to direct the Issuer to demand payment under the Demand Note pursuant to and in accordance with the immediately preceding sentence. Issuer shall make any demand for payment pursuant to this SECTION
7.08 not later than the 2nd Business Day following written notice by Note Purchaser Agent to Issuer requesting such demand. Any amounts received
from Seller pursuant to any such demand shall be deposited into the Collection Account and applied as a part of Collections on the Payment Date on or after the date on which such amounts were received pursuant to Section 8.2(b) of the
Indenture. 
 SECTION 7.09 Fixed Rate Adjustment Amount. The Note Purchaser Agent may from time to time designate a Fixed Rate
Adjustment Amount with respect to any Eligible Asset that bears interest at a fixed rate and as to which there is no corresponding Interest Rate Hedge, by notice in writing to Seller and Servicer. The Fixed Rate Adjustment Amount for each such
Eligible Asset shall be determined by the Note Purchaser Agent pursuant to the following methodology: As of any date of determination: (i) the Outstanding Principal Balance of the Purchased Asset minus (ii) the net present value of the
future cash flows of the Purchased Asset, using a discount rate equal to the sum of (i) the interpolated treasury rate with a maturity equal to the remaining duration of the Purchased Asset plus (b) the credit spread of the Purchased Asset
at the time of origination. 
  

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 SECTION 7.10 Moody’s Structured Note Model Procedures; Determination of Borrowing Base.

 (a) The Servicer will provide to the Note Purchaser Agent, no later than 12:00 noon (New York City time) on each Determination Date (each,
a “Ratings Determination Date”), (A) the asset inputs identified on Exhibit E (the “Asset Inputs”) and (B) an updated Borrowing Base Certificate. 
 (b) In applying the Moody’s Structured Note Model to the Purchased Assets, each Related Loan that is a Delinquent Asset or Foreclosed Loan shall be
assigned a value equal to the product of (i) the Outstanding Principal Balance of such Delinquent Asset or Foreclosed Loan times (ii) the applicable Moody’s Recovery Rate for such Delinquent Asset or Foreclosed Loan, and each
Charged-Off Asset shall be assigned a value of zero. The Moody’s Structured Note Model shall be applied to each Purchased Asset using the Moody’s Rating Factors corresponding to the Moody’s Ratings for such Purchased Assets.

 (c) [Reserved.] 
 (d) Upon
the request of the Note Purchaser Agent, Servicer shall provide to the Note Purchaser Agent (on the same day of the Note Purchaser Agent’s request), all of the information required in order for the Note Purchaser Agent to run the RiskCalc model
with respect to one or more Purchased Assets designated by the Note Purchaser Agent and determine the Moody’s Ratings with respect to the Purchased Assets (to the extent that a Moody’s Rating cannot be determined pursuant to clauses
(i) or (ii) or the definition thereof). In the event of a discrepancy between the Moody’s Rating calculated by the Note Purchaser Agent pursuant to this Section 7.10(d) with respect to any Purchased Asset, and the
Moody’s Rating calculated by Servicer for such Asset, the Moody’s Rating calculated by the Note Purchaser Agent shall control for all purposes of the Basic Documents at all times through and including the next Ratings Determination Date.

 (e) In the event that a Borrowing Base Certificate is required to be provided in connection with a Notice of Incremental Note Balance, in
connection with the issuance of a Letter of Credit or for any other reason under this Agreement or the other Basic Documents, the Servicer will recalculate the Borrowing Base using (to the extent applicable) the Moody’s Rating Factor for the
Purchased Assets that were most recently determined pursuant to SECTION 7.10(b) or, if no such rating has been determined pursuant to SECTION 7.10(b) subsequent to the most recent Ratings Determination Date, the lower of the ratings
used in calculating the Borrowing Base pursuant to SECTION 7.10(a). The Note Purchaser Agent may, in its discretion, re-calculate the Borrowing Base as set forth in any Borrowing Base Certificate and, in the event of a discrepancy between the
Borrowing Base calculated by the Note Purchaser Agent and the Borrowing Base calculated by the Servicer, the Borrowing Base determined by the Note Purchaser Agent shall control. 
 (f) In connection with the Servicer’s obligations under this Section 7.10, the Servicer, the Issuer and the Seller hereby covenant and
agree to cooperate in full and accept the determinations arrived at in connection with the determination of Market Value as set forth in Section 4.5(h) of the Sale and Servicing Agreement. 
  

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 ARTICLE VIII 
 ADDITIONAL COVENANTS 
 SECTION 8.01 Legal Conditions to Restatement Closing. The parties
hereto will take all reasonable action necessary to obtain (and will cooperate with one another in obtaining) any consent, authorization, permit, license, franchise, order or approval of, or any exemption by, any Governmental Authority or any other
Person, required to be obtained or made by it in connection with any of the transactions contemplated by this Agreement. 
 SECTION 8.02
Mutual Obligations. On and after the Restatement Closing, Issuer and Servicer each will execute and perform all such other acts, deeds and documents as the other party may from time to time reasonably require in order to carry out the intent
of this Agreement. 
 SECTION 8.03 Restrictions on Transfer. New Note Purchaser agrees that it will comply with the restrictions on
Transfer of the New Note set forth in the Indenture and resell the New Note only in compliance with such restrictions. 
 ARTICLE IX 

 INDEMNIFICATION 
 SECTION 9.01 Issuer’s Indemnification Obligations. Issuer (for purposes of this Section 9.01, the “Indemnifying Party”) shall indemnify, defend, and hold harmless the Note Purchaser Agent, each
Investor, each Liquidity Bank, the Issuing Bank and their respective officers, directors, agents, partners, members, employees and Affiliates (such Persons, collectively, for all purposes of this Agreement, the “Indemnified
Parties”) from and against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) that Indemnified Parties incur or suffer as a result
of, or arising out of (a) the Issuer’s breach of any of its representations, warranties, covenants or agreements in this Agreement or in any other document delivered pursuant to or in connection with this Agreement or (b) any setoff
rights exercised against the Issuer under any Purchased Asset by the related Borrower or any other Obligor. In no event shall Indemnifying Party or any of its Affiliates or any of their respective directors, members, officers, employees, or agents
be liable to any Indemnified Party pursuant to this Section 9.01 for special, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits in connection with or under this Agreement).

 SECTION 9.02 Seller’s Indemnification Obligations. Seller (for purposes of this Section 9.02, the
“Indemnifying Party”) shall indemnify, defend, and hold harmless the Indemnified Parties from and against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses)
(collectively, “Losses”) that Indemnified Parties incur or suffer as a result of, or arising out of (a) the Seller’s breach of any of its representations, warranties, covenants or agreements in this Agreement or in any
other 

  

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document delivered pursuant to or in connection with this Agreement, (b) any setoff rights exercised against the Indemnifying Party under any Purchased
Asset by the related Borrower or any other Obligor or (c) Indemnifying Party’s obligations and liabilities (whether past, current or assumed pursuant to the Sale and Servicing Agreement) with respect to, or in connection with, any
Purchased Asset, resulting from facts, events, or circumstances arising or occurring with respect to such Purchased Asset prior to the close of business on the related Purchase Date. In no event shall Indemnifying Party or any of its Affiliates or
any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant to this Section 9.02 for special, indirect or consequential losses or damages of any kind whatsoever (including but
not limited to lost profits in connection with or under this Agreement). 
 SECTION 9.03 Servicer’s Indemnification Obligations.
Servicer (for purposes of this Section 9.03, the “Indemnifying Party”) shall indemnify, defend, and hold the Indemnified Parties harmless from and against any Losses that Indemnified Parties incur or suffer as a result
of, or arising out of Indemnifying Party’s breach of any of Indemnifying Party’s representations, warranties, covenants or agreements in this Agreement or in any other document delivered pursuant to or in connection with this Agreement. In
no event shall Indemnifying Party or any of its Affiliates or any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant to this Section 9.03 for special, indirect or
consequential losses or damages of any kind whatsoever (including but not limited to lost profits in connection with or under this Agreement). 
 SECTION 9.04 Indemnification Procedures. 
 (a) Applicability. This Section 9.04 shall govern the
procedures for indemnification of Indemnified Parties pursuant to this Article IX. 
 (b) Notice of Claims. An Indemnified
Party shall promptly notify the Indemnifying Party (pursuant to Section 9.01, Section 9.02 or Section 9.03, as the case may be) if the Indemnified Party receives a complaint, claim, compulsory process or other
notice of any Losses or potential Losses and giving rise to a claim for indemnification under this Article IX (each, a “Claim”), but failure so to notify the Indemnifying Party shall not relieve the Indemnified Party from its
indemnification obligations under this Article IX unless and to the extent that it did not otherwise learn of such action or proceeding and to the extent such failure results in the forfeiture by the Indemnifying Party of substantial rights
and defenses. 
 (c) Cooperation and Assistance; Assumption of Defense. A Indemnified Party receiving notice or knowledge of any
Losses or potential Losses shall, at Issuer’s expense: 
 (i) provide the Indemnifying Party such information and
cooperation with respect to such Claim as Issuer may reasonably require, including, but not limited to, making appropriate personnel available to Issuer at such reasonable times as the Indemnifying Party may request; 
 (ii) cooperate and take all such steps as the Indemnifying Party may reasonably request to preserve and protect any defense to such Claim;

  

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 (iii) in the event suit is brought with respect to such Claim, upon reasonable prior
notice, afford to the Indemnifying Party the right, which the Indemnifying Party may exercise in its sole discretion and at its expense, to participate in the investigation, defense and settlement of such Claim except that the Indemnifying Party
shall not enter into any settlement without the consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed) if such settlement attributes liability to the Indemnified Party; 
 (iv) afford to the Indemnifying Party the right, in its sole discretion and at its sole expense, to assume the defense of such claim
(subject to the terms of this Section 9.04), including, but not limited to, the right to designate counsel and to control all negotiations, litigation, arbitration, settlements, compromises and appeals of such Claim; provided that
if Issuer assumes the defense of such Claim, the Indemnified Party must consent in writing, which consent shall not be unreasonably withheld, to the entry of any settlement or compromise in respect thereof that attributes liability to the
Indemnified Party and Issuer shall not be liable for any fees and expenses of separate counsel employed by any Indemnified Party incurred thereafter in connection with such Claim except that if such Indemnified Party reasonably determines that
counsel designated by the Indemnifying Party has a conflict of interest or if the Indemnified Party shall have defenses not available to the Indemnifying Party, the Indemnifying Party shall pay the reasonable fees and disbursements of one counsel
(in addition to any local counsel) separate from its own counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances; and 
 (v) if the Indemnifying Party assumes the defense of any claim as provided in clause (iv) above,
the Indemnifying Party shall (x) periodically (and, upon the reasonable request of the Indemnified Party) update the Indemnified Party regarding the status of the defense of such claims, (y) provide copies of all material correspondence
and legal pleadings prepared by counsel employed by the Indemnifying Party with respect thereto to the extent reasonably requested by the Indemnified Party, such claim (as reasonably determined by such Indemnified Party), and (z) without the
prior written consent of the Indemnified Party, not permit a default or make any admissions on behalf of the Indemnified Party (other than routine or incontestable admissions) which would prejudice or otherwise forfeit any material right or defense
of the Indemnified Party in respect of such claim. 
 (d) No Indemnified Party shall, without the prior written consent of the Indemnifying
Party, which consent shall not be unreasonably withheld or delayed, settle or compromise any Claim giving rise to a claim for indemnity hereunder, or permit a default or consent to the entry of any judgment in respect thereof, unless such
settlement, compromise or consent includes, as an unconditional term thereof, the giving by the claimant to the Indemnifying Party of a release from liability in respect of such Claim. 
  

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 (e) In the event that any Indemnified Party waives its right to indemnification hereunder, the
Indemnifying Party shall not be entitled to appoint counsel to represent such Indemnified Party or to exercise the other rights described in this subsection (c) nor shall Issuer reimburse such Indemnified Party for any Losses or costs of
counsel to such Indemnified Party. 
 SECTION 9.05 Indemnification Not General Credit Recourse. SECTION 9.01,
Section 9.02 and Section 9.03 shall not be interpreted generally to provide recourse (except as specifically provided in such sections) to the Seller or the Servicer against loss by reason of the bankruptcy, insolvency or
lack of creditworthiness of a Borrower or other Obligor with respect to any Purchased Asset. 
 ARTICLE X 
 NOTE PURCHASER AGENT 
 SECTION 10.01
Authorization and Action. Each Investor and each Liquidity Bank hereby appoints and authorizes the Note Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Basic Documents
as are delegated to the Note Purchaser Agent by the terms hereof or thereof, together with such powers as are reasonably incidental thereto. The Note Purchaser Agent reserves the right, in its sole discretion (subject to Section 11.01),
to agree to any amendment, modification or waiver of the provisions of this Agreement or any instrument or document delivered pursuant hereto, and also to exercise any rights and remedies available under this Agreement and the other Basic Documents
or pursuant to applicable law. As to any matters not expressly provided for by this Agreement or the other Basic Documents (including, without limitation, enforcement of this Agreement or the other Basic Documents), the Note Purchaser Agent shall
not be required to exercise any discretion or take any action which exposes the Note Purchaser Agent to personal liability or which is contrary to this Agreement, the other Basic Documents or applicable law. 
 SECTION 10.02 Note Purchaser Agent’s Reliance, Etc. Neither the Note Purchaser Agent nor any of its directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by it or them as the Note Purchaser Agent under or in connection with this Agreement (including, without limitation, the Note Purchaser Agent’s servicing, administering or collecting
Purchased Assets or Loans as Servicer) or any other Basic Document, except for its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision. Without limiting the
generality of the foregoing, the Note Purchaser Agent: (a) may consult with legal counsel (including counsel for Issuer, Seller, and Servicer), independent certified public accountants and other experts selected by it and shall not be liable
for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Investor or Liquidity Bank (whether written or oral) and shall
not be responsible to any Investor or Liquidity Bank for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or any other Basic Document; (c) shall not have any duty to ascertain
or to inquire as to the performance or observance of any of the terms, 

  

 29 

 
covenants or conditions of this Agreement on the part of the Issuer, Seller or Servicer or to inspect the property (including the books and records) of the
Issuer, Seller or Servicer; (d) shall not be responsible to any Investor or Liquidity Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document
furnished pursuant hereto; and (e) shall incur no liability under or in respect of this Agreement or any other Basic Document by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which
may be by facsimile or telex) believed by it to be genuine and signed or sent by the proper party or parties. 
 SECTION 10.03 CNAI and
Affiliates. The obligation of Citibank to purchase Incremental Note Balances under this Agreement may be satisfied by CNAI or any of its Affiliates. With respect to any Note Balance or interest therein owned by it, CNAI shall have the same rights
and powers under this Agreement as any Liquidity Bank and may exercise the same as though it were not the Note Purchaser Agent. CNAI and any of its Affiliates may generally engage in any kind of business with Issuer, Seller, Servicer or any Obligor,
any of their respective Affiliates and any Person who may do business with or own securities of the Issuer, Seller, Servicer or any Obligor or any of their respective Affiliates, all as if CNAI were not the Note Purchaser Agent and without any duty
to account therefor to the Investors or the Liquidity Banks. 
 SECTION 10.04 Liquidity Bank’s Purchase Decision. Each Liquidity
Bank acknowledges that it has, independently and without reliance upon the Note Purchaser Agent, any of its Affiliates or any other Liquidity Bank and based on such documents and information as it has deemed appropriate, made its own evaluation and
decision to enter into this Agreement. Each Liquidity Bank also acknowledges that it will, independently and without reliance upon the Note Purchaser Agent, any of its Affiliates or any other Liquidity Bank and based on such documents and
information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement. 
 SECTION 10.05 Indemnification of Note Purchaser Agent. Each Liquidity Bank agrees to indemnify the Note Purchaser Agent (to the extent not reimbursed by Issuer, Seller or Servicer), ratably according to the amount of its Liquidity
Bank Commitment (or, if the Liquidity Bank Commitments have been terminated, then ratably according to the respective principal amounts of Note Balances (or interests therein) owned by it or which it may be required to purchase under the applicable
Asset Purchase Agreement), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or
asserted against the Note Purchaser Agent in any way relating to or arising out of this Agreement or the other Basic Documents or any action taken or omitted by the Note Purchaser Agent under this Agreement or the other Basic Documents, provided
that no Liquidity Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Note Purchaser Agent’s gross negligence or
willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision. 
  

 30 

 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.01 Amendments. No amendment or waiver of any provision of this
Agreement shall in any event be effective unless the same shall be in writing and signed by Issuer, Seller, Servicer and the Note Purchaser Agent, as agent for New Note Purchasers; provided that no such amendment or waiver of any provision of
this Agreement shall (i) increase the Liquidity Bank Commitment of any Liquidity Bank without the written consent of such Liquidity Bank, (ii) reduce the principal amount of any Note or reduce the rate of interest thereon, or reduce any
fees payable hereunder, without the written consent of each New Note Purchaser affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Note, or any interest thereon, or any fees payable hereunder, or reduce
the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Liquidity Bank Commitment, without the written consent of each Liquidity Bank affected thereby (it being understood that a waiver of an Event of
Default shall not be deemed to have effected any such postponement), (iv) release the Lien in favor of the Indenture Trustee in all or substantially all of the Collateral without the written consent of each New Note Purchaser or (v) change
any of the provisions of this Section or any other provision hereof specifying the number of New Note Purchasers required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written
consent of each New Note Purchaser; provided, further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Note Purchaser Agent hereunder without the prior written consent of the Note Purchaser
Agent. Each amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 11.02 Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including facsimiles) and mailed, e-mailed, sent by facsimile (with a copy delivered by
overnight courier) or delivered, as to each party hereto, at its address as set forth in Schedule I hereto or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and
communications shall be deemed effective upon receipt thereof, and in the case of facsimiles, when receipt is confirmed by telephone. 
 SECTION 11.03 No Waiver; Remedies. No failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right
hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 11.04 Binding Effect; Assignability. 
 (a) This Agreement shall be binding upon and inure to the benefit of Issuer, Seller, the Note Purchaser Agent, New Note Purchasers and their respective permitted successors and assigns (including any subsequent holders of the New Note in
accordance with Section 11.04(d)); provided, however, except as provided in clause (d) below, neither Issuer nor Seller 

  

 31 

 
shall have any right to assign their respective rights hereunder or interest herein (by operation of law or otherwise) without the prior written consent of
the Note Purchaser Agent. The Issuing Bank shall be an express third-party beneficiary of this Agreement, entitled to exercise rights (but without obligations, except as to any obligations that the Issuing Bank may have as an Indemnified Party under
Article IX) under this Agreement in the same manner as if it were a party hereto. 
 (b) Any Investor or Liquidity Bank may, in the
ordinary course of its business and in accordance with the Basic Documents and applicable law, including applicable securities laws, at any time sell to one or more Persons (each, a “Participant”), participating interests in all or
a portion of its rights and obligations under this Agreement. Notwithstanding any such sale by any New Note Purchaser of participating interests to a Participant, such New Note Purchaser’s rights and obligations under this Agreement shall
remain unchanged, such New Note Purchaser shall remain solely responsible for the performance thereof, and Issuer and Seller shall continue to deal solely and directly with such New Note Purchaser and shall have no obligations to deal with any
Participant in connection with such New Note Purchaser’s rights and obligations under this Agreement. 
 (c) This Agreement shall create
and constitute the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as all amounts payable with respect to the Notes shall have been paid in full. At any time, if the
Collateral is liquidated, the Notes are paid or extinguished, the Aggregate L/C Amount has been reduced to zero and the obligations of the New Note Purchaser to acquire Incremental Note Balances and to cause Letters of Credit to be issued hereunder
is terminated, the Basic Documents (including this Agreement) shall terminate except as otherwise provided in Section 11.10. 
 (d) Any New Note Purchaser may sell or assign all or a portion of its Note and other rights and obligations under this Agreement, including any related Liquidity Bank Commitment only with the prior consent of Seller unless (i) such
sale or assignment is to an Eligible Assignee or (ii) such sale or assignment occurs following the occurrence of an Event of Default; provided, however, that this Section 11.04(d) shall not limit any New Note
Purchaser’s right to (i) transfer its interest in its Note in the form of a participation of an interest in its Note to a Participant pursuant to Section 11.04(b), (ii) pledge or grant a security interest in its Note or
its rights under this Agreement, any other Basic Document or its Asset Purchase Agreement to secure an indebtedness or other obligations of such New Note Purchaser (including, without limitation, obligations to any Federal Reserve Bank),
(iii) transfer its Note pursuant to a repurchase agreement or similar arrangement or (iv) if such assignor is an Investor, assign all or part of its rights and obligations herein (including ownership of all or a part of its Note),
including, without limitation, to a Liquidity Bank pursuant to the Asset Purchase Agreement; provided, that such Investor shall notify the Note Purchaser Agent and the Seller of any such assignment. 
 (e) Notwithstanding Section 11.04(d), each Liquidity Bank may assign to any Eligible Assignee or to any other Liquidity Bank all or a portion
of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Liquidity Bank Commitment and its Note or interests therein owned by it); provided, however, that (i) each such assignment
shall be of a constant, and not a varying, percentage of all rights and obligations 

  

 32 

 
under this Agreement, (ii) the amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with
respect to such assignment) shall in no event be less than the lesser of (x) $10,000,000 and (y) all of the assigning Liquidity Bank’s Liquidity Bank Commitment, (iii) the parties to each such assignment shall execute and deliver
to the Note Purchaser Agent, for its acceptance and recording, an Assignment and Acceptance, together with a processing and recordation fee of $2,500, and (iv) concurrently with such assignment, such assignor Liquidity Bank shall assign to such
assignee Liquidity Bank or other Eligible Assignee an equal percentage of its rights and obligations under the Asset Purchase Agreement (or, if such assignor Liquidity Bank is Citibank, it shall arrange for such assignee Liquidity Bank or other
Eligible Assignee to become a party to the Asset Purchase Agreement for a maximum principal amount equal to the assignee’s Liquidity Bank Commitment). Upon such execution, delivery, acceptance and recording, from and after the effective date
specified in such Assignment and Acceptance, (x) the assignee thereunder shall be a party to this Agreement and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the
rights and obligations of a Liquidity Bank hereunder and (y) the assigning Liquidity Bank shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish such rights and
be released from such obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Liquidity Bank’s rights and obligations under this Agreement, such Liquidity Bank
shall cease to be a party hereto). 
 (f) In the event that New Note Purchaser sells any participation or assigns or transfers any interest
in the Note, (x) each Participant, successor or assign (other than a Federal Reserve Bank) shall agree to make the representations and warranties in Section 6.01(c) of this Agreement and (y) such New Note Purchaser or the Note
Purchaser Agent on behalf of such New Note Purchaser shall provide the Seller with notice of any such assignment or transfer. 
 SECTION
11.05 Provision of Documents and Information. Each of Issuer and Seller acknowledges and agrees that the Note Purchaser Agent and New Note Purchasers are permitted to provide to the Issuing Bank, any subsequent Note Purchaser Agent or New
Note Purchasers, any subsequent Issuing Bank, permitted assignees and Participants, opinions, certificates, documents and other information relating to Issuer, Seller and the Loans delivered to the Note Purchaser Agent or New Note Purchasers
pursuant to this Agreement provided that with respect to confidential information, such subsequent Note Purchaser Agent or New Note Purchaser, such subsequent Issuing Bank, permitted assignees and Participants agree to be bound by
Section 8.17 of the Sale and Servicing Agreement (and the Issuing Bank, by accepting information delivered pursuant to this Section 11.05 agrees to be so bound). 
 SECTION 11.06 GOVERNING LAW; JURISDICTION. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT 

  

 33 

 
SITTING IN NEW YORK CITY AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW THE JUDGMENTS THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED
ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
 SECTION 11.07 Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL
BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED OR DELIVERED PURSUANT
HERETO. 
 SECTION 11.08 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
 SECTION 11.09 No Recourse - New Note Purchaser, Seller, Servicer and Issuer. (a) The obligations of New Note Purchaser under this Agreement, or
any other agreement, instrument, document or certificate executed and delivered by or issued by New Note Purchaser or any officer thereof are solely the corporate or limited liability company obligations of New Note Purchaser. No recourse shall be
had for payment of any fee or other obligation or claim arising out of or relating to this Agreement or any other agreement, instrument, document or certificate executed and delivered or issued by New Note Purchaser or any officer thereof in
connection therewith, against the Issuing Bank, any stockholder, member, manager, limited partner, employee, officer, affiliate, director or incorporator of New Note Purchaser or the Issuing Bank. No claim may be made by the Issuer, the Seller or
the Servicer or any other Person against the New Note Purchaser and the Secured Parties or their respective Affiliates, directors, managers, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages
(including, without limitation, any loss of profits, business or anticipated savings) in respect to any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or
any act, omission or event occurring in connection therewith; and the Seller and the Servicer each hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected. No
obligation or liability to any Obligor under any of the Loans, or to any Participation Counterparty under any Participation Agreement, or otherwise in respect of the Assets, is intended to be assumed by the New Note Purchaser and the Secured Parties
under or as a result of this Agreement and the transactions contemplated hereby. 
 (b) The obligations of Seller under this Agreement, or
any other agreement, instrument, document or certificate executed and delivered by or issued by Seller or any officer, stockholder, member, manager, employee, director or incorporator thereof are solely the corporate obligations of Seller. No
recourse shall be had for payment of any fee or other obligation or claim arising out of or relating to this Agreement or any other agreement, 

  

 34 

 
instrument, document or certificate executed and delivered or issued by Seller or any officer thereof in connection therewith, against any Affiliate,
stockholder, member, manager, director, employee or officer of Seller or any Affiliate thereof (excluding the Seller itself). 
 (c) The
obligations of Servicer under this Agreement, or any other agreement, instrument, document or certificate executed and delivered by or issued by Servicer or any officer, stockholder, member, manager, employee, director or incorporator thereof are
solely the corporate obligations of Servicer. No recourse shall be had for payment of any fee or other obligation or claim arising out of or relating to this Agreement or any other agreement, instrument, document or certificate executed and
delivered or issued by Servicer or any officer thereof in connection therewith, against any Affiliate, stockholder, member, manager, director, employee or officer of Servicer or any Affiliate thereof (excluding the Servicer itself). 
 (d) The obligations of Issuer under this Agreement, or any other agreement, instrument, document or certificate executed and delivered by or issued by
Issuer or any officer, stockholder, member, manager, employee, director or incorporator thereof, in each case on behalf of the Issuer, are solely the limited liability company obligations of Issuer. Except as otherwise provided in this Agreement or
the other Basic Documents with respect to the Seller or the Servicer, no recourse shall be had for payment of any fee or other obligation or claim arising out of or relating to this Agreement or any other agreement, instrument, document or
certificate executed and delivered or issued by Issuer or any officer thereof in connection therewith, against any Affiliate, stockholder, member, manager, director, employee or officer of Issuer or any Affiliate thereof (excluding the Issuer
itself). 
 (e) New Note Purchaser, by accepting the New Note, acknowledges that such New Note represents an obligation of Issuer and does
not represent an interest in or an obligation of Seller, Servicer, Indenture Trustee or any Affiliate, member, manager, director, officer, employee or attorney thereof and no recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, the New Note or the other Basic Documents. 
  

 35 

 SECTION 11.10 Survival. All representations, warranties, covenants, guaranties and
indemnifications contained in this Agreement and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the sale or transfer of the New Note. Notwithstanding the immediately preceding sentence,
the rights and remedies of the Note Purchaser Agent and or New Note Purchasers with respect to (i) any representation and warranty made or deemed to be made or remade by Issuer, Seller or Servicer pursuant to this Agreement, (ii) the
indemnification provisions set forth in Article IX and (iii) the agreements set forth in Section 2.08, Section 2.09, Section 11.06, Section 11.07, Section 11.09,
Section 11.13 and Section 11.16 will be continuing and will survive any termination of this Agreement or any other Basic Document or the repayment of the Notes. All of the representations, warranties and covenants of NewStar
Financial, in its capacity as Servicer pursuant to this Agreement, will survive termination of NewStar Financial in such capacity, to the extent of representations and warranties made or deemed made, and obligations arising, prior to such
termination. 
 SECTION 11.11 Tax Characterization. Each party to this Agreement (a) acknowledges and agrees that it is the
intent of the parties to this Agreement that for all purposes, including federal, state and local income, single business and franchise tax purposes, the New Note will be treated as evidence of indebtedness secured by the Loans and proceeds thereof
and the trust created under the Indenture will not be characterized as an association (or publicly traded partnership) taxable as a corporation, (b) agrees to treat the New Note for federal, state and local income and franchise tax purposes as
indebtedness and (c) agrees that the provisions of all Basic Documents shall be construed to further these intentions of the parties. 
 SECTION 11.12 Conflicts. Notwithstanding anything contained herein to the contrary, in the event of the conflict between the terms of the Sale and Servicing Agreement and this Agreement, the terms of the Sale and Servicing Agreement
shall control. 
 SECTION 11.13 Expenses. In addition to the rights of indemnification granted under Section 9.01, the
Issuer agrees to pay on demand to or at the direction of the Note Purchaser Agent (from the capital contribution made to the Issuer pursuant to SECTION 4.01(e), Collections applied pursuant to Section 8.2(b)(ix) of the Indenture
and any other cash available to the Issuer, but excluding any other Collections): 
 (a) all reasonable costs and expenses of the Note
Purchaser Agent and New Note Purchasers in connection with: 
 (i) the preparation, execution and delivery of this Agreement
and the other Basic Documents (including without limitation all legal, accounting, third party due diligence and other miscellaneous expenses incurred in connection therewith; and 
 (ii) any amendment, waiver or modification of this Agreement or the Basic Documents requested by the Issuer or any of its Affiliates and
all Attorney Costs of one law firm of the Note Purchaser Agent and New Note Purchasers with respect to advising the Note Purchaser Agent and New Note Purchasers as to its rights and remedies under this Agreement and the other Basic Documents;

  

 36 

 (b) all reasonable costs and expenses, if any (including Attorney Costs for one law firm and any
necessary local counsel), of the Note Purchaser Agent and New Note Purchasers, in connection with the enforcement (or direction provided to Indenture Trustee with respect to the enforcement) of the Notes, this Agreement and the other Basic
Documents; 
 (c) any reasonable due diligence expenses incurred by the Note Purchaser Agent and New Note Purchasers (other than to the
extent of amounts included in clause (i), above); and 
 (d) all reasonable costs and expenses incurred in connection with the
periodic auditing and the other activities contemplated pursuant to Section 7.02. 
 SECTION 11.14 Updating List of
Authorized Officers. The Persons initially constituting the Authorized Officers of the designated manager of the Issuer are as set forth in Exhibit F. The designated manager of the Issuer may from time to time designate the individuals
who are authorized to act as “Authorized Officers” with respect to Issuer pursuant to an Officer’s Certificate distributed to Indenture Trustee, the Note Purchaser Agent, New Note Purchasers, Seller and Servicer. 
 SECTION 11.15 Right of Setoff. Without in any way limiting the provisions of this Agreement, the Note Purchaser Agent, each Liquidity Bank and
each Investor is hereby authorized (in addition to any other rights it may have) at any time after the occurrence and during the continuance of an Event of Default to set-off, appropriate and apply (without presentment, demand, protest or other
notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by the Note Purchaser Agent, such Liquidity Bank or such Investor to, or for the account of, Issuer, Seller or Servicer against any amount owing by
Issuer, Seller or Servicer, as the case may be, to such Person or to the Note Purchaser Agent on behalf of such Person (even if contingent or unmatured). 
 SECTION 11.16 Special Provisions Applicable to Investors. Each of the parties to this Agreement hereby covenants and agrees that: 
 (a) no Investor shall have any obligation to pay any amount hereunder unless such Investor has received cash from the Notes sufficient to pay such amounts and such amounts are not necessary to pay such Investor’s
outstanding commercial paper or its other outstanding indebtedness; in addition, each of the parties hereto hereby agrees that no amount owing by an Investor hereunder shall constitute a claim (as defined in Section 101 or Title 11 of the
United States Bankruptcy Code) against such Investor unless such Investor has received cash from the Notes sufficient to pay such amounts, and such amounts are not necessary to pay such Investor’s outstanding commercial paper or its other
outstanding indebtedness; no recourse shall be had for the payment of any amount owing hereunder or for the payment of any fee hereunder or any other obligation of, or claim against an Investor arising out of or based upon this Agreement, against
any equity holder, employee, officer, agent, member or manager of an Investor or any equity holder, employee, officer, director, member, manager or affiliate thereof; 
 (b) prior to the date which is one year and one day after the payment in full of all commercial paper and any other indebtedness for borrowed money of an Investor, it will not institute against, or join any other
Person in instituting against, such Investor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of any jurisdiction; 
  

 37 

 (c) no pledge and/or collateral assignment by any Investor pursuant to its commercial paper program
documents of an interest in the rights of such Investor in any Note or Note Balance shall constitute an assignment and/or assumption of such Investor’s obligation (if any) under this Agreement, such obligations in all cases remaining with such
Investor; moreover, any such pledge and/or collateral assignment of the rights of such Investor shall be permitted hereunder without further action or consent, and any such pledge may perfect a collateral assignment of such interest notwithstanding
anything to the contrary in this Agreement; 
 (d) notwithstanding anything to contrary contained herein, no amendment, modification or
waiver of this Section shall be effective unless agreed to in writing by each Investor; and 
 (e) the provisions of this Section shall
survive the termination of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

 38 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers
hereunto duly authorized, as of the date first above written. 
  

			
	 NEWSTAR WAREHOUSE FUNDING
 2005 LLC, as
Issuer

		
	By:	 	NEWSTAR FINANCIAL, INC., its designated manager
		
	By:	 	 /s/ JOHN J. FRISHKOPF

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer
	
	 NEWSTAR FINANCIAL, INC., as Seller
 and as
Servicer

		
	By:	 	 /s/ JOHN J. FRISHKOPF

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer
	
	 CITICORP NORTH AMERICA, INC., as
 Note
Purchaser Agent

		
	By:	 	 /s/ TODD FRITCHMAN

	Name:	 	Todd Fritchman
	Title:	 	Vice President
	
	CHARTA, LLC, as an Investor
		
	By:	 	 /s/ TODD FRITCHMAN

	Name:	 	Todd Fritchman
	Title:	 	Vice President

 [Signature Page 1 to Note Purchase Agreement] 

  

			
	CITIBANK, N.A., as a Liquidity Bank
		
	By:	 	 /s/ TODD FRITCHMAN

	Name:	 	Todd Fritchman
	Title:	 	Vice President

 [Signature Page 2 to Note Purchase Agreement]Amended & Restated Sale & Servicing Agmt

 Exhibit 10(b)(7)(j) 
 Execution Version 
  
  
 AMENDED AND RESTATED SALE AND SERVICING AGREEMENT 
 among  
 NEWSTAR FINANCIAL, INC., 
 as Servicer and as Seller  
 NEWSTAR WAREHOUSE FUNDING 2005 LLC,

 as Purchaser 
 and  

 LYON FINANCIAL SERVICES, INC., 
 d/b/a U.S. Bank Portfolio Services 
 as Backup Servicer 
 Dated as of December 30, 2005 
 as 
 AMENDED AND RESTATED 
 as of
November 19, 2008 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I USAGE AND DEFINITIONS
	
	ARTICLE II PURCHASE AND SALE
			
	Section 2.1	  	Purchase and Sale of Assets	  	1
			
	Section 2.2	  	Procedures for Acquisition of Assets	  	3
			
	Section 2.3	  	Assignment and Assumption	  	5
			
	Section 2.4	  	Distributions	  	5
			
	Section 2.5	  	Irrevocable Sale; No Recourse	  	5
			
	Section 2.6	  	Asset Purchase Price	  	6
			
	Section 2.7	  	Revolving Period; Termination	  	6
			
	Section 2.8	  	Intent; Savings Clause	  	7
			
	Section 2.9	  	Voting	  	7
			
	Section 2.10	  	Authorization	  	8
			
	Section 2.11	  	Acknowledgment of Pledge	  	8
	
	ARTICLE III REPRESENTATIONS AND WARRANTIES
			
	Section 3.1	  	Seller’s and Servicer’s Representations and Warranties as to Themselves	  	8
			
	Section 3.2	  	Representations and Warranties of Seller as to the Purchased Assets	  	9
	
	ARTICLE IV SERVICING
			
	Section 4.1	  	Appointment of Servicer; Duties of Servicer	  	9
			
	Section 4.2	  	Servicing Fees	  	14
			
	Section 4.3	  	Servicer Not to Resign	  	14
			
	Section 4.4	  	Power of Attorney	  	14
			
	Section 4.5	  	Servicing Covenants	  	15

  

 i 

					
	Section 4.6	  	Termination of Servicer by Purchaser Following Servicer Event of Default	  	17
			
	Section 4.7	  	Backup Servicer; Duties of Backup Servicer	  	17
			
	Section 4.8	  	Appointment of Successor Servicer	  	19
			
	Section 4.9	  	Collection Account, Custodial Account and Holding Account	  	20
			
	Section 4.10	  	Removal of Backup Servicer	  	23
	
	 ARTICLE V CONDITIONS PRECEDENT

			
	Section 5.1	  	Conditions Precedent	  	24
			
	Section 5.2	  	Conditions Precedent to the Effectiveness of this Amended and Restated Sale and Servicing Agreement	  	25
	
	 ARTICLE VI COVENANTS

			
	Section 6.1	  	Substitution of Assets; Repurchase or Substitution of Warranty Assets; Repurchase of Charged-Off Assets	  	26
			
	Section 6.2	  	Optional Sales	  	30
			
	Section 6.3	  	Discretionary Sales	  	32
			
	Section 6.4	  	Application of Proceeds of Optional Sale or Discretionary Sale	  	34
			
	Section 6.5	  	Procedures for Repurchase of Purchased Assets	  	34
			
	Section 6.6	  	Annual Designation of Non-Securitizable Loans and Removal from Borrowing Base	  	34
			
	Section 6.7	  	Delivery of Financial Statements	  	35
			
	Section 6.8	  	Inspection	  	35
			
	Section 6.9	  	Reporting Requirements	  	35
			
	Section 6.10	  	Market Gains and Market Losses	  	36
	
	ARTICLE VII LIABILITY AND INDEMNIFICATION
			
	Section 7.1	  	Seller’s Indemnification Obligations	  	36
			
	Section 7.2	  	Servicer’s Indemnification Obligations	  	37
			
	Section 7.3	  	Third Party Claims	  	37

  

 ii 

					
	Section 7.4	  	Continuing Obligation	  	37
			
		  	ARTICLE VIII MISCELLANEOUS	  	
			
	Section 8.1	  	Costs and Expenses	  	38
			
	Section 8.2	  	Receipt of Distributions by Party Not Entitled Thereto	  	38
			
	Section 8.3	  	Notices	  	39
			
	Section 8.4	  	Exercise of Rights and Remedies	  	40
			
	Section 8.5	  	Termination	  	40
			
	Section 8.6	  	Survival; Successors and Assigns; Third-Party Beneficiary	  	41
			
	Section 8.7	  	Further Assurances	  	41
			
	Section 8.8	  	Parties’ Other Relationships	  	41
			
	Section 8.9	  	Entire Agreement; Conflict	  	42
			
	Section 8.10	  	Counterparts; Telecopies	  	42
			
	Section 8.11	  	Relationship Among Seller, Purchaser and Certain Other Entities	  	42
			
	Section 8.12	  	Severability	  	42
			
	Section 8.13	  	GOVERNING LAW; JURISDICTION	  	42
			
	Section 8.14	  	Waiver of Trial by Jury	  	43
			
	Section 8.15	  	Subrogation	  	43
			
	Section 8.16	  	Updating List of Authorized Officers	  	43
			
	Section 8.17	  	Confidentiality	  	43

  

 iii 

			
	Schedule	  	
	SCHEDULE 1 – Notices
	SCHEDULE 2 – Concentration Account
		
	Exhibits	  	
	EXHIBIT A – Form of Notice of Sale
	EXHIBIT B – NewStar Form of Assignment and Assumption
	EXHIBIT C – Form of Monthly Report
	EXHIBIT D – Authorized Officers of Servicer
	EXHIBIT E – Authorized Officers of Seller
	EXHIBIT F – Form of Payment Date Report
	EXHIBIT G – Moody’s Industry Classification Groups
		
	Appendix	  	
	APPENDIX A – Usage and Definitions

  

 iv 

 AMENDED AND RESTATED SALE AND SERVICING AGREEMENT, dated as of December 30, 2005, as
AMENDED AND RESTATED as of November 19, 2008 (as it may be further amended, modified or supplemented from time to time, this “Agreement”), among NEWSTAR FINANCIAL, INC, a Delaware corporation (“NewStar
Financial”), as seller (in such capacity, “Seller”) and as servicer (in such capacity, “Servicer”), NEWSTAR WAREHOUSE FUNDING 2005 LLC, a Delaware limited liability company (“NewStar
LLC”), as purchaser (in such capacity, “Purchaser”) and LYON FINANCIAL SERVICES, INC., d/b/a U.S. Bank Portfolio Services, a national banking association (“USBPS”), as backup servicer (in such
capacity, “Backup Servicer”). 
 WHEREAS, Seller, Purchaser, Servicer and Backup Servicer are parties to the original Sale
and Servicing Agreement, dated as of December 30, 2005 (as amended prior to the effectiveness of this Agreement, the “Original Agreement”); 
 WHEREAS, the parties hereto wish to AMEND and RESTATE the Original Agreement to effectuate certain amendments to various provisions set forth below, subject to the terms and conditions contained herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 USAGE AND DEFINITIONS

 Capitalized terms used but not otherwise defined in this Agreement are defined in Appendix A to this Agreement.
Appendix A also contains rules as to usage applicable to this Agreement. 
 ARTICLE II 
 PURCHASE AND SALE 
 Section 2.1
Purchase and Sale of Assets. 
 (a) Subject to the terms and conditions set forth in this Agreement, from time to time, (i) Seller
may designate Loan Portions and Participations (collectively, “Assets”) for sale to Purchaser and (ii) Seller shall sell (or cause to be sold) to Purchaser, and Purchaser shall purchase from Seller (or from a third party
designated by Seller), the Assets so designated (together with all Transferred Rights, but excluding the Retained Interest with respect to any such Asset). Each such designation shall be made by delivery of notice by Seller to Purchaser no later
than 2:00 p.m. New York time at least one (1) Business Day prior to such proposed sale, which notice shall be in the form set forth as Exhibit A (each such notice, a “Notice of Sale”). Each Loan Portion that is so
designated pursuant to a Notice of Sale (together with all Transferred Rights with respect thereto, but excluding the Retained Interest) is referred to as a “Purchased Loan Portion,” and each Participation that is so designated
pursuant to a Notice of Sale (together with all Transferred Rights with respect thereto, but excluding the Retained Interest) is referred to as a “Purchased Participation.” The Purchased Loan Portions 

 
and Purchased Participations are referred to collectively as the “Purchased Assets.” Any Purchased Asset that is originated by a Person
other than Seller as part of a syndicated loan transaction (whether such Purchased Asset is acquired from Seller or from a Third Party Transferor) shall have been re-underwritten by Seller in accordance with the Credit Policies and Procedures, prior
to such Purchased Asset becoming part of the Transferred Rights hereunder. Notwithstanding anything in this Agreement or any other Basic Document to the contrary, any Purchased Asset that is acquired by Purchaser from a Third Party Transferor, shall
be deemed to have been sold by Seller to Purchaser for all purposes of this Agreement, including, without limitation, for purposes of the representations and warranties set forth in Section 3.2, the covenants and obligations of Servicer
set forth in Article IV and the covenants set forth in Article VI. For avoidance of doubt, all Letter of Credit Rights shall constitute ‘Purchased Assets’ and a part of the ‘Transferred Rights’ that shall
be Assigned to the Purchaser pursuant to Section 2.2(a) hereof (and all such Letter of Credit Rights are hereby assigned, conveyed, set over, granted, pledged and transferred to the Purchaser). 
 (b) Without limitation of subsection (a), above, as between Purchaser and Seller, Seller shall be responsible for, and hereby assumes from the
Purchaser, and hereby covenants and agrees to (now and at all times in the future) perform all obligations on the part of the Lender to fund the unfunded Commitment relating to the Purchased Assets, to issue (or cause to be issued) letters of credit
as required under the Loan Documents relating to the Purchased Assets and to perform any other obligations under such Loan Documents or otherwise in respect of the Purchased Assets. Without limitation of the foregoing, Purchaser does not assume any
of the obligations under the Purchased Assets constituting a part of the Retained Interest. For avoidance of doubt, (A) this Section 2.l(b) shall apply with respect to all Purchased Assets, including Purchased Assets that are
acquired from Seller and Purchased Assets that are acquired from third parties, (B) Seller may satisfy its obligation to fund additional draws on the Commitment under any Revolving Credit Facility or Delayed-Draw Term Loan by causing Purchaser
to sell additional Incremental Note Balances under the New Note Purchase Agreement and apply the proceeds of such draws to fund such Commitments (provided, that the conditions to such sales of additional Incremental Note Balances under the
New Note Purchase Agreement and the other Basic Documents are satisfied) and (C) Seller may satisfy its obligation to cause letters of credit to be issued under the Related Loan with respect to any Purchased Loan Portion by directing Purchaser
to direct the Note Purchaser Agent to cause the Issuing Bank to issue Letters of Credit pursuant to Section 2.07 of the New Note Purchase Agreement (provided, that the conditions to such issuance under the New Note Purchase
Agreement and the other Basic Documents are satisfied). Without limitation of the foregoing, from and after (I) the funding of any Advance in respect of the Related Loan (constituting a Delayed-Draw Term Loan or Revolving Credit Facility) with
respect to any Purchased Asset, all rights arising from or relating to such Advance (including, without limitation, the right to receive from the Borrower and any other Obligors repayment of such Advance and any interest thereon) will constitute a
part of the Purchased Assets, the Collateral and the property sold to Purchaser under this Agreement and (II) the issuance of a Letter of Credit in respect of the Related Loan with respect to any Purchased Loan Portion, all rights arising from or
relating to such Letter of Credit (including, without limitation, the right to receive from the Borrower and any other Obligors reimbursement of any draws thereon, together with related interest, fees, charges, commissions and other amounts) will
constitute a part of the Purchased Assets, the Collateral and the property sold to Purchaser under this Agreement. 
  

 2 

 (c) The assumption of obligations and retention of rights described in subsection (b), above,
shall not be deemed to limit the rights of the Purchaser to be reflected as the “lender” on the books and records of the Agent with respect to each Loan relating to a Purchased Loan Portion. 
 Section 2.2 Procedures for Acquisition of Assets. 
 (a) Each Purchased Asset shall be Assigned to Purchaser. Each such Assignment shall become effective no later than the Purchase Date. Except as may be otherwise required under the applicable Loan Documents, in no
event shall Purchaser assume any obligations with respect to the Commitment or any other funding obligations in respect of any Revolving Credit Facility or Delayed-Draw Term Loan, provided, that, in any such event, Seller’s obligation to
fund the unfunded Commitment on any Related Loan with respect to a Purchased Asset, and to cause letters of credit to be issued under, and perform other obligations under, the Loan Documents in respect of the Purchased Assets, in each case pursuant
to Section 2.1(b) shall not be limited. Seller shall pay, waive or cause to be waived all Assignment Fees with respect to the Assignment of the Purchased Assets by Seller to Purchaser pursuant to this Article II. 

(b) Seller shall deliver, or cause to be delivered to Custodian for inclusion in the related Purchased Asset File, the documents listed below with
respect to each Purchased Asset and the Related Loan (including, without limitation, a Purchased Asset to be acquired by Purchaser pursuant to a substitution under Section 6.1 of the Sale and Servicing Agreement and a Purchased Asset
that is acquired from a Third Party Transferor), on or prior to the respective dates and times specified opposite such documents in the table below. If so indicated in the column designated “Copy to Note Purchaser Agent,” below, Seller
shall deliver, or cause to be delivered, a copy of the applicable documents to the Note Purchaser Agent. 
  

					
	 Date and Time
	  	 Required Documents
	  	 Copy to Note
Purchaser Agent?

			
	Not later than 12:00 p.m. on the Purchase Date (the “First Delivery Date”)	  	Copies (which may sent by facsimile or by electronic mail in Adobe Portable Document Format) of:	  	Yes
	  	  
 (1) except in the case of an Uncertificated Loan, a fully executed and
authenticated Loan Note either (x) in the name of the Purchaser evidencing the full principal amount of such Purchased Loan Portion or (y) duly indorsed to the Purchaser or indorsed in blank (either by an allonge or by
stamp);
	  	
	  	  
 (2) in the case of any Loan Portion (whether or not constituting an
Uncertificated Loan), (x) the Assignment Document with respect to the assignment of the relevant Purchased Loan Portion to the Issuer (if applicable) and
	  	

  

 3 

					
	 Date and Time
	  	 Required Documents
	  	 Copy to Note
Purchaser Agent?

			
		  	(y) evidence reasonably satisfactory to the Custodian and the Note Purchaser Agent (in their sole discretion) that the Purchaser has been evidenced as a Lender with respect to the full
principal amount of such Purchased Loan Portion on the books and records of the Agent with respect to the Related Loan;	  	
			
		  	(3) in the case of a Purchased Participation, (x) the Assignment Document with respect to the assignment of such Purchased Participation to the Issuer and (y) a fully executed and, if
necessary, authenticated Participation Certificate (if applicable) or other evidence reasonably satisfactory to the Custodian and the Note Purchaser Agent (in their sole discretion) that the Purchaser has become the legal owner of such Purchased
Participation and is entitled to payments thereunder from the related Participation Counterparty (the documents referred to in the foregoing clauses (1), (2) or (3), as applicable, with respect to any Purchased Asset, the “First
Deliverable Documents”); and	  	
			
		  	(4) documentation reasonably satisfactory to the Note Purchaser Agent evidencing that, to the extent not reflected in the related Loan Assignment Document, the Required Consents, if any, have
been obtained.	  	
			
	Not later than the close of business of the Custodian on the second Business Day following the Purchase Date (the “Second Delivery Date”)	  	Original executed copies of:	  	No
	  	  
 (1) except in the case of an Uncertificated Loan, the documents referred to in
clause (1) of the definition of First Deliverable Documents, above;
	  	
	  	  
 (2) in the case of an Uncertificated Loan, the documents referred to in clause
(2)(x) (if applicable) of the definition of First Deliverable Documents, above; and
	  	
	  	  
 (3) in the case of a Purchased Participation, the documents referred to in
clause (3) of the definition of First Deliverable Documents, above (the documents referred to in the
	  	

  

 4 

					
	 Date and Time
	  	 Required Documents
	  	 Copy to Note
Purchaser Agent?

			
		  	foregoing clauses (1), (2) or (3), as applicable, with respect to any Purchased Asset, the “Second Deliverable Documents”).	  	
			
	Not later than the close of business of business of the Custodian on the seventh Business Day following the Purchase Date (the “Third Delivery Date”)	  	(1) A completed Purchased Asset Schedule, (2) a complete set of the original executed Required Loan Documents with respect to such Purchased Asset and (3) copies of all other Loan
Documents that were provided to Seller, or otherwise are in the possession of Seller, in connection with the origination of acquisition of the Purchased Asset or the Related Loan (the “Third Deliverable Documents”).	  	Yes (solely in the case of the Asset Schedule)
			
	As soon as practicable following the effective date of any amendment, assumption, modification, consolidation or extension of any Purchased Asset or Related Loan	  	If in the possession of Seller or servicer original executed copies of any additional Loan Documents and an updated Purchased Asset Schedule which lists such additional Loan
Documents.	  	No
			
	As soon as practicable but not later than the second Business Day following request therefor	  	All other documentation with respect to such Asset and the Related Loan that is reasonably requested by the Custodian or the Note Purchaser Agent and is in the possession of, or reasonably
obtainable by, Seller or Servicer.	  	Yes

 Section 2.3 Assignment and Assumption. Subject to Section 2.1(a) and the
other terms and conditions set forth in this Agreement, Seller hereby assigns to Purchaser, and Purchaser hereby accepts from Seller, the Transferred Rights with respect to each Purchased Asset, effective as of the earlier of (i) the date as of
which such Purchased Asset is designated for sale pursuant to Section 2.1(a) and (ii) the Purchase Date (such earlier date, the “Acquisition Date”). 
 Section 2.4 Distributions. Purchaser shall be entitled to all Distributions received on or after the Acquisition Date with respect to any
Purchased Asset. 
 Section 2.5 Irrevocable Sale; No Recourse. Seller and Purchaser each acknowledges that, subject to the terms
and conditions set forth in this Agreement: 
 (a) each sale of a Purchased Asset (and the Transferred Rights with respect to any such
Purchased Asset) under this Agreement is irrevocable; and 
 (b) except as expressly elsewhere set forth in this Agreement and the other
Basic Documents (including, without limitation, as to the covenants, representations, 

  

 5 

 
warranties and indemnities of Seller and the conditions to purchase set forth in this Agreement), Purchaser shall have no recourse to Seller for the failure
of any Borrower, other Obligor, Participation Counterparty or other Person to comply with its obligations under the Loan Documents or Participation Documents relating to any Purchased Asset or the Related Loan, including, without limitation, the
failure of any Borrower, other Obligor, Participation Counterparty or other Person to make any payment required under such documents. 
 Section 2.6 Asset Purchase Price. 
 (a) Purchaser shall acquire each Purchased Asset pursuant to Section 2.1
at a purchase price (the “Asset Purchase Price”) equal to (i) in the case of a Purchased Asset sold to Purchaser by Seller, the book value at which the Purchased Asset is carried on the books of Seller or (ii) in the case
of a Purchased Asset purchased by Purchaser directly from a third party, the purchase price paid to such third party (net of any accrued interest paid with respect to such purchase). 
 (b) Purchaser may pay part or all of each such Asset Purchase Price in cash, and any balance shall constitute a deemed capital contribution by Seller to
Purchaser. 
 Section 2.7 Revolving Period; Termination. 
 (a) The period (the “Revolving Period”) with respect to which Purchased Assets are purchased by Purchaser pursuant to this
Section 2.7 will (i) begin on and include the Closing Date and (ii) end on and exclude the date that is 364 days following the Closing Date, as such Revolving Period may be extended pursuant to Section 2.7(b) (such
date, as so extended from time to time, the “Scheduled Termination Date”); provided, however, that the Revolving Period may be terminated on an earlier date pursuant to Section 2.7(d). 
 (b) Unless earlier terminated pursuant to Section 2.7(d), and subject to Section 2.7(c), the Revolving Period will be
automatically renewed (without further action of the parties) for additional successive terms of 364 days following the Scheduled Termination Date; provided, that each such renewal shall be subject to satisfactory completion of the Annual
Credit Review by the New Note Purchaser in the manner set forth in Section 2.03 of the New Note Purchase Agreement. 
 (c)
Notwithstanding Section 2.7(a) and Section 2.7(b), the Revolving Period shall terminate (if not terminated earlier) on November 7, 2011 (the “Final Termination Date”); provided, however,
that the Revolving Period may be extended for one or more successive periods of 364 days following such date with the mutual written consent of Purchaser, Seller, and the Note Purchaser Agent. 
 (d) The Revolving Period will terminate, without further action of the parties to this Agreement, upon the occurrence of an Event of Default (unless such
Event of Default is waived by the Note Purchaser Agent in the manner described below). The occurrence of an Event of Default shall not affect the rights and obligations of Servicer pursuant to this Agreement unless and until such rights and/or
obligations have been terminated pursuant to Section 4.6. The Note Purchaser Agent may waive any Event of Default in writing. No waiver shall extend to any subsequent Event of Default or other default or impair any right consequent
thereon except to the extent expressly so waived. 
  

 6 

 Section 2.8 Intent; Savings Clause. 
 (a) This Agreement is intended to effect an absolute transfer, sale and Assignment of the Purchased Assets to Purchaser and, immediately after giving
effect to each such sale, neither Seller nor any Third-Party Transferor will have any further interest (legal or equitable) in such Purchased Assets. Each of Seller and Purchaser agree to treat each sale of Purchased Assets pursuant to this
Article II for all purposes (other than for financial accounting and U.S. federal income tax purposes) as an absolute transfer on all relevant books, records, financial statements and other documents with respect to the Purchased Assets
so sold. If the transfer of the Purchased Assets pursuant to this Agreement on one or more Acquisition Dates (taken together with the payment of the Asset Purchase Price or the portion thereof that is payable in cash) is characterized as a
collateral transfer for security or as a financing transaction (a “Recharacterization Event”), Seller intends that the Purchaser have a first priority, perfected security interest in, and lien on, the Purchased Assets to secure an
obligation of Seller to pay to the Purchaser an amount (the “Seller Secured Amount”) equal to, without duplication, the sum of the Note Balance from time to time outstanding, plus all interest accrued thereon, plus all accrued and
unpaid Unused Fee Amounts and L/C Fee Amounts, plus all reimbursement obligations due to the Issuing Bank under the Reimbursement Agreement, plus all interest accrued thereon, plus all other obligations of Seller and/or the
Issuer to the Purchaser, the Indenture Trustee, the Custodian, the Back-Up Servicer, any Hedge Counterparty, the Issuing Bank, the Note Purchaser, the New Note Purchaser and/or the Note Purchaser Agent under the Basic Documents. Accordingly, if a
Recharacterization Event occurs, Seller shall be deemed to have granted, and Seller does hereby grant, to the Purchaser a security interest in, to and under the Purchased Assets and all proceeds thereof, whether now existing or hereafter acquired,
in each case to secure the obligation of Seller set forth in Section 2.8(b), and this Agreement shall constitute a security agreement under Applicable Law. 
 (b) Seller agrees to pay to Purchaser, on demand, and Seller shall have the right to prepay, an amount equal to the applicable Seller Secured Amount on or after any date on which a Recharacterization Event has
occurred with respect to any Purchased Asset. If, after demand by Purchaser, Seller fails to pay to Purchaser an amount equal to the applicable Seller Secured Amount with respect to any Loan (i) Purchaser will have all of the rights and
remedies of a secured party under the UCC (including the rights of a secured party obtaining a lien under Section 9-608 of the UCC) and (ii) Seller will have all the rights of a debtor granting a lien under the UCC (including the rights of
a debtor granting a lien under Section 9-623 of the UCC). 
 Section 2.9 Voting. On and after the Acquisition Date to but
excluding the date, if any, on which such Purchased Asset is sold, repurchased or substituted pursuant to Section 6.1, Section 6.2 or Section 6.3 with respect to any Purchased Asset, Purchaser or Purchaser’s
designee (and Purchaser hereby irrevocably designates the Note Purchaser Agent or, if necessary to effect such rights, the Indenture Trustee, acting at the direction of the Note Purchaser Agent, as its designee for such purposes) shall have the sole
authority to exercise all voting and other rights and remedies with respect to, or allocable to, such Purchased Asset, except to the extent that such rights and powers have been delegated to Servicer as set forth in 

  

 7 

 
Section 4.1 (and subject to the conditions set forth in Section 4.1, including, without limitation, Section 4.1(e)). Each
of Seller and Purchaser agrees to take any such actions as are necessary to effect the intentions expressed in the immediately preceding sentence. 
 Section 2.10 Authorization. Seller hereby authorizes Purchaser and/or any counsel selected by Purchaser to file a Record or Records (as such term is defined in the applicable UCC), including financing statements or continuation
statements, and amendments thereto, in all jurisdictions and with all filing offices as are necessary or advisable to perfect, and continue the perfection of, (i) the Assignments with respect to Purchased Assets and assignments of Transferred
Rights with respect to Purchased Assets, in each case made from time to time pursuant to Section 2.1 and (ii) the security interest granted to Purchaser pursuant to Section 2.8(b). Each such Record may describe the
collateral subject thereto in any manner as Purchaser may determine is necessary, advisable or prudent to ensure the perfection of the assignments and security interests described in the immediately preceding sentence; provided,
however, that such description shall only cover the Purchased Assets and not rights or interests with respect to assets that are not Purchased Assets. 
 Section 2.11 Acknowledgment of Pledge. Seller acknowledges that Purchaser will, pursuant to the Indenture, assign and pledge the Purchased Property and certain other property and rights to the Indenture
Trustee for the benefit of the Secured Parties. Seller hereby consents to such assignment and pledge. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Seller’s and Servicer’s Representations and Warranties as to Themselves. Seller and Servicer each respectively represents and warrants to and for the benefit of Purchaser, the Note Purchaser, the New Note
Purchaser, the Note Purchaser Agent, and the Issuing Bank as of the date of this Agreement and as of each Purchase Date that: 
 (a) it
(i) is duly organized and validly existing as a corporation under the laws of the State of Delaware, (ii) is in good standing under such laws and (iii) has full power and authority to execute, deliver and perform its obligations under
this Agreement; 
 (b) it is duly qualified to do business (or is exempt from qualification requirements), and has obtained all necessary
licenses and approvals, in each jurisdiction in which the performance of its obligations under this Agreement requires such qualification; 
 (c) its execution, delivery, and performance of this Agreement has not resulted and will not result in a breach or violation of any provision of (i) its organizational documents, (ii) any statute, law, writ, order, rule or
regulation of any Governmental Authority applicable to it, (iii) any judgment, injunction, decree or determination applicable to it or (iv) any contract, indenture, mortgage, loan agreement, note, lease or other agreement, document or
instrument to which it may be a party, by which it may be bound or to which any of its assets is subject, in each instance, which would (A) have a material adverse effect on it or (B) impair its ability to perform its obligations under
this Agreement; 
  

 8 

 (d) this Agreement (x) has been duly and validly authorized, executed and delivered by it and
(y) constitutes the legal, valid and binding obligations of it, enforceable against it in accordance with the terms of this Agreement, except as such enforceability may be limited by bankruptcy, insolvency, or other similar laws of general
applicability affecting the enforcement of creditors’ rights generally and by the court’s discretion in relation to equitable remedies; 
 (e) no notice to, registration with, consent or approval of or any other action by any relevant Governmental Authority or other Person (other than those which have been obtained and other than the Required Consents) is or will be required
for it to execute, deliver, and perform its obligations under, this Agreement; 
 (f) no proceedings are pending against it or, to the best
of its knowledge, threatened against it before any relevant Governmental Authority that, in the aggregate, will materially and adversely affect any action taken or to be taken by it under this Agreement; 
 (g) no Event of Default, Potential Event of Default, Servicer Event of Default or Potential Servicer Event of Default has occurred and is continuing;

 (h) in the case of Seller, it is a Qualified Purchaser; and 
 (i) Neither Seller nor Purchaser (i) maintains or participates in a Benefit Plan or Multiemployer Plan, or (ii) will form a Benefit Plan or Multiemployer Plan without the prior written consent of Note
Purchaser Agent and an amendment to the Basic Documents containing reasonable and customary provisions addressing issues relating to the formation and maintenance of a Benefit Plan or Multiemployer Plan. 
 Section 3.2 Representations and Warranties of Seller as to the Purchased Assets. Seller represents and warrants, to and for the benefit of
Purchaser, the Note Purchaser, the New Note Purchaser and the Note Purchaser Agent, with respect to each Purchased Asset, that such Purchased Asset satisfies the Loan Eligibility Criteria as of the Purchase Date with respect to such Purchased Asset.

 ARTICLE IV 
 SERVICING 
 Section 4.1 Appointment of Servicer; Duties of Servicer. 
 (a) Appointment. Purchaser hereby appoints NewStar Financial as Servicer of the Purchased Assets under this Agreement and NewStar Financial hereby
accepts such appointment. Subject to Section 4.1(c) and the other provisions of this Agreement, Purchaser authorizes Servicer to perform such services and take such actions on its behalf as are contemplated hereby and to exercise such
other powers as are delegated to Servicer under this Agreement, in each case, together with such authority and powers as are reasonably incidental thereto. 
  

 9 

 (b) General Obligations of Servicer. Servicer shall, in accordance with
Section 4.1(i): (i) enforce the Purchased Assets and the Payment Obligations and other obligations arising under the Loan Documents, to the extent relating to the Purchased Assets, on behalf of Purchaser; (ii) manage and
collect the Payment Obligations and deposit or cause to be deposited all Distributions relating to the Purchased Assets into the Collection Account in accordance with the terms of Section 4.5(a); and (iii) take any actions
appropriate to collect each Payment Obligation with respect to a Purchased Asset in accordance with Applicable Law and the applicable Loan Documents. To the extent necessary or appropriate to perform such duties, Servicer shall have the power to
negotiate, execute and deliver all necessary and appropriate documents and instruments on behalf of Purchaser with respect thereto, in each case, subject to Section 4.1(e) and otherwise in the manner and to the extent permitted by this
Agreement. Servicer shall determine to the extent reasonably practicable whether a Purchased Asset has become a Defaulted Asset and provide prompt notice to Purchaser and the Note Purchaser Agent upon any determination that any Purchased Asset has
become a Defaulted Asset. 
 (c) Voting, etc. Subject to Section 4.1(e) and so long as no Event of Default has occurred
and is continuing, in the event that any vote or consent is solicited with respect to any Purchased Asset, Servicer, on behalf of Purchaser, shall vote or consent or refrain from voting or consenting, on behalf of Purchaser, with respect to any such
Purchased Asset in any manner that Servicer has determined (in accordance with Section 4.1(i)) will be in the best interests of Purchaser and the Noteholders. In addition, with respect to any Defaulted Asset, Servicer, on behalf of
Purchaser, shall, enforce Purchaser’s rights under and in accordance with the Loan Documents governing such Defaulted Asset or under any Applicable Law, rule or regulation in any manner permitted under the applicable Loan Documents and this
Agreement that Servicer has determined (in accordance with Section 4.1(i)) will be in the best interests of Purchaser. 
 (d)
Permitted Actions With Respect to the Purchased Assets. Without limiting the generality of Section 4.1(a) and (c), but subject to Section 4.1(e), Servicer, on behalf of Purchaser, may consent to, vote in favor
of or otherwise take action in respect of any of the following with respect to the Purchased Assets, but solely to the extent that Servicer has determined (in accordance with Section 4.1(i)) that such action will be in the best interests
of Purchaser: 
 (i) the extension or deferral of any date on which a Payment Obligation is due or waiver of any Payment
Obligation; 
 (ii) any waiver of any other term or provision in a related Loan Agreement or other Loan Document; 

(iii) any amendment or other modification to a related Loan Agreement or other Loan Document; 
 (iv) any change in the interest rate or interest rate basis or spread applicable to any Payment Obligation; 
  

 10 

 (v) any release of a Guarantee or Lender Collateral (or any lien thereon); 
 (vi) tender such Purchased Asset in exchange for cash, an equity security or another security; 
 (vii) waive or elect not to exercise remedies in respect of any default with respect to any Defaulted Asset; 
 (viii) accelerate the maturity of, and/or terminate the unfunded Commitment under, any Defaulted Asset; 
 (ix) on behalf of Purchaser, participate in a committee or group formed by creditors of a related Obligor; 
 (x) sign, on behalf of Purchaser, any document, instrument or power to the extent entering into such a document, instrument or power on
behalf of Purchaser would not violate any provision of this Agreement (including, without limitation, Section 4.1(e)); and 
 (xi) exercise any other rights or remedies with respect to such Purchased Asset and the related Loan Agreement, as provided in the other related Loan Documents, or take any other action consistent with the terms of
this Agreement. 
 (e) Actions Requiring Consent of Note Purchaser Agent. Notwithstanding Section 4.1(b),
Section 4.1(c), Section 4.1(d) or any other provision of this Agreement, Servicer may take any action described in Section 4.1(d)(i) through Section 4.1(d)(ix) with respect to any Purchased Asset that
would impair in any material respect the collectability of the Collateral or that would be contrary to the Credit Policies and Procedures only if the Note Purchaser Agent has delivered its prior written consent to such action, which consent shall
not be unreasonably withheld, conditioned or delayed. Without limitation of the preceding sentence, no provision of any Loan Documents relating to letters of credit, and any fees, commissions or reimbursement obligations related thereto, may be
amended, waived or otherwise modified without the prior written consent of the Note Purchaser Agent, which consent shall not be unreasonably withheld, conditioned or delayed. 
 (f) Servicer shall make any filings, reports, notices, applications, and registrations with, and seek any consents or authorizations from, any
Governmental Authority to comply with any federal, state or local law in connection with its servicing of the Purchased Assets pursuant to this Agreement. 
 (g) If any suit or proceeding is commenced or threatened by the Borrower or any other Obligor under any Purchased Asset that is reasonably expected to have a Material Adverse Effect against (i) Servicer, Seller,
Purchaser or any of their respective Affiliates or (ii) any other Lender or Agent under a Purchased Asset, then Servicer or Seller shall give written notice thereof to Purchaser and the Note Purchaser Agent promptly after Servicer or Seller, as
the case may be, acquires notice or actual knowledge thereof. 
  

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 (h) Purchaser shall execute any documents furnished by Servicer that Servicer certifies to it are
reasonably necessary and appropriate to enable Servicer to carry out its servicing duties. Upon Servicer’s written request, Purchaser shall furnish Servicer with any documents then in Purchaser’s possession that are reasonably necessary
and appropriate to enable Servicer to carry out its servicing and administrative duties under this Agreement. 
 (i) Standard of Care.
Servicer shall perform its obligations under this Agreement (A) with reasonable care, using a degree of skill and attention no less than that which Servicer (i) exercises with respect to comparable assets that it manages for itself and
(ii) exercises with respect to comparable assets that it manages for others, and in a manner consistent with practices and procedures followed by institutional managers of national standing relating to assets of the nature and character of the
Purchased Assets, except as expressly otherwise provided in this Agreement, (B) with a view to maximize the value of the Purchased Assets; and (C) without regard to: (1) any relationship that Servicer or any Affiliate of Servicer may
have with any Obligor or any Affiliate of any Obligor, (2) Servicer’s obligations to incur servicing and administrative fees and expenses with respect to a Purchased Asset, (3) Servicer’s right to receive compensation for its
services hereunder or with respect to any particular transaction, (4) the ownership by Servicer or any Affiliate of any Purchased Assets or any Related Loans or other loans or securities issued by the related Borrower, another Obligor, any
Affiliate thereof or any other Person, (5) the ownership, servicing or management for others by Servicer of any other loans, securities, assets or other property by Servicer or (6) any relationship that Servicer or any Affiliate of
Servicer may have with any holder of any other loans of the Borrower or another Obligor with respect to such Loans. To the extent not inconsistent with the foregoing, Servicer shall follow its customary standards, policies and procedures in
performing its duties under this Agreement as set forth in its Credit Policies and Procedures. The foregoing standard set forth in this subsection (i) is referred to as the “Servicing Standard.” No recourse shall be had
against any officer, agent, stockholder, partner, member, manager, director or employee of Servicer or any Affiliate of Servicer for any action taken or omitted to be taken by such officer, agent, stockholder, partner, member, manager, director or
employee of Servicer or any Affiliate of Servicer hereunder or in connection herewith. 
 (j) Servicer may make advances (“Servicer
Advances”) (subject in all cases to Section 4.1(l) with respect to any Nonrecoverable Advances) with respect to all customary, reasonable and necessary “out-of-pocket” costs and expenses (including reasonable
attorneys’ fees and disbursements) incurred in connection with: 
 (i) any enforcement, administrative or judicial
proceedings, or any necessary legal work or advice specifically related to servicing the Purchased Assets, including but not limited to, bankruptcies, condemnations, foreclosures by subordinate lienholders, legal costs associated with preparing
powers of attorney, and other legal actions incidental to the servicing of the Collateral (provided that such expenses are reasonable and that Servicer specifies the Collateral to which such expenses relate); and 
 (ii) all ground rents, taxes, assessments, water rates, sewer rates and other charges, as applicable, that are or may become a lien upon
any mortgaged property constituting a part of the Collateral, and all fire, flood, hazard and other insurance coverage (in each case to the extent required to be paid by the Obligors under the Loan Documents, including renewal payments). 

 

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 Servicer shall make any such Servicer Advances from its own funds to effect such payments, but only to
the extent it does not deem such an advance, if made, a Nonrecoverable Advance, and shall be reimbursed therefor from Collections in accordance with Section 8.2 of the Indenture. Servicer may make Servicer Advances from its own funds to
effect scheduled payments on the Loans or if Servicer shall determine that the payment of any such amount is (i) necessary or appropriate to preserve the Collateral pledged to secure any Loan or (ii) would be in the best interest of the
Purchaser and the Secured Parties, then Servicer may make a Servicer Advance in respect to such amount, but only to the extent that it does not deem such an advance, if made, a Nonrecoverable Advance, and Servicer shall be reimbursed therefor from
Collections in accordance with Section 8.2 of the Indenture. 
 (k) Notwithstanding anything to the contrary set forth herein,
Servicer shall not make any Servicer Advance that it determines in its reasonable, good faith judgment would constitute a Nonrecoverable Advance; provided, however, that Servicer may make a Servicer Advance notwithstanding that, at the
time such Servicer Advance is made, Servicer may not have adequate information available in order to make a determination whether or not such advance would, if made, be a Nonrecoverable Advance. In addition, Nonrecoverable Advances (including any
Servicer Advances made pursuant to the proviso of the preceding sentence which are ultimately determined to be Nonrecoverable Advances) shall be reimbursable from Collections in accordance with Section 8.2 of the Indenture. 

(l) The relationship of Servicer to Purchaser under this Agreement is intended to be that of an independent contractor to Purchaser and shall not be
construed to be that of a joint venturer, partner, or agent such that the acts of Servicer are in any way vicariously attributable to Purchaser. Nothing in this Agreement shall prevent Servicer or any of its Affiliates from engaging in any other
business or from rendering services of any kind to any Person. 
 (m) Without limitation of any other provision of this Agreement, including
Section 8.6(b), Servicer acknowledges that its obligations under this Article IV and elsewhere in this Agreement shall be for the direct benefit of the Note Purchaser Agent, the Note Purchaser, the New Note Purchaser and the
Issuing Bank, and each of the Note Purchaser, the New Note Purchaser, the Note Purchaser Agent and the Issuing Bank shall be entitled to enforce such obligations directly against Servicer. 
 (n) Servicer may, with the prior consent of the Note Purchaser Agent, subcontract with any other Person for servicing, administering or collecting the
Collateral; provided, however, that (1) Servicer shall remain liable for the performance of the duties and obligations of Servicer pursuant to the terms hereof and (2) any such subcontract shall provide by its terms that it
may be terminated upon the occurrence of a Servicer Event of Default. 
  

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 Section 4.2 Servicing Fees. 
 (a) Purchaser shall pay to Servicer on each Payment Date a Base Servicing Fee and a Subordinated Servicing Fee in consideration for the performance by
Servicer of its obligations under this Agreement. 
 (b) The amount of the “Base Servicing Fee” that is payable on each
Payment Date shall be calculated with respect to the Collection Period immediately preceding such Payment Date and shall be equal to the sum of, for each day during such Collection Period, the product of (i) 0.25%, times (ii) a
fraction, of which (x) the numerator is one and (y) the denominator of which is 360, times (iii) the aggregate Outstanding Principal Balance of the Purchased Assets. 
 (c) The amount of the “Subordinated Servicing Fee” (together with the Base Servicing Fee, the “Servicing Fees”) that is
payable on each Payment Date shall be calculated with respect to the Collection Period immediately preceding such Payment Date and shall be equal to the sum of, for each day during such Collection Period, the product of (i) 0.75%, times
(ii) a fraction, of which (x) the numerator is one and (y) the denominator of which is 360, times (iii) the aggregate Outstanding Principal Balance of the Purchased Assets. 
 (d) The Servicing Fees with respect to any Payment Date shall be payable solely from, and shall be limited in recourse to, Collections applied on or with
respect to such Payment Date pursuant to and in accordance with Section 8.2(b) of the Indenture. 
 Section 4.3 Servicer
Not to Resign. NewStar Financial shall not resign as Servicer except upon determination (as evidenced by an Opinion of Counsel) that (i) its performance of its duties under this Agreement is no longer permissible under Applicable Law and
(ii) there is no reasonable action that Servicer could take to make the performance of its duties under this Agreement permissible under Applicable Law. Prior to the effectiveness of such resignation, NewStar Financial shall deliver to
Purchaser, Indenture Trustee and the Note Purchaser Agent (a) a notice of any such determination permitting the resignation of NewStar Financial as Servicer and (b) an Opinion of Counsel as to clause (i) to such effect. Any such
resignation shall become effective in accordance with Section 4.8. 
 Section 4.4 Power of Attorney. Except to the
extent otherwise provided in this Agreement, Purchaser does hereby constitute and irrevocably appoint Servicer, at all times from and after the date of this Agreement to and until the Servicer Termination Date, as the true and lawful attorney of
Purchaser, with full power (in the name of Purchaser or otherwise) to exercise all rights of Purchaser with respect to the Purchased Assets and to demand, receive, settle, compound and give acquittance for any and all amounts and claims for any
amounts due and to become due under or arising out of any of the Purchased Assets, to endorse any checks or other instruments or orders, to file any claims, to institute any proceedings or to take any other action that, in each case Servicer may
deem to be necessary or advisable in connection with the foregoing and within the scope of the exercise of its rights and performance of its obligations under this Agreement. The power of attorney granted pursuant to this Agreement and all authority
hereby conferred are granted and conferred solely to facilitate the performance of Servicer’s obligations under this Agreement. This power of attorney shall be irrevocable as one coupled with an interest prior to the Servicer Termination Date.

  

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 Section 4.5 Servicing Covenants. 
 (a) Distributions. Servicer shall instruct all Obligors or paying agents, as applicable, to make payments to the Concentration Account. Servicer
has established and maintains a Collection Account pursuant to Section 4.9. Servicer (both in its capacity as Servicer and its capacity as Concentration Account servicer under the Intercreditor Agreement) shall identify all Collections
and shall cause all Collections to be deposited, by wire transfer in the form of immediately available funds, to the Collection Account by the close of business on the second Business Day after such Collections are received into the Concentration
Account or otherwise received by or on behalf of Servicer or any of its Affiliates. 
 (b) Compliance with Requirements of Law.
Servicer shall comply in all material respects with all Applicable Law in servicing the Purchased Assets. 
 (c) Credit Policies and
Procedures. Servicer shall comply with and perform its management and servicing obligations hereunder in accordance with the Credit Policies and Procedures. Servicer shall not consent or agree to, or otherwise permit to occur, under
circumstances in which Servicer could have reasonably prevented the occurrence thereof, any material amendment, modification, change, supplement or rescission (any of the foregoing an “amendment” for purposes of this clause (c)) of
or to the Credit Policies and Procedures in whole or in part that could have a Material Adverse Effect on the Collateral, the Indenture Trustee, the Note Purchaser Agent, the Note Purchasers, the New Note Purchasers or the other Secured Parties,
without the prior written consent of the Note Purchaser Agent (provided, that such prior written consent shall not be required in the case of an amendment that was mandated by any Applicable Law or Governmental Authority). 
 (d) Keeping Documents and Records. Servicer shall maintain procedures and records, and preserve all documents and other information delivered to
or obtained by Servicer, in each case to the extent reasonably necessary in managing and servicing the Purchased Assets. The documents, records and other information maintained by Servicer shall reflect all customary facts about the Purchased Assets
and all payments and credits on them. 
 (e) Reports. Servicer shall provide to Purchaser, Backup Servicer, Indenture Trustee and the
Note Purchaser Agent: 
 (i) not later than the 5th Business Day after each Determination Date (other than the Determination Date occurring in the calendar month immediately preceding each Payment Date), a
report (each, a “Monthly Report”) in the form of Exhibit C, with respect to the calendar month ending on such Determination Date; and 
 (ii) not later than the 5th
 Business Day after each Determination Date occurring in a calendar month preceding a Payment Date, a report (each, a “Payment Date Report”) in the form of Exhibit F.

 Servicer shall also deliver to the Note Purchaser Agent such other reports as the Note Purchaser Agent may reasonably request from time to
time. 
  

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 (f) Adjustments. If Servicer makes a mistake in the amount of any portion of Collections and
deposits or pays an amount that is different from the actual amount of such Collections, Servicer shall appropriately adjust the amount subsequently paid to Purchaser pursuant to Section 4.5(a) and promptly shall deliver written notice
to each of Purchaser, Indenture Trustee, Backup Servicer and the Note Purchaser Agent of such adjustment. 
 (g) Not later than 5th Business Day after each Determination Date occurring in a calendar month preceding a Payment
Date, Servicer shall provide to the Backup Servicer via e-mail certain asset level information in form and substance to be agreed upon in good faith by Servicer, Backup Servicer and the Note Purchaser Agent, which shall include but not be limited to
the following information: (x) for each Asset, the name and number of the related Obligor, the collection status, the loan status, the date of each scheduled payment, as applicable, and the Outstanding Principal Balance and, in the case of any
Delayed-Draw Term Loan or Revolving Credit Facility, the unfunded amount of the Commitment thereunder, (y) the Borrowing Base and (z) the Eligible Asset Amount and such other items as may reasonably be expected in connection with the
transactions contemplated by this Agreement. 
 (h) Market Value. 
 (i) On a Business Day not greater than 90 days or less than 60 days prior to the termination of the Revolving Period, the initial Servicer
shall contact the Note Purchaser Agent for the purpose of commencing the analysis and determination of the fair market value of each Eligible Asset (the “Market Value”). Initially, such Servicer and the Note Purchaser Agent shall
seek in good faith to mutually determine and agree to the Market Value of each Eligible Asset. In connection therewith, each of Servicer, Seller and the Purchaser hereby agrees to provide to the Note Purchaser Agent such information and perform such
analyses with respect to the Eligible Assets as may be requested by the Note Purchaser Agent for such purpose. 
 (ii) In the
event that Servicer and the Note Purchaser Agent are unable to mutually agree to the Market Value of one or more Eligible Assets, on a Business Day not greater than 45 or less than 30 days prior to the termination of the Revolving Period, Servicer
shall engage an independent third party pricing service selected by the Seller and approved by the Note Purchaser Agent (such approval not to be unreasonably withheld) to make such Market Value determination prior to the termination of the Revolving
Period. 
 (iii) In the event that, with respect to one or more Eligible Assets, (i) Servicer and the Note Purchaser
Agent are unable to mutually agree to the Market Value, (ii) Servicer is unable to identify an independent third party pricing service acceptable to the Note Purchaser Agent, or (iii) the independent third party pricing service selected by
the Seller and approved by the Note Purchaser Agent is unable to make such Market Value determination prior to the termination of the Revolving Period, then the Market Value of any such Eligible Assets shall be determined by the Note Purchaser Agent
in its sole discretion by written notice to Servicer. 
  

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 Section 4.6 Termination of Servicer by Purchaser Following Servicer Event of Default.

 (a) If a Servicer Event of Default occurs, Purchaser and Servicer will promptly notify Indenture Trustee, the Backup Servicer, and the Note
Purchaser Agent, so long as such Servicer Event of Default has not been remedied, the Note Purchaser Agent, on behalf of the New Note Purchaser, (or, if the Notes are no longer Outstanding, the Purchaser), by notice to Servicer (such notice, a
“Servicer Termination Notice”), a copy of which will be provided to the Backup Servicer, may terminate all of the rights and obligations of Servicer under this Agreement; provided, however, that any such termination
shall not release, discharge or relieve Servicer from any liabilities it may have hereunder or with respect to, or resulting from, such Servicer Event of Default, or any other breach by Servicer, or any failure by Servicer to perform or observe any
covenant, term or condition to be performed or observed on its part, under this Agreement prior to such termination. Upon delivery to Servicer of a Servicer Termination Notice or upon the resignation of Servicer, Purchaser is authorized and
empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the
termination of Servicer and replacement of Servicer pursuant to Section 4.8. 
 (b) Upon termination of Servicer under
Section 4.6(a), the predecessor Servicer shall cooperate with the successor Servicer and Purchaser in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement, including, as soon as
practicable, (i) the transfer to such successor Servicer for administration by it of all cash amounts relating to the Purchased Assets that are held by the predecessor Servicer for deposit, or thereafter will be received with respect to the
Purchased Assets and (ii) the delivery of the books, records and accounts maintained by Servicer with respect to the Purchased Assets and/or any Servicing Files in Servicer’s possession. In no event, however, will Servicer be obligated to
license its proprietary servicing software or other applications to any successor Servicer or any third party. All reasonable costs and expenses (including attorneys’ fees) incurred by Seller, Purchaser, Indenture Trustee, the Note Purchaser,
the New Note Purchaser, the Note Purchaser Agent, Backup Servicer, and the successor Servicer in connection with amending this Agreement to reflect such succession will be paid by the predecessor Servicer upon presentation of reasonable
documentation of such costs and expenses. 
 Section 4.7 Backup Servicer; Duties of Backup Servicer. 
 (a) Designation of the Backup Servicer. The backup servicing role with respect to the Collateral shall be conducted by the Person designated as
Backup Servicer, hereunder from time to time in accordance with this Section 4.7. Until the Note Purchaser Agent shall deliver to USBPS a Backup Servicer Termination Notice, USBPS is hereby designated as, and hereby agrees to perform the duties
and obligations of, the backup servicer pursuant to the terms hereof. 
 (b) Successor Backup Servicer. Upon the Backup
Servicer’s receipt of a Backup Servicer Termination Notice from the Indenture Trustee of the designation of a replacement Backup Servicer pursuant to the provisions of Section 4.10, the Backup Servicer agrees that it will terminate
its activities as Backup Servicer hereunder. 
  

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 (c) Duties of the Backup Servicer. 
 (i) Appointment. Seller and the Indenture Trustee, as agent for the Secured Parties, each hereby appoints USBPS to act as Backup
Servicer, for the benefit of the Indenture Trustee and the Secured Parties, as from time to time designated pursuant to Section 4.7. The Backup Servicer hereby accepts such appointment and agrees to perform the duties and obligations
with respect thereto set forth herein in such capacity. 
 (ii) Duties. On or before the initial Funding Date, and
until its removal pursuant to Section 4.10, Backup Servicer shall perform, on behalf of the Indenture Trustee and the Secured Parties, the following duties and obligations: 
 (1) Provided that it receives a Payment Date Report and the loan data pursuant to and within the time period specified in
Section 4.5(e), Backup Servicer shall review such report to confirm, based solely on the asset level information provided to the Backup Servicer by Servicer pursuant to Section 4.5(g) that such Payment Date Report is complete
on its face and that the following items in such Payment Date Report have been accurately calculated: (A) the Borrowing Base, (B) the Backup Servicing Fee, (C) the Assets that are current and not past due, (D) the Assets that are
1 - 30 days past due, (E) the Assets that are 31 - 60 days past due, (F) the Assets that are 61 - 90 days past due, (G) the Assets that are 90+ days past due, (H) the Average Pool Delinquency Ratio, (I) the Average Pool
Charged-Off Ratio and (J) the Available Excess Spread. The Backup Servicer by a separate written report shall notify the Indenture Trustee and Servicer of any disagreements with a Payment Date Report based on such review not later than the
Business Day preceding such Payment Date to such Persons. 
 (2) If Servicer disagrees with the Payment Date Report provided
under paragraph (1) above by the Backup Servicer or if Servicer or any subservicer has not reconciled such discrepancy, the Backup Servicer agrees to confer with Servicer to resolve such disagreement on or prior to the next succeeding
Determination Date and shall settle such discrepancy with Servicer if possible, and notify the Indenture Trustee of the resolution thereof. Servicer hereby agrees to cooperate at its own expense with the Backup Servicer in reconciling any
discrepancies herein. If within 20 days after the delivery of the report provided under paragraph (1) above by the Backup Servicer, such discrepancy is not resolved, the Backup Servicer shall promptly notify the Indenture Trustee of the
continued existence of such discrepancy. Following receipt of such notice by the Indenture Trustee, Servicer shall deliver to the Indenture Trustee, the Secured Parties and Backup Servicer no later than the related Payment Date a certificate
describing the nature and amount of such discrepancies and the actions Servicer proposes to take with respect thereto. 
  

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 Section 4.8 Appointment of Successor Servicer. 
 (a) If Servicer is terminated pursuant to Section 4.6(a), it will continue to remain Servicer under this Agreement until the date specified in
the Servicer Termination Notice. If Servicer is terminated pursuant to Section 4.6(a) or resigns pursuant to Section 4.3, Servicer shall be entitled to receive, to the extent of funds available therefor pursuant to
Section 5.6(b) or Section 8.2(b), as applicable, of the Indenture, the Servicing Fee accrued until the date that Servicer is actually terminated in such capacity, together with the sum of (i) an amount equal to all
unreimbursed Nonrecoverable Advances made by such Servicer which remain outstanding as of such date plus (ii) an amount equal to any other unreimbursed Servicer Advances (but solely to the extent of Collections received from time to time in
respect of the Asset for which the Servicer Advances described in this clause (ii) were made) which remain outstanding as of such date. If Servicer resigns pursuant to Section 4.3, it will continue to remain Servicer under this
Agreement until the later of (i) the date 45 days from the delivery to Purchaser, Backup Servicer, Indenture Trustee and the Note Purchaser Agent of notice of such resignation in accordance with this Agreement and (ii) the date upon which
Servicer is legally unable to act as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel. If Servicer resigns or is terminated under this Agreement, the Note Purchaser Agent (or, if the Notes are no longer
Outstanding, the Purchaser) may appoint a successor Servicer. Such successor will accept its appointment by (i) entering into a servicing agreement with Purchaser having substantially the same provisions as the provisions of this Agreement
applicable to Servicer, in a form acceptable to Purchaser and the Note Purchaser Agent and (ii) delivering a copy of such servicing agreement to the parties to such agreement and to Indenture Trustee, Servicer, Backup Servicer and the Note
Purchaser Agent. 
 (b) If no Person has accepted its appointment as successor Servicer when the predecessor Servicer ceases to act as
Servicer in accordance with Section 4.8(a), Backup Servicer, without further action, shall be automatically appointed the successor Servicer, and Backup Servicer hereby agrees upon receipt of notice from the Purchaser or the Note
Purchaser Agent to accept such appointment and promptly begin the transition to its role as Servicer. However, if Backup Servicer is legally unable to act as successor Servicer (as evidenced by an Opinion of Counsel), Backup Servicer will provide
notice of the same to the Purchaser and the Note Purchaser Agent and appoint, or petition a court of competent jurisdiction to appoint, an established institution having a net worth of not less than $50,000,000 whose regular business includes the
servicing of commercial loans, as successor to Servicer under this Agreement. 
 (c) Upon its acceptance of its appointment as successor
Servicer, the successor Servicer will be the successor in all respects to the predecessor Servicer, entitled to all servicing compensation, and will be subject to all of the responsibilities, duties, and liabilities of Servicer with respect to
servicing functions under this Agreement; provided, however, that the Backup Servicer and successor Servicer, as applicable, shall have (i) no liability with respect to any action performed by the terminated Servicer prior to the
date that the Backup Servicer or successor Servicer, as applicable, becomes the successor to Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any advancing
obligations, if any, of Servicer unless it elects to in its sole discretion, (iii) no obligation to pay any taxes required to be paid by Servicer (provided, that the Backup Servicer or 

  

 19 

 
successor Servicer, as applicable, shall pay any income taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any
other party to the transactions contemplated hereby, and (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer, including the original Servicer. The indemnification obligations of the
Backup Servicer or the successor Servicer, as applicable, upon becoming a successor Servicer, are expressly limited to those arising on account of its failure to act in good faith and with reasonable care under the circumstances. In addition, the
Backup Servicer or successor Servicer, as applicable, shall have no liability relating to the representations and warranties of Servicer contained in this Agreement. In addition to the servicing compensation to which a Servicer is entitled
hereunder, the Backup Servicer and successor Servicer shall be entitled to be reimbursed for expenses incurred in connection with the transition of servicing obligations hereunder and, the Backup Servicer, upon becoming the successor Servicer
hereunder, shall be entitled to a successor engagement fee in accordance with the Backup Servicer Fee Letter. 
 (d) In connection with any
appointment of a successor Servicer, the Note Purchaser Agent (or, if the Notes are no longer Outstanding, Purchaser), may make such arrangements for the compensation of such successor Servicer out of distributions on the Collateral as it and such
successor Servicer may agree, provided that no such compensation will be in excess of the amount paid to the predecessor Servicer under this Agreement. Purchaser and the predecessor Servicer will take such action, consistent with this Agreement, as
will be necessary to effectuate any such succession. 
 Section 4.9 Collection Account, Custodial Account and Holding Account.

 (a) Establishment of Collection Account. Servicer has established and will maintain a segregated trust account, in the name of the
Indenture Trustee, at a Qualified Institution or Qualified Trust Institution (which initially will be USBPS National Association) to be designated as “U.S. Bank National Association, as Indenture Trustee, as secured party for Newstar Warehouse
Funding 2005 LLC” that will be designated as the “Collection Account.” The Collection Account will consist of two separate sub-accounts, respectively designated as the “Interest Collection Subaccount” and the
“Principal Collection Subaccount.” 
 (b) Establishment of Custodial Account and Cash Collateral Account. Servicer
has established and will maintain a segregated trust account, in the name of the Indenture Trustee, at a Qualified Institution or Qualified Trust Institution (which initially will be U.S. Bank) to be designated as “U.S. Bank National
Association, as Indenture Trustee, as secured party for NewStar Warehouse Funding 2005 LLC” that will be designated as the “Custodial Account.” Servicer has established and will maintain a segregated trust account, in the name
of the Indenture Trustee, at a Qualified Institution or Qualified Trust Institution (which initially will be U.S. Bank) to be designated as “U.S. Bank National Association, as Indenture Trustee, as secured party for NewStar Warehouse Funding
2005 LLC” that will be designated as the “Cash Collateral Account.” 
 (c) Establishment of Holding Account.
Servicer has established and will maintain a segregated trust account, in the name of the Indenture Trustee, at a Qualified Institution or Qualified Trust Institution (which initially will be USBPS National Association) to be designated as
“U.S. Bank National Association, as Indenture Trustee, as secured party for Newstar Warehouse Funding 2005 LLC” that will be designated as the “Holding Account.” 
  

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 (d) Control of the Accounts. Each of the parties hereto hereby agrees that (i) each Account
shall be deemed to be a “securities account” and (ii) except as otherwise expressly provided herein, the Indenture Trustee shall be exclusively entitled to exercise the rights that comprise each Financial Asset held in each Account.
Each of the parties hereto hereby agrees to cause the Indenture Trustee, the Custodian, or any other Securities Intermediary that holds any money or other property for Seller in each Account to agree with the parties hereto that (A) the Cash
and other property is to be treated as a Financial Asset under Article 8 of the UCC and (B) the “securities intermediary’s jurisdiction” (within the meaning of Section 8-110 of the UCC) for that purpose shall be the
State of New York. In no event may any Financial Asset held in each Account be registered in the name of, payable to the order of, or specially indorsed to, Seller, unless such Financial Asset has also been indorsed in blank or to the Custodian or
other Securities Intermediary that holds such Financial Asset in each Account. Without limitation of the foregoing, all monies deposited in, and other assets credited to, each Account pursuant to the Indenture and this Agreement will be held
(i) by the Indenture Trustee (and under the sole dominion and control of the Indenture Trustee) as part of the Collateral until the Note Balance has been reduced to zero and the Collateral has been released pursuant to and in accordance with
the terms of the Indenture and (ii) after the Note Balance has been reduced to zero and the Collateral has been released pursuant to and in accordance with the terms of the Indenture, by or on behalf of Purchaser, and in each case will be
applied only upon the terms and conditions of the Basic Documents. However, Servicer may make deposits to or request that the Indenture Trustee (or, after the Note Balance has been reduced to zero, Purchaser) make deposits to or withdrawals from
each Account in accordance with the Indenture, this Agreement and the other Basic Documents. In addition, Servicer may make withdrawals from the Holding Account solely to the extent specifically so provided in the New Note Purchase Agreement.

 (e) Agreement with Depository Institution. The Accounts will only be established at a Qualified Institution or Qualified Trust
Institution that agrees in writing that: 
 (i) all securities, instruments, cash or other property delivered to it pursuant
to the Indenture or this Agreement and all investments of funds held in the Collection Account will be promptly credited to the Collection Account and all investments of funds held in the Custodial Account will be promptly credited to the Custodial
Account; 
 (ii) all securities, instruments, cash or other property credited to the Accounts will be treated as a
“financial asset” within the meaning of Section 8-102(a)(9) of the UCC of the State of New York (the “New York UCC”); 
 (iii) at all times prior to being notified in writing by the Indenture Trustee that the Note Balance has been reduced to zero and the Accounts have been released from the Lien of the Indenture, it will comply with
“entitlement orders” (as defined in Section 8-102(a)(8) of the New York UCC) originated by the Indenture Trustee without further consent of the Issuer or any other Person; and 
  

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 (iv) the law of the State of New York will constitute the securities intermediary’s
jurisdiction. 
 (f) Compliance. If at any time an institution maintaining the Accounts ceases to be a Qualified Institution, Servicer
will, with the Indenture Trustee’s or Purchaser’s assistance as necessary, within 10 Business Days, move the Accounts to another Qualified Institution. 
 (g) Withdrawal of Funds Not Constituting Collections. Servicer may direct Indenture Trustee to withdraw from the Collection Account and pay to Servicer amounts that do not constitute Collections for any
Collection Period, or that were deposited into the Collection Account in error. Indenture Trustee may, but is not required to, request from Servicer reasonable documentation (which may be provided by reference to Servicer’s books and records)
in connection with any such withdrawal instruction. 
 (h) Investment of Amounts in the Collection Account. So long as no Event of
Default has occurred and is continuing, amounts on deposit in the Accounts will, to the extent permitted by Applicable Law, be invested as directed in writing by Servicer (or Person appointed by Servicer) to the Qualified Institution maintaining
such account, and subject to Section 8.3 of the Indenture, in Permitted Investments that will not be sold prior to maturity and that mature no later than the Business Day preceding the Payment Date for the Collection Period to which such
amounts relate. However, Servicer will not direct the Qualified Institution maintaining such account to make any investment of any funds or to sell any investment held in such account unless the security interest granted and perfected in such
account in favor of Indenture Trustee will continue to be perfected in such investment or the proceeds of such sale, in each case, without any further action by any Person. If requested by Indenture Trustee (acting at the direction of Noteholders
evidencing not less than a majority of the Note Balance of the Outstanding Notes), Servicer will deliver an Opinion of Counsel to Indenture Trustee with respect to the perfection of such security interest. 
 (i) Application of Investment Earnings and Losses. All investment earnings (net of losses) on amounts on deposit in the Accounts and any proceeds
thereof will be for the account of Purchaser and deposited into the Collection Account. 
 (j) Tax Reporting of Investment Income. The
parties intend that Purchaser will be disregarded as separate from Seller for U.S. federal income tax purposes. Accordingly, all investment income on amounts deposited to the Accounts will be reported for U.S. federal income tax purposes as earned
by Purchaser and will be reported by Purchaser (or by such entity from which Purchaser may be disregarded as separate for U.S. federal income tax purposes). 
 (k) Reinvestment of Principal Collections and Distributions to Seller. On the terms and conditions hereinafter set forth, from time to time during the Revolving Period, Servicer may, to the extent of any
Principal Collections on deposit in the Principal Collection Subaccount, direct the Indenture Trustee to withdraw such funds for the purpose of (i) reinvesting in additional Eligible Assets, (ii) making Optional Prepayments of the Note
Balance pursuant to Section 2.7(c) of the Indenture or (iii) making a distribution to Seller, 

  

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provided, that the following conditions (the satisfaction of which (other than item (v)) shall be certified to the Indenture Trustee and the
Note Purchaser Agent by Servicer pursuant to an Officer’s Certificate) are satisfied: 
 (i) all conditions precedent set
forth in Section 2.02 and Section 3.01 of the New Note Purchase Agreement have been satisfied, if applicable; 
 (ii) Servicer provides same day written notice to the Indenture Trustee and the Note Purchaser Agent by facsimile or by electronic mail (to be received no later than 1:00 p.m. (New York Time) on such day) of the
request to withdraw Principal Collections and the amount thereof; 
 (iii) without limiting the generality of clause
(i), above, the notice delivered pursuant to clause (ii) above shall be accompanied by a Notice of Incremental Note Balance in the form of Exhibit B to the New Note Purchase Agreement, and a Borrowing Base Certificate and the
same are executed by Seller and at least one Authorized Officer of Servicer (which Borrowing Base Certificate shall show that no Borrowing Base Deficiency shall exist either before or after giving effect to all of the proposed actions to be taken on
such date); 
 (iv) without limiting the generality of clause (i), above, no Potential Event of Default, Event of
Default or Servicer Event of Default shall have occurred either before or after giving effect to the proposed actions to be taken on such date; 
 (v) the Indenture Trustee provides to the Note Purchaser Agent by facsimile or by electronic mail (to be received no later than 1:00 p.m. (New York Time) on that same date) a statement reflecting the total amount on
deposit on such day in the Principal Collection Subaccount; and 
 (vi) upon the satisfaction of the conditions set forth in
clauses (i) through (iv) above, the Indenture Trustee will release funds from the Principal Collection Subaccount to Servicer in an amount not to exceed the lesser of (A) the amount requested by Servicer and
(B) the amount on deposit in the Principal Collection Subaccount on such day. 
 Section 4.10 Removal of Backup Servicer.

 (a) The Backup Servicer may be removed, with or without cause, by the Note Purchaser Agent (with the prior consent of Servicer, such
consent not be unreasonably withheld, conditioned or delayed). In addition, the Backup Servicer may be removed by the Note Purchaser Agent (without the consent of Servicer or any other Person) upon the occurrence and during the continuation of a
material breach by the Backup Servicer of any representation, warranty or covenant of the Backup Servicer as set forth herein or upon an Insolvency Event with respect to the Backup Servicer. Any such termination shall be effected by notice (a
“Backup Servicer Termination Notice”) given in writing to the Backup Servicer, Servicer, the Purchaser and the Indenture Trustee. In the event of any such removal, a replacement Backup Servicer may be appointed by the Note Purchaser
Agent with the consent of Servicer (such 

  

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consent not to be unreasonably withheld, conditioned or delayed). It is understood that Servicer shall conduct the preliminary negotiations as to fees with
any proposed successor Backup Servicer, in consultation with the Note Purchaser Agent. However, except as otherwise agreed to by the Note Purchaser Agent with the consent of Servicer (such consent not to be unreasonably withheld, conditioned or
delayed), any successor Backup Servicer shall not be entitled to receive compensation for its services in excess of the compensation required to be paid to the Backup Servicer hereunder. 
 (b) Upon the Backup Servicer’s receipt of a Backup Servicer Termination Notice from the Indenture Trustee of the designation of a replacement Backup
Servicer, the Backup Servicer agrees that it will terminate its activities as Backup Servicer hereunder. 
 ARTICLE V 
 CONDITIONS PRECEDENT 
 Section 5.1 Conditions Precedent. In addition to the conditions set forth in Article II and elsewhere in this Agreement, Purchaser’s obligation to make its initial purchase pursuant to Article II
shall be subject to the following conditions precedent: 
 (a) Seller’s and Servicer’s representations and warranties set forth in
Section 3.1 shall be true and correct as of the date hereof and as of the date of such initial purchase; 
 (b) Seller and
Servicer shall have complied in all material respects with all covenants required by this Agreement to be complied with by them on or before the date hereof and on or before the date of such initial purchase; 
 (c) This Agreement, the Indenture and the Note Purchase Agreement have become effective in accordance with their respective terms (including the
satisfaction or waiver of any and all conditions precedent set forth therein); 
 (d) Purchaser shall have received: 
 (i) this Agreement duly executed on behalf of Seller and Servicer; 
 (ii) certificates of the Secretary (or other appropriate officer) of Seller and Servicer, in form and substance reasonably satisfactory to
Purchaser, evidencing the due authorization, execution and delivery by Seller and Servicer of this Agreement and the due authorization by Seller and Servicer of the performance of their respective obligations under this Agreement (including the
names of the officers of Seller and Servicer who have executed this Agreement, and evidence of the incumbency of such officers); 
  

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 (iii) an Opinion of Counsel to Seller and Servicer regarding corporate matters in form
and substance reasonably satisfactory to (and delivered by counsel reasonably satisfactory to) Purchaser; and 
 (iv) copies
of the most recent quarterly unaudited and annual audited financial statements of each of Seller and Servicer. 
 (e) Purchaser and Seller
each (i) acknowledges that the Note Purchaser, in acquiring the Initial Note and the New Note Purchaser, in acquiring the New Note and Additional Note Balances from time to time thereunder, is relying on the satisfaction of each of the
conditions set forth in this Section 5.1 with respect to the acquisition by Purchaser of each Purchased Asset and (ii) agrees, for the benefit of the Note Purchaser and the New Note Purchaser that the conditions set forth in this
Section 5.1 may not be amended, modified or waived without the prior written consent of the Note Purchaser Agent, on behalf of the New Note Purchaser. 
 Section 5.2 Conditions Precedent to the Effectiveness of this Amended and Restated Sale and Servicing Agreement. In addition to the conditions set forth in Article II and elsewhere in this
Agreement, the effectiveness of this Agreement is subject to the satisfaction at the time of the Restatement Date of the following conditions: 
 (a) Seller’s and Servicer’s representations and warranties set forth in Section 3.1 shall be true and correct as of the Restatement Date; 
 (b) Seller and Servicer shall have complied in all material respects with all covenants required by this Agreement to be complied with by them on or before the Restatement Date; 
 (c) This Agreement, the Indenture and the New Note Purchase Agreement have become effective in accordance with their respective terms (including the
satisfaction or waiver of any and all conditions precedent set forth therein); 
 (d) Purchaser shall have received (with a copy to the Note
Purchaser Agent): 
 (i) this Agreement duly executed on behalf of Seller and Servicer; 
 (ii) certificates of the Secretary (or other appropriate officer) of Seller and Servicer, in form and substance reasonably satisfactory to
Purchaser, evidencing the due authorization, execution and delivery by Seller and Servicer of this Agreement and the due authorization by Seller and Servicer of the performance of their respective obligations under this Agreement (including the
names of the officers of Seller and Servicer who have executed this Agreement, and evidence of the incumbency of such officers); 
 (iii) Opinions of Counsel to Seller and Servicer and any reaffirmation of any Opinion of Counsel as Purchaser may reasonably request and in form and substance reasonably satisfactory to (and delivered by counsel reasonably satisfactory to)
Purchaser ; and 
  

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 (iv) copies of the most recent quarterly unaudited and annual audited financial
statements of each of Seller and Servicer. 
 (e) The Note Purchaser Agent shall have received each of the Basic Documents, duly executed by
the parties thereto on the Restatement Date, in form mutually acceptable to the Note Purchaser Agent, Seller, Issuer and Servicer, and each and every document or certification delivered by any party in connection with any of the Basic Documents, and
each such document shall be in full force and effect; 
 (f) Seller and Servicer shall have furnished to Purchaser such other opinions,
information, certificates and documents as the Note Purchaser Agent may reasonably request; 
 (g) Seller shall have paid all fees required
to be paid by it on the Restatement Date, including all fees required hereunder, and shall have reimbursed the Purchaser and Agent for all fees, costs and expenses of closing the transactions contemplated hereunder and under the other Basic
Documents, including the reasonable attorney fees and any other legal and document preparation costs incurred by Purchaser; and 
 (h)
Purchaser and Seller each (i) acknowledges that the New Note Purchaser, in acquiring the Note Balances from time to time thereunder, is relying on the satisfaction of each of the conditions set forth in this Section 5.2 with respect
to the acquisition by Purchaser of each Purchased Asset and (ii) agrees, for the benefit of the New Note Purchaser, that the conditions set forth in this Section 5.2 may not be amended, modified or waived without the prior written
consent of the Note Purchaser Agent, on behalf of the New Note Purchaser. 
 ARTICLE VI 
 COVENANTS 
 Section 6.1
Substitution of Assets; Repurchase or Substitution of Warranty Assets; Repurchase of Charged-Off Assets. 
 (a) Substitution of
Assets. On any day prior to the occurrence of an Event of Default, a Potential Event of Default or a Servicer Event of Default (and after the occurrence of such an event at the sole discretion of the Note Purchaser Agent), Seller may, subject to
the conditions set forth in this Section 6.1 and subject to the other restrictions contained herein, replace any Purchased Asset with one or more Eligible Assets (each, a “Substitute Asset”); provided, that no
such replacement shall occur unless each of the following conditions is satisfied as of the date of such replacement and substitution: 
 (i) Seller has recommended to the Note Purchaser Agent (with a copy to the Custodian) in writing that the Purchased Asset to be replaced should be replaced (each, a “Replaced Asset”); 
  

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 (ii) each Substitute Asset is an Eligible Asset on the date of substitution; 

(iii) after giving effect to any such substitution, the Note Balance does not exceed the lesser of (i) the Borrowing Base and
(ii) the Note Purchase Obligation Limit; 
 (iv) for purposes only of substitutions pursuant to
Section 6.1(b) undertaken because a Purchased Asset has become a Warranty Asset, the sum of the Outstanding Principal Balances of such Substitute Assets shall be equal to or greater than the sum of the Outstanding Principal Balances of
the Replaced Assets; 
 (v) for purposes only of substitutions pursuant to Section 6.1(b) undertaken because a
Purchased Asset has become a Warranty Asset, such Substitute Assets, at the time of substitution by Seller, shall have no greater Weighted Average Life, and no lower Weighted Average Loan Margin or Weighted Average Loan Rate, than the Replaced
Assets; 
 (vi) all representations and warranties of Seller contained in Section 3.1 and Section 3.2
shall be true and correct as of the date of substitution of any such Substitute Asset; 
 (vii) the substitution of any
Substitute Asset does not cause an Event of Default or a Potential Event of Default to occur; 
 (viii) the sum of
(1) the Outstanding Principal Balances of all Purchased Assets that are Substitute Assets plus (2) the Outstanding Principal Balances of all Purchased Assets that have been sold to Affiliates pursuant to Discretionary Sales does not exceed
15% of the highest Eligible Asset Amount of any month during the 12 month period immediately preceding such date of determination; 
 (ix) the sum of the Outstanding Principal Balances of all Substitute Assets substituted for Delinquent Assets, Charged-Off Assets and Warranty Assets shall not exceed 10% of the highest Eligible Asset Amount of any
month during the 12 month period immediately preceding such date of determination; 
 (x) Seller shall deliver to the
Indenture Trustee and the Note Purchaser Agent on the date of such substitution a certificate of an Authorized Officer certifying that each of the foregoing is true and correct as of such date; and 
 (xi) each Purchased Asset that is replaced pursuant to the terms of this Section 6.1 shall be substituted only with another
Purchased Asset that meets the foregoing conditions. 
 In addition, Seller shall in connection with such substitution deliver the documents described in
Section 2.2 to Custodian and the related Servicing File to Servicer. In connection with any such substitution, the Purchaser shall, automatically and without further action, be deemed to transfer to Seller, free and clear of any Lien
created pursuant to this Agreement and the other Basic 

  

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Documents, all of the right, title and interest of the Purchaser, in, to and under such Replaced Asset, but without any other representation and warranty of
any kind, express or implied. Purchaser shall, at the sole expense of Servicer, execute such documents and instruments of transfer as may be prepared by Servicer on behalf of Seller and take other such actions as shall reasonably be requested by
Seller to effect the transfer of such Asset pursuant to this Section 6.1. 
 (b) Repurchase or Substitution of Warranty Assets. Not later than the second (2nd) Business Day after (A) Seller acquires
notice or knowledge of a breach of any representation or warranty set forth in Section 3.2 with respect to any Purchased Asset on the date that such representation or warranty was made or (B) Seller fails to cure a non-compliance
with one or more Review Criteria within the time period specified in Section 3.2(d) of the Indenture (any such Purchased Asset, a “Warranty Asset”), Seller shall (i) provide written notice to Purchaser, Indenture
Trustee and the Note Purchaser Agent identifying the related Warranty Asset and specifying the nature of such breach and (ii) either (x) repurchase such Warranty Asset in accordance with the next following sentence or (y) provide
evidence reasonably satisfactory to the Note Purchaser Agent that a capital call has been made on one or more of Seller’s equity investors for the purpose of funding, and in an amount sufficient to fund, the repurchase of such Warranty Asset.
In any and all events, not later than the 20th day (or, if such 20th day is not a Business Day, the next Business Day) after Seller acquires notice
or knowledge that any Purchased Asset is a Warranty Asset, Seller shall either: (i) repurchase such Purchased Asset by making a deposit to the Collection Account (to be treated as Collections and applied on the Payment Date immediately
following the Collection Period during which such deposit was made pursuant to Section 8.2 of the Indenture) in immediately available funds in an amount equal to the sum of (a) the Outstanding Principal Balance of such Loan,
(b) any outstanding Servicer Advance thereon, (c) any Accruals, (d) all termination payments and other similar amounts arising as a result thereof and owed to the related Hedge Counterparty for any termination of one or more Interest
Rate Hedges, in whole or in part, as required by the terms of any related Interest Rate Agreement and (e) any out-of-pocket costs and actual damages incurred by the Note Purchaser Agent, each Note Purchaser, each New Note Purchaser, the
Indenture Trustee or any Noteholder in connection with any violation, or alleged violation, by such Purchased Asset of any predatory or abusive lending law which is an Applicable Law (the sum of the amounts described in the foregoing
clauses (a) through (e), the “Repurchase Price”); or (ii) subject to the satisfaction of the conditions in Section 6.1(a), substitute for such Warranty Asset a Substitute Asset. Upon confirmation
of the deposit of such Repurchase Price into the Collection Account or the delivery by Seller of a Substitute Asset for each Warranty Asset (the “Repurchase Date”), such Warranty Asset shall not be included in the Borrowing Base
and, as applicable, the Substitute Asset shall be included in the Collateral. Upon the Repurchase Date of each Warranty Asset, Purchaser shall automatically and without further action be deemed to transfer, assign and set-over to Seller, without
recourse, representation or warranty (other than that the Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien), all the right, title and interest of the Purchaser in, to and under such Warranty Asset and all future
monies due or to become due with respect thereto, the Related Property, all Proceeds of such Warranty Asset, and Recoveries and Transferred Rights relating thereto, all rights to security for any such Warranty Asset, and all Proceeds and products of
the foregoing. Purchaser shall, at the sole expense of Servicer, execute such documents and instruments of transfer as may be prepared by Servicer on behalf of Seller and take other such actions as shall reasonably be requested by Seller to effect
the transfer of such Warranty Asset pursuant to this Section 6.1. 
  

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 (c) Repurchase of Charged-Off Assets. 
 (i) In the event a Purchased Asset becomes a Charged-Off Asset, on the immediately following Payment Date, Servicer is hereby granted an
assignable option (a “Purchase Option”) to purchase such Charged-Off Asset at a price (the “Option Price”) equal to the Fair Market Value thereof. Servicer may sell, transfer, assign or otherwise convey its Purchase
Option with respect to any Charged-Off Asset to any party at any time after the related Loan becomes a Charged-Off Asset. Servicer shall notify Indenture Trustee, Custodian, and the Note Purchaser Agent of such purchase and such notice shall include
the purchaser’s name, address, telephone number, facsimile number and appropriate contact person(s) and shall be acknowledged in writing by the purchaser. Any transfer by Servicer of its Purchase Option and any exercise of such Purchase Option
by Servicer or any other holder thereof shall be subject, in each case, to the conditions that (i) no Event of Default, Potential Event of Default or Servicer Event of Default has occurred and is continuing and (ii) both before and after
giving effect to such purchase the Note Balance does not exceed the lesser of (A) the Borrowing Base and (B) the Note Purchase Obligation Limit. If not exercised earlier, the Purchase Option with respect to any Charged-Off Asset shall
automatically terminate (i) once the Related Loan is no longer a Charged-Off Asset; provided, however, that if such Purchased Asset subsequently becomes a Charged-Off Asset, the related Purchase Option shall again be exercisable,
(ii) upon the acquisition, by or on behalf of Seller, of title to the Related Property through foreclosure or deed in lieu of foreclosure, (iii) upon the modification or pay-off, in full or at a discount, of such Charged-Off Asset in
connection with a workout, (iv) upon a repurchase or substitution of a Charged-Off Asset pursuant to Section 6.1(b) or (v) on the Business Day immediately preceding the last day of the next calendar quarter after the Payment
Date upon which the related Purchase Option first became exercisable. The sum of the Outstanding Principal Balances of Purchased Assets with respect to which Servicer may exercise its Purchase Option on any date of determination before the Facility
Maturity Date shall not exceed 10% of the highest Eligible Asset Amount of any month during the 12 month period immediately preceding such date of determination. 
 (ii) Upon a Purchased Asset becoming a Charged-Off Asset, Servicer or its assignee, as applicable, may exercise the Purchase Option by
providing Indenture Trustee, Custodian and the Note Purchaser Agent at least five days prior written notice thereof (the “Purchase Option Notice”), which notice shall specify a cash exercise price at least equal to the Option Price.
The Purchase Option Notice shall be delivered in the manner specified in Section 6.1(c)(i). The exercise of any Purchase Option pursuant to this clause (ii) shall be irrevocable. 
 (iii) Unless and until the Purchase Option with respect to a Charged-Off Asset is exercised, Servicer shall pursue such other resolution
strategies available hereunder with respect to such Charged-Off Asset, including, without limitation, workout and foreclosure, as Servicer may deem appropriate and consistent with the terms of this Agreement (including Section 4.1(i)),
in each case with a view towards the maximization of the recovery on such Purchased Asset for the benefit of the Secured Parties (as a collective whole) on a present value basis. 
  

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 (iv) Servicer shall act on behalf of the Purchaser and for the benefit of the Secured
Parties in negotiating and taking any other action necessary or appropriate in connection with the exercise of a Purchase Option, including the collection of all amounts payable in connection therewith. Any sale of a Charged-Off Asset (pursuant to a
Purchase Option) shall be without recourse to, or representation or warranty by, Purchaser, Custodian, Indenture Trustee, the Note Purchaser Agent, the Note Purchaser, the New Note Purchaser, Servicer or Seller (other than a representation, on the
part of the Purchaser, that the Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien created by the Purchaser). 
 (v) Upon exercise of a Purchase Option, Servicer or its assignee, as applicable, shall be required to pay the Option Price on the Payment Date immediately following the date Servicer or its assignee, as applicable,
exercises its Purchase Option, and the Option Price shall be deposited into the Collection Account to be included as a part of Collections applied on such Payment Date pursuant to Section 8.2(b) of the Indenture. Upon receipt of an
Officer’s Certificate from Servicer to the effect that such deposit has been made, Purchaser and Indenture Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be provided to it
and are reasonably necessary to vest in Servicer or its assignee, as applicable, ownership of the Charged-Off Asset. Upon receipt of a request for release and receipt of documents, the party then holding the related Purchased Asset File shall
release or cause to be released to Servicer or its assignee, as applicable, the related Purchased Asset File. 
 (vi) Servicer
may sell or purchase, or permit the sale or purchase of, a Charged-Off Asset only on the terms and subject to the conditions set forth in this Section 6.1. 
 (vii) Servicer shall provide to the Note Purchaser Agent, the Indenture Trustee and/or the Purchaser, upon the request of such party, all
such documentation reasonably requested by such Person in connection with any determination of Fair Market Value for purposes of this Section 6.1(c). 
 Section 6.2 Optional Sales. 
 (a) Prior to the occurrence of an Event of Default or a Potential
Event of Default, on any Optional Sale Date, Purchaser shall have the right to sell and assign to one or more Persons (each such Person, an “Optional Sale Acquiror”) all or a portion of the Collateral one or more Purchased Assets
designated by the Purchaser (each, an “Optional Sale”) in connection with a prepayment of all or a portion of the Notes, as an Optional Prepayment pursuant to Section 2.7(c) of the Indenture, subject to the following
terms and conditions: 
 (i) The Purchaser shall have given the Indenture Trustee and the Note Purchaser Agent at least 10
Business Days’ (or such lesser time period as may be approved by the Indenture Trustee and the Note Purchaser Agent) prior written notice of its intent to effect an Optional Sale (it being understood that Purchaser shall have the right to
withdraw any such notice); 
  

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 (ii) Any Optional Sale shall be in connection with a Term Securitization; 
 (iii) Unless an Optional Sale is to be effected on a Payment Date (in which case the relevant calculations with respect to such Optional
Sale shall be reflected on the applicable Payment Date Report), Servicer shall have delivered to Indenture Trustee and the Note Purchaser Agent a certificate and evidence to the reasonable satisfaction of Indenture Trustee and the Note Purchaser
Agent (which evidence may consist solely of a certificate from Servicer) that Purchaser shall have sufficient funds on the related Optional Sale Date to effect the contemplated Optional Sale in accordance with this Agreement; 
 (iv) After giving effect to the proposed Optional Sale and the release and assignment by the Indenture Trustee to the Optional Sale
Acquiror of all or a portion of the Purchased Assets on any Optional Sale Date, (a) the remaining Note Balance shall not exceed the lesser of the Borrowing Base and the Note Purchase Obligation Limit, (b) the representations and warranties
contained in Section 3.1 and Section 3.2 shall continue to be correct in all material respects, except to the extent relating to an earlier date and (c) neither an Event of Default nor a Potential Event of Default shall
have resulted; 
 (v) On the related Optional Sale Date, Servicer, Indenture Trustee, Custodian, Backup Servicer and Secured
Parties, as applicable, shall have received, as applicable, in immediately available funds, an amount equal to the sum of (a) the portion of the Note Balance to be prepaid in connection with such Optional Sale plus (b) an amount equal to
all accrued and unpaid interest on the Notes to the extent reasonably determined by the Note Purchaser Agent to be attributable to that portion of the Note Balance to be paid in connection with the Optional Sale plus (c) an aggregate amount
equal to the sum of all other amounts due and owing to Servicer, Indenture Trustee, Custodian, Backup Servicer and the Secured Parties under this Agreement and the other Basic Documents, to the extent accrued to such date and to accrue thereafter to
the next Payment Date (including, without limitation, termination payments and any other payments owing to the Hedge Counterparties in respect of the termination of any Interest Rate Hedges) in each case to the extent attributable to the Purchased
Assets released to the Purchaser in connection with such Optional Sale; provided, that the Indenture Trustee and the Note Purchaser Agent shall have the right to determine whether the amount paid (or proposed to be paid) by Purchaser on the
Optional Sale Date is sufficient to satisfy the requirements of clauses (iii), (iv) and (v) and is sufficient to reduce the Note Balance to the extent requested by Purchaser in connection with the Optional Sale; and

 (vi) On or prior to the 2nd Business Day preceding each Optional Sale Date, Purchaser (or Servicer, on behalf of the Purchaser) shall have delivered to Indenture Trustee, the Note Purchaser Agent and Custodian
a list specifying all Assets to be sold and assigned pursuant to such Optional Sale. 
  

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 (b) In connection with any Optional Sale, following payment and receipt of the amounts referred to in
clause (v) of Section 6.2(a) above by the Secured Parties and the other Persons referred to therein, and upon satisfaction of the other conditions set forth in Section 6.2(a), there shall be sold and assigned to
the Optional Sale Acquiror, without recourse, representation or warranty (other than that the Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien) all of the right, title and interest of the Purchaser, in, to and
under the Purchased Assets so released to the Optional Sale Acquiror and such Purchased Assets shall be released from the Lien of the Indenture (subject to the requirements of clause (iv) above) pursuant to and in accordance with
Section 2.9 of the Indenture. 
 (c) The Purchaser hereby agrees to pay (and, if the Purchaser does not pay, Seller agrees to
pay) any Assignment Fees, together with the reasonable legal fees and expenses of the Secured Parties, Backup Servicer, Indenture Trustee and Custodian in connection with any Optional Sale (including, but not limited to, expenses incurred in
connection with the release of the Lien of the Indenture Trustee and any other party having an interest in the Collateral in connection with such Optional Sale). 
 (d) In connection with any Optional Sale, on the related Optional Sale Date, Indenture Trustee, on behalf of the Secured Parties, shall, at the expense of Seller (i) execute such instruments of release with
respect to the portion of the Collateral to be sold, in recordable form if necessary, in favor of Purchaser or its designee as Purchaser may reasonably request, (ii) deliver any portion of the Collateral to be retransferred to the Purchaser in
its possession to Purchaser or its designee and (iii) otherwise take such actions, and cause or permit Custodian to take such actions, as are necessary and appropriate to release the Lien of the Indenture on the portion of the Collateral to be
released and release and deliver to the Purchaser or its designee such portion of the Collateral to be released to Purchaser. 
 Section 6.3 Discretionary Sales. 
 (a) Prior to the occurrence of an Event of Default or a Potential Event of Default,
on any Discretionary Sale Date, Purchaser shall have the right to prepay all or a portion of the Note Balance in connection with the sale and assignment to an unaffiliated third party purchaser or an Affiliated purchaser, of one or more Purchased
Assets (each, a “Discretionary Sale”), subject to the following terms and conditions: 
 (i) At least one
Business Day prior to each Discretionary Sale Date, Purchaser shall have given to Seller, the Note Purchaser Agent, Indenture Trustee and Custodian written notice of its intent to effect a Discretionary Sale (each such notice, a
“Discretionary Sale Notice”), specifying the Discretionary Sale Date and including a list of all Purchased Assets to be sold and assigned pursuant to such Discretionary Sale; 
 (ii) Any Discretionary Sale shall be made by the Purchaser to an unaffiliated third party purchaser in a transaction (i) reflecting
arms-length market terms and (ii) in which the Purchaser makes no representations, warranties (other than that the Purchaser owns such Asset and such transfer by Purchaser is free and clear of any Lien created by the Purchaser) or covenants and
provides no indemnification for the benefit of any other party to the Discretionary Sale; 
  

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 (iii) No Discretionary Sale shall be made unless the Eligible Asset Amount is greater
than $100 million at such date of determination; 
 (iv) Servicer shall deliver to Indenture Trustee and the Note Purchaser
Agent a certificate and evidence to the reasonable satisfaction of Indenture Trustee and the Note Purchaser Agent (which evidence may be included in the Monthly Report to be delivered with respect to the Discretionary Sale Date) that
(x) Purchaser shall have sufficient funds on the related Discretionary Sale Date to effect the contemplated Discretionary Sale in accordance with this Agreement, and (y) the aggregate Outstanding Principal Balance of the Purchased Assets
that are the subject of the proposed Discretionary Sale to any Affiliate, together with the aggregate Outstanding Principal Balance of the Purchased Assets sold in all other Discretionary Sales made in the preceding 12 month period to Affiliates,
shall not exceed 7.5% of the highest Eligible Asset Amount of any month during the 12 month period immediately preceding such date of determination. In effecting a Discretionary Sale, Seller may use the Sale Proceeds of sales of the Collateral to
satisfy its remittance obligations hereunder; 
 (v) After giving effect to the Discretionary Sale and the assignment to
Seller of the Collateral on any Discretionary Sale Date, (a) the remaining Note Balance shall not exceed the lesser of the Note Purchase Obligation Limit and the Borrowing Base, (b) the representations and warranties contained in
Section 3.1 and Section 3.2 hereof shall continue to be correct in all material respects, except to the extent relating to an earlier date and (c) neither an Event of Default nor a Potential Event of Default shall have
resulted; and 
 (vi) On the related Discretionary Sale Date, Servicer, Indenture Trustee, Custodian, Backup Servicer and the
Secured Parties, as applicable, shall have received, in immediately available funds, an amount equal to the sum of (a) the portion of the Note Balance to be prepaid in connection with such Discretionary Sale plus (b) an amount equal to all
accrued and unpaid interest on the Notes to the extent reasonably determined by the Note Purchaser Agent to be attributable to that portion of the Note Balance to be paid in connection with the Discretionary Sale plus (c) an aggregate amount
equal to the sum of all other amounts due and owing to Servicer, Indenture Trustee, Custodian, Backup Servicer and the Secured Parties under this Agreement and the other Basic Documents, to the extent accrued to such date and to accrue thereafter to
the next Payment Date (including termination payments and any other payments owing to the Hedge Counterparties in respect of the termination of any Interest Rate Hedges) in each case to the extent attributable to the Collateral to be sold by Seller
in connection with such Discretionary Sale; provided, that the Indenture Trustee and the Note Purchaser Agent shall have the right to determine whether the amount paid (or proposed to be paid) by Seller on the Discretionary Sale Date is
sufficient to satisfy the requirements of clauses (iii), (iv) and (v) and is sufficient to reduce the Note Balance to the extent requested by Seller in connection with the Discretionary Sale. 
  

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 (b) In connection with any Discretionary Sale, following payment and receipt of the amounts referred to
in clause (vii) above to the Secured Parties and the other Persons referred to therein, there shall be sold and assigned to such Person as is directed by the Purchaser without recourse, representation or warranty (other than that the
Purchaser owns such Purchased Asset and such transfer by Purchaser is free and clear of any Lien created by the Purchaser) all of the right, title and interest of Purchaser in, to and under the portion of the Collateral so purchased and such portion
of the Collateral so purchased shall be released from the Lien of the Indenture (subject to the requirements of clauses (iii), (iv), (v) and (vi) above) pursuant to and in accordance with
Section 2.9 of the Indenture (subject to the requirements of clause (v) above). 
 (c) The Purchaser hereby agrees to
pay (and, if the Purchaser does not pay, Seller agrees to pay) any Assignment Fees together with the reasonable legal fees and expenses of the Note Purchaser, the New Note Purchasers, the Note Purchaser Agent, the Indenture Trustee and the Secured
Parties in connection with any Discretionary Sale (including, but not limited to, expenses incurred in connection with the release of the Lien of the Indenture Trustee). 
 Section 6.4 Application of Proceeds of Optional Sale or Discretionary Sale. Any Sale Proceeds received in connection with an Optional Sale or a Discretionary Sale shall be deposited into the Interest
Collection Subaccount (to the extent constituting Interest Collections) and into the Principal Collection Subaccount (to the extent constituting Principal Collections), to be applied in accordance with this Agreement, the Indenture and the other
Basic Documents. 
 Section 6.5 Procedures for Repurchase of Purchased Assets. On the date of any sale, substitution or
repurchase by Seller of any Purchased Asset pursuant to Section 6.1, Section 6.2 or Section 6.3, Purchaser shall deliver to Seller the following: 
 (a) the Loan Note, if any, representing such Purchased Asset, indorsed to Seller; 
 (b) a Loan Assignment Document, in form and substance reasonably satisfactory to Seller or Servicer, as the case may be, effecting the Assignment (as of
such date) by Purchaser to Seller or Servicer, as the case may be, of the applicable Purchased Asset; and 
 (c) any other documents,
certificates or records relating to the applicable Purchased Asset in the possession of Purchaser, Servicer or Indenture Trustee. 
 Section 6.6 Annual Designation of Non-Securitizable Loans and Removal from Borrowing Base. On each anniversary of the Closing Date (or, if such day is not a Business Day, the next Business Day), the Note Purchaser Agent may
designate, by notice to Seller and Purchaser, one or more Eligible Assets that the Note Purchaser Agent has determined in its reasonable discretion, would be ineligible for inclusion as funded collateral in a term securitization that is rated by
S&P, Moody’s and/or Fitch (such Loans, “Non-Securitizable Loans”). Thereafter, each Non-Securitizable Loan shall be excluded from (and not thereafter included in) the Borrowing Base within 30 days after such notice.

  

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 Section 6.7 Delivery of Financial Statements. Each of Seller and Servicer shall deliver, or
cause to be delivered, to Purchaser (with a copy to the Backup Servicer): 
 (a) within 60 days following the last day of each fiscal quarter
of Seller and Servicer, as the case may be, a copy of Seller’s and Servicer’s unaudited financial statements for such fiscal quarter; and 
 (b) within 90 days following the last day of each fiscal year of Seller and Servicer, as the case may be, a copy of Seller’s and Servicer’s audited financial statements for such fiscal year. 
 Seller and Servicer will each continue to prepare audited financial statements sufficient to meet the requirements of this Section 6.7 at all times through
and including the Final Termination Date. So long as NewStar Financial, Inc. remains Servicer, each financial statement delivered pursuant to Section 6.7(a) or Section 6.7(b) shall be accompanied by a certificate of an
Authorized Officer of Servicer which sets forth the Consolidated Tangible Net Worth of NewStar Financial, Inc. as of the date of the related financial statements, and contains a certification to the effect that, as of such date, either (1) a
Servicer Event of Default pursuant to clause (g) of the definition thereof had occurred and was continuing or (2) no such Servicer Event of Default had occurred and was continuing. 
 Section 6.8 Inspection. 
 (a)
Each of Seller and Servicer shall provide Purchaser, Indenture Trustee, Backup Servicer, and the Note Purchaser Agent with ongoing access to (i) any and all Loan Documents and other documents in its possession with respect to any Purchased
Asset, (ii) the accounts, records, procedures, documents and computer systems maintained by Seller, Servicer and their respective Affiliates with respect to origination and servicing of the Purchased Assets and (iii) a knowledgeable
officer of Seller and Servicer to respond to questions and provide information with respect to the origination and servicing of the Purchased Assets. 
 (b) Seller and Servicer each shall provide the access described in Section 6.8(a) during the period beginning on the Closing Date and continuing through and including the date on which the Note Balance has
been reduced to zero and all other amounts due on the Notes have been paid in full, at such times as Purchaser, Backup Servicer, Indenture Trustee or the Note Purchaser Agent, as the case may be, may direct, but only upon reasonable notice and
during the normal business hours of the respective offices of Seller or Servicer, as the case may be. Nothing in this Section 6.8 will affect the obligation of Seller or Servicer, as the case may be, to observe any Applicable Law or
confidentiality obligation prohibiting disclosure of information or to observe any licensing or similar agreement to which it is subject. 
 Section 6.9 Reporting Requirements. Seller and Servicer shall: 
 (a) promptly notify Purchaser (with a copy to the
Backup Servicer) in writing of any Event of Default or Potential Event of Default of which Seller or Servicer, as the case may be, has actual knowledge or notice, which notice shall specify the nature and circumstances of such Event of Default or
Potential Event of Default; 
  

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 (b) furnish to Purchaser (with a copy to the Backup Servicer) written notice of any event that is
reasonably likely to affect materially and adversely the ability of Seller or Servicer to perform its obligations under this Agreement as soon as practicable and in any event within one (1) Business Day after Seller or Servicer, as the case may
be, has knowledge or notice of such event; 
 (c) promptly furnish to Purchaser such other information regarding (i) the Purchased
Assets, (ii) the Loan Documents, (iii) the Payment Obligations or (iv) the condition or operations, financial or otherwise, of Seller and Servicer, in each case as Purchaser may reasonably request; and 
 (d) furnish promptly to Purchaser and the Note Purchaser Agent all notices received by it which relate to any restructuring or amendment of any Purchased
Asset that constitutes a DIP Loan. 
 Nothing contained in this Section 6.9 will affect the obligation of Seller or Servicer, as
the case may be, to observe any Applicable Law or confidentiality obligation prohibiting disclosure of information or to observe any licensing or similar agreement to which it is subject. 
 Section 6.10 Market Gains and Market Losses. Purchaser shall not acquire or dispose of the Loans for the primary purpose of recognizing
market gains or decreasing market losses. 
 ARTICLE VII 
 LIABILITY AND INDEMNIFICATION 
 Section 7.1 Seller’s Indemnification Obligations.
Seller shall indemnify, defend, and hold harmless Purchaser, Backup Servicer (including in its capacity as successor Servicer), Indenture Trustee and their respective officers, directors, agents, partners, members, employees and Affiliates (each, an
“Indemnified Party”) from and against any liability, claim, cost, loss, judgment, damage or expense (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) that any such Indemnified Party
incurs or suffers as a result of, or arising out of (a) any of the representations or warranties of Seller in this Agreement, any other Basic Document or any other document delivered pursuant to or in connection with this Agreement or any other
Basic Document having been false or incorrect in any material respect when made or deemed to be made, or a breach by Seller of any of its covenants or agreements in this Agreement or any other Basic Document, (b) any setoff rights exercised
against Seller under any Purchased Asset by the related Borrower or any other Obligor or (c) Seller’s obligations and liabilities with respect to, or in connection with, any Purchased Asset, resulting from facts, events, or circumstances
arising or occurring with respect to such Purchased Asset prior to the close of business on the related Purchase Date. In no event shall Seller or any of its Affiliates or any of their respective directors, members, officers, employees, or agents be
liable to any Indemnified Party pursuant to this Section 7.1 for special, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits in connection with or under this Agreement).

  

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 Section 7.2 Servicer’s Indemnification Obligations. Servicer shall indemnify, defend,
and hold the Indemnified Parties harmless from and against any Losses that Indemnified Parties incur or suffer as a result of, or arising out of any of the representations or warranties of Servicer in this Agreement, any other Basic Document or any
other document delivered pursuant to or in connection with this Agreement or any other Basic Document having been false or incorrect in any material respect when made or deemed to be made, or a breach by Servicer of any of its covenants or
agreements in this Agreement or any other Basic Document. In no event shall Servicer or any of its Affiliates or any of their respective directors, members, officers, employees, or agents be liable to any Indemnified Party pursuant to this
Section 7.2 for special, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits in connection with or under this Agreement). 
 Section 7.3 Third Party Claims. If a third party commences any action or makes any demand against any Indemnified Party for which such
Indemnified Party is entitled to indemnification by any Person (such Person, the “Indemnifying Party”) under Section 7.1 or Section 7.2 (a “Third-Party Claim”), such Indemnified Party will
promptly notify the applicable Indemnifying Party in writing of such action or demand; provided, however, that if the Indemnified Party assumes the defense of the action and fails to provide prompt notice to the applicable Indemnifying
Party, such failure shall not limit, in any way, the obligation of the applicable Indemnifying Party to indemnify the Indemnified Party, except to the extent that such failure materially prejudices the ability of the applicable Indemnifying Party to
defend the action. The Indemnifying Party, with respect to any Third-Party Claim, may, at its own expense and without limiting its obligation to indemnify the Indemnified Party (i) participate in the defense of such action with counsel
reasonably satisfactory to the Indemnified Party or (ii) assume the defense of such action with counsel reasonably acceptable to the Indemnified Party. In any event, the applicable Indemnifying Party has assumed the defense of any Third-Party
Claim, such Indemnifying Party shall provide the applicable Indemnifying Parties with copies of all notices, pleadings, and other papers filed or served in such action. If the Indemnifying Party assumes the defense of any such Third-Party Claim, the
Indemnified Party must consent in writing to the entry of any settlement or compromise in respect thereof (which consent shall not be unreasonably withheld or delayed) that attributes liability to the Indemnified Party and if an Indemnified Party
does not consent to the settlement or compromise within a reasonable time under the circumstances (which “reasonable time” shall in no event be less than five (5) Business Days following the date on which the Indemnified Party
receives a written request for such consent, together with a written instrument setting forth all of the material terms of such settlement or compromise), the Indemnifying Party shall not thereafter be obligated to indemnify the Indemnified Party in
respect of such Third-Party Claim for any amount in excess of such proposed settlement or compromise. 
 Section 7.4 Continuing
Obligation. Each indemnity in this Agreement is a continuing obligation, separate and independent from the other obligations of the parties to this Agreement and survives termination of this Agreement and the Termination Date, and it is not
necessary for any Indemnified Party to incur expense or make payment before enforcing a right of indemnity conferred by this Agreement. 
  

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 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.1 Costs and Expenses. 
 (a) Subject to Section 8.1(b), and except as otherwise set forth herein and in the other Basic Documents, the parties to this Agreement agree
to bear their own respective legal and other costs and expenses incurred in connection with the implementation and consummation of the Transactions and their respective obligations under this Agreement and the other documents delivered pursuant to
and in connection with this Agreement from and after the date of this Agreement (including, without limitation, all fees and disbursements of independent accountants, income and franchise taxes imposed on each party to this Agreement and expenses
incurred by Servicer in connection with remittance of Distributions and reports and enforcement of the Purchased Assets). 
 (b)
Notwithstanding Section 8.1(a) but subject to Section 8.1(c), the parties to this Agreement agree that Seller shall be responsible for, and shall pay when due and payable, all transfer, filing and recording fees, taxes, costs
and expenses, and all state or county documentary taxes, if any, with respect to the filing or recording of any document or instrument contemplated by this Agreement, including any such fees, taxes, costs or expenses incurred in connection with the
execution, delivery and recording of the Assignment, of any Purchased Asset pursuant to a sale of such Purchased Asset pursuant to Section 2.1 or a repurchase or substitution of such Purchased Asset pursuant to this Agreement or any
other Basic Document by Seller except as otherwise expressly provided herein. Seller shall also be responsible for, and shall pay when due and payable, all legal fees and other costs and expenses incurred in connection with the preparation,
execution, delivery and recording of the Loan Assignment Document, or otherwise in connection with the Assignment, of any Loan pursuant to a sale of such Purchased Asset pursuant to Section 2.1 or a repurchase or substitution of such
Purchased Asset pursuant to this Agreement or any other Basic Document by Seller except as otherwise expressly provided herein. 
 (c) Seller
shall pay, waive, or cause to be waived, the Assignment Fee payable with respect to any Assignment or other transfer of such Purchased Asset, including, without limitation, in connection with the sale of such Purchased Asset pursuant to
Section 2.1 or a repurchase or substitution of such Purchased Asset by Seller except as otherwise expressly provided herein. 
 Section 8.2 Receipt of Distributions by Party Not Entitled Thereto. 
 (a) If, at any time on or after (A) the
Acquisition Date with respect to any Loan, Seller receives a Distribution or (B) the Repurchase Date, if any, with respect to any Purchased Asset, Purchaser receives a Distribution, then, in either case, the party receiving such Distribution
(such party, the “Distribution Payor”) shall (i) accept and hold the Distribution for the account and sole benefit of the other party (such other party, the “Distribution Payee”), (ii) have no equitable or
beneficial interest in the Distribution, and (iii) deliver the Distribution (free of any withholding, setoff, recoupment, or deduction of any kind except as required by law) 

  

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promptly (but in the case of a cash Distribution, in no event later than the 2nd Business Day after the date on which the Distribution Payor receives it) to the Distribution Payee in the same form received and, when necessary or appropriate, with the Distribution Payor’s endorsement (without
recourse, representation, or warranty), if applicable, except to the extent prohibited under any Applicable Law. 
 (b) If a Distribution
received by a Distribution Payor under the circumstances described in clause (A) or (B) of Section 8.2(a) includes securities, the Distribution Payor shall, to the extent permissible by law, endorse (without
recourse) or use reasonable efforts to assist the Distribution Payee to cause to be registered in the Distribution Payee’s name, or such name as the Distribution Payee may direct (at the Distribution Payee’s sole expense, if Seller is the
Distribution Payee, and otherwise at the Distribution Payor’s sole expense) in writing and deliver such securities to the Distribution Payee or to such Person as the Distribution Payee may direct as soon as practicable. Pending such transfer,
the Distribution Payor shall hold the same on behalf and for the sole benefit of the Distribution Payee, and the Distribution Payor shall have no legal, equitable or beneficial interest in any such Distribution. Subject to Applicable Law, and the
applicable Loan Documents, the Distribution Payee is entitled to receive any Distribution to be remitted by the Distribution Payor under this Agreement without the withholding of any tax. If the Distribution Payor receives a Distribution that it is
required to remit to the Distribution Payee, the Distribution Payor will furnish to the Distribution Payee such forms, certifications, statements and other documents as the Distribution Payor may reasonably request in writing to evidence the
Distribution Payee’s exemption from the withholding of any tax imposed by the United States of America or any other jurisdiction, whether domestic or foreign, or to enable the Distribution Payor to comply with any Applicable Laws, and the
Distribution Payor may refrain from remitting such Distribution until such forms, certifications, statements, and other documents have been so furnished. 
 (c) If a Distribution received by the Distribution Payor and transferred to the Distribution Payee pursuant to this Section 8.2 has been made to the Distribution Payor wrongfully or in error, and is
required to be returned or disgorged by Seller, upon receipt of notice thereof from the Distribution Payor or actual knowledge thereof by the Distribution Payee, the Distribution Payee shall promptly return such Distribution to Seller together with
all related interest and charges payable by the Distribution Payor. 
 Section 8.3 Notices. 
 (a) All communications, notices or other information sent under this Agreement shall be in writing, hand-delivered or sent by overnight courier or
telecopier or electronic mail, addressed to the relevant Person at its address, facsimile number or electronic mail address specified on Schedule 1 or at such other address or facsimile number as such Person may request in writing. All
such communications and notices shall be effective upon receipt. 
 (b) If Seller receives any notices, correspondence or other documents in
respect of any Purchased Asset, or the Related Loan or Loan Documents relating to any Purchased Asset: 
 (i) prior to the
date, if any, on which NewStar Financial is terminated as Servicer under this Agreement that, to the best of Seller’s knowledge, were not sent to the Lenders generally (including to Servicer, on behalf of Purchaser), Seller shall promptly
forward them to Servicer; or 
  

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 (ii) following the date, if any, on which NewStar Financial is terminated as Servicer
under this Agreement, that, to Seller’s actual knowledge were not sent to the Lenders generally (including Purchaser), Seller shall promptly forward them to Purchaser or to its designee (which may include any successor Servicer); and

 (c) Nothing in this Section 8.3 will affect the obligation of Seller or Servicer, as the case may be, to observe any
Applicable Law or confidentiality obligation prohibiting disclosure of information or to observe any licensing or similar agreement to which it is subject. 
 Section 8.4 Exercise of Rights and Remedies. 
 (a) No amendment of any provision of this
Agreement shall be effective unless it is in writing and signed by the parties to this Agreement and no waiver of any provision of this Agreement, nor consent to any departure by any party from it, shall be effective unless it is in writing and
signed by the affected party, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 (b) No failure on the part of any party to this Agreement to exercise, and no delay in exercising, any right or remedy under this Agreement shall operate as a waiver hereof by such party, nor shall any single or
partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of each party to this Agreement provided herein (i) are cumulative and are
in addition to, and are not exclusive of, any rights or remedies provided by law (except as otherwise expressly set forth in this Agreement) and (ii) are not conditional or contingent on any attempt by such party to exercise any of its rights
under any other related document against the other party or any other Person. 
 Section 8.5 Termination. This Agreement creates
and constitutes the continuing obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect until the date following which (i) the Revolving Period has been terminated, (ii) the Note Balance has
been reduced to zero and all remaining amounts due under the Notes have been paid in full, (iii) the obligations of the Issuer under the Reimbursement Agreement (including, without limitation, the payment of all L/C Fees and any reimbursement
obligations in respect of any Letters of Credit) have been paid in full and (iv) with respect to each Letter of Credit, either the L/C Amount has been reduced to zero or a Cash Collateral Deposit has been made; provided. however,
that the rights and remedies with respect to any breach of any representation and warranty made or deemed made by Seller pursuant to Article III (as such remedies are set forth in Article VI and elsewhere in this Agreement) and the
indemnification and payment provisions of Article VII, shall be continuing and shall survive any termination of this Agreement. 
  

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 Section 8.6 Survival; Successors and Assigns; Third-Party Beneficiary. 
 (a) All representations, warranties, covenants, indemnities and other provisions made by the parties to this Agreement shall be considered to have been
relied upon by each of the other parties to this Agreement, shall be true and correct as of the date hereof or such other date provided in Article III or such other date specified therein, and shall survive (i) the execution,
delivery, and performance of this Agreement and the other documents delivered pursuant to and in connection with this Agreement and (ii) the expiration of the Revolving Period or an earlier termination of Purchaser’s obligation to acquire
Loans pursuant to the provisions of this Agreement (with the exception of, in the case of this clause (ii), Purchaser’s obligation to acquire Loans from Seller pursuant to Article II and otherwise as specifically provided in
this Agreement). 
 (b) This Agreement, including the representations, warranties and covenants contained in this Agreement, shall inure to
the benefit of, be binding upon and be enforceable by and against the parties to this Agreement and their respective successors and permitted assigns. This Agreement shall inure to the benefit of, and be enforceable by, each of the Note Purchaser
Agent, the Note Purchaser, the New Note Purchaser and the Issuing Bank in the same manner as if each such Person were a party to this Agreement. 
 (c) Except as otherwise expressly permitted in the Basic Documents, no party to this Agreement may novate or assign its rights, remedies, interests, powers and privileges, or novate or delegate any of its obligations, under this Agreement,
without the prior written consent of (x) the other parties to this Agreement (other than the Backup Servicer), which consent shall not be unreasonably withheld, conditioned or delayed and (y) the Note Purchaser Agent, on behalf of the New
Note Purchaser (which may be given or withheld in its sole discretion). 
 Section 8.7 Further Assurances. Each party to this
Agreement agrees to (i) execute and deliver, or to cause to be executed and delivered, all such other and further agreements, documents and instruments and (ii) take or cause to be taken all such actions as any other party may reasonably
request to effectuate the intent and purposes, and to carry out the terms of this Agreement, including, subject to the limitations contained herein, (A) the procurement of the Required Consents and (B) in the case of Seller, the
authorization of such additional financing statements and continuation statements and other documents that may reasonably be requested by Purchaser, the Note Purchaser Agent or Indenture Trustee or that may be required by law to preserve more fully
the interest of Purchaser or Indenture Trustee in the Purchased Assets, its rights under the related Loan Documents and Payment Obligations, or the security interest granted pursuant to Section 2.8. 
 Section 8.8 Parties’ Other Relationships. Each party to this Agreement and any of its Affiliates may engage in any kind of lawful
business or relationship with any Borrower, any other Obligor or any of their Affiliates without liability to the other party, or any obligation to disclose such business or relationship to the other party. 
  

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 Section 8.9 Entire Agreement; Conflict. 
 (a) This Agreement and the other Basic Documents constitutes the entire agreement of the parties hereto with respect to the respective subject matter
hereof, and supersedes all previous and contemporaneous negotiations, promises, covenants, agreements, understandings, and representations on such subjects, all of which have become merged and finally integrated into this Agreement and the other
Basic Documents. 
 (b) If there is any inconsistency or conflict between this Agreement and any of the other documents delivered pursuant to
or in connection with this Agreement, the provisions of this Agreement shall govern and control. 
 Section 8.10 Counterparts;
Telecopies. This Agreement may be executed by telecopy, or in portable document format (PDF) sent by electronic mail and in each case in multiple counterparts and all of such counterparts taken together shall be deemed to constitute one and the
same instrument. Transmission by telecopier of an executed counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart. Each fully executed counterpart of this Agreement shall be deemed to be a
duplicate original. 
 Section 8.11 Relationship Among Seller, Purchaser and Certain Other Entities. The relationship between
Seller and Purchaser shall be that of seller and buyer. Neither is a trustee or agent for the other, nor does either have fiduciary obligations to the other. This Agreement shall not be construed to create a partnership or joint venture between or
among the parties to this Agreement or any of their respective Affiliates. Seller acknowledges that none of the Purchaser or any of its Affiliates is acting in an advisory or fiduciary capacity to Seller, Servicer or their respective Affiliates in
connection with this Agreement or otherwise in connection with the transaction. 
 Section 8.12 Severability. If any one or more
of the covenants, agreements, provisions or terms of this Agreement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, agreements, provisions or
terms of this Agreement and will in no way affect the validity, legality or enforceability of the other provisions of this Agreement or the rights of the New Note Purchaser, the Note Purchaser and the Note Purchaser Agent. 
 Section 8.13 GOVERNING LAW; JURISDICTION. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY AND ANY APPELLATE COURT
HAVING JURISDICTION TO REVIEW THE JUDGMENTS THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
  

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 Section 8.14 WAIVER OF TRIAL BY JURY (a). EACH OF THE PARTIES TO THIS AGREEMENT HEREBY
WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED
WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED OR DELIVERED PURSUANT HERETO. 
 Section 8.15 Subrogation. To the extent that any
Indemnified Party enforces any claim for indemnification or other right, claim or remedy under this Agreement and receives or has the right to receive payment or another remedy from any other Person in respect of such right, claim or remedy, the
parties to this Agreement agree that to the extent permitted by law and the Loan Documents, without the need for further action on the part of any party, the indemnifying party shall be subrogated to the rights of such Indemnified Party against such
other Person, with respect to such right, claim or remedy. 
 Section 8.16 Updating List of Authorized Officers. The Persons
initially constituting the Authorized Officers of Servicer and Seller are as set forth in Exhibit D and Exhibit E, respectively. Servicer and Seller may from time to time designate the individuals who are authorized to act as
“Authorized Officers” with respect to such Person pursuant to an Officer’s Certificate distributed to Indenture Trustee, Issuer and the Note Purchaser Agent. 
 Section 8.17 Confidentiality. 
 (a) Each of the Secured Parties, Servicer, the Custodian, the Indenture Trustee, the Backup Servicer and Seller shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and all
information with respect to the other parties, including all information regarding the business of Seller and Servicer hereto and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the
transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to its external accountants, investigators, auditors, attorneys, investors, potential investors or other agents
engaged by such party in connection with any due diligence or comparable activities with respect to the transactions and Assets contemplated herein and the agents of such Persons (“Excepted Persons”); provided,
however, that each Excepted Person shall, as a condition to any such disclosure, agree for the benefit of the Secured Parties, Servicer, the Custodian, the Indenture Trustee, the Backup Servicer and Seller that such information shall be used
solely in connection with such Excepted Person’s evaluation of, or relationship with, Seller and its affiliates, (ii) disclose the existence of this Agreement, but not the financial terms thereof, (iii) disclose such information as is
required by Applicable Law and (iv) disclose this Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Basic Documents or any Interest Rate
Hedge for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Basic Documents or any 

  

 43 

 
Interest Rate Hedge. It is understood that the financial terms that may not be disclosed except in compliance with this Section 8.17(a) include,
without limitation, all fees and other pricing terms, and all Events of Default, Servicer Event of Defaults, and priority of payment provisions. 
 (b) Anything herein to the contrary notwithstanding, Seller and Servicer each hereby consents to the disclosure of any nonpublic information with respect to it (i) to the Custodian, the Indenture Trustee, the Backup Servicer or the
Secured Parties by each other, (ii) by the Custodian, the Indenture Trustee, the Backup Servicer or the Secured Parties to any prospective or actual assignee or participant of any of them provided such Person agrees to hold such information
confidential, or (iii) by the Indenture Trustee and the Secured Parties to any commercial paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Purchaser, as applicable, and to any officers, directors,
employees, outside accountants and attorneys of any of the foregoing, provided, each such Person is informed of the confidential nature of such information. In addition, the Secured Parties and the Indenture Trustee, may disclose any such nonpublic
information as required pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that
is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any applicable statute, law, rule or regulation, (b) to any government agency or regulatory body having or claiming authority to
regulate or oversee any respects of the Secured Parties’, the Indenture Trustee’s or the Backup Servicer’s business or that of their affiliates, (c) pursuant to any subpoena, civil investigative demand or similar demand or
request of any court, regulatory authority, arbitrator or arbitration to which the Secured Parties, the Custodian or the Indenture Trustee, the Backup Servicer or an officer, director, employer, shareholder or affiliate of any of the foregoing is a
party, (d) in any preliminary or final offering circular, registration statement or contract or other document approved in advance by Seller or Servicer or (e) to any affiliate, independent or internal auditor, agent, employee or attorney
of the Custodian or Indenture Trustee, the Backup Servicer having a need to know the same, provided, that the Collateral Custodian or Indenture Trustee, the Backup Servicer advises such recipient of the confidential nature of the information being
disclosed; or (iii) any other disclosure authorized by Seller or Servicer. 
 [SIGNATURE PAGE FOLLOWS] 
  

 44 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Sale and Servicing
Agreement by their duly authorized officers as of the date first set forth above. 
  

			
	NEWSTAR FINANCIAL, INC.,
	as Seller and as Servicer
		
	By:	 	 /s/ JOHN J. FRISHKOPF

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer
	
	 NEWSTAR WAREHOUSE FUNDING 2005 LLC,
 as Purchaser

		
	By:	 	NEWSTAR FINANCIAL, INC.,
		 	its designated manager
		
	By:	 	 /s/ JOHN J. FRISHKOPF

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer
	
	LYON FINANCIAL SERVICES, INC.,
	as Backup Servicer
		
	By:	 	 /s/ JOSEPH ANDRIES

	Name:	 	Joseph Andries
	Title:	 	Senior Vice President

 [Signature Page to Amended and Restated Sale and Servicing Agreement] 

 Schedule 2 
 Concentration Account 
  

					
	 Bank Name
	 	 Account
	 	 Account Number

	U.S. Bank National Association	 	Concentration Account	 	786577-700
	Wachovia Bank National Association	 	Concentration Account	 	2000032625215

  

 2

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