Document:

EX-10.12

 Exhibit 10.12 

EXECUTION VERSION 
  

 
  

REVOLVING CREDIT AND SECURITY AGREEMENT 

among 
 UPSTART WAREHOUSE TRUST,

 as Borrower, 
 THE LENDERS
FROM TIME TO TIME PARTIES HERETO, 
 and 

DEUTSCHE BANK AG, NEW YORK BRANCH, 

as Facility Agent 
 Dated as of
May 23, 2018 
  
  

 

 TABLE OF CONTENTS 
  

							
	ARTICLE I   DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS	  	 	1	 
			
	 SECTION 1.01
	 	Definitions	  	 	1	 
	 SECTION 1.02
	 	Rules of Construction	  	 	47	 
	 SECTION 1.03
	 	Computation of Time Periods	  	 	47	 
	 SECTION 1.04
	 	Calculation Procedures	  	 	47	 
		
	ARTICLE II   ADVANCES	  	 	48	 
			
	 SECTION 2.01
	 	Revolving Credit Facility	  	 	48	 
	 SECTION 2.02
	 	Making of the Advances	  	 	49	 
	 SECTION 2.03
	 	Evidence of Indebtedness	  	 	53	 
	 SECTION 2.04
	 	Payment of Principal and Interest	  	 	53	 
	 SECTION 2.05
	 	Prepayment of Advances	  	 	54	 
	 SECTION 2.06
	 	[Reserved]	  	 	55	 
	 SECTION 2.07
	 	Maximum Lawful Rate	  	 	55	 
	 SECTION 2.08
	 	Increased Costs	  	 	55	 
	 SECTION 2.09
	 	Compensation; Breakage Payments	  	 	57	 
	 SECTION 2.10
	 	Illegality; Inability to Determine Rates	  	 	58	 
	 SECTION 2.11
	 	Rescission or Return of Payment	  	 	58	 
	 SECTION 2.12
	 	Post-Default Interest	  	 	59	 
	 SECTION 2.13
	 	Payments Generally	  	 	59	 
	 SECTION 2.14
	 	Permitted Sales	  	 	59	 
	 SECTION 2.15
	 	Ratings; Tranching	  	 	61	 
	 SECTION 2.16
	 	Lender Relations	  	 	61	 
		
	ARTICLE III   CONDITIONS PRECEDENT	  	 	62	 
			
	 SECTION 3.01
	 	Conditions Precedent to Initial Advances	  	 	62	 
	 SECTION 3.02
	 	Conditions Precedent to Each Borrowing	  	 	63	 
		
	ARTICLE IV   REPRESENTATIONS AND WARRANTIES	  	 	64	 
			
	 SECTION 4.01
	 	Representations and Warranties of the Borrower	  	 	64	 
		
	ARTICLE V   COVENANTS	  	 	69	 
			
	 SECTION 5.01
	 	Affirmative Covenants of the Borrower	  	 	69	 
	 SECTION 5.02
	 	Negative Covenants of the Borrower	  	 	75	 
	 SECTION 5.03
	 	Certain Undertakings Relating to Separateness	  	 	77	 
	 SECTION 5.04
	 	Hedging Requirements	  	 	79	 
	 SECTION 5.05
	 	Risk Retention Requirements	  	 	80	 
		
	ARTICLE VI   EVENTS OF DEFAULT	  	 	81	 
			
	 SECTION 6.01
	 	Events of Default	  	 	81	 

  
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	 SECTION 6.02
	 	Remedies upon an Event of Default	  	 	84	 
	 SECTION 6.03
	 	Remedies Cumulative	  	 	87	 
	 SECTION 6.04
	 	Class B Purchase Option	  	 	87	 
		
	ARTICLE VII   PLEDGE OF COLLATERAL; RIGHTS OF THE FACILITY AGENT	  	 	89	 
			
	 SECTION 7.01
	 	Grant of Security	  	 	89	 
	 SECTION 7.02
	 	Release of Security Interest	  	 	90	 
	 SECTION 7.03
	 	Related Documents	  	 	90	 
	 SECTION 7.04
	 	Borrower Remains Liable	  	 	91	 
	 SECTION 7.05
	 	Protection of Collateral	  	 	91	 
		
	ARTICLE VIII   ACCOUNTS, ACCOUNTINGS AND RELEASES	  	 	92	 
			
	 SECTION 8.01
	 	Collection of Money	  	 	92	 
	 SECTION 8.02
	 	[Reserved]	  	 	92	 
	 SECTION 8.03
	 	Collection Account; Reserve Account	  	 	92	 
	 SECTION 8.04
	 	Accountings	  	 	93	 
	 SECTION 8.05
	 	Repurchase of Collateral Loans	  	 	93	 
	 SECTION 8.06
	 	Account Details	  	 	94	 
		
	ARTICLE IX   APPLICATION OF MONIES	  	 	94	 
			
	 SECTION 9.01
	 	Disbursements of Monies from the Collection Account	  	 	94	 
		
	ARTICLE X   ADMINISTRATION AND SERVICING OF COLLATERAL	  	 	96	 
			
	 SECTION 10.01
	 	Designation of the Servicer	  	 	96	 
	 SECTION 10.02
	 	Authorization of the Servicer	  	 	96	 
	 SECTION 10.03
	 	Payment of Certain Expenses by Servicer	  	 	96	 
	 SECTION 10.04
	 	Appointment of Successor Servicer	  	 	96	 
		
	ARTICLE XI   THE FACILITY AGENT	  	 	97	 
			
	 SECTION 11.01
	 	Authorization and Action	  	 	97	 
	 SECTION 11.02
	 	Delegation of Duties	  	 	97	 
	 SECTION 11.03
	 	Agent’s Reliance, Etc	  	 	97	 
	 SECTION 11.04
	 	Indemnification	  	 	99	 
	 SECTION 11.05
	 	Successor Facility Agent	  	 	99	 
	 SECTION 11.06
	 	Facility Agent’s Capacity as a Lender	  	 	100	 
		
	ARTICLE XII   MISCELLANEOUS	  	 	100	 
			
	 SECTION 12.01
	 	No Waiver; Modifications in Writing	  	 	100	 
	 SECTION 12.02
	 	Notices, Etc	  	 	100	 
	 SECTION 12.03
	 	Taxes	  	 	101	 
	 SECTION 12.04
	 	Costs and Expenses; Indemnification	  	 	104	 
	 SECTION 12.05
	 	Execution in Counterparts	  	 	106	 

  
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	 SECTION 12.06
	 	Assignability	  	 	106	 
	 SECTION 12.07
	 	Governing Law	  	 	108	 
	 SECTION 12.08
	 	Severability of Provisions	  	 	108	 
	 SECTION 12.09
	 	Confidentiality; Customer Information	  	 	108	 
	 SECTION 12.10
	 	Merger	  	 	109	 
	 SECTION 12.11
	 	Survival	  	 	109	 
	 SECTION 12.12
	 	Submission to Jurisdiction; Waivers; Etc.	  	 	109	 
	 SECTION 12.13
	 	WAIVER OF JURY TRIAL	  	 	110	 
	 SECTION 12.14
	 	Waiver of Setoff	  	 	110	 
	 SECTION 12.15
	 	PATRIOT Act Notice	  	 	110	 
	 SECTION 12.16
	 	Legal Holidays	  	 	110	 
	 SECTION 12.17
	 	No Fiduciary Duty	  	 	111	 
	 SECTION 12.18
	 	No Insolvency Proceeding	  	 	111	 
	 SECTION 12.19
	 	Concerning the Owner Trustee	  	 	111	 

  
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 SCHEDULES 
  

			
	Schedule 1	  	Lenders
	Schedule 2	  	Form of Monthly Report
	Schedule 3	  	Notice Information
	Schedule 4	  	Reserve Account, Collection Account and Lockbox Details
	Schedule 5	  	List of Closing Documents

 EXHIBITS 
  

			
	Exhibit A	  	Form of Notice of Borrowing (with attached form of Borrowing Base Calculation Certification)
	Exhibit B	  	Form of Notice of Prepayment
	Exhibit C	  	Form of Assignment and Acceptance
	Exhibit D	  	[Reserved]
	Exhibit E	  	Underwriting Guidelines
	Exhibit F	  	Credit and Servicing Policies
	Exhibit G	  	Approved Loan Document
	Exhibit H	  	[Reserved]
	Exhibit I	  	Material Adverse Credit Change Policy
	Exhibit J	  	Permitted Sale Release
	Exhibit K	  	Platform Underwriting Guidelines

  
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 REVOLVING CREDIT AND SECURITY AGREEMENT 

REVOLVING CREDIT AND SECURITY AGREEMENT, dated as of May 23, 2018 among UPSTART WAREHOUSE TRUST, a Delaware statutory trust
(“Borrower” or “Trust”), the LENDERS from time to time party hereto and DEUTSCHE BANK AG, NEW YORK BRANCH, as facility agent for the Secured Parties (as hereinafter defined) (in such capacity, together with its
successors and assigns, the “Facility Agent”). 
 RECITALS 

WHEREAS, the Borrower desires that the Lenders make advances on a revolving basis to the Borrower on the terms and subject to the conditions
set forth in this Agreement; and 
 WHEREAS, each Lender may make such advances to the Borrower on the terms and subject to the conditions
set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS 

SECTION 1.01    Definitions. As used in this Agreement, the following terms shall have the meanings
indicated: 
 “Accelerated Amortization Event” means, as of any date of determination, the occurrence and continuance of
any of the following: 
 (i)    the occurrence of a Level I Cumulative Default Ratio Event; 

(ii)    the Loan Delinquency Ratio for any Collection Period shall be greater than 3.50%; 

(iii)    the Net Interest Margin for any Collection Period shall be less than 0.00%; 

(iv)    the failure by Upstart Network to comply with the Financial Covenants; 

(v)    occurrence of an Event of Default or an “Event of Default” under and as defined under the
Upstart Indemnity Agreement; 
 (vi)    the imposition on the Borrower or Upstart of any fine, excise tax
or penalty resulting from any noncompliance with any Applicable Law which in individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.; or 

 (vii)    following the Closing Date, the occurrence of
either (y) a decree, directive, enactment, finding, guideline, guidance, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, rule of public
policy, statute or writ by a Governmental Authority in connection with any action, suit, proceeding, investigation, claim or allegation that any assignee or purchaser of a loan materially similar to the Collateral Loans made or purported to be made
by any bank is not entitled to enforce the terms of such loan that were in effect immediately prior to assignment or sale by such bank if such terms complied with Applicable Law immediately prior to such assignment or sale, including a determination
that such bank is not the true lender with respect to such loan or that the assignee or purchaser is not entitled to the benefit of federal preemption to the same extent as such bank or (z) the passage or adoption of any Law providing that any
assignee or purchaser that is similar to the Borrower that purchases loans materially similar to the Collateral Loans made or purported to be made by any bank is not entitled to enforce the terms of such loan that were in effect immediately prior to
assignment or sale by such bank if such terms complied with Applicable Law immediately prior to such assignment or sale, including any Law providing that such bank is not the true lender with respect to such loan or that the assignee or purchaser is
not entitled to the benefit of federal preemption to the same extent as such bank; provided, however, that the events described in clauses (y) and (z) above shall not trigger an Accelerated Amortization Event if the Borrower
provides the Facility Agent with evidence satisfactory to the Facility Agent, in its reasonable discretion, that such events (A) do not apply to any of the Collateral Loans, (B) have no effect on the validity, enforceability or
collectability of any material portion of the Collateral Loans and (C) have no material adverse effect on the Borrower’s or the Servicer’s businesses or operations. 

“Account Bank” means (i) Wells Fargo Bank, National Association or (ii) another Qualified Institution reasonably
acceptable to the Facility Agent. 
 “Account Control Agreement” means an agreement in form reasonably acceptable to the
Facility Agent among the Borrower, the Facility Agent and the Account Bank pursuant to which the Facility Agent obtains “control” within the meaning of the UCC over the Collection Account, the Reserve Account or such other account as may
be applicable from time to time 
 “Adjusted Principal Balance” means, on any date, (i) the Aggregate Principal
Balance on such date, plus, (ii) the aggregate Principal Proceeds which are then on deposit in the Collection Account, minus (iii) the Excess Concentration Amount on such date. 

“Adjusted LIBOR Rate” means, for any Interest Accrual Period, an interest rate per annum equal to a fraction,
expressed as a percentage, (i) the numerator of which is equal to the LIBOR Rate for such Interest Accrual Period and (ii) the denominator of which is equal to 100% minus the Applicable Reserve Percentage for such Interest Accrual
Period. 

  
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 “Administration Agreement” means the Administration Agreement dated as of
the date hereof by and between Upstart Network and the Borrower. 
 “Administrator” means Upstart Network, not in its
individual capacity but solely as Administrator of the Borrower and any successor administrator. 
 “Advance” has the
meaning specified in Section 2.01. 
 “Advance Rate Trigger Event” means, the occurrence of any one or more of the
following events: 
 (i)    the Loan Delinquency Ratio for any Collection Period shall be greater than 3.00%; or 

(ii)    the Net Interest Margin for any Collection Period shall be less than 1.00%. 

“Affected Person” means (i) each Lender and any its Affiliates, and (ii) any assignee or participant of any Lender.

 “Affiliate” means, in respect of a referenced Person, another Person Controlling, Controlled by or under common Control
with such referenced Person; provided that a Person shall not be deemed to be an “Affiliate” of an Obligor solely because it is under the common ownership or control of the same financial sponsor or affiliate thereof as such
Obligor (except if any such Person or Obligor provides collateral under, guarantees or otherwise supports the obligations of the other such Person or Obligor). 

“Aggregate Principal Balance” means, when used with respect to all or a portion of the Collateral Loans, the sum of the
Principal Balances of all or of such portion of such Collateral Loans that are Eligible Loans and that are not Defaulted Collateral Loans or Delinquent Collateral Loans. 

“Agreement” means this Revolving Credit and Security Agreement. 

“AIFM Regulation” means Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012. 

“AIFMD” means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative
Investment Fund Managers. 
 “Ancillary Fees” has the meaning set forth in the Servicing Agreement. 

“Applicable Law” means any Law of any Governmental Authority, including all Federal and state banking or securities laws, to
which the Person in question is subject or by which it or any of its assets or properties are bound. 
 “Applicable Reserve
Percentage” means, for any period, the percentage, if any, applicable during such period (or, if more than one such percentage shall be so applicable, the daily average of such percentages for those days in such period during

  
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which any such percentage shall be so applicable) under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum
reserve requirement (including, without limitation, any basic, emergency, supplemental, marginal or other reserve requirements) with respect to liabilities or assets consisting of or including Eurocurrency Liabilities having a term of three months.

 “Approved Loan Document” means the loan documentation forms used by Approved Loan Originators in the ordinary course of
business in substantially the form of Exhibit G hereto. 
 “Approved Loan Originator” means (i) Cross River Bank and
(ii) any other financial institution authorized to engage in the business of making loans that has been approved in writing by the Required Lenders, to originate Collateral Loans under this Agreement. 

“APR” means, with respect to any Loan, the annual percentage rate disclosed on the truth-in-lending statement delivered to the related Obligor with respect to such Loan. 

“Assignment and Acceptance” means an Assignment and Acceptance in substantially the form of Exhibit C hereto, entered into by
a Lender, an assignee, the Facility Agent and, if applicable, the Borrower. 
 “Available Funding Limit” means, as of any
date of determination (a) with respect to any Class A Lender, the Class A Funding Limit for such Class A Lender minus the aggregate outstanding Class A Advances funded by such Class A Lender and (b) with
respect to any Class B Lender (other than the Fronting Lender), the Class B Funding Limit for such Class B Lender minus the aggregate outstanding Class B Advances funded by such Class B Lender. 

“Available Funding Limit Pro Rata Share” means, for any Lender within any Class (other than the Fronting Lender with respect
to the Class B Lenders), the percentage equivalent of (i) the Available Funding Limit for such Lender divided by (ii) the sum of the Available Funding Limits for all Lenders (other than the Fronting Lender with respect to the
Class B Lenders) for such Class. 
 “Available Funds” means, for any Payment Date, the sum of (i) all Collections
received during such Collection Period, (ii) the amount deposited in the Collection Account in respect of cash proceeds of repurchased Collateral Loans, if any, (iii) net investment earnings on amounts on deposit in the Collection Account,
(iv) all amounts received from any Hedge Counterparty with respect to such Payment Date, (v) the Reserve Account Withdrawal Amount and (vi) all amounts in the Collection Account received pursuant to Section 9.01(l). 

“Backup Servicer” means Portfolio Financial Servicing Company, or its permitted successor and assigns. 

  
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 “Backup Servicer Event of Default” has the meaning set forth in the Backup
Servicing Agreement. 
 “Backup Servicing Agreement” means the Backup Servicing Agreement dated as of the Closing Date
between the Servicer and Portfolio Financial Servicing Company, pursuant to which Portfolio Financial Servicing Company is appointed Backup Servicer, as the same may be amended, restated or otherwise modified from time to time. 

“Bankruptcy Code” means the United States Bankruptcy Code, as amended. 

“Base Rate” means, on any date, a fluctuating interest rate per annum equal to the highest of (i) the Prime Rate,
(ii) the Federal Funds Rate plus 0.50% and (iii) the Adjusted LIBOR Rate plus 1.00%. The Base Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of the
Facility Agent or any Lender. Interest calculated pursuant to clause (i) above will be determined based on a year of 365 days or 366 days, as applicable, and actual days elapsed. Interest calculated pursuant to clause (ii) above
will be determined based on a year of 360 days and actual days elapsed. 
 “Beneficial Owner” means each owner of
record of a beneficial interest in the Borrower, as reflected on the “Register” (as defined in the Borrower Trust Agreement) from time to time, each such owner being a beneficial owner within the meaning of the Statutory Trust Act. 

“Borrower” has the meaning specified in the introduction to this Agreement. 

“Borrower Trust Agreement” means, that certain Amended and Restated Trust Agreement of the Borrower, dated as of the Closing
Date. 
 “Borrowing” has the meaning specified in Section 2.01. 

“Borrowing Base Calculation Certification” means a statement in substantially the form attached to the form of Notice of
Borrowing attached hereto as Exhibit A certifying that, after giving effect to the proposed Borrowing, no Class A Borrowing Base Deficiency or Class B Borrowing Base Deficiency would exist, as such form of Borrowing Base Calculation
Certification may be modified by the Facility Agent from time to time to the extent modifications to such form would, in the good faith opinion of the Facility Agent, improve the accuracy of the calculation of the Class A Borrowing Base,
Class B Borrowing Base or any related Borrowing Base Deficiency and any other calculations necessary to satisfy the conditions precedent to Borrowing required hereunder. 

“Borrowing Base Deficiency” means a Class A Borrowing Base Deficiency or a Class B Borrowing Base Deficiency. 

“Borrowing Date” means the Business Day on which a Borrowing occurs. 

  
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 “Business Day” means any day other than a Saturday or Sunday,
provided that (i) days on which banks are authorized or required to close in New York, New Jersey, Delaware or California and (ii) if the applicable Business Day relates to the advance or continuation of, or conversion into, or
payment of an Advance bearing interest at the LIBOR Rate or the determination of the LIBOR Rate, days on which banks dealing in U.S. Dollar deposits in the interbank market in London, England are closed, shall not constitute Business Days. 

“Capital Lease Obligations” means, for any Person, all obligations of such Person to pay rent or other amounts under a lease
of (or other agreement conveying the right to use) property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this Agreement, the
amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 “Cash” means
Dollars immediately available on the day in question. 
 “Cause” means the indictment for or conviction of any crime of
dishonesty or moral turpitude or any act or omission that would constitute gross negligence, bad faith or willful misconduct. 

“Change of Control” means, at any time, the occurrence of any of the following events: 

(a)    the failure by the “Permitted Holders” (as defined herein) to own, beneficially and of
record, directly or indirectly, Equity Interests in Upstart Network representing at least 40% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in Upstart Network; or 

(b)    the acquisition by any Person or group (within the meaning of the Exchange Act and the rules of the
SEC thereunder), other than the “Permitted Holders” (as defined herein), of (i) ownership, directly or indirectly, beneficially or of record, of Equity Interests in Upstart Network representing more than 35% of the aggregate ordinary
voting power represented by the issued and outstanding Equity Interests in Upstart Network, or (ii) the right, by contract or otherwise, to control the direction of the management and activities of Upstart Network or any Subsidiaries of Upstart
Network; or 
 (c)    persons who were (i) members of the board of directors of Upstart Network on
the date hereof, (ii) elected, nominated or appointed by the board of directors of Upstart Network or (iii) elected, nominated or appointed by the stockholders entitled to elect the directors of Upstart Network on the date hereof, in each
case other than any person whose initial nomination or appointment occurred as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors on the board of directors of Upstart Network
(other than any such solicitation made by the board of directors of Upstart Network), together with any other persons on the board of directors of Upstart Network who have been approved in writing by the Required Lenders, ceasing to occupy a
majority of the seats (excluding vacant seats) on the board of directors of Upstart Network; or 

  
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 (d)    Upstart Network shall cease to own directly or
indirectly 100% of the issued and outstanding Equity Interests of the Borrower or such Equity Interests shall become pledged or encumbered. 

As used herein “Permitted Holders” means (i) Third Point Ventures, (ii) D&T Girouard Revocable Trust,
(iii) Khosla Ventures, (iv) First Round Capital, (v) Rakuten Europe S.a.r.l. and (vi) Millennium Trust Company LLC Cust FBO Stone Ridge Trust V. 

“Class” means (a) with respect to Lenders, each of the following classes of Lenders: (i) Class A Lenders and
(ii) Class B Lenders, and (b) with respect to Advances, each of the following classes of Advances: (i) Class A Advances and (ii) Class B Advances. 

“Class A Advance” means an Advance funded by a Class A Lender hereunder. 

“Class A Advance Rate” means (i) so long as no Advance Rate Trigger Event has occurred and is
continuing, 70.0% and (ii) upon the occurrence and during the continuation of an Advance Rate Trigger Event, 65.0%. 

“Class A Aggregate Advance Amount” means, at any time, the aggregate outstanding principal balance of all
Class A Advances at such time. 
 “Class A Applicable Margin” has the meaning set forth in the
Lender Fee Letter. 
 “Class A Borrowing Base” means, on any date, an amount equal to (i) the
product of (x) the Class A Advance Rate and (y) the Adjusted Principal Balance on such date, minus (ii) the Long-Term Loan Exposure Amount. 

“Class A Borrowing Base Deficiency” means, as of any date, the excess, if any, of (i) the
Class A Aggregate Advance Amount on such date over (ii) the Class A Borrowing Base on such date. 

“Class A Effective Advance Rate” means, on any Borrowing Date, the ratio (expressed as a percentage) equal
to (i) an amount equal to (a) the Class A Advance Rate multiplied by the Adjusted Principal Balance minus (b) the Long-Term Loan Exposure Amount divided by (ii) the Adjusted Principal Balance. 

“ Class A Funding Limit” means, (a) with respect to any Class A Lender party hereto on the date
hereof, the amount set forth opposite such Class A Lender’s name on Schedule 1 hereto, as such amount is reduced by any Assignment and Acceptance entered into by such Class A Lender with an assignee or increased by any Assignment
and Acceptance entered into by such Class A Lender with an assignor, or (b) with respect to a Class A Lender that has become a party hereto pursuant to an Assignment and 

  
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Acceptance, the amount set forth therein as such Class A Lender’s Class A Funding Limit, as such amount is reduced by an Assignment and Acceptance entered into between such
Class A Lender and an assignee or increased by any Assignment and Acceptance entered into by such Class A Lender with an assignor. 

“Class A Interest” means, for each day during an Interest Accrual Period and each outstanding Class A
Advance on such day, the sum of the products (for each day during such Interest Accrual Period) of: 
 IR x P x 1/D 

where: 
  

					
	 IR
	 	=	  	the Class A Interest Rate for such Class A Advance for such Interest Accrual Period;
			
	 P
	 	=	  	the principal amount of such Class A Advance on such day; and
			
	 D
	 	=	  	360 or, to the extent the Class A Interest Rate is based on the Prime Rate, 365 or 366 days, as applicable.

 “Class A Interest Rate” means, for any Interest Accrual Period and for
each Class A Advance outstanding by a Class A Lender for each day during such Interest Accrual Period: 

(a)    during the Revolving Period, so long as no LIBOR Disruption Event has occurred and is continuing, a
rate equal to the Adjusted LIBOR Rate plus the Class A Applicable Margin, and, in the event that a LIBOR Disruption Event has occurred and is continuing, a rate equal to the Base Rate plus the Class A Applicable Margin; and

 (b)    upon the occurrence of the Termination Date, so long as no LIBOR Disruption Event has occurred
and is continuing, a rate equal to the Adjusted LIBOR Rate plus the Class A Applicable Margin plus the Step-Up Rate, and, in the event that a LIBOR Disruption Event has occurred and is
continuing, a rate equal to the Base Rate plus the Class A Applicable Margin plus the Step-Up Rate; 

“Class A Lenders” means the Persons designated as such on Schedule 1 and any other Person that shall
have become a party hereto as a Class A Lender in accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto as a Class A Lender pursuant to an Assignment and
Acceptance. 
 “Class A Monthly Principal Payment Amount” means on any Payment Date (i) during the
Revolving Period, the amount, if any, necessary to reduce the Class A Aggregate Advance Amount such that no Class A Borrowing Base Deficiency exists after giving effect to such payment or (ii) on or after the Termination Date, the
Class A Aggregate Advance Amount. 

  
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 “Class A Obligations” means all present and future
indebtedness and other liabilities and obligations (howsoever created or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Class A Lenders arising under this Agreement or any other
Facility Document or the transactions contemplated hereby or thereby, including the repayment of the Class A Aggregate Advance Amount, the payment of Class A Interest and all amounts due to the Class A Lenders under Sections 2.08,
2.09 and 12.04 hereunder, and all other amounts due or to become due from the Borrower to the Class A Lenders under this Agreement and the other Facility Documents (whether in respect of fees, expenses, indemnifications, breakage costs,
increased costs or otherwise), interest, fees and other obligations that accrue after the commencement of any bankruptcy, insolvency or similar proceeding with respect to any Transaction Party (in each case whether or not allowed as a claim in such
proceeding). 
 “Class B Actual Ratio” means, on any Borrowing Date after giving effect to the
Borrowings on such date, the ratio (expressed as a percentage) equal to (a) the Class B Aggregate Advance Amount divided by (b) the sum of the Class A Aggregate Advance Amount and the Class B Aggregate Advance Amount.

 “Class B Advance Rate” means (i) so long as no Advance Rate Trigger Event has occurred and is
continuing, 85.0% and (ii) upon the occurrence and during the continuation of an Advance Rate Trigger Event, 80.0%. 

“Class B Advances” means an Advance funded by a Class B Lender hereunder. 

“Class B Aggregate Advance Amount” means, at any time, the aggregate outstanding principal balance of the
Class B Advances at such time. 
 “Class B Applicable Margin” has the meaning set forth in the
Lender Fee Letter. 
 “Class B Borrowing Base” means, on any date, an amount equal to (i) the
product of (x) the Class B Advance Rate and (y) the Adjusted Principal Balance on such date, minus (ii) the Long-Term Loan Exposure Amount, minus (iii) the Class A Aggregate Advance Amount at such time.

 “Class B Borrowing Base Deficiency” means, as of date, the excess, if any, of (i) the
Class B Aggregate Advance Amount on such date over (ii) the Class B Borrowing Base on such date. 

“Class B Effective Advance Rate” means, on any Borrowing Date, the ratio (expressed as a percentage) equal
to (i) an amount equal to (a) the Class B Advance Rate multiplied by the Adjusted Principal Balance minus (b) the Long-Term Loan Exposure Amount divided by (ii) the Adjusted Principal Balance. 

  
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 “Class B Effective Advance Rate Ratio” means, on any
Borrowing Date, the ratio (expressed as a percentage) equal to (a) the excess of (i) the Class B Effective Advance Rate on such date over (ii) the Class A Effective Advance Rate on such date divided by (b) the
Class B Effective Advance Rate on such date. 
 “Class B Fee Letter” means that certain
Class B Fee Letter, dated as of May 23, 2018, by and among the Class B Lenders (other than the Fronting Lender) and the Borrower, as the same may be amended or amended and restated from time to time. 

“Class B Funding Limit” means, (a) with respect to any Class B Lender party hereto on the date
hereof (other than the Fronting Lender), the amount set forth opposite such Class B Lender’s name on Schedule 1 hereto, as such amount is reduced by any Assignment and Acceptance entered into by such Class B Lender with an
assignee or increased by any Assignment and Acceptance entered into by such Class B Lender with an assignor, or (b) with respect to a Class B Lender that has become a party hereto pursuant to an Assignment and Acceptance, the amount
set forth therein as such Class B Lender’s Class B Funding Limit, as such amount is reduced by an Assignment and Acceptance entered into between such Class B Lender and an assignee or increased by any Assignment and Acceptance
entered into by such Class B Lender with an assignor. 
 “Class B Interest” means, for each day
during an Interest Accrual Period and each outstanding Class B Advance on such day, the sum of the products (for each day during such Interest Accrual Period) of: 

IR x P x 1/D 
 where: 

 

					
	 IR
	 	=	  	the Class B Interest Rate for such Class B Advance during such Interest Accrual Period;
			
	 P
	 	=	  	the principal amount of such Class B Advance on such day; and
			
	 D
	 	=	  	360.

 “Class B Interest Rate” means, for any Interest Accrual Period and for
each Class B Advance outstanding by a Class B Lender for each day during such Interest Accrual Period: 

(a)    during the Revolving Period, so long as no LIBOR Disruption Event has occurred and is continuing, a rate equal to
the Adjusted LIBOR Rate plus the Class B Applicable Margin, and, in the event that a LIBOR Disruption Event has occurred and is continuing, a rate equal to the Base Rate plus the Class B Applicable Margin; and 

(b)    upon the occurrence of the Termination Date, so long as no LIBOR Disruption Event has occurred and
is continuing, a rate equal to the Adjusted LIBOR Rate plus the Class B Applicable Margin plus the Step-Up Rate, and, in the event that a LIBOR Disruption Event has occurred and is
continuing, a rate equal to the Base Rate plus the Class B Applicable Margin plus the Step-Up Rate; 

  
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 “Class B Lenders” means the Persons designated as such
on Schedule 1 and any other Person that shall have become a party hereto as a Class B Lender in accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto as a
Class B Lender pursuant to an Assignment and Acceptance. 
 “Class B Monthly Principal Payment
Amount” means on any Payment Date (i) during the Revolving Period, the amount, if any, necessary to reduce the Class B Aggregate Advance Amount such that no Class B Borrowing Base Deficiency exists after giving effect to such
payment or (ii) on or after the Termination Date, the Class B Aggregate Advance Amount. 
 “Class B
Obligations” means all present and future indebtedness and other liabilities and obligations (howsoever created or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Class B
Lenders arising under this Agreement or any other Facility Document or the transactions contemplated hereby or thereby, including the repayment of the Class B Aggregate Advance Amount, the payment of Class B Interest and all amounts due to
the Class B Lenders under Sections 2.08, 2.09 and 12.04 hereunder, and all other amounts due or to become due from the Borrower to the Class B Lenders under this Agreement and the other Facility Documents (whether in respect of fees,
expenses, indemnifications, breakage costs, increased costs or otherwise), interest, fees and other obligations that accrue after the commencement of any bankruptcy, insolvency or similar proceeding with respect to any Transaction Party (in each
case whether or not allowed as a claim in such proceeding). 
 “Class B Unused Fee” has the meaning
specified in the Class B Fee Letter. 
 “Class B Unused Fee Rate” has the meaning specified in the
Class B Fee Letter. 
 “Class Percentage” means, for any Class on any date of determination,
the percentage equivalent of (i) the aggregate outstanding balance of all Class A Advances or Class B Advances on such date, as applicable, divided by (ii) the aggregate outstanding balance of all Advances on such date. 

“Closing Date” means May 23, 2018. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor law thereto. 

“Collateral” has the meaning specified in Section 7.01(a). 

  
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 “Collateral Loan” means, on any date, each Loan owned by the Borrower on
such date, whether or not such Loan is an Eligible Loan, and excluding any Loan released from the Collateral of this Agreement pursuant to the terms hereof. 

“Collateral Servicing Standard” has the meaning given to the term “Servicing Standard” in the Servicing Agreement.

 “Collateral Verification Agreement” means that certain Collateral Verification Agreement dated as of May 23, 2018 by and
among the Facility Agent, the Borrower, the Servicer and the Verification Agent. 
 “Collection Account” means the account
established at the Account Bank, in the name of the Borrower, which account has been designated as the Collection Account. 

“Collection Agent” has the meaning given to such term in the Servicing Agreement. 

“Collection Fees” means any fees, expenses or charges payable to a Collection Agent in connection with its servicing or
collection efforts with respect to any Defaulted Collateral Loans or Delinquent Collateral Loans as contemplated in and subject to the terms of the Servicing Agreement. 

“Collection Period” means (i) with respect to the first Payment Date occurring after the Closing Date, the period
beginning on the Closing Date and ending on the last day of the first full calendar month ending after the Closing Date, and (ii) with respect to any other Payment Date or other date, the most recently ended calendar month. 

“Collections” means all cash collections, distributions, payments and other amounts received, and to be received by the
Borrower, from any Person in respect of any Collateral Loans, including all principal, interest, fees, and repurchase proceeds payable to the Borrower under or in connection with any such Collateral Loans and all Proceeds from any sale or
disposition of any such Collateral Loans. 
 “Comparable Facility” means any credit agreement, loan agreement, indenture,
note purchase agreement, repurchase agreement or similar agreement of Upstart Network or any of its Affiliates in connection with any financing or sale arrangement of Loans.     

“Constituent Documents” means in respect of any Person, the certificate or articles of formation or organization, trust
agreement, limited liability company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other
organizational documents and by-laws and any certificate of incorporation, certificate of formation, certificate of limited partnership and other agreement, certificate of trust, similar instrument filed or
made in connection with its formation or organization, in each case, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 -12- 

 “Control” means the direct or indirect possession of the power to direct or
cause the direction of the management or policies of a Person, whether through ownership, by contract, arrangement or understanding, or otherwise. “Controlled” and “Controlling” have the meaning correlative thereto.

 “Credit and Servicing Policies” means the Credit and Servicing Policies of the Servicer substantially in the form of
Exhibit F attached hereto as in effect on the Closing Date, as such policies may be amended or modified by Upstart Network from time to time in accordance with the Servicing Agreement. 

“Credit Score” means, with respect to the Obligor of a Loan, the statistical credit score of the Obligor of a Loan based on
methodology developed by (a) Fair Isaac Corporation or (b) VantageScore, and used by the applicable originator or its agents to determine credit risk when underwriting such Loan. For purposes of clarification, (i) the
“Credit Score” of any Obligor shall mean the most recent Credit Score used to make a credit decision with respect to such Obligor, by the Borrower, Cross River Bank or other Approved Loan Originator or the Original Seller, as the case may
be and (ii) solely for purposes of determining the Weighted Average Credit Score, if a five point range is provided with respect to any Obligor in lieu of an exact number, the “Credit Score” with respect to such Obligor shall be the
median of such five point range. 
 “Cross River Bank” means Cross River Bank, a New Jersey state-chartered bank. 

“Cross River Bank Loan Sale Agreement” means that certain Second Amended and Restated Loan Sale Agreement, dated as of
November 1, 2015, as amended by Amendment No. 1 to the Second Amended and Restated Loan Sale Agreement, dated as of January 1, 2016, as further amended by Amendment No. 2 to the Second Amended and Restated Loan Sale Agreement,
dated as of June 1, 2016, each between Cross River Bank and Original Seller, as the same may be further amended or restated from time to time. 

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and of the Council as published in the Official Journal of
the European Union on 27 June 2013, as amended from time to time and as implemented by the Member States of the European Union, together with the Corrigendum to Regulation (EU) No 575/2013. 

“Cumulative Default Ratio” means, on any date of determination, the ratio (expressed as a percentage) equal to (a) the
aggregate Principal Balance of all Collateral Loans in the Cumulative Financed Portfolio that are Defaulted Collateral Loans or would have become Defaulted Collateral Loans if such Collateral Loans were not sold or otherwise disposed of by the
Borrower divided by (b) the original aggregate Principal Balance of all Collateral Loans in the Cumulative Financed Portfolio. 

“Cumulative Financed Portfolio” means, on any date of determination, all Loans which have constituted Collateral on any date
(including, for the avoidance of doubt, any Loans that no longer constitute Collateral but excluding any Loans which were sold pursuant to a Permitted Sale to a Securitization Vehicle).  

  
 -13- 

 “Cumulative Managed Portfolio Default Ratio” means, on any date of
determination, the ratio (expressed as a percentage) equal to (a) the aggregate Principal Balance of all Loans in the Managed Portfolio that are Defaulted Managed Portfolio Loans or would have become Defaulted Managed Portfolio Loans if such
Loans were not sold or otherwise disposed of by the Servicer divided by (b) the original aggregate Principal Balance of all Loans in the Managed Portfolio. 

“Data Agent” means DV01 in its capacity as data agent under the Data Agent Agreement. 

“Data Agent Agreement” means that certain Master Subscription Agreement dated as of the date hereof among, the Data Agent,
the Borrower and the Servicer. 
 “DBRS” means DBRS, Inc. or any successor that is a nationally recognized statistical
rating organization. 
 “Defaulted Collateral Loan” means, at any time, a Collateral Loan as to which any of the following
occurs: 
 (a)    a default as to all or any portion of one or more scheduled monthly payments of
principal and/or interest has occurred (other than those payments of principal and/or interest which have been cured pursuant a Permitted Loan Modification) with respect to such loan for a period of one hundred twenty (120) days or more past
the originally scheduled Due Date for such payment; 
 (b)    an Insolvency Event relating to the related
Obligor of such loan has occurred and is continuing or such Obligor is deceased; 
 (c)    the Borrower
or Servicer has determined in good faith in accordance with applicable Collateral Servicing Standards that such loan shall be placed on “non-accrual” status or “not collectible”, or
has reserved against it; or 
 (d)    is charged-off by the
Servicer. 
 “Defaulted Managed Portfolio Loan” means, at any time, a Loan as to which any of the following occurs: 

(a)    a default as to all or any portion of one or more scheduled monthly payments of principal and/or
interest has occurred (other than those payments of principal and/or interest which have been cured pursuant a Permitted Loan Modification) with respect to such loan for a period of one hundred twenty (120) days or more past the originally
scheduled due date for such payment; 
 (b)    an Insolvency Event relating to the related Obligor of
such loan has occurred and is continuing or such Obligor is deceased; 

  
 -14- 

 (c)    the Servicer has determined in good faith
in accordance with applicable Credit and Servicing Policies that such loan shall be placed on “non-accrual” status or “not collectible”, or has reserved against it; or 

(d)    is charged-off by the Servicer. 

“Defaulted Fronted Advances” has the meaning specified in Section 2.02(c)(v). 

“Delinquent Collateral Loan” means any Collateral Loan other than a Defaulted Collateral Loan as to which all or any portion
of one or more scheduled monthly payments are past due with respect to such Collateral Loan (other than those payments or portions of payments which are no longer past due as a result of a Permitted Loan Modification) for a period of more than
thirty (30) days past the applicable Due Date. 
 “Determination Date” means the last day of each Collection Period.

 “Dollars” and “$” mean lawful money of the United States of America. 

“DTI Ratio” means with respect to any Loan, as of the related origination date, the ratio (expressed as a percentage) of
(x) the aggregate scheduled monthly payments of all outstanding non-housing debt obligations of the related Obligor(s) as of the related origination date, as reported by the applicable credit bureau to
(y) the combined monthly gross income from all sources of the related Obligor(s) as of the related origination date. 
 “Due
Date” means each date on which any payment is due on a Collateral Loan in accordance with its terms. 
 “ECCA”
means that certain Electronic Collateral Control Agreement, dated as of May 23, 2018, by and among the Facility Administrative Agent, the Borrower, the Servicer, and the E-Vault Provider, as
acknowledged and accepted by the Verification Agent. 
 “Eligible Hedge Counterparty” means any entity that (a) on the
date of entering into any Hedge Transaction (i) is Deutsche Bank Securities Inc. or Deutsche Bank AG, London Branch or (ii) (A) is an interest rate swap dealer, (B) has a short-term debt rating of
“A-1” or higher from S&P and “P-1” from Moody’s and a long-term debt rating of “A” or higher from S&P and “A2” or
higher from Moody’s or whose obligations are unconditionally guaranteed in a manner reasonably acceptable to the Facility Agent and the Lenders by an Affiliate which has the foregoing debt ratings, (C) that agrees that in the event that
S&P or Moody’s reduces its short-term debt rating or its long-term debt rating below the levels specified in the preceding clause (B), or withdraws any such rating, within thirty (30) days of the related downgrade or withdrawal it
shall (1) transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of this definition and has entered into a Hedging Agreement with the Borrower on or prior to the date of transfer or
(2) post collateral in an amount satisfactory to the Lenders and (b) in a Hedging Agreement consents to the assignment of the 

  
 -15- 

 
Borrower’s rights under the Hedging Agreement to the Facility Agent pursuant to Section 5.04. 

“Eligible Loan” means a Loan that meets each of the following criteria at all times (unless otherwise indicated below): 

(a)    was (i) originated by Cross River Bank (or other Approved Loan Originator) in the ordinary
course of its business using Approved Loan Documents, in accordance with the Program Documents and in accordance with, and serviced in compliance with, all requirements of Applicable Laws, including all applicable nondiscrimination, usury, consumer
credit laws, disclosure laws, credit reporting laws and equal credit opportunity laws, as applicable to such Loan, and (ii) purchased by the Original Seller from (x) Cross River Bank pursuant to the Cross River Bank Loan Sale Agreement, or
(y) from an Approved Loan Originator pursuant to a loan sale agreement between the Original Seller and such Approved Loan Originator, in each case, free and clear of any Lien or other adverse claim (other than Liens created in favor of the
Facility Agent hereunder or under other Facility Documents for the benefit of the Secured Parties); 

(b)    was sold by the Original Seller to the Borrower pursuant to the Loan Sale Agreement, free and clear
of any Lien or other adverse claim (other than Liens created in favor of the Facility Agent hereunder or under other Facility Documents for the benefit of the Secured Parties); 

(c)    is an obligation of an Obligor that is an individual consumer that is a citizen or permanent
resident of the United States or residing in the United States on a valid long-term visa and is not a Governmental Entity, a business, a corporation, institution or other legal entity; 

(d)    is an obligation of an Obligor that voluntarily entered into such Loan and that is not the subject
of fraud or identity theft; 
 (e)    at all times since the date of such loan’s origination or
creation has been fully disbursed (and no future advances or payments to the Obligor may be required to be made by the Borrower) and is fully amortizing providing for payment in cash of the full principal balance over such Loan’s stated term to
maturity based on a scheduled monthly payment; 
 (f)    was originated on or after January 1, 2016
and has an original term to maturity of no longer than 84 months; 
 (g)    bears a fixed rate of
interest that is constant over the term of such Loan and has had such a fixed rate of interest since the date such loan was originated or created; 

(h)    the original Principal Balance of such Loan does not exceed $50,000; 

  
 -16- 

 (i)    which has not been amended or modified, except
pursuant to a Permitted Loan Modification; 
 (j)    is an unsecured consumer installment loan
denominated and payable in Dollars; 
 (k)    provides for payment of principal and interest at least
monthly; 
 (l)    does not prohibit the purchase thereof or assignment thereof (i) by Cross River
Bank or other Approved Loan Originator to the Original Seller and (ii) by the Original Seller to the Borrower and the pledge to the Facility Agent, in each case, without the consent of, or notice to, the related Obligor; 

(m)    (i) is not evidenced by a physical promissory note and (ii) the Loan Documents for which are
maintained on an electronic portal of the Servicer to which the Verification Agent or the Backup Servicer has ongoing access; 

(n)    (i) at the time of origination or creation of such Loan a Credit score was obtained with respect to
the related Obligor and such Credit Score was not less than 620 and (ii) if such Loan has an original term to maturity greater than 60 months, at the time of origination or creation of such Loan a Credit score was obtained with respect to the
related Obligor and such Credit Score was not less than 660; 
 (o)    if such Loan has an original term
to maturity greater than 60 months, such Loan has an Upstart Grade higher than “E” as of its origination date; 

(p)    (i) each of the Loan Documents evidencing such Loan shall have been delivered to the E-Vault Provider in accordance with Section 5.01(n) hereof, (ii) the related Verification Agent Confirm (delivered pursuant to the Collateral Verification Agreement) shall have been delivered to the
Facility Agent and each Lender no later than the two (2) Business Days prior to the Borrowing Date related to such Loan and shall not have any Exceptions for such Loan noted by the Verification Agent, unless otherwise agreed to by Facility
Agent in its sole discretion; 
 (q)    is not a Defaulted Collateral Loan or a Delinquent Collateral
Loan; 
 (r)    which constitutes either an “account” or a “general intangible” and
not “electronic chattel paper” according to the relevant UCC then in effect; 
 (s)    that
represents the genuine, legal, valid and binding payment obligation of the related Obligor, enforceable by or on behalf of the holder thereof against such Obligor in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance and similar laws relating to creditors’ rights generally and subject to general principles of equity; and that has not been satisfied, subordinated or rescinded and no right of rescission, setoff,
counterclaim or defense has been asserted or to the Borrower’s knowledge, overtly threatened in writing with respect to such Loan; 

  
 -17- 

 (t)    with respect to which the Borrower has a valid
and binding ownership interest or first priority perfected security interest in its entirety (and not a fractional interest in such Loan); 

(u)    the Obligor of which (i) is not an Affiliate of the Borrower, the Servicer, the Original
Seller, Cross River Bank or other Approved Loan Originator and (ii) is not currently the subject of an Insolvency Event; 

(v)    which was selected to be purchased by Original Seller pursuant to selection procedures that did not
identify such loan as being less desirable or valuable than other comparable loans being originated by Cross River Bank; 

(w)    such Loan shall have been sourced on the Upstart Network platform and originated by Cross River Bank
in accordance with the Underwriting Guidelines and the Material Adverse Credit Change Policy and has been serviced by the Servicer in accordance with the Credit and Servicing Policies; 

(x)    at the time such Loan was originated, (i) if originated by Cross River Bank, the Cross River
Bank Loan Sale Agreement had not been amended or otherwise modified in any way that would reasonably be expected to materially and adversely affect the Secured Parties’ interests in, or the value or collectability of, such loan, other than as
consented to in writing by the Facility Agent, and (ii) if originated by another Approved Loan Originator, the loan sale agreement between the Original Seller and such Approved Loan Originator shall not have been amended or modified in any way
that would reasonably be expected to materially and adversely affect the Secured Parties’ interests in, or the value or collectability of, such loan, other than as consented to in writing by the Facility Agent; 

(y)     on any date, each representation and warranty contained in Section 4.01(p) of this Agreement
with respect to such Loan shall be true and correct in all material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case such representation and warranty shall be true and correct in
all respects and except to the extent such representation and warranty expressly relates to an earlier date); 

(z)    does not contain any provisions (i) pursuant to which monthly payments are paid by any source
other than the Obligor, or (ii) that may constitute a “buydown” provision; 
 (aa)    is
not a graduated payment consumer loan, and does not have a shared appreciation or other contingent interest feature; 

  
 -18- 

 (bb)    is readily identifiable by its respective loan
identification number and no other loan owned by, or in possession or control of the Original Seller at any time has the same loan identification number as such; 

(cc)     the Obligor of such Loan, on the one hand, and the Original Seller or Cross River Bank, on the
other hand, are not engaged in any litigation or arbitration whatsoever with respect to a Loan, and neither has threatened the other in writing with any such litigation or arbitration; 

(dd)     such Loan has an APR that does not exceed 30.0 %; 

(ee)     such Loan shall not be subject to any change in law, rule or regulation (or the application
thereof by any Governmental Authority) or any judgment by a court or any adverse development in a legal proceeding that, in the determination of the Facility Agent, materially and adversely affects the enforceability, validity or collectability of
such Loan or any Collections thereon; 
 (ff)     if the Obligor of such Loan did not have three
(3) years of documented credit history at origination, the Principal Balance of such Loan at origination was less than or equal to $25,000; 

(gg)    if the Obligor of such Loan is a resident in the State of New York, Vermont, Connecticut or
Colorado, such Loan’s interest rate does not exceed the maximum rate of interest permitted to be charged under the civil or criminal usury laws of such State for consumer loans; notwithstanding the fact that (i) such Loan may not have been
subject to the Applicable Law of such State on the applicable origination date or (ii) the Applicable Law did not, or does not, apply to the Seller, the Servicer or the Borrower; 

(hh)    the Obligor of such Loan is not a resident in the State of West Virginia or Iowa on the applicable
origination date; 
 (ii)     that is serviced by the Servicer under the Servicing Agreement; 

(jj)     such Loan was not originated in a jurisdiction in which the Original Seller, Cross River Bank or
the Servicer is the subject of a material investigation, threatened action, suit or proceeding by any Governmental Authority involving loan originations in such jurisdiction; 

(kk)    such Loan shall not be evidenced by a judgment or have been reduced to judgment; 

(ll)     the Obligor for such Loan is not a resident of any State in which (i) the Borrower has made
the decision to stop purchasing Loans or the Original Seller or Cross River Bank has publicly disclosed that it will stop originating Loans in such State, in each case where such decision was based on a change in law, rule or regulation (or the
application thereof by any Governmental Authority) or an adverse 

  
 -19- 

 
development in a legal proceeding or a change in enforcement practices by any applicable Governmental Authority, that in each case could reasonably be expected to have a material adverse effect
on the value or collectability of the Loans originated in such State or (ii) the Original Seller or Cross River Bank has notified the Borrower that it will stop originating Loans in such State as a result of a pending or, to the knowledge of
Borrower, threatened action, suit, proceeding, inquiry or investigation involving Borrower, Servicer, Original Seller, Cross River Bank or their respective businesses; and 

(mm)    is in “registered form” for purposes of Internal Revenue Code sections 871(h) and 881(c)
and Treasury Regulations section 1.871-14(c), and payments of interest and original issue discount (if any) by the Obligor thereon will be exempt from United States federal income tax withholding as
“portfolio interest” under such sections. 
 “Equity Interests” means shares of capital stock, partnership
interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such
equity interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and
the regulations promulgated and rulings issued thereunder. 
 “ERISA Event” means (a) any “reportable
event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure with respect to any Plan to
satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver
of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the
incurrence by the Borrower or any member of its ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) (i) the receipt by the Borrower or any member of its ERISA Group from the PBGC of a
notice of determination that the PBGC intends to seek termination of any Plan or to have a trustee appointed for any Plan, or (ii) the filing by the Borrower or any member of its ERISA Group of a notice of intent to terminate any Plan;
(g) the incurrence by the Borrower or any member of its ERISA Group of any liability (i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with respect to a facility closing pursuant to Section 4062(e)
of ERISA, or (iii) with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (h) the receipt by the Borrower or any member of its ERISA Group of any notice concerning the imposition of Withdrawal Liability or a
determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected to be insolvent or in reorganization,
within the meaning of Title IV of ERISA; or (i) the failure of the Borrower or any member of its ERISA Group to make any required contribution to a Multiemployer Plan. 

  
 -20- 

 “ERISA Group” means each controlled group of corporations or trades or
businesses (whether or not incorporated) under common control that is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code with the Borrower. 

“Eurocurrency Liabilities” is defined in Regulation D of the Board of Governors of the Federal Reserve System, as in
effect from time to time. 
 “European Union” means the supranational organization of states established with that name by
the Treaty on European Union (signed in Maastricht on 7 February 1992) as enlarged by the Treaty of Accession (signed in Athens on 16 April 2003), and as may be enlarged from time to time by the agreement of the member states thereof. 

“E-Vault Provider” means eOriginal, Inc. 

“E-Vault System” means the “eOriginal, Inc. Authoritative Copy System”
maintained by the E-Vault Provider. 
 “Event of Default” means the occurrence of
any of the events, acts or circumstances set forth in Section 6.01. 
 “Exception” shall have the meaning set forth in
the Collateral Verification Agreement. 
 “Excess Concentration Amount” means, on any date of determination, the sum
(without duplication) of the following amounts: 
 (1)    the amount by which the aggregate Principal
Balance of Collateral Loans which are Eligible Loans the Obligors of which had Credit Scores at origination of less than 660 on such day exceeds 25.0% of the Aggregate Principal Balance on such date; 

(2)    the aggregate Principal Balance, if any, of the Collateral Loans which are Eligible Loans having
Credit Scores less than 680 that would need to be excluded from the pool of Collateral Loans that are Eligible Loans in order to cause the Weighted Average Credit Score of all remaining Collateral Loans that are Eligible Loans to be greater than or
equal to 680 on such date; 
 (3)    the amount by which the aggregate Principal Balance of Collateral
Loans which are Eligible Loans relating to Obligors with billing addresses in any State exceeds 20.0% of the Aggregate Principal Balance on such date; 

(4)    with respect to the three (3) States with the highest aggregate Principal Balance of Collateral
Loans which are Eligible Loans (based on the billing addresses of the related Obligors), the amount by which the aggregate Principal Balance of Collateral Loans which are Eligible Loans relating to Obligors with billing addresses in such States
exceeds 45.0% of the Aggregate Principal Balance on such date; 

  
 -21- 

 (5)    the amount by which the aggregate Principal
Balance of all Collateral Loans which are Eligible Loans for which the original Principal Balance was $25,000 or greater exceeds 35.0% of the Aggregate Principal Balance on such date; 

(6)    the amount by which the aggregate Principal Balance of all Collateral Loans which are Eligible Loans
for which the original term to maturity was equal to 60 months exceeds 60.0% of the Aggregate Principal Balance on such date; 

(7)    the amount by which the aggregate Principal Balance of all Collateral Loans which are Eligible Loans
for which the original term to maturity was greater than 60 months exceeds $25,000,000; 
 (8)    the
amount by which the aggregate Principal Balance of all Collateral Loans which are Eligible Loans that have an Upstart Grade of “C”, “D” or “E” as of their origination dates, exceeds 50.0% of the Aggregate Principal
Balance as of such date; 
 (9)    the amount by which the aggregate Principal Balance of all Collateral
Loans which are Eligible Loans that have an Upstart Grade of “D” or “E” as of their origination dates, exceeds 35.0% of the Aggregate Principal Balance as of such date; 

(10)    the amount by which the aggregate Principal Balance of all Collateral Loans which are Eligible
Loans that have an Upstart Grade of “E” or lower as of their origination dates, exceeds 15.0% of the Aggregate Principal Balance as of such date; 

(11)    the amount by which the aggregate Principal Balance of Collateral Loans which are Eligible Loans
the Obligors of which had less than three (3) years of documented credit history with the Servicer on such date exceeds 5.0% of the Aggregate Principal Balance on such date; 

(12)    the aggregate Principal Balance, if any, of the Collateral Loans which are Eligible Loans for which
the original Principal Balance was $35,000 or greater having Credit Scores less than 700 that would need to be excluded from the pool of Collateral Loans that are Eligible Loans in order to cause the Weighted Average Credit Score of all remaining
Collateral Loans that are Eligible Loans for which the original Principal Balance was $35,000 or greater to be greater than or equal to 700 on such date; 

(13)    the aggregate Principal Balance, if any, of the Collateral Loans which, if excluded from the pool
of Collateral Loans that are Eligible Loans, would cause the weighted average APR owing by the Obligors of such Collateral Loans included in the pool of Collateral Loans that are Eligible Loans to be greater than 12.0%; 

  
 -22- 

 (14)    the aggregate Principal Balance, if any, of the
Collateral Loans which are Eligible Loans the Obligors for which have DTI Ratios greater than 30.0% that would need to be excluded from the pool of Collateral Loans that are Eligible Loans in order to cause the Weighted Average DTI Ratios of the
Obligors related to all remaining Collateral Loans that are Eligible Loans to be less than or equal to 30.0% on such date; 

(15)    the aggregate Principal Balance, if any, of the Long-Term Loans having the lowest APR which would
need to be excluded from the pool of Collateral Loans that are Eligible Loans in order to cause the Long-Term Loan Net Interest Margin to be greater than or equal to 4.00% on such date; and 

(16)    the amount by which the aggregate Principal Balance of all Collateral Loans which are subject to
Permitted Loan Modifications exceeds 5.0% of the Aggregate Principal Balance on such date. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be
deemed to be a reference to any successor statutory or regulatory provision. 
 “Excluded Taxes” means any of the following
Taxes imposed on or with respect to a payment by the Borrower, (a) Taxes imposed on or measured by net income (however denominated), branch profits Taxes, and franchise Taxes, in each case, imposed (i) in the case of any Secured Party, by
the jurisdiction (or any political subdivision thereof) under the laws of which such Secured Party is organized or in which its principal office is located, or in the case of any Lender, by the jurisdiction (or any political subdivision thereof)
under the laws of which such Lender is organized or in which its applicable lending office is located, or (ii) in the case of any Secured Party or any Lender, by any jurisdiction solely by reason of such Secured Party or such Lender having any
other present or former connection with such jurisdiction (other than a connection arising solely from entering into, receiving any payment under, enforcing its rights under this Agreement or any other Facility Document, or selling or assigning an
interest thereunder), and (b) any withholding Taxes imposed on payments by the Borrower under FATCA. 
 “Facility
Agent” has the meaning specified in the introduction to this Agreement. 
 “Facility Documents” means this
Agreement, the Loan Sale Agreement, the Servicing Agreement, each Hedging Agreement, the Administration Agreement, the Backup Servicing Agreement, the Collateral Verification Agreement, the ECCA, the Data Agent Agreement, each Account Control
Agreement, the Placement Agent Fee Letter, the Upstart Indemnity Agreement, the Lender Fee Letter, the Class B Fee Letter, the UNI Credit Agreement and any other agreements, documents, security agreements and other

  
 -23- 

 
instruments entered into or delivered by or on behalf of the Borrower pursuant to Section 5.01(c) to create, perfect or otherwise evidence the Facility Agent’s security interest. 

“Facility Limit” means $152,000,000. 

“FATCA” means Code Sections 1471 through 1474, any regulations or official interpretations thereof (including any Revenue
Ruling, Revenue Procedure, Notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such provisions), any agreements entered into pursuant to Code
Section 1471(b)(1), any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules, or official practices adopted pursuant to any published
intergovernmental agreement entered into in connection with the implementation of such Sections of the Code. 
 “Federal Funds
Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the
average of the quotations for such day on such transactions received by the Facility Agent from three Federal funds brokers of recognized standing selected by it; provided that, if at any time a Lender is borrowing overnight funds from a
Federal Reserve Bank that day, the Federal Funds Rate for such Lender for such day shall be the average rate per annum at which such overnight borrowings are made on that day as promptly reported by such Lender to the Borrower and the Facility Agent
in writing. Each determination of the Federal Funds Rate by a Lender pursuant to the foregoing proviso shall be conclusive and binding except in the case of manifest error. 

“Final Collection Date” means the date after the Termination Date on which all Obligations have been paid in full. 

“Final Maturity Date” means the earlier of (a) May 21, 2021 (or such later date as may be agreed by the Borrower
and each of the Lenders and notified in writing to the Facility Agent) and (b) the date of the acceleration of the Advances pursuant to Section 6.02. 

“Financial Covenants” means the requirement that: 
  

	 	(i)	 Upstart Network shall at all times maintain a Tangible Net Worth at least equal to the greater of (x) the
sum of (1) $10,000,000 and (2) 25% of the aggregate net proceeds received by Upstart Network or any of its Subsidiaries from the issuance of capital stock from and after the Closing Date and (y) the dollar minimum for any minimum net worth
covenant set forth in any Comparable Facility; 

  
 -24- 

	 	(ii)	 Upstart Network shall at all times maintain Unrestricted Cash in an amount at least equal to the greater of
(x) the sum of (a) $10,000,000 and (b) the lesser of (I) 15% of the aggregate net proceeds received by Upstart Network or any of its Subsidiaries from the issuance of capital stock from and after the Closing Date and (II) $5,000,000 and
(y) the dollar minimum for any minimum liquidity or unrestricted cash covenant set forth in any Comparable Facility; and 

  

	 	(iii)	 Upstart Network shall at all times maintain a Leverage Ratio no greater than the lesser of (x) 5:1 and
(y) the maximum ratio for any leverage ratio covenant set forth in any Comparable Facility. 

 “Fronted
Class B Advances” has the meaning specified in Section 2.02(c)(ii). 
 “Fronting Election”
has the meaning specified in Section 2.02(c)(i). 
 “Fronting Facility Termination Date” means the date upon which any
Fronted Class B Advance becomes a Defaulted Fronted Advance. 
 “Fronting Fee” has the meaning set forth in the
Fronting Fee Letter dated as of the date hereof between the Specified Lender and the Fronting Lender. 
 “Fronting Lender”
means Deutsche Bank AG, New York Branch. 
 “Fronting Prepayment Notice” has the meaning set forth in
Section 2.02(c)(iii). 
 “Fronting Purchase Price” means, with respect to any Fronting Settlement Date, an amount
equal to (i) the aggregate principal balance of the Related Fronted Class B Advances calculated as of the related Fronting Settlement Determination Date plus (ii) the Fronting Fee related to the Related Fronted Class B
Advances. 
 “Fronting Settlement Date” means (i) the Business Day immediately preceding the Monthly Reporting Date
for each calendar month, (ii) the last Business Day of each calendar month and (iii) any such other Business Day as determined by the Specified Lender in a Fronting Prepayment Notice. 

“Fronting Settlement Determination Date” means, with respect to any Fronting Settlement Date, the date four (4) Business
Days immediately preceding such Fronting Settlement Date or such other Business Day specified by the Specified Lender in a Fronting Prepayment Notice. 

“Fully Hedged” means, as of any date of determination, that the Borrower is party to one or more effective Hedge Transactions
with one or more Eligible Hedge Counterparties on such date that satisfy the following conditions: 

(i)    (x) at all times, the aggregate notional principal of such Hedge Transactions is equal to or greater
than the aggregate outstanding Advances as of the date of the most recent Monthly Reporting Date, which amount which shall amortize monthly in accordance with a set schedule therefor acceptable to the Lenders (calculated using a constant prepayment
rate of 0.0%); 

  
 -25- 

 (ii)    the Hedge Rate for any such Hedge Transactions
shall equal 3.50%; 
 (iii)    the final maturity date for such Hedge Transactions shall be the
anticipated Final Collection Date (calculated using a constant prepayment rate of 0.0%); and 

(iv)    the related Hedging Agreements are in form and substance reasonably acceptable to the Lenders and
copies of which have been delivered to the Lenders (which delivery may be made by electronic mail). 
 “Fundamental
Amendment” means any amendment, modification, waiver or supplement of or to this Agreement that would (a) increase or extend the term of or change the Final Maturity Date, (b) extend the date fixed for the payment of principal of
or interest on any Advance or any fee hereunder, (c) reduce the amount of any such payment of principal, (d) reduce the rate at which interest is payable thereon or any fee is payable hereunder, (e) release any material portion of the
Collateral, except in connection with dispositions permitted hereunder, (f) alter the terms of Section 2.13, Section 6.01, Section 9.01, Section 12.01(b) or Section 12.06, (g) modify the definition of the terms
“Accelerated Amortization Event,” “Adjusted Principal Balance,” “Fundamental Amendment,” “Required Lenders,” “Maximum Available Amount”, “Class A Advance Rate”, “Class B
Advance Rate”, “Class A Borrowing Base,” “Class B Borrowing Base,” “Class A Borrowing Base Deficiency,” “Class B Borrowing Base Deficiency,” “Collateral Loan”, “Eligible
Loan”, “Ineligible Collateral Loan” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof, (h) extend the
Revolving Period, (i) modify, waive, release or terminate any of the obligations of Upstart Network under the Upstart Indemnity Agreement or (j) terminate, remove, or amend the Seller’s obligation to repurchase Loans under
Section 2.7 of the Loan Sale Agreement. 
 “Funding Account” means the account which has been designated by the
Borrower to the Facility Agent and each Lender in writing as the account to which the proceeds of Advances are to be remitted hereunder. 

“Funding Limit” means, with respect to any Lender (other than the Fronting Lender), such Lender’s Class A Funding
Limit or Class B Funding Limit, as applicable. 
 “GAAP” means generally accepted accounting principles in effect from
time to time in the United States. 
 “Governmental Authority” means the government of the United States of America or any
other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, quasi regulatory authority, administrative tribunal, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the 

  
 -26- 

 
European Central Bank, the SEC, the stock exchanges, any Federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau,
commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit or subdivision or other entity of any of the foregoing, whether domestic or foreign). 

“Governmental Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all
Governmental Authorities. 
 “Governmental Filings” means all filings, and the payment of all fees, assessments, interests
and penalties associated with such filings with all Authorities. 
 “Guarantee” means, as to any Person, any obligation of
such person directly or indirectly guaranteeing any Indebtedness of any other Person in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by
virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, or take or pay or otherwise). The amount of any Guarantee of a Person shall be deemed to be an amount equal to the stated or
determinable amount of the primary obligation in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. The terms
“Guarantee” and “Guaranteed” used as verbs shall have correlative meanings. 
 “Guaranteed
Distribution” means amounts which are due and owing and which are to be paid pursuant to clauses (a) through (d) and (f) of Section 9.01. 

“Hedge Collateral” means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all
Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties. 

“Hedge Commencement Date” means the first date after the Closing Date, upon the earlier of (i) the date on which the Net
Interest Margin for any Collection Period shall be less than 1.00% and (ii) the occurrence of an Accelerated Amortization Event. 

“Hedge Counterparty” means any Person that has entered into a Hedge Transaction. 

“Hedge Rate” means, on any date of determination, the weighted average fixed rate or strike rate under the Hedging Agreements
on such date, based on the notional amounts of such Hedging Agreements. 
 “Hedge Receipts” means all amounts received by
the Borrower pursuant to a Hedging Agreement. 
 “Hedge Reserve Required Amount” means, on any Payment Date, an amount
(i) determined by the Borrower in a commercially reasonable manner and acting in good faith and consented to by the Facility Agent and (ii) as documented and set forth in the Monthly Report related to such Payment Date, as 120% of the
purchase price of an interest rate cap which satisfies the requirements set forth in Section 5.04; provided that, if the Borrower is Fully Hedged, the Hedge Reserve Required Amount shall be zero. 

  
 -27- 

 “Hedge Transaction” means each transaction between the Borrower and a
Person entered into pursuant to Section 5.04 and governed by a Hedging Agreement. 
 “Hedging Agreement” means each
agreement between the Borrower and Hedge Counterparty which governs one or more Hedge Transactions entered into pursuant to Section 5.04, which agreement shall be an interest rate cap and shall consist of either (a) a “Master
Agreement” in a form published by the International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto and each “Confirmation” thereunder confirming the specific terms of each such Hedge
Transaction or (b) an ISDA long form confirmation. 
 “Indebtedness” means, for any Person: (a) obligations
created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such
property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the
ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are delivered or the respective services are rendered; (c) Indebtedness of others secured by a Lien on the Property
of such Person, whether or not the respective Indebtedness so secured has been assumed by such Person; (d) accrued obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial
institutions for account of such Person; (e) Capital Lease Obligations of such Person; (f) obligations of such Person under repurchase agreements or like arrangements; (g) Indebtedness of others Guaranteed by such Person; and
(h) any other obligation of such Person evidenced by a note, bond, debenture or similar instrument that would be classified as indebtedness on a balance sheet prepared in accordance with GAAP. 

“Indemnified Party” has the meaning specified in Section 12.04(b). 

“Indemnified Taxes” means Taxes other than Excluded Taxes and Taxes described in Section 12.03(d). 

“Ineligible Collateral Loan” means, at on any date of determination, a Collateral Loan, that fails to satisfy any criteria of
the definition of “Eligible Loan” after the date of acquisition thereof by the Borrower (i.e. determined as of such date of determination). 

“Insolvency Event” means, with respect to any Person: 

(i)    such Person shall fail generally to pay its debts as they come due, or shall make a general
assignment for the benefit of creditors; or any case or other proceeding shall be instituted by such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, reorganization, debt arrangement, dissolution, winding up, or
composition or readjustment of debts of it or its debts under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, 

  
 -28- 

 
reorganization, winding up or composition or adjustment of debts, or seeking the entry of an order for relief or the appointment of a trustee, receiver, custodian, liquidator, assignee,
sequestrator or the like for such Person or all or substantially all of its assets; or such Person shall take any corporate, limited partnership, limited liability company or trust action to authorize any of such actions; or 

(ii)    a case or other proceeding shall be commenced, without the application or consent of such Person in
any court seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like
for such Person or all or substantially all of its assets, or any similar action with respect to such Person under the Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of
debts, and (A) such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days or (B) an order for relief in respect of such Person shall be entered in such case or proceeding
or a decree or order granting such other requested relief shall be entered. 
 “Insolvency Laws” means the Bankruptcy Code
and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and liabilities or similar debtor relief laws from time
to time in effect affecting the rights of creditors generally. 
 “Insolvency Proceeding” means, with respect to any
Person, any bankruptcy, insolvency, arrangement, rearrangement, conservatorship, moratorium, suspension of payments, readjustment of debt, reorganization, receivership, liquidation, marshaling of assets and liabilities or similar proceeding of or
relating to such Person under any Insolvency Laws. 
 “Interest” means, at any time, the sum of the Class A Interest
at such time and Class B Interest at such time. 
 “Interest Accrual Period” means, 

(i)    with respect to each Advance (or portion thereof) (a) with respect to the first Payment Date
for such Advance (or portion thereof), the period from and including the related Borrowing Date to, but excluding, the first Payment Date occurring after such Borrowing Date and (b) with respect to any subsequent Payment Date for such Advance
(or portion thereof), the period from and including each Payment Date to, but excluding, the following Payment Date; provided, that the final Interest Accrual Period for all outstanding Advances hereunder shall end on and include the day
prior to the payment in full of the Advances hereunder; 

  
 -29- 

 (ii)    any Interest Accrual Period with respect to any
Advance which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day; and 

(iii)    in the case of any Interest Accrual Period for any Advance which commences before an Event of
Default and would otherwise end on a date occurring after the occurrence of an Event of Default, the Facility Agent may, in its sole discretion, cause such Interest Accrual Period to end upon the occurrence of an Event of Default and the duration of
each Interest Accrual Period which commences on or after the occurrence of an Event of Default shall be of such duration as shall be selected by the Facility Agent with the consent of the Majority of the Class A Lenders and the Majority of the
Class B Lenders. 
 “Interest Proceeds” means, with respect to any Collection Period, the sum of all payments of
interest and other income received by the Borrower during such Collection Period on the Collateral Loans (including Ineligible Collateral Loans), including the accrued interest received in connection with a sale thereof during such Collection
Period; provided that as to any Defaulted Collateral Loan, any amounts received in respect thereof will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all Collections in respect thereof since it became a
Defaulted Collateral Loan equals the outstanding Principal Balance of such Defaulted Collateral Loan at the time as of which it became a Defaulted Collateral Loan and all amounts received in excess thereof will constitute Interest Proceeds. 

“Invested Percentage” means, for a Lender within any Class on any day, the percentage equivalent of (i) the
aggregate outstanding principal balance of the Advances of such Class funded by such Lender divided by (ii) the aggregate outstanding principal balance of all Advances of such Class. 

“Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated
thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision. 

“Key Man Event” means either David Girouard or Paul Gu shall (i) cease to be employed by Upstart Network on a full-time
basis and actively involved in its day-to-day business affairs for any reason, including without limitation, termination, resignation, retirement or death, or
(ii) suffer a permanent disability that renders him unable to carry out the duties of his office as such duties existed prior to suffering such permanent disability, and, in the case of any of the foregoing, he shall not be replaced by a person
acceptable to the Required Lenders within 60 days. 
 “Key Man Termination Date” means the date upon which the Facility
Agent shall have received documentation in form and substance reasonably satisfactory to the Facility Agent evidencing the removal of a “Key Man Event” from the enumerated “Events of Default” under each Comparable Facility. 

  
 -30- 

 “Law” means any action, code, consent decree, constitution, decree,
directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, rule of public policy, settlement agreement, statute, or
writ, of any Governmental Authority, or any particular section, part or provision thereof. 
 “Lender Fee Letter” means
that certain Lender Fee Letter, dated as of May 23, 2018, by and among the Facility Agent, the Lenders and the Borrower, as the same may be amended or amended and restated from time to time. 

“Lender” means any Class A Lender or Class B Lender, as applicable, and “Lenders” means, collectively,
the Class A Lenders and the Class B Lenders. 
 “Level I Cumulative Default Ratio Event” means, with respect to
any Collection Period, if the Cumulative Default Ratio or the Cumulative Managed Portfolio Default Ratio exceeds the “Projected Loss Trigger” specified for the applicable Seasoning Quarter: 

 

					
	 Seasoning Quarter
	  	Projected Loss
Trigger	 
	 1
	  	 	0.70	% 
	 2
	  	 	1.80	% 
	 3
	  	 	3.00	% 
	 4
	  	 	4.10	% 
	 5
	  	 	5.30	% 
	 6
	  	 	6.30	% 
	 7
	  	 	7.30	% 
	 8
	  	 	8.30	% 
	 9
	  	 	9.10	% 
	 10
	  	 	9.80	% 
	 11
	  	 	10.4	% 
	 12
	  	 	10.9	% 
	 13
	  	 	11.3	% 
	 14
	  	 	11.6	% 
	 15
	  	 	11.9	% 
	 16
	  	 	12.2	% 
	 17
	  	 	12.5	% 
	 18
	  	 	12.7	% 
	 19
	  	 	12.9	% 
	 20
	  	 	13.0	% 

  
 -31- 

 “Level II Cumulative Default Ratio Event” means, with respect to any
Collection Period, if the Cumulative Default Ratio or the Cumulative Managed Portfolio Default Ratio exceeds the “Projected Loss Trigger” specified for the applicable Seasoning Quarter: 

 

					
	 Seasoning Quarter
	  	Projected Loss
Trigger	 
	 1
	  	 	1.00	% 
	 2
	  	 	2.50	% 
	 3
	  	 	4.10	% 
	 4
	  	 	5.70	% 
	 5
	  	 	7.30	% 
	 6
	  	 	8.70	% 
	 7
	  	 	10.1	% 
	 8
	  	 	11.4	% 
	 9
	  	 	12.6	% 
	 10
	  	 	13.6	% 
	 11
	  	 	14.4	% 
	 12
	  	 	15.1	% 
	 13
	  	 	15.6	% 
	 14
	  	 	16.1	% 
	 15
	  	 	16.5	% 
	 16
	  	 	16.9	% 
	 17
	  	 	17.3	% 
	 18
	  	 	17.6	% 
	 19
	  	 	17.9	% 
	 20
	  	 	18.0	% 

 “Leverage Ratio” means, as of the end of each fiscal quarter, the ratio of (a) total
consolidated Indebtedness for Upstart Network and its Subsidiaries as of such day (excluding any Indebtedness incurred in connection with a Securitization by Upstart Network or its Subsidiaries, any notes payable to the extent related to
Upstart’s non-recourse, fully match-funded fractional program and any liability for convertible preferred stock warrants), to (b) the Tangible Net Worth for Upstart Network and its Subsidiaries as of
such day. 
 “LIBOR Disruption Event” means the occurrence of any of the following: (a) any Lender shall have notified
the Facility Agent and the Borrower, in writing, of a determination by such Lender or any of its assignees or participants that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not
having the force of law) to obtain Dollars in the London interbank market to fund any Advance, or (b) the Facility Agent notifies the Borrower, in writing, of the inability, for any reason, of the Facility Agent to determine the Adjusted LIBOR
Rate. 
 “LIBOR Index Rate” means, for an Interest Accrual Period, the rate per annum (rounded upwards, if
necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a one-month period, which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on the
day that is two (2) Business Days preceding the related LIBOR Reset Date. 
 “LIBOR Rate” means with respect to each
Interest Accrual Period with respect to which interest is to be calculated by reference to the “LIBOR Rate”, (a) the LIBOR Index Rate for a one-month period, if such rate is available and (b) if
the LIBOR Index Rate 

  
 -32- 

 
cannot be determined, the arithmetic average of the rates of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately
available funds are offered to Deutsche Bank AG, New York Branch at 11:00 a.m. (London, England time) on the day that is two (2) Business Days preceding the related LIBOR Reset Date, by three (3) or more major banks in the interbank market
selected by Deutsche Bank AG, New York Branch for delivery for a one-month period and in an amount equal or comparable to the principal amount of the portion of the Advances on which the LIBOR Rate is being
calculated. Notwithstanding anything to the contrary herein, the LIBOR Rate shall at all times not be less than 0.00%. 
 “LIBOR
Reset Date” shall mean the Closing Date, and the first day of each Interest Accrual Period thereafter (or if such day is not a Business Day, the next succeeding Business Day). 

“LIBOR01 Page” means the display designated as “LIBOR01 Page” on the Reuters Service (or such other page as
may replace the LIBOR01 Page on that service or such other service as may be nominated by the ICE Benchmark Administration as the information vendor for the purpose of displaying ICE Benchmark Administration Interest Settlement Rates for
U.S. Dollar deposits). 
 “Lien” means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security
interest (statutory or other), or preference, priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing, and the filing authorized by the Borrower of any financing statement under the UCC or comparable law of any jurisdiction). 

“Loan” means all rights to payment of indebtedness and other obligations (including without limitation, unpaid principal,
accrued interest, costs, fees, expenses and indemnity obligations) owing by an Obligor in respect of a loan or loans or other financial accommodations made or extended by Cross River Bank or other Approved Loan Originator to or for the benefit of
such Obligor. 
 “Loan Delinquency Ratio” means, on any date of determination, with respect to a Collection Period the
ratio (expressed as a percentage) equal to (a) the Aggregate Principal Balance of all Collateral Loans that are Delinquent Collateral Loans as of the last day of such Collection Period (or would be Delinquent Collateral Loans if such Collateral
Loans were not sold or otherwise disposed of by the Borrower during such Collection Period), divided by (b) the Aggregate Principal Balance of all Collateral Loans as of the first day of such Collection Period. 

“Loan Document” shall have the meaning set forth in the Collateral Verification Agreement. 

“Loan Note” means the promissory note or loan agreement evidencing a Loan. 

  
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 “Loan Sale Agreement” means that certain Loan Sale Agreement, dated as of
the Closing Date, by and between the Original Seller, as seller, and the Borrower, as purchaser, as the same may be amended or restated from time to time. 

“Loan Schedule” means the aggregate schedule of Collateral Loans appended as Schedule III to a Notice of Borrowing delivered
by the Borrower to the Facility Agent and the Lenders and as supplemented and updated from time to time by the Borrower, or the Servicer on behalf of the Borrower in accordance herewith and with the Servicing Agreement. 

“Lockbox” means each post office box listed on Schedule 4 and designated as a Lockbox. 

“Long-Term Loan” means any Eligible Loan the original term to maturity for which is greater than sixty (60) months. 

“Long-Term Loan Exposure Amount” means, on any date, an amount equal to the lesser of (i) $2,500,000 and (ii) the
product of (A) 10.0% and (B) the Aggregate Principal Balance of all Loan-Term Loans. 
 “Long-Term Loan Net Interest
Margin” means, as of any date of determination, for the Collection Period then ended, the ratio (expressed as a percentage) of (a) the product of (x) 12 times (y) the result of (i) all Interest Proceeds received from
Long-Term Loans during such Collection Period plus (ii) the Long-Term Loan Share of amounts received from any Hedge Counterparty under a Hedging Agreement on the payment date (as such term is defined under the Hedging Agreement)
following the end of such Collection Period minus (iii) the Long-Term Loan Share of the Guaranteed Distribution for the Payment Date following the end of such Collection Period minus (iv) the aggregate principal balance of
the Long-Term Loans which became Defaulted Loans during such Collection Period (other than Long-Term Loans which became Defaulted Loans in the two (2) Collection Periods immediately following a transfer of Collateral Loans to a Securitization
Vehicle) divided by (b) the sum of the aggregate principal balance of all Long-Term Loans on each day during such Collection Period divided by the number of days in such Collection Period. 

“Long-Term Loan Share” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of
which is (x) the aggregate principal balance of all Long-Term Loans as of such date and the denominator of which is (y) the Aggregate Principal Balance as of such date. 

“Majority” means, with respect to any Class of Lenders at any time, Lenders in such Class representing in excess of
50% of the outstanding Advances of such Class; provided, that if as of such time no Advances of such Class are outstanding at such time, Lenders in such Class representing in excess of 50% of the Class A Funding Limit or Class B
Funding Limit, as applicable. 

  
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 “Managed Portfolio” means, on any date of determination, the
Servicer’s owned and serviced portfolio of Loans, including Loans that have been sold but are still being serviced by the Servicer.  

“Margin Stock” has the meaning specified in Regulation U. 

“Material Adverse Credit Change Policy” means the “Material Adverse Change in Credit Report Procedure” as set forth
on Exhibit I attached hereto as in effect on the Closing Date, as such policy may be amended or modified by Upstart Network from time to time with the prior written consent of the Facility Agent, in its sole discretion. 

“Material Adverse Effect” means an action or an event that has a material adverse effect on (a) the business, assets,
financial condition, operations, performance or properties of the Borrower or Upstart Network, (b) the validity, enforceability or collectability of this Agreement or any other Facility Document or the validity, enforceability or collectability
of the Collateral Loans generally or any material portion of the Collateral Loans, (c) the rights and remedies of the Facility Agent, the Lenders and the Secured Parties with respect to matters arising under this Agreement or any other Facility
Document, (d) the ability of the Borrower or Upstart Network to perform its respective obligations under any Facility Document to which it is a party, or (e) the existence, perfection, priority or enforceability of the Facility
Agent’s Lien on the Collateral. 
 “Maximum Available Amount” means, at any time, the Facility Limit minus the
aggregate outstanding principal balance of the Advances at such time. 
 “Measurement Date” means, (i) the Closing
Date, (ii) each Payment Date and (iii) each Borrowing Date. 
 “Money” has the meaning specified in Section 1-201(b)(24) of the UCC. 
 “Monthly Report” has the meaning specified in
Section 8.04. 
 “Monthly Reporting Date” means the date that is three (3) Business Days prior to any Payment
Date. 
 “Moody’s” means Moody’s Investors Service, Inc., together with its successors. 

“Multiemployer Plan” means an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA that is
sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability. 

“Net Interest Margin” means, as of any date of determination, for the Collection Period then ended, the ratio (expressed as a
percentage) of (x) the product of (a) 12 times (b) the result of (i) all Interest Proceeds received during such Collection Period plus (ii) the amounts received from any Hedge Counterparty under a Hedging Agreement
on the 

  
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payment date (as such term is defined under the Hedging Agreement) following the end of such Collection Period minus (iii) the Guaranteed Distribution for the Payment Date following
the end of such Collection Period minus (iv) the aggregate principal balance of all Collateral Loans which became Defaulted Loans during such Collection Period (other than Collateral Loans which became Defaulted Loans in the two
(2) Collection Periods immediately following a transfer of Collateral Loans to a Securitization Vehicle) divided by (y) the sum of the Aggregate Principal Balance on each day during such Collection Period divided by the
number of days in such Collection Period. 
 “Net Worth” means the excess of total assets of Upstart Network over total
liabilities, as determined in accordance with GAAP based on the most recent balance sheet of Upstart Network delivered pursuant to the Facility Documents.     

“Notice of Borrowing” has the meaning specified in Section 2.02. 

“Notice of Prepayment” has the meaning specified in Section 2.05. 

“Obligations” means all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the
Borrower to any Secured Party or any Affected Person under or in connection with this Agreement or any other Facility Document, including, but not limited to, all amounts payable by the Borrower in respect of the Class A Obligations and
Class B Obligations. 
 “Obligor” mean each Person obligated to make payments pursuant to a Loan, including any
guarantor thereof. 
 “OFAC” has the meaning specified in Section 4.01(f). 

“Original Seller” means Upstart Network in its capacity as seller under the Loan Sale Agreement. 

“Other Taxes” has the meaning specified in Section 12.03(b). 

“Owner Trustee” means Wilmington Savings Fund Society, FSB, a federal savings bank, not in its individual capacity but solely
as owner trustee and any successor owner trustee of the Borrower. 
 “Participant” has the meaning specified in
Section 12.06(c). 
 “PATRIOT Act” has the meaning specified in Section 12.15. 

“Payment Date” means the fifteenth (15th) day of each calendar month in
each year commencing on June 15, 2018; provided that, if any such day is not a Business Day, then such Payment Date shall be the next succeeding Business Day. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same
functions. 

  
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 “Permitted Liens” means: (i) Liens created in favor of the Facility
Agent hereunder or under the other Facility Documents for the benefit of the Secured Parties; (ii) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet delinquent or which are being contested in good faith and
by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; and (iii) Liens in favor of any Account Bank to the extent contemplated under the applicable Account
Control Agreement. 
 “Permitted Loan Modification” means any waiver, modification or variance of any term of any Loan,
including the timing or amount of payments, or any consent to the postponement of strict compliance with any such term or any other grant of an indulgence or forbearance to the related Borrower with respect to any Loan that is, or which the Servicer
reasonably foresees will become, a Delinquent Loan or a Defaulted Loan; provided, that such modification (i) is in accordance with the Credit and Servicing Policies, and (ii) is determined by the Servicer at the time of such modification
to be a practical manner to obtain a reasonable recovery from such Loan based upon its prior servicing experience for similar consumer loans; and provided, further, that no modification of a Loan shall extend the maturity date of such Loan more than
twelve (12) months beyond such Loan’s original maturity date; and provided, further, that upon the occurrence of an Event of Default, no waiver, modification or variance granted with respect to Loans after the occurrence of such Event of
Default (“Post Default Modifications”) shall be considered a Permitted Loan Modification if the aggregate Principal Balance of the Loans subject to Post Default Modifications exceeds 5% of the Aggregate Principal Balance measured as of the
date of such Event of Default. Notwithstanding the foregoing, any change or modification required by Applicable Law shall be considered for all purposes a Permitted Loan Modification. Any modification, other than a temporary forbearance or deferral,
granted, permitted or entered into by the Servicer is required to be in writing (which may be in the form of an electronic record) and retained as part of the Servicer’s records related to such Loan. 

“Permitted Sale” means any sale by the Borrower of Collateral Loans in connection with either (i) a transfer of
Collateral Loans to a Securitization Vehicle or to Upstart Network for sale or transfer in connection with a Securitization or (ii) sale or transfer by the Borrower of some or all of the Collateral Loans to any Person other than an Affiliate of
the Borrower; provided, however, that no sale of Collateral Loans shall be a Permitted Sale if the Facility Agent has determined in its reasonable discretion that such sale will result in a materially adverse selection of Collateral
Loans remaining part of the Class A Borrowing Base or Class B Borrowing Base following such sale. 
 “Permitted Sale
Date” means the date upon which a Permitted Sale is consummated. 
 “Permitted Sale Date Certificate” means a
certificate, substantially in the form attached as Annex I to Exhibit J hereto, delivered by a Responsible Officer of the Servicer on a Permitted Sale Date indicating that the requirements set forth in this Agreement for a Permitted Sale have been
satisfied. 

  
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 “Permitted Sale Release” means a release executed pursuant to
Section 2.14, substantially in the form of Exhibit J hereto. 
 “Person” means an individual or a corporation
(including a business trust), partnership, trust, incorporated or unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind. 

“Placement Agent” means Deutsche Bank Securities Inc. 

“Placement Agent Fee Letter” means that certain Placement Agent Fee Letter, dated as of May 23, 2018, by and among the
Deutsche Bank Securities Inc. and the Borrower, as the same may be amended or amended and restated from time to time. 

“Plan” means an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any
liability. 
 “Platform Underwriting Guidelines” means the minimum credit criteria applicable to the Obligors of Loans on
the Upstart platform substantially in the form of Exhibit K attached hereto as in effect on the Closing Date, as such guidelines may be amended or modified by Upstart Network from time to time in accordance with the Loan Sale Agreement.  

“Pool Balance” means, at any time, the aggregate Principal Balance of the Collateral Loans at such time. 

“Prepayment Fee” has the meaning set forth in the Lender Fee Letter. 

“Prime Rate” means the rate announced by Deutsche Bank AG, New York Branch from time to time as its prime rate in the United
States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Deutsche Bank AG, New York Branch in connection with extensions of credit to debtors. Deutsche Bank AG,
New York Branch may make commercial loans or other loans at rates of interest at, above, or below the Prime Rate. 
 “Principal
Balance” means, with respect to any Loan, as of any date of determination, the outstanding principal amount of such Loan (excluding any capitalized interest) on such date. 

“Principal Proceeds” means, with respect to any Collection Period, all amounts received by or on behalf of the Borrower
during such Collection Period that do not constitute Interest Proceeds and that result in a reduction of the Principal Balance owing by the Obligor of a Collateral Loan including unapplied proceeds of the Advances. 

  
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 “Priority of Payments” has the meaning specified in Section 9.01. 

“Private Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons
(other than Governmental Authorities). 
 “Proceeds” has, with reference to any asset or property, the meaning assigned to
it under the UCC and, in any event, shall include, but not be limited to, any and all amounts from time to time paid or payable under or in connection with such asset or property. 

“Program Documents” means (i) the Cross River Bank Sale Agreement, (ii) the Second Amended and Restated Loan
Program Agreement dated as of November 1, 2015, as amended by Amendment No. 1 to the Loan Program Agreement, dated as of January 1, 2016, each by and between Cross River Bank and Upstart Network and (iii) the Servicing Agreement
dated as of November 1, 2015 by and between Cross River Bank and Upstart Network. 
 “Qualified Institution” means a
depository institution or trust company organized under the laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i)(a) that has either (1) a long-term unsecured debt rating of “A” or better by S&P and “A2” or better by Moody’s or (2) a short-term unsecured debt rating or
certificate of deposit rating of “A-1” or better by S&P or “P-1” or better by Moody’s, (b) the parent corporation of which has either
(1) a long-term unsecured debt rating of “A” or better by S&P and “A2” or better by Moody’s or (2) a short-term unsecured debt
rating or certificate of deposit rating of “A-1” or better by S&P and “P-1” or better by Moody’s or (c) is otherwise acceptable to the
Facility Agent and (ii) the deposits of which are insured by the Federal Deposit Insurance Corporation. 
 “QIB” has
the meaning specified in Section 12.06(e). 
 “Qualified Purchaser” has the meaning specified in
Section 12.06(e). 
 “Rating Agency” means S&P, Moody’s, DBRS or any other nationally recognized statistical
rating organization. 
 “Rating Request” means a written request by the Facility Agent to the Borrower and the Servicer,
stating that the Facility Agent intends to request that a Rating Agency publicly issue a rating of at least the Required Rating to the transactions contemplated by this Agreement. 

“Register” has the meaning specified in Section 12.06(d). 

“Regulation T”, “Regulation U” and
“Regulation X” mean Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

“Regulatory Change” has the meaning specified in Section 2.08(a). 

“Related Documents” means, with respect to any Loan, all agreements, documents and any other records or writings (all of
which are in electronic form) evidencing, 

  
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guaranteeing, securing, governing or giving rise to such Loan including the Loan Note and the truth-in-lending
statements with respect to each advance constituting all or part of such Loan, and each renewal, extension, modification and amendment thereof. 

“Related Fronted Class B Advances” means, with respect to any Fronting Settlement Date, (i) the
Fronted Class B Advances outstanding as of the Fronting Settlement Determination Date related to such Fronting Settlement Date and (ii) any Fronted Class B Advances which were repaid in full by the Borrower in accordance with Sections
2.05, 9.01 or otherwise since the immediately preceding Fronting Settlement Determination Date. 
 “Repurchase Price” has
the meaning specified in the Loan Sale Agreement. 
 “Requested Amount” has the meaning specified in Section 2.02.

 “Required Lenders” means, at any time of determination, (a) unless and until the Class A Funding Limits of all
Class A Lenders have been permanently reduced to zero and all Class A Obligations have been paid in full, (i) if any Class A Advances are outstanding at such time, the Class A Lenders whose aggregate outstanding Class A
Advances together equal or exceed 66.67% of the Class A Aggregate Advance Amount at such time and (ii) if no Class A Advances are outstanding at such time, the Class A Lenders whose aggregate Class A Funding Limits together
equal or exceed 66.67% of the aggregate Class A Funding Limits of all Class A Lenders at such time; and (b) following the permanent reduction of the Class A Funding Limits of all Class A Lenders to zero and the payment in
full of all Class A Obligations, (i) if any Class B Advances are outstanding at such time, one or more Class B Lenders whose aggregate outstanding Class B Advances together equal or exceed 66.67% of the Class B
Aggregate Advance Amount at such time and (ii) if no Class B Advances are outstanding at such time, the Class B Lenders whose aggregate Class B Funding Limits together equal or exceed 66.67% of the aggregate Class B Funding
Limits of all Class B Lenders at such time.  
 “Required Rating” means a long-term unsecured debt
rating of at least investment grade by at least one of DBRS, S&P or Moody’s. 
 “Reserve Account” means the
account established at the Account Bank, in the name of the Borrower, which account has been designated as the Reserve Account. 

“Reserve Account Amount” means, on any day, the amount on deposit in the Reserve Account. 

“Reserve Account Required Amount” means, on any Payment Date, an amount equal to the sum of (i) the product of (A) 0.50%
and (B) the aggregate outstanding balance of the Advances on such Payment Date (after giving effect to the application of Available Funds to the priority of payments set forth in clauses (a) through (g) of Section 9.01) and
(ii) the Hedge Reserve Required Amount. 

  
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 “Reserve Account Withdrawal Amount” means, with respect to any Payment
Date: 
 (i)    prior to the occurrence of an Event of Default, the lesser of (1) the excess, if any, of
(x) the amounts necessary to make all distributions required to be made on such Payment Date pursuant to clauses (a) through (d) of Section 9.01 over (y) any and all Collections on deposit in the Collateral
Account received on or prior to the last day of the calendar month immediately preceding such Payment Date and any net amounts paid by the Hedge Counterparty to the Borrower under any Hedging Agreement on such Payment Date and (2) the excess,
if any, of (x) the Reserve Account Amount over (y) the Hedge Reserve Required Amount; 
 (ii)    following the
occurrence of an Accelerated Amortization Event, the excess, if any, of (x) the Reserve Account Amount over (y) the Hedge Reserve Required Amount; and 

(iii)    following the occurrence of an Event of Default that has not been waived by the Facility Agent, the Reserve
Account Amount. 
 “Responsible Officer” means (a) in the case of a corporation, partnership or limited liability
company that, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, chief administrative officer, president, senior vice president, vice president, assistant vice president, treasurer, director or
manager, and, in any case where two Responsible Officers are acting on behalf of such entity, the second such Responsible Officer may be a secretary or assistant secretary, (b) in the case of a limited partnership, the Responsible Officer of
the general partner, acting on behalf of such general partner in its capacity as general partner, (c) in the case of a limited liability company, any Responsible Officer of the sole member or managing member, acting on behalf of the sole member
or managing member in its capacity as sole member or managing member, (d) in the case of a trust (other than the Borrower), the Responsible Officer of the trustee, acting on behalf of such trustee in its capacity as trustee, (e) in the
case of the Borrower, the Administrator or a “Responsible Officer” of the Owner Trustee (as defined in the Borrower Trust Agreement), and (f) in the case of the Facility Agent, an officer of the Facility Agent as applicable
responsible for the administration of this Agreement. 
 “Restricted Payments” means the declaration of any distribution or
dividends or the payment of any other amount (including in respect of redemptions permitted by the Constituent Documents of the Borrower) to any beneficiary or other equity investor in the Borrower on account of any Equity Interest in respect of the
Borrower, or the payment on account of, or the setting apart of assets for a sinking or other analogous fund for, or the purchase or other acquisition of any Equity Interest in the Borrower or of any warrants, options or other rights to acquire the
same (or to make any “phantom stock” or other similar payments in the nature of distributions or dividends in respect of equity to any Person), whether now or hereafter outstanding, either directly or indirectly, whether in cash, property
(including marketable securities), or any payment or setting apart of assets for the redemption, withdrawal, retirement, acquisition, cancellation or termination of any Equity Interest in respect of the Borrower. 

“Retained Interest” means a material net economic interest of not less than five percent (5.0%) of the Pool Balance. 

  
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 “Retention Requirements” means each of: (a) Article 405 of the
CRR, together with (i) Commission Delegated Regulation (EU) No. 625/2014 of 13 March 2014 and any regulatory technical standards, implementing technical standards or related documents (in relation thereto) published by the European
Banking Authority, European Central Bank (or any other successor or replacement agency or authority) and any delegated regulations (in relation thereto) of the European Commission; and (ii) to the extent informing the interpretation of
Article 405 of the CRR, the guidelines and related documents previously published in relation to the preceding European Union risk retention legislation by the European Banking Authority (and/or its predecessor, the Committee of European
Banking Supervisors); (b) Article 17 of the AIFMD, as supplemented by Article 51 of the AIFM Regulation; (c) Article 135(2) of the Solvency II Directive, as supplemented by Article 254 of the Solvency II Regulation; and
(d) in relation to each of the foregoing, any guidance published in relation thereto and any implementing laws or regulations in force in any Member State of the European Union. 

“Revolving Period” means the period from and including the Closing Date to and including the Termination Date. 

“S&P” means S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, and its
successors. 
 “Scheduled Revolving Period Termination Date” means May 22, 2020, or such later date as may be agreed
by the Borrower and each of the Lenders and notified in writing to the Facility Agent. 
 “Seasoning Quarter” means, as of
any date of determination, the sum for each Loan in the Cumulative Financed Portfolio or Managed Portfolio, as applicable of (x) number of quarters since origination of such Loan multiplied by (y) the ratio of (A) the original
principal balance of such Loan to (B) the aggregate original principal balance of all Loans in the Cumulative Financed Portfolio or Managed Portfolio, as applicable.  

“SEC” means the Securities and Exchange Commission or any other governmental authority of the United States of America at the
time administrating the Securities Act, the Investment Company Act or the Exchange Act. 
 “Secured Parties” means the
Facility Agent, the Lenders and their respective permitted successors and assigns. 
 “Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a
reference to any successor statutory or regulatory provision. 
 “Securitization” means any asset securitization, secured
loan or similar financing transaction undertaken by the Borrower or a Special Purpose Affiliate in connection with a publicly registered or private term issuance under Rule 144A (or any other available exemption) of asset-backed securities that is
secured, directly or indirectly, by Loans. For 

  
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the avoidance of doubt, the transactions evidenced by this Agreement and the other Facility Documents and any Comparable Facilities shall not be considered “Securitizations”. 

“Securitization Vehicle” means a direct or indirect wholly-owned, special purpose bankruptcy remote subsidiary or
other Affiliate of the Borrower or any such entity sponsored by an Affiliate of the Borrower formed for the purpose of directly or indirectly purchasing Collateral Loans from the Borrower or an Affiliate of the Borrower pursuant to a public or
private issuance of asset-backed securities undertaken by such entity that is secured by such Collateral Loans. 
 “Senior
Class A Interest” means, with respect to any Payment Date, the “Class A Interest” for such Payment Date calculated using clauses (i) and (ii), as applicable, of the definition of “Step-Up Rate”. 
 “Senior Class B Interest” means, with
respect to any Payment Date, the “Class B Interest” for such Payment Date calculated using clauses (i) and (ii), as applicable, of the definition of “Step-Up Rate”. 

“Servicer” means Upstart Network, as the servicer, together with its permitted successors and assigns. 

“Servicer Event of Default” has the meaning set forth in the Servicing Agreement. 

“Servicer Fee” means, for each calendar month, a fee payable to the Servicer monthly in arrears on each Payment Date
in an amount equal to the amount provided for under Exhibit A to the Servicing Agreement. 
 “Servicing Agreement” means
that certain Loan Servicing Agreement dated as of the Closing Date, by and between the Servicer, as servicer, the Borrower, as purchaser and the Facility Agent, as amended or restated from time to time. 

“Solvency II Directive” Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance. 
 “Solvency II
Regulation” means Commission Delegated Regulation (EU) 2015/35 of 10 October 2014, supplementing Directive 2009/138/EC. 

“Solvent” means, with respect to any Person at any time, a condition under which (a) the fair value and present fair
saleable value of such Person’s total assets is, on the date of determination, greater than such Person’s total liabilities (including contingent and unliquidated liabilities) at such time; (b) such Person is able to pay all of its
liabilities as such liabilities are expected to mature; and (c) such Person does not have unreasonably small capital with which to engage in its current and in its anticipated business. For purposes of this definition: (x) the
amount of a Person’s contingent or unliquidated liabilities at any time shall be that amount which, in light of all the facts and circumstances 

  
 -43- 

 
then existing, represents the amount which can reasonably be expected to become an actual or matured liability; (y) the “fair value” of an asset shall be the amount which may be
realized within a reasonable time either through collection or sale of such asset at its regular market value; and (z) the “present fair saleable value” of an asset means the amount which can be obtained if such asset is sold with
reasonable promptness in an arm’s-length transaction. 
 “Special Purpose
Affiliate” means any bankruptcy-remote, special purpose entity that is an Affiliate of the Borrower and was created for the purpose of entering into one or more Securitizations. 

“Specified Lender” means CPPIB Credit Investments III Inc. 

“State” means any state of the United States or the District of Columbia. 

“Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801
et seq., as the same may be amended from time to time. 
 “Step-Up
Rate” has the meaning set forth in the Lender Fee Letter. 
 “Subject Laws” has the meaning specified in
Section 4.01(f). 
 “Subordinate Class A Interest” means, with respect to any Payment Date, an
amount equal to the excess, if any, of (i) the Class A Interest for such Payment Date over (ii) the Senior Class A Interest for such Payment Date. 

“Subordinate Class B Interest” means, with respect to any Payment Date, an amount equal to the excess, if
any, of (i) the Class B Interest for such Payment Date over (ii) the Senior Class B Interest for such Payment Date. 

“Subsidiary” means, with respect to any Person, any corporation, partnership or other entity of which at least a majority of
the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (irrespective
of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 

“Tangible Net Worth” means, as of any date of determination, the consolidated Net Worth of Upstart Network less the
consolidated net book value of all assets of Upstart Network (to the extent reflected as an asset in the balance sheet of Upstart Network or any subsidiary at such date) which are or will be treated as intangibles under GAAP or which are non-controlling Equity Interests. 

  
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 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date” means the earlier of (a) Scheduled Revolving Period Termination Date or (b) the occurrence of an
Accelerated Amortization Event. 
 “UCC” means the Uniform Commercial Code, as from time to time in effect in the State of
New York; provided that if, by reason of any mandatory provisions of law, the perfection, the effect of perfection or non-perfection or priority of the security interests granted to the Facility
Agent pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than the State of New York, then “UCC” means the Uniform Commercial Code as in effect
from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority. 

“Underwriting Guidelines” means Upstart Network’s minimum credit criteria applicable to the Obligors of Loans
substantially in the form of Exhibit E attached hereto as in effect on the Closing Date, as such guidelines may be amended or modified by Upstart Network from time to time in accordance with the Loan Sale Agreement. 

“UNI Credit Agreement” means that certain Revolving Credit Agreement dated as of the date hereof by and between the Borrower
and Upstart Network. 
 “Unmatured Backup Servicer Event of Default” means any event which, with the passage of time, the
giving of notice, or both, would constitute a Backup Servicer Event of Default. 
 “Unmatured Event of Default” means any
event which, with the passage of time, the giving of notice, or both, would constitute an Event of Default. 
 “Unmatured Servicer
Event of Default” means any event which, with the passage of time, the giving of notice, or both, would constitute a Servicer Event of Default. 

“Unrestricted Cash” means, with respect to Upstart Network, as of any date of determination, the cash and cash equivalents of
Upstart Network and its consolidated subsidiaries that, in accordance with GAAP, is reflected on the consolidated balance sheet of Upstart Network and its consolidated Subsidiaries, but only to the extent that such cash and cash equivalents (or any
deposit account or securities account in which such cash and cash equivalents are held) are not controlled by or subject to any Lien or other preferential arrangement in favor of any creditor. 

“Upstart Grade” means, with respect to a Loan, a letter assigned by the Servicer or an affiliate thereto that indicates the
expected level of risk of the related Obligor as set forth in the Underwriting Guidelines. As of the Closing Date, the Upstart Grades are: “AAA”, “AA”, “A”, “B”, “C”, “D” and “E.”

  
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 “Upstart Indemnity Agreement” means the Limited Guaranty and Indemnity
Agreement by Upstart Network for the benefit of the Facility Agent on behalf of the Lenders, dated as of the Closing Date, as the same may be amended or restated from time to time. 

“Upstart Network” means Upstart Network, Inc, a Delaware corporation. 

“Verification Agent” means Wilmington Savings Fund Society, FSB, its successors and assigns under the Collateral Verification
Agreement. 
 “Verification Agent Confirm” shall have the meaning set forth in the Collateral Verification Agreement. 

“Verification Agent Fee” means any fee payable monthly by Borrower to the Verification Agent, such fee to be as specified in
the Collateral Verification Agreement. 
 “Volcker Rule” means the common rule entitled “Proprietary Trading and
Certain Interests and Relationships with Covered Funds” published in 79 Fed. Reg. 21 at 5779-5804. 
 “Weighted Average Credit
Score” means, as of any date of determination with respect to all Collateral Loans which are Eligible Loans, the ratio (expressed as a number) obtained by summing the products obtained by multiplying: 

 

					
	The Credit Score of the related Obligor as reported at the time such Collateral Loan was made	 	 x 	  	The Principal Balance of such Collateral Loan

 and dividing such sum by the Aggregate Principal Balance of all Collateral Loans which are Eligible Loans as of such date of
determination. 
 “Weighted Average DTI Ratio” means, as of any date of determination with respect to all Collateral Loans
which are Eligible Loans, the ratio (expressed as a number) obtained by summing the products obtained by multiplying: 
  

					
	The DTI Ratio of the related Obligor as reported at the time such Collateral Loan was made	 	 x 	  	The Principal Balance of such Collateral Loan

 and dividing such sum by the Aggregate Principal Balance of all Collateral Loans which are Eligible Loans as of such date of
determination. 
 “Wilmington Savings Fund Society” means Wilmington Savings Fund Society, FSB. 

  
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 “Withdrawal Liability” means liability to a Multiemployer Plan as a result
of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

SECTION 1.02    Rules of Construction. For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires (i) singular words shall connote the plural as well as the singular, and vice versa (except as indicated), as may be appropriate, (ii) the words “herein,” “hereof” and
“hereunder” and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular article, schedule, section, paragraph, clause, exhibit or other subdivision, (iii) the headings,
subheadings and table of contents set forth in this Agreement are solely for convenience of reference and shall not constitute a part of this Agreement nor shall they affect the meaning, construction or effect of any provision hereof,
(iv) references in this Agreement to “include” or “including” shall mean include or including, as applicable, without limiting the generality of any description preceding such term, and for purposes hereof the rule of
ejusdem generis shall not be applicable to limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically mentioned, (v) each of the parties to this Agreement and its counsel
have reviewed and revised, or requested revisions to, this Agreement, and the rule of construction that any ambiguities are to be resolved against the drafting party shall be inapplicable in the construction and interpretation of this Agreement,
(vi) any definition of or reference to any Facility Document, agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (vii) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any
restrictions set forth herein or in any other applicable agreement), (viii) any reference to any law, statute, rule or regulation herein shall refer to such law, statute, rule or regulation as amended, modified or supplemented from time to time
and (ix) each reference to time without further specification shall mean New York City Time. 
 SECTION
1.03    Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” both mean “to but excluding”. Periods of days referred to in this Agreement shall be counted in calendar days unless Business Days are expressly prescribed. 

SECTION 1.04    Calculation Procedures. In connection with all calculations required to be made pursuant to
this Agreement with respect to any payments on any other assets included in the Collateral, with respect to the sale of Collateral Loans, and with respect to the income that can be earned on any other amounts that may be received for deposit in the
Collection Account, the provisions set forth in this Section 1.04 shall be applied. The provisions of this Section 1.04 shall be applicable to any determination or calculation that is covered by this Section 1.04, whether or not
reference is specifically made to Section 1.04, unless some other method of calculation or determination is expressly specified in the particular provision. 

  
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 (a)    References in the Priority of Payments to calculations made on a
“pro forma basis” shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause in which such calculation is made. 

(b)    For purposes of calculating the Excess Concentration Amount, in both the numerator and the denominator of any
component of the Excess Concentration Amount, Defaulted Collateral Loans and Ineligible Collateral Loans will be treated as having a value equal to zero. 

(c)    The Excess Concentration Amount will be determined in the way that produces the lowest Class A Borrowing Base
or Class B Borrowing Base at the time of determination, it being understood that a Collateral Loan that falls into more than one such category of Collateral Loans will be deemed, solely for purposes of such determinations, to fall only into the
category that produces the lowest Class A Borrowing Base or Class B Borrowing Base at such time (without duplication). 

(d)    References in this Agreement to the Borrower’s “purchase” or “acquisition” of a Collateral
Loan include references to the Borrower’s acquisition of such Collateral Loan by way of a sale and/or contribution from the Original Seller. 

(e)    For the purposes of calculating the Excess Concentration Amount, the Loan Delinquency Ratio, the Cumulative Default
Ratio and the Net Interest Margin all calculations will be rounded to the nearest 0.01%. 
 (f)    All monetary
calculations under this Agreement shall be in Dollars. 
 ARTICLE II 

ADVANCES 

SECTION 2.01    Revolving Credit Facility. On the terms and subject to the conditions hereinafter set forth,
including Article III, each Lender may, in its sole discretion on an uncommitted and absolutely discretionary basis, make loans to the Borrower (each, an “Advance”) from time to time on any Business Day during the period from the
Closing Date until the Termination Date (each such borrowing of an Advance on any single day is referred to herein as a “Borrowing”); provided, that the Borrower shall not request any such Advance nor shall any Lender make any such
Advance or portion thereof to the extent that, after giving effect to such Advance: 
 (i)    the aggregate outstanding
principal amount of the Class A Advances funded by such Lender hereunder shall exceed such Lender’s Class A Funding Limit or the aggregate outstanding principal amount of the Class B Advances funded by such Lender hereunder shall
exceed such Lender’s Class B Funding Limit; 
 (ii)    (A) the Class A Aggregate Advance Amount shall
exceed the lesser of (x) the Class A Borrowing Base and (y) the sum of the Class A Funding Limits or (B) the Class B Aggregate Advance Amount shall exceed the lesser of (x) the Class B Borrowing Base and
(y) the sum of the Class B Funding Limits; 

  
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 (iii)    solely with respect to a Borrowing which includes Class B
Advances, the Class B Actual Ratio shall exceed the Class B Effective Advance Rate Ratio; 
 (iv)    the
Class B Aggregate Advance Amount shall exceed $27,000,000; or 
 (v)    the sum of the Class A Aggregate
Advance Amount and the Class B Aggregate Advance Amount shall exceed the Facility Limit. 
 Within such limits and subject to the other
terms and conditions of this Agreement, the Borrower may borrow (and re-borrow) Advances under this Section 2.01 and prepay Advances under Section 2.05. NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, NO LENDER SHALL HAVE ANY COMMITMENT OR OBLIGATION TO MAKE ANY ADVANCE HEREUNDER AND NO LENDER SHALL BE RESPONSIBLE FOR THE FAILURE OF ANY OTHER LENDER TO FUND ANY ADVANCE. 

SECTION 2.02    Making of the Advances. 

(a)    If the Borrower desires to request a Borrowing under this Agreement, the Borrower shall give the Facility Agent and
the Lenders a written notice (each, a “Notice of Borrowing”) for such Borrowing (which notice, except as provided herein, shall be irrevocable and effective upon receipt) not later than 1:00 p.m. (New York City time) at least three
(3) Business Days prior to the day of the requested Borrowing; provided, that, for any Borrowing which is to occur on the Closing Date, the related Notice of Borrowing shall be delivered within a reasonable time prior to the Closing
Date. A Notice of Borrowing received after 1:00 p.m. (New York City time) shall be deemed received on the following Business Day. 

Each Notice of Borrowing shall be substantially in the form of Exhibit A hereto, dated the date the request for the related Borrowing is being
made, signed by a Responsible Officer of the Borrower, shall attach a Borrowing Base Calculation Certification, and shall otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day
falling on or prior to the Termination Date, and subject to the limitations set forth in Section 2.01, the amount of the Borrowing requested in such Notice of Borrowing (the “Requested Amount”) shall be allocated among Class A
Advances and Class B Advances pursuant to the Notice of Borrowing and which in the aggregate shall be equal to at least $2,000,000 or an integral multiple of $100,000 in excess thereof (or, less, if agreed to by the Facility Agent and the
Lenders in their sole and absolute discretion); provided, that the requested Advances of each Class shall be allocated to the Lenders within such Class (other than the Fronting Lender with respect to the Class B Advances) on a pro
rata basis based upon each Lender’s Available Funding Limit Pro Rata Share. 
 Unless otherwise permitted by the Facility Agent in its
sole and absolute discretion, there shall be no more than two (2) Borrowing Dates per calendar week. 

  
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 Upon receipt of a Notice of Borrowing, each Class A Lender shall determine whether it
will fund its Available Funding Limit Pro Rata Share of the portion of the Requested Amount constituting Class A Advances and each Class B Lender (other than the Fronting Lender) shall determine whether it will fund its Available Funding
Limit Pro Rata Share of the portion of the Requested Amount constituting Class B Advances. If any Lender declines to fund its share of the Requested Amount, such Lender shall notify the Borrower, the Facility Agent and each other Lender in
writing of such determination (a “Declining Advance Notice”) no later than two (2) Business Days following receipt of such Notice of Borrowing. In the event any Lender delivers a Declining Advance Notice with respect to a Notice of
Borrowing, the Borrower shall (i) rescind the related Notice of Borrowing by delivering written notice of such rescission to the Facility Agent and each of the Lenders within one (1) Business Day following receipt of such Declining Advance
Notice or (ii) subject to the limitations in this Section 2.01, amend the Notice of Borrowing to reflect a change in (x) the Borrowing Date and/or (y) the Requested Amount and the allocation of Advances among the Lenders not
having submitted a Declining Advance Notice (an “Amended Notice of Borrowing”). The Borrower shall give the Facility Agent and the Lenders written notice of the Amended Notice of Borrowing not later than 1:00 p.m. (New York City time)
at least two (2) Business Days prior to the Borrowing Date specified in the Amended Notice of Borrowing. If any Lender declines to fund its share of the Requested Amount in such Amended Notice of Borrowing, such Lender shall notify the
Borrower, the Facility Agent and each other Lender in writing of such determination no later than one (1) Business Day following receipt of such Amended Notice of Borrowing. 

(b)    Funding by Lenders. On the terms and subject to the conditions hereinafter set forth, including
Article III, each Lender in each Class may fund all or a portion of the applicable Requested Amount as agreed to in writing between the Borrower, the Facility Agent and the applicable Lenders (each such amount, an “Agreed Upon
Amount”). Each such Lender shall fund its Agreed Upon Amount on each Borrowing Date by wire transfer of immediately available funds by 12:00 p.m. (New York City time) to the Funding Account. 

(c)    Fronting Facility. 

(i)    Within one (1) Business Day of receiving a Notice of Borrowing or Amended Notice of Borrowing under
Section 2.02, the Specified Lender shall notify the Fronting Lender in writing if it elects not to have the Fronting Lender fund its share of the Class B Advances related to such Notice of Borrowing. Absent such notice, the Specified
Lender shall be deemed to have requested the Fronting Lender to fund its share of any such Class B Advances (a “Fronting Election”). Within one (1) Business Day following receipt of a Fronting Election, the Fronting Lender may,
in its sole discretion, elect to fund the Specified Lender’s share of the Class B Advances set forth in the related Notice of Borrowing or Amended Notice of Borrowing, as applicable.    If the Fronting Lender declines
to fund the Specified Lender’s share of the Requested Amount, the Fronting Lender shall notify the Borrower, the Facility Agent and each Lender of such determination by deliver a Declining Advance Notice no later than one (1) Business Day
following receipt of such Fronting Election. Upon receipt of a Declining Advance Notice from the Fronting Lender, the other Class B Lenders by written notice to the Borrower and the other Lenders, may elect to fund all or a share of the
Specified Lender’s share of the Requested Amount upon which the Borrower shall promptly deliver a revised Notice of Borrowing reflecting such amounts. If the Fronting Lender elects to fund the Specified Lender’s share of the Class B

  
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Advances related to such Notice of Borrowing or Amended Notice of Borrowing, as applicable, the Fronting Lender shall fund the related Class B Advances pursuant to Section 2.02(b)
(“Fronted Class B Advances”); provided, that after giving effect to any funding of Class B Advances by the Fronting Lender, the Class B Aggregate Advance Amount (including Class B Advances funded by the Fronting
Lender) shall not exceed $27,000,000. Upon the funding of any Class B Advances, the Fronting Lender shall be a Class B Lender for all purposes hereunder and, except as set forth below in Section 2.02(c)(ii), shall be entitled to all
of the rights and benefits of a Class B Lender. 
 (ii)    Upon the funding of any Fronted Class B Advances by
the Fronting Lender pursuant to clause (i) above and until the Fronting Facility Termination Date, the Fronting Lender hereby agrees that (w) it shall not take any action under this Agreement or the Facility Documents as a Class B
Lender with respect to such Fronted Class B Advances (including, without limitation, consenting to any waivers or amendments), without the prior written consent of the Specified Lender, (x) it shall forward all notices, reports and other
information it receives as a Class B Lender with respect to such Fronted Class B Advances to the Specified Lender, (y) it shall take any action and exercise any right a Class B Lender is entitled to take or exercise with respect
to such Fronted Class B Advances at the written instruction of the Specified Lender and (z) it shall deliver to the Specified Lender any Class B Interest with respect to the Fronted Class B Advances received from the Borrower
pursuant to Section 9.01 by wire transfer of immediately available funds within one (1) Business Day of receipt thereof to the account specified in writing by the Specified Lender. On and after the Fronting Facility Termination Date, the
Specified Lender shall cease to have any of the rights set forth in this clause (ii) with respect to any outstanding Fronted Class B Advances owned by the Fronting Lender. 

(iii)    The Specified Lender hereby irrevocably agrees that on each Fronting Settlement Date, it shall purchase and
assume without recourse to or representation from the Fronting Lender (except as set forth in clause (iv) below) all of the Fronting Lender’s right, title and interest in and to all of outstanding Related Fronted Class B Advances and
the Fronting Lender hereby agrees on each Fronting Settlement Date to sell and assign all of its right, title and interest in the Related Fronted Class B Advances to the Specified Lender. The obligation of the Specified Lender to purchase the
Related Fronted Class B Advances from the Fronting Lender on each Fronting Settlement Date is absolute and is not subject to any condition precedent under Article III or otherwise or subject to the absence of any Event of Default, Unmatured
Event of Default, Servicer Event of Default, Unmatured Servicer Event of Default, Backup Servicer Event of Default or Unmatured Backup Servicer Event of Default. 

On any Business Day, the Specified Lender may by written notice to the Fronting Lender designate an additional Fronting Settlement Date and
related Fronting Settlement Determination Date (a “Fronting Prepayment Notice”); provided, that such Fronting Prepayment Notice is delivered a minimum of one (1) Business Day prior to the designated Fronted Settlement Determination
Date and two (2) Business Days prior to the designated Fronted Settlement Date. 
 On each Fronting Settlement Determination Date, the
Fronting Lender shall deliver a report setting forth the Fronting Purchase Price with respect to the related Fronting Settlement Date and the calculations related thereto (the “Fronting Settlement Report”). On such Fronting Settlement
Date, if such Fronting Purchase Price (1) is positive, the Specified Lender shall fund such Fronting Purchase Price to the Fronting Lender by wire transfer of immediately available funds by 

  
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5:00 p.m. (New York City time) to the account specified in writing by the Fronting Lender, or (2) is negative, the Fronting Lender shall fund the absolute amount of such Fronting Purchase
Price to the Specified Lender by wire transfer of immediately available funds by 5:00 p.m. (New York City time) to the account specified in writing by the Specified Lender. 

If, during the period beginning on any Fronting Settlement Determination Date and ending on the related Fronting Settlement Date, (x) the
Fronting Lender receives from the Borrower any reductions in the outstanding principal amount of the Related Fronted Class B Advances and (y) such amounts were not included in the determination of clause (i) of the definition of
Fronting Purchase Price for the Related Fronted Class B Advances, then the Fronting Lender shall pay such amounts (plus any corresponding reduction of the Fronting Fee included in the Fronting Purchase Price paid by the Specified Lender) by
wire transfer of immediately available funds by 5:00 p.m. (New York City time) to the account specified in writing by the Specified Lender on the related Fronting Settlement Date. 

(iv)    The Fronting Lender (i) represents and warrants that immediately prior to each purchase by the Specified
Lender, it is the legal and beneficial owner of the Fronted Class B Advances being purchased free and clear of any Lien created by the Fronting Lender; (ii) makes no representation or warranty and assumes no responsibility with respect to
any statements, warranties or representations made in or in connection with the Facility Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security or
ownership interest created or purported to be created under or in connection with, the Facility Documents or any other instrument or document furnished pursuant thereto or the condition or value of the related Fronted Class B Advances,
Collateral relating to the Borrower, or any interest therein; and (iii) makes no representation or warranty and assumes no responsibility with respect to the condition (financial or otherwise) of the Borrower, the Facility Agent, the Servicer
or any other Person, or the performance or observance by any Person of any of its obligations under any Facility Document or any instrument or document furnished pursuant thereto. 

The Specified Lender, upon the purchase of each Fronted Class B Advance, (i) appoints and authorizes the Facility Agent to take such
action as agent on its behalf and to exercise such powers and discretion under the Facility Documents as are delegated to the Facility Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto with
respect to such Fronted Class B Advance; and (ii) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Facility Documents are required to be performed by it as a Lender with respect to
such Fronted Class B Advance. 
 Upon receipt of the Fronting Purchase Price for each Fronted Class B Advance by the Fronting
Lender on a Fronting Settlement Date, (i) ownership of such Fronted Class B Advance shall immediately vest in the Specified Lender without further action by any party and the Facility Agent, the Specified Lender and the Fronting Lender
shall update their records to reflect the change in ownership of the such Fronted Class B Advance pursuant to Section 2.03 and (ii) from and after such Fronting Settlement Date, the Borrower shall make all payments under this
Agreement in respect of such Fronted Class B Advance to the Specified Lender. 

  
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 (v)    If on any Fronting Settlement Date, the Specified Lender fails to
fund the Fronting Purchase Price with respect to the related Fronted Class B Advances (“Defaulted Fronted Advances”), the Fronting Lender shall maintain ownership of the Defaulted Fronted Advances and shall remain entitled to all of
rights and benefits of a Class B Lender hereunder with respect thereto. 
 SECTION 2.03    Evidence of
Indebtedness. 
 (a)    Maintenance of Records by Lenders. Each Lender shall maintain in accordance with its
usual practice an account or accounts evidencing the indebtedness of the Borrower to it and resulting from the Advances made by such Lender to the Borrower, from time to time, including the amounts of principal and interest thereon and paid to it,
from time to time hereunder. 
 (b)    Maintenance of Records by Facility Agent. The Facility Agent shall
maintain records in which it shall record (i) the amount of each Advance made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and
(iii) the amount of any sum received by the Facility Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(c)    Effect of Entries. The entries made in the records maintained pursuant to paragraph (a) or (b) of this
Section shall be prima facie evidence, absent obvious error, of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Facility Agent to maintain such records or any error therein shall
not in any manner affect the obligation of the Borrower to repay the Advances in accordance with the terms of this Agreement. 
 SECTION
2.04    Payment of Principal and Interest. The Borrower shall pay principal and Interest on the Advances as follows: 

(a)    100% of the outstanding principal amount of each Advance, together with all accrued and unpaid Interest thereon and
all other Obligations, shall be due and payable on the Final Maturity Date. 
 (b)    Interest shall accrue on the
unpaid principal amount of each Class A Advance at the Class A Interest Rate and on the unpaid principal amount of each Class B Advance at the Class B Interest Rate, in each case, from the date of such Advance until such
principal amount is paid in full. 
 (c)    Accrued Interest on each Advance shall be due and payable in arrears
(x) on each Payment Date, and (y) in connection with any prepayment in full of the Advances pursuant to Section 2.05(a); provided that (i) with respect to any prepayment in full of the Advances outstanding, accrued
Interest on such amount to but excluding the date of prepayment may be payable on such date or as otherwise agreed to between the Lenders and the Borrower and (ii) with respect to any partial prepayment of the Advances outstanding, accrued
Interest on such amount to but excluding the date of prepayment shall be payable following such prepayment on the applicable Payment Date in accordance with the Priority of Payments for the Collection Period in which such prepayment occurred. 

(d)    The obligation of the Borrower to pay the Obligations, including, but not limited to, the obligation of the
Borrower to pay the Lenders the outstanding principal amount of the 

  
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Advances, accrued interest thereon and any other fees as set forth in the Placement Agent Fee Letter and the Lender Fee Letter, shall be absolute, unconditional and irrevocable, and shall be paid
strictly in accordance with the terms hereof (including Section 2.13), under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment (other than any setoff, counterclaim or defense to payment with respect to
Taxes that are not Indemnified Taxes or Taxes that are not indemnified under Section 12.03(d)) which the Borrower or any other Person may have or have had against any Secured Party or any other Person. 

(e)    As a condition to the payment of principal of, Interest on any Advance or other amounts due pursuant to the
Facility Documents without the imposition of withholding Tax, the Borrower or the Facility Agent may require certification acceptable to it to enable the Borrower and the Facility Agent to determine their duties and liabilities with respect to any
Taxes or other charges that they may be required to deduct or withhold from payments in respect of such Advance under any present or future Law or to comply with any reporting or other requirements under any such Law. 

SECTION 2.05    Prepayment of Advances. 

(a)    Optional Prepayments. The Borrower may, from time to time on any Business Day, voluntarily prepay Advances
outstanding in whole or in part, subject to payment of any Prepayment Fee and all amounts due pursuant to Sections 2.04(c) and 2.09; provided that the Borrower shall have delivered to the Facility Agent and each Lender written notice of
such prepayment (such notice, a “Notice of Prepayment”) in the form of Exhibit B hereto by no later than 1:00 p.m. (New York City time) at least one (1) Business Day prior to the day of such prepayment. Any Notice of Prepayment
received by the Facility Agent after 1:00 p.m. (New York City time) shall be deemed received on the next Business Day. Each such Notice of Prepayment shall be irrevocable and effective upon the date received and shall be dated the date such notice
is given, signed by a Responsible Officer of the Borrower and otherwise appropriately completed. Each prepayment of any Advance by the Borrower pursuant to this Section 2.05(a) shall in each case be in a principal amount of at least $2,000,000
or, if less, the entire outstanding principal amount of the Advances of the Borrower and shall be paid ratably among the Classes based on their respective Class Percentages as of such date and ratably among the Lenders within each
Class based on their respective Invested Percentages as of such date. If a Notice of Prepayment is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice (including any Prepayment Fee and
all amounts due pursuant to Sections 2.04(c) and 2.09) shall be due and payable on the date specified therein. The Borrower shall make the payment amount specified in such notice by wire transfer of immediately available funds by 4:00 p.m. (New
York City time) to the account of each Lender as directed by the Facility Agent. The Facility Agent promptly will make such payment amount specified in such notice available to each Lender in the amount of each Lender’s payment amount by wire
transfer to such Lender’s account. Any funds for purposes of a voluntary prepayment received by the Facility Agent after 4:00 p.m. (New York City time) shall be deemed received on the next Business Day. 

(b)    Mandatory Prepayments. The Borrower shall prepay the Advances on each Payment Date in the manner and to the
extent provided in the Priority of Payments. The Borrower shall provide, in each Monthly Report, notice of the aggregate amounts of Advances that are to be prepaid on the related Payment Date in accordance with the Priority of Payments. 

  
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 (c)    Additional Prepayment Provisions. Each prepayment of
principal pursuant to this Section 2.05 shall be subject to Sections 2.04(c) and 2.09 and applied to the Advances of each Class in accordance with the Lenders’ of such Class’s respective Invested Percentages. 

(d)    Interest on Prepaid Advances. The Borrower shall pay all accrued and unpaid Interest on Advances (or portion
thereof) prepaid on the date of such prepayment. 
 SECTION 2.06    [Reserved]. 

SECTION 2.07    Maximum Lawful Rate. It is the intention of the parties hereto that the interest on the
Advances shall not exceed the maximum rate permissible under Applicable Law. Accordingly, anything herein to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the
Lenders pursuant hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties under this
Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances of the Borrower. 

SECTION 2.08    Increased Costs. 

(a)    Except with respect to Taxes which shall be governed solely by Section 12.03, if (i) the introduction of
or any change in or in the interpretation, application or implementation of any Applicable Law or GAAP or other applicable accounting policy after the date hereof, or (ii) the compliance with any guideline or change in the interpretation,
application or implementation of any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) after the date hereof, (a “Regulatory Change”): 

(A)    shall impose, modify or deem applicable any reserve (including, without limitation, any reserve imposed by the
Board of Governors of the Federal Reserve System, but excluding any reserve included in the determination of interest on the Advances), special deposit or similar requirement against assets of any Affected Person, deposits or obligations with or for
the account of any Affected Person or with or for the account of any Affiliate (or entity deemed by the Federal Reserve Board to be an Affiliate) of any Affected Person, or credit extended by any Affected Person; 

(B)    shall change the amount of capital maintained or required or requested or directed to be maintained by any
Affected Person; 
 (C)    shall impose any other condition affecting any Advance owned or funded in whole or in part
by any Affected Person, or its obligations or rights, if any, to make Advances or to provide funding therefor; 

(D)    shall change the rate for, or the manner in which the Federal Deposit Insurance Corporation (or a successor
thereto) assesses, deposit insurance premiums or similar charges; or 

  
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 (E)    shall cause an internal capital or liquidity charge or other
imputed cost to be assessed upon any Affected Party which, in the sole discretion of such Affected Party, is allocable to the Borrower or to the transactions contemplated by this Agreement; 

and the result of any of the foregoing is or would be 

(x)    to increase the cost to or to impose a cost on an Affected Person funding or making or maintaining
any Advance, or 
 (y)    to reduce the amount of any sum received or receivable by an Affected Person
under this Agreement, or 
 (z)    in the sole determination of such Affected Person, to reduce the rate
of return on the capital of an Affected Person as a consequence of its obligations hereunder, 
 then within thirty (30) days after demand by such
Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail the basis of such demand), the Borrower shall pay directly to such Affected Person such additional amount or amounts as will compensate such
Affected Person for such additional or increased cost or such reduction in accordance with the Priority of Payments. For the avoidance of doubt, (i) regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd
Frank Act Regulations”) that are not in effect on the Closing Date; (ii) the publication entitled “Basel III: A global regulatory framework for more resilient banks and banking systems,” as updated from time to time
(“Basel III”), including without limitation, any publications addressing the liquidity coverage ratio (“LCR”) or the supplementary leverage ratio (“SLR”); or (iii) any implementing laws, rules,
regulations, guidance, interpretations or directives from any Governmental Authority relating to the Dodd Frank Act Regulations or Basel III (whether or not having the force of law), and in each case all rules and regulations promulgated thereunder
or issued in connection therewith shall be deemed to have been introduced after the Closing Date, thereby constituting a Regulatory Change hereunder with respect to the Affected Parties as of the Closing Date, regardless of the date enacted, adopted
or issued, and such additional amounts which are sufficient to compensate such Affected Person for such increase in capital or liquidity or reduced return in accordance with the Priority of Payments. If any Affected Person becomes entitled to claim
any additional amounts pursuant to this Section 2.08, it shall promptly notify the Borrower (with a copy to the Facility Agent) of the event by reason of which it has become so entitled. A certificate setting forth in reasonable detail such
amounts submitted to the Borrower by an Affected Person shall be conclusive and binding for all purposes, absent manifest error. 

(b)    Upon the occurrence of any event giving rise to the Borrower’s obligation to pay additional amounts to a
Lender pursuant to clause (a) of this Section 2.08, such Lender will (i) use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would reduce or
obviate the obligations of the Borrower to make future payments of such additional amounts; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost in excess of $5,000 (as

  
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reasonably determined by such Lender) or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving
rise to the operation of any such provision or (ii) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Person would cease to exist or the
additional amounts which would otherwise be required to be paid to such Lender pursuant to this Section 2.08 would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of
such Advances through such other office or in accordance with such other measures, as the case may be, would not otherwise materially adversely affect such Advances or the interests of such Lender. 

(c)    Notwithstanding anything in this Section 2.08 to the contrary, (i) if any Affected Person fails to give
demand for amounts or losses incurred in connection with this Section 2.08 within 180 days after it obtains knowledge that it is subject to increased capital requirements or has incurred other increased costs, such Affected Person shall, with
respect to amounts payable pursuant to this Section 2.08, only be entitled to payment under this Section 2.08 for amounts or losses incurred from and after the date 180 days prior to the date that such Affected Person does give such demand
and (ii) the Borrower shall not be required to pay to any Affected Person (x) any amount that has been fully and finally paid in cash to such Affected Person pursuant to any other provision of this Agreement or any other Facility Document,
(y) any amount, if the payment of such amount is expressly excluded by any provision of this Agreement or any other Facility Document or (z) any amount, if such amount constitutes Taxes which are governed by Section 12.03. 

SECTION 2.09    Compensation; Breakage Payments. The Borrower agrees to compensate each Affected Person from
time to time, on the Payment Dates, following such Affected Person’s written request (which request shall set forth the basis for requesting such amounts), in accordance with the Priority of Payments for all reasonable losses, expenses and
liabilities (including any interest paid by such Affected Person to lenders of funds borrowed to make or carry an Advance and any loss sustained by such Affected Person in connection with the re-employment of
such funds, but excluding loss of anticipated profits and any net gains received by the Affected Person), which such Affected Person may sustain: (i) if for any reason (including any failure of a condition precedent set forth in
Article III but excluding a default by the applicable Lender) a Borrowing of any Advance by the Borrower does not occur on the Borrowing Date specified therefor in the applicable Notice of Borrowing delivered by the Borrower, (ii) if any
payment, prepayment or conversion of any of the Borrower’s Advances occurs on a date that is not the last day of the relevant Interest Accrual Period or on the relevant Payment Date, (iii) if any payment or prepayment of any Advance is not
made on any date specified in a Notice of Prepayment given by the Borrower, or (iv) as a consequence of any other default by the Borrower to repay its Advances when required by the terms of this Agreement. A certificate as to any amounts
payable pursuant to this Section 2.09 submitted to the Borrower by any Lender (with a copy to the Facility Agent, and accompanied by a reasonably detailed calculation of such amounts and a description of the basis for requesting such amounts)
shall be conclusive in the absence of manifest error. 

  
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 SECTION 2.10    Illegality; Inability to Determine Rates. 

(a)    Notwithstanding any other provision in this Agreement, in the event of a LIBOR Disruption Event, then the affected
Lender shall promptly notify the Facility Agent and the Borrower thereof, and such Lender’s obligation to make or maintain Advances hereunder based on the Adjusted LIBOR Rate shall be suspended until such time as such Lender may again make and
maintain Advances based on the Adjusted LIBOR Rate and the Advances of each Interest Accrual Period in which such Person owns an interest shall either (1) if such Lender may lawfully continue to maintain such Advances at the Adjusted LIBOR Rate
until the last day of the applicable Interest Accrual Period, be reallocated on the last day of such Interest Accrual Period to another Interest Accrual Period in respect of which the Advances allocated thereto accrues interest determined other than
with respect to the Adjusted LIBOR Rate or (2) if such Lender shall determine that it may not lawfully continue to maintain such Advances at the Adjusted LIBOR Rate until the end of the applicable Interest Accrual Period, such Lender’s
share of the Advances allocated to such Interest Accrual Period shall be deemed to accrue interest at the Base Rate from the effective date of such notice until the end of such Interest Accrual Period. 

(b)    Upon the occurrence of any event giving rise to a Lender’s suspending its obligation to make or maintain
Advances based on the Adjusted LIBOR Rate pursuant to Section 2.10(a), such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if
such designation would enable such Lender to again make and maintain Advances based on the Adjusted LIBOR Rate; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or
material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision. 

(c)    If, prior to the first day of any Interest Accrual Period or prior to the date of any Advance, as applicable,
either (i) the Facility Agent determines that for any reason adequate and reasonable means do not exist for determining the LIBOR Rate for the applicable Advances, or (ii) the Required Lenders determine and notify the Facility Agent that
the Adjusted LIBOR Rate with respect to such Advances does not adequately and fairly reflect the cost to such Lenders of funding such Advances, the Facility Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of
the Lenders to make or maintain Advances based on the Adjusted LIBOR Rate shall be suspended until the Facility Agent (upon the instruction of the Required Lenders) revokes such notice. 

SECTION 2.11    Rescission or Return of Payment. The Borrower agrees that, if at any time (including after
the occurrence of the Final Collection Date) all or any part of any payment theretofore made by any of them to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever (including the
insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates), the obligation of the Borrower to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must be
rescinded or returned, be deemed to have continued in existence and this Agreement shall continue to be effective or be reinstated, as the case maybe, as to such obligations, all as though such payment had not been made. 

  
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 SECTION
2.12    Post-Default Interest. The Borrower shall pay interest on all Class A Obligations that are not paid when due for the period from the due date thereof until
the date the same is paid in full at the rate set forth under clause (b) of the definition of Class A Interest Rate and on all Class B Obligations that are not paid when due for the period from the due date thereof until the date the
same is paid in full at the rate set forth under clause (b) of the definition of Class B Interest Rate. Interest payable at the defaulted rate shall be payable on each Payment Date in accordance with the Priority of Payments. 

SECTION 2.13    Payments Generally. 

(a)    All amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the
Advances and other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement, shall be paid by the Borrower to the Facility Agent for account of the applicable recipient in
Dollars, in immediately available funds, in accordance with the Priority of Payments. The Facility Agent and each Lender shall provide wire instructions to the Borrower and the Facility Agent. Payments must be received by the Facility Agent for
account of the Lenders on or prior to 4:00 p.m. (New York City time) on a Business Day; provided that, payments received by the Facility Agent after 4:00 p.m. (New York City time) on a Business Day will be deemed to have been paid on the next
following Business Day. 
 (b)    Except as otherwise expressly provided herein, all computations of interest, fees and
other Obligations shall be made on the basis of a year of 360 days for the actual number of days elapsed. In computing interest on any Advance, the date of the making of the Advance shall be included and the date of payment shall be excluded;
provided that, if an Advance is repaid on the same day on which it is made, one day’s Interest shall be paid on such Advance. All computations made by a Lender or the Facility Agent under this Agreement shall be conclusive absent
manifest error. 
 SECTION 2.14    Permitted Sales. 

(a)    On any Business Day, the Borrower shall have the right to prepay all or (subject to clause (iv) below) a
portion of the outstanding Advances and request the Facility Agent to release its security interest and Lien on the related Collateral Loans in connection with a Permitted Sale, subject to the following terms and conditions: 

(i)    The Borrower shall have given the Facility Agent, each Hedge Counterparty, each Lender, the E-Vault Provider and the Verification Agent at least five (5) Business Days’ prior written notice of its intent to effect a Permitted Sale and, at least two (2) Business Days prior to the closing of
the Permitted Sale, shall provide the Facility Agent with all information reasonably required by it to produce the related Permitted Sale Release, substantially in the form attached hereto as Exhibit J. 

(ii)    In connection with a Permitted Sale that is to occur on a date other than a Payment Date (in which case the
relevant calculations with respect to such Permitted Sale shall be reflected on the applicable Monthly Report), the Borrower shall deliver, or cause to be delivered, 

  
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to the Facility Agent (which the Facility Agent shall forward to each Lender upon receipt) a Permitted Sale Date Certificate and an updated Loan Schedule, together with evidence to the reasonable
satisfaction of the Facility Agent that the Borrower shall have sufficient funds on the related Permitted Sale Date to effect such Permitted Sale in accordance with this Agreement, which funds may come from the proceeds of sales of the Collateral
Loans in connection with such Permitted Sale (which sales must be made in arm’s-length transactions). 

(iii)    On the related Permitted Sale Date, the following shall be true and correct and the Borrower shall be deemed to
have certified that, after giving effect to the Permitted Sale and the release to the Borrower of the related Collateral Loans on the related Permitted Sale Date, (A) no adverse selection procedure shall have been used by the Borrower with
respect to the Collateral Loans that will remain subject to this Agreement after giving effect to the Permitted Sale, (B) the representations and warranties contained in Sections 4.01 are true and correct in all material respects, except
to the extent relating to an earlier date, (C) no Unmatured Servicer Event of Default, Servicer Event of Default, Unmatured Event of Default or Event of Default, has occurred or results from such Permitted Sale, and (D) no Class A
Borrowing Base Deficiency or Class B Borrowing Base Deficiency shall exist and, if such Permitted Sale Date occurs during any calendar month prior to the Determination Date for such calendar month, there shall be no reason to conclude that a
Class A Borrowing Base Deficiency or Class B Borrowing Base Deficiency shall exist on such Determination Date. 

(iv)    On the related Permitted Sale Date, the Facility Agent shall have received, for the benefit of the Lenders in
immediately available funds, (A) in respect of the portion of the aggregate outstanding Advances to be prepaid, an amount equal to the amount necessary so that no Class A Borrowing Base Deficiency or Class B Borrowing Base Deficiency
shall exist after giving effect to such Permitted Sale and such prepayment, (B) an amount equal to all unpaid Interest (including any amounts payable under Section 2.09 in connection with such Permitted Sale Date not occurring on the last
day of the relevant Interest Accrual Period or on the relevant Payment Date) to the extent reasonably determined by the Facility Agent to be attributable to that portion of the outstanding Advances to be paid in connection with the Permitted Sale,
(C) an aggregate amount equal to the sum of all other amounts due and owing to the Facility Agent, the Lenders and the other Secured Parties, as applicable, under this Agreement and the other Facility Documents, to the extent accrued to such
date and to accrue thereafter (including any amounts due under Section 2.09) and (D) any Prepayment Fee due as a result of such Permitted Sale and all other Obligations then due and payable with respect thereto. The amount paid pursuant to
(1) clause (A) shall be applied on such Permitted Date to the payment of principal on outstanding Advances ratably among the Classes based on their respective Class Percentage as of such date and ratably among the Lenders of each
Class based on their respective Invested Percentages as of such date, (2) clause (B) shall be deposited in the Collection Account to be applied as Available Funds pursuant to Section 9.01 on the next Payment Date (or on such Payment
Date, if the Permitted Sale Date is on a Payment Date) and (3) clauses (C) and (D) shall be paid to the Persons to whom such amounts are to be owed on such Permitted Sale Date; provided, however, that if the amount paid pursuant to
clause (A) exceeds the principal amount of the outstanding Advances on such Permitted Sale Date, then the amount of such excess shall be distributed to the Borrower on such Permitted Sale Date free and clear of any Liens in favor of the Secured
Parties. 

  
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 (b)    The Borrower hereby agrees to pay the reasonable legal fees and
expenses of the Facility Agent, the E-Vault Provider, the Verification Agent, the Backup Servicer and the Lenders in connection with any Permitted Sale (including expenses incurred in connection with the
release of the Lien of the Facility Agent in connection with such Permitted Sale). 
 (c)    In connection with any
Permitted Sale, on the related Permitted Sale Date, subject to satisfaction of the conditions referred to in this Section, the Facility Agent shall, at the expense of the Borrower, (i) execute such instruments of release with respect to the
portion of the Collateral Loans (and the other related Collateral) to be released to the Borrower, including a Permitted Sale Release, in favor of the Borrower as the Borrower may reasonably request, (ii) deliver or cause to be delivered any
portion of the Collateral Loans (and the other related Collateral) to be released to the Borrower to the Borrower and (iii) otherwise take such actions, and cause or permit the Borrower to take such actions, as are necessary and appropriate to
release the Lien of the Facility Agent on the portion of the Collateral Loans (and the other related Collateral) to be released to the Borrower and deliver to the Borrower such Collateral Loans and related Collateral. 

SECTION 2.15    Ratings; Tranching. 

(a)    On or after the Closing Date, the Facility Agent may provide a Rating Request to the Borrower. The Borrower shall
reasonably cooperate with the Facility Agent’s efforts to obtain the Required Rating from the Rating Agency specified in the Rating Request, and shall provide the applicable rating agency (either directly or through distribution to the Facility
Agent) any information such Rating Agency may reasonably require for purposes of providing and monitoring the Required Rating. The Class A Lenders shall pay all fees (including ongoing fees) payable to the Rating Agency in connection with a
Rating Request related to the Class A Advances. The Class B Lenders shall pay all fees (including ongoing fees) payable to the Rating Agency in connection with a Rating Request related to the Class B Advances. 

(b)    At the Facility Agent’s expense (including the reasonable attorney’s fees and costs of the Borrower),
Borrower hereby agrees to work with Facility Agent to make such amendments to this Agreement as the Facility Agent deems reasonably necessary to split the Class A Advances and Class B Advances into multiple tranches if such amendments do
not result in any aggregate increase in the per annum rate of interest payable by Borrower. 
 SECTION 2.16    Lender
Relations. 
 (a)    Subordination; Non-Petition Covenants. Anything
in this Agreement or any other Facility Documents to the contrary notwithstanding, the Borrower and the holders of the Class B Obligations (for purposes of this clause (a), the “Subordinated Obligations”) agree for the benefit
of the holders of the Class A Obligations (for purposes of this clause (a), the “Senior Obligations”), that the Subordinated Obligations and the Facility Agent’s security interest in the Collateral as security for the
Subordinated Obligations shall be subordinate and junior to the Senior Obligations to the extent and in the manner set forth in this Agreement, including as set forth in Section 9.01 and hereinafter provided. Except as otherwise set forth in
Section 9.01, the Senior Obligations shall be paid in full in cash, including all principal, accrued and unpaid interest and fees, if any, before any payment or distribution is made on account of the Subordinated Obligations. If,
notwithstanding the provisions of this Agreement, any holder of a Subordinated Obligation shall 

  
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have received any payment or distribution in respect of any Subordinated Obligation contrary to the provisions of this Agreement, then, unless and until the Senior Obligations shall have been
paid in full in cash, including all principal, accrued and unpaid interest and fees, if any, in accordance with this Agreement, such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and
delivered to, the Facility Agent, which shall pay and deliver the same to the holders of the Senior Obligations then entitled thereto in accordance with this Agreement; provided, however, that, if any such payment or distribution is made
other than in cash, it shall be held by the Facility Agent as part of the Collateral and subject in all respects to the provisions of this Agreement, including the provisions of this Section 2.16. If, notwithstanding the provisions of this
Agreement, any holder of a Senior Obligation shall have received any payment or distribution in respect of any Senior Obligation contrary to the provisions of this Agreement, then, such payment or distribution shall be received and held in trust for
the benefit of, and shall forthwith be paid over and delivered to, the Facility Agent, which shall pay and deliver the same to the holders of the Subordinated Obligations then entitled thereto in accordance with this Agreement; provided,
however, that, if any such payment or distribution is made other than in cash, it shall be held by the Facility Agent as part of the Collateral and subject in all respects to the provisions of this Agreement, including the provisions of this
Section 2.16. The holders of the Subordinated Obligations agree, for the benefit of the holders of the Senior Obligations, that, before the date that is one year and one day after the repayment in full of all Senior Obligations and the
reduction of the Class A Funding Limit to zero or, if longer, the expiration of the then preference period plus one day, the holders of the Subordinated Obligations shall not, without the prior written consent of the Required Lenders,
acquiesce, petition or otherwise invoke or cause any other Person to invoke the process of any governmental authority for the purpose of commencing or sustaining a case against the Borrower under the Bankruptcy Code and any other applicable federal
or State bankruptcy, insolvency or other similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Borrower or any substantial part of its property or ordering the winding-up or liquidation of the affairs of the Borrower. 
 (b)    Standard of
Conduct. In exercising any of its or their voting rights, rights to direct and consent or any other rights as a Lender hereunder, subject to the terms and conditions of this Agreement, a Lender or Lenders, as the case may be, shall not, except
as may be expressly provided herein with respect to any particular matter, have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or
them or at its or their direction or any failure by it or them to act or to direct that an action be, without regard to whether such action or inaction benefits or adversely effects any Lender, the Borrower or any other Person, except for any
liability to which such Lender may be subject to the extent that the same results from such Lender’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Agreement.

 ARTICLE III 

CONDITIONS PRECEDENT 

SECTION 3.01    Conditions Precedent to Initial Advances. The initial Advance hereunder, if any, shall be
subject to the conditions precedent that the Facility Agent shall have received, prior to making such initial Advance, the following, each in form and substance reasonably satisfactory to the Facility Agent: 

(a)    each of the Facility Documents (other than the Hedging Agreements), duly executed and delivered by the parties
thereto, which shall each be in full force and effect; 

  
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 (b)    each of the items listed on Schedule 5 hereto; 

(c)    copies of proper financing statements, if any, necessary to release all security interests and other rights of any
Person in the Collateral; 
 (d)    evidence reasonably satisfactory to it that the Reserve Account and the Collection
Account have been established; 
 (e)    evidence that (i) all fees to be received by the Placement Agent and each
Lender on or prior to the effectiveness of this Agreement pursuant to the Lender Fee Letter and the Placement Agent Fee Letter or otherwise have been received; and (ii) the accrued fees and expenses of Sidley Austin LLP, counsel to the Facility
Agent, in connection with the transactions contemplated hereby, shall have been paid by the Borrower to the extent invoiced more than two (2) Business Days prior to such date; 

(f)    evidence that the Reserve Account Required Amount shall have been deposited into the Reserve Account; and 

(g)    such other opinions, instruments, certificates and documents from the Borrower as the Facility Agent or any Lender
shall have reasonably requested. 
 SECTION 3.02    Conditions Precedent to Each Borrowing. Each Advance
to be made hereunder, if any, (including the initial Advance) on each Borrowing Date shall be subject to the fulfillment of the following conditions: 

(a)    the Facility Agent shall have received a Notice of Borrowing with respect to such Advance (including a duly
completed Borrowing Base Calculation Certification attached thereto and each of the schedule of loans required to be delivered pursuant to the Notice of Borrowing attached thereto) delivered in accordance with Section 2.02; 

(b)    immediately after the making of such Advance on the applicable Borrowing Date, (i) no Class A Borrowing
Base Deficiency or Class B Borrowing Base Deficiency shall exist (as demonstrated in the calculations attached to the applicable Notice of Borrowing) and (ii) the aggregate outstanding balance of all Advances shall not exceed the Facility
Limit; 
 (c)    each of the representations and warranties of the Borrower contained in this Agreement shall be true
and correct in all material respects (except for representations and warranties already qualified by materiality or Material Adverse Effect, which shall be true and correct) as of such Borrowing Date (except to the extent such representations and
warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date); 

  
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 (d)    no Unmatured Event of Default, Event of Default, Unmatured
Servicer Event of Default, Unmatured Backup Servicer Event of Default or Accelerated Amortization Event shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance; 

(e)    the transactions contemplated by the Facility Documents would not require Cross River Bank (or other Approved Loan
Originator) to comply with any risk retention or capital commitment obligation or Cross River Bank (or other Approved Loan Originator) to comply with any reporting, filing, or any other obligation or undertaking; 

(f)    the Verification Agent shall have r each of the Loan Documents with respect to each Loan included in the
calculation of the Class A Borrowing Base or Class B Borrowing Base in relation to such Advance and shall have issued and delivered to the Facility Agent and each Lender a Verification Agent Confirm with respect to such Loans (without any
Exceptions noted thereon unless waived by the Facility Agent) all in form and substance acceptable to the Facility Agent; 

(g)    Borrower shall have deposited to the Reserve Account an amount of cash such that the Reserve Account Amount is not
less than the Reserve Account Required Amount; 
 (h)    the Termination Date shall not have occurred; 

(i)    the Servicer shall have delivered an updated Loan Schedule including the Loans to be included in the Collateral
Loans in connection with each Collection Period; 
 (j)    evidence that all fees to be received by the Facility Agent
and each Lender on or prior to the Borrowing Date pursuant to the Placement Agent Fee Letter and the Lender Fee Letter have been received; and 

(k)    the Borrower shall be in compliance with Section 5.04 of this Agreement and with all requirements of any
Hedging Agreement then in effect. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01    Representations and Warranties of the Borrower. The Borrower represents and warrants to each
of the Secured Parties on and as of each Measurement Date (and, in respect of clause (i) below, each date such information is provided by or on behalf of it), as follows: 

(a)    Due Organization. The Borrower is a statutory trust duly organized and validly existing under the laws of
the State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility
Documents to which it is a party. 
 (b)    Due Qualification and Good Standing. The Borrower is in good standing
in the State of Delaware. The Borrower is duly qualified to do business and, to the extent applicable, is 

  
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in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility
Documents to which it is a party and its Constituent Documents, requires such qualification. 
 (c)    Due
Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability. The execution and delivery by the Borrower of, and the performance of its obligations under the Facility Documents to which it is a party and the other
instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations
enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally or general
principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (d)    Non-Contravention. None of the execution and delivery by the Borrower of this Agreement or the other Facility Documents to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the
consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its
Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law in any material respect, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any
Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, or constitute a default under, or permit the
acceleration of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration in,
any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates). 

(e)    Governmental Authorizations; Private Authorizations; Governmental Filings. The Borrower has obtained,
maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business and made all material Governmental Filings necessary for the execution and delivery
by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement and the performance by the Borrower of its obligations under this
Agreement, the other Facility Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made, is required to be obtained or made by it in connection with the execution and
delivery by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by each Borrower under this Agreement or the performance of its obligations under this Agreement and
the other Facility Documents to which it is a party. 
 (f)    Compliance with Agreements, Laws, Etc. The
Borrower has duly observed and complied in all material respects with all Applicable Laws relating to the conduct of its business and its assets, including, without limitation, all consumer lending, servicing and debt collection laws applicable to
the Collateral Loans and its activities contemplated by the Facility Documents. 

  
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The Borrower has preserved and kept in full force and effect its legal existence. The Borrower has preserved and kept in full force and effect its rights, privileges, qualifications and
franchises as they relate to the transactions contemplated by this Agreement, the other Facility Documents to which it is a party and its Constituent Documents. Without limiting the foregoing, (x) to the extent applicable, the Borrower is in
compliance in all material respects with the regulations and rules promulgated by the U.S. Department of Treasury and/or administered by the U.S. Office of Foreign Asset Controls (“OFAC”), including U.S. Executive Order
No. 13224, and other related statutes, laws and regulations (collectively, the “Subject Laws”), (y) Upstart Network has adopted internal controls and procedures reasonably designed to ensure its and its Subsidiaries’
continued compliance with the applicable provisions of the Subject Laws and to the extent applicable, will adopt procedures consistent with the PATRIOT Act and implementing regulations, and (z) to the knowledge of the Borrower (based on the
implementation of their respective internal procedures and controls), no direct investor in the Borrower is a Person whose name appears on the “List of Specially Designated Nationals” and “Blocked Persons” maintained by the OFAC.

 (g)    Location. The Borrower’s registered office and the jurisdiction of organization of the Borrower is
the jurisdiction referred to in Section 4.01(a). 
 (h)    Investment Company Act. Borrower is not, and
after giving effect to the transactions contemplated hereby, will not be required to register as an “investment company” within the meaning of the Investment Company Act or any successor statute. The transactions contemplated hereby do not
(i) create an ownership interest in Borrower in favor of Facility Agent or the Lenders or (ii) cause Facility Agent or the Lenders to be a “sponsor” of Borrower, in each case for purposes of the Volcker Rule. 

(i)    Information and Reports. The information, reports (including each Monthly Report and each calculation of the
Class A Borrowing Base or Class B Borrowing Base), financial statements, exhibits and schedules furnished in writing by or on behalf of the Borrower to the Facility Agent or any Lender in connection with the negotiation, preparation or
delivery of this Agreement and the other Facility Documents or included herein or therein or delivered pursuant hereto or thereto (but excluding any projections, forward looking statements, budgets, estimates and general market data as to which the
Borrower only represents and warrants that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time) are true, complete and accurate in every material respect. All written information furnished
after the date hereof by or on behalf of the Borrower to the Facility Agent or any Lender in connection with this Agreement and the other Facility Documents and the transactions contemplated hereby and thereby will be true, complete and accurate in
every material respect, or (in the case of projections) based on reasonable estimates, on the date as of which such information is stated or certified. There is no fact known to a Responsible Officer of the Borrower that, after due inquiry, could
reasonably be expected to have a Material Adverse Effect that has not been disclosed herein, in the other Facility Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other writing furnished to the Facility Agent
or any Lender for use in connection with the transactions contemplated hereby or thereby. 
 (j)    ERISA.
Neither the Borrower nor any member of the ERISA Group has, or during the past five years had, any liability or obligation with respect to any Plan or Multiemployer Plan. 

  
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 (k)    Taxes. The Borrower has filed all income tax returns and
all other tax returns which are required to be filed by it, if any, and has paid all taxes shown to be due and payable (taking into account extensions) on such returns, if any, or pursuant to any assessment by a valid taxing authority received by
any such Person, except for any returns, taxes or assessments which are being contested in good faith by appropriate proceedings and with respect thereto adequate reserves have been established in accordance with GAAP. 

(l)    Tax Status. For U.S. Federal income tax purposes, (i) the Borrower will not be treated as an
association or publicly traded partnership taxable as a corporation and (ii) no election has been made or will be made under U.S. Treasury Regulation Section 301.7701-3 to cause the Borrower to be
treated as an association taxable as a corporation. 
 (m)    Collections. The conditions and requirements set
forth in Section 5.01(k) have been satisfied from and after the Closing Date. The Borrower has caused, or has caused the Servicer to deposit all Collections in respect of the Collateral directly into the Collection
Account.    The address of the Account Bank, together with the account number of the Reserve Account and the Collection Account at the Account Bank and the Lockboxes, is listed on Schedule 4 hereto. No Person, other than as
contemplated by and subject to this Agreement, has been granted dominion and control of the Reserve Account or the Collection Account, or the right to take dominion and control of the Reserve Account or the Collection Account at a future time or
upon the occurrence of a future event. The Borrower has not assigned or granted an interest in any rights it may have in the Reserve Account or the Collection Account to any Person other than the Facility Agent. Each of the Reserve Account and the
Collection Account is subject to an Account Control Agreement. 
 (n)    Plan Assets. The assets of the Borrower
are not treated as “plan assets” for purposes of Section 3(42) of ERISA. 
 (o)    Solvency. After
giving effect to each Advance hereunder, and the disbursement of the proceeds of such Advance, the Borrower is and will be Solvent. 

(p)    Representations Relating to the Collateral. The Borrower hereby represents and warrants that: 

(i)    the Borrower or the Owner Trustee on the Borrower’s behalf owns and has legal and beneficial title to all
Collateral Loans and other Collateral free and clear of any Lien, claim or encumbrance of any person, other than Permitted Liens; 

(ii)    other than Permitted Liens, the Borrower has not pledged, assigned, sold, granted a security interest in, or
otherwise conveyed any of the Collateral. The Borrower has not authorized the filing of and is not aware of any financing statements against the Borrower that include a description of collateral covering the Collateral other than any financing
statement relating to the security interest granted to the Facility Agent hereunder or that has been terminated; and the Borrower is not aware of any judgment, PBGC liens or tax lien filings against the Borrower; 

(iii)    the Collateral (other than the Related Documents) constitutes Money, Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), instruments (as defined in 

  
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Section 9-102(a)(47) of the UCC), general intangibles (as defined in Section 9-102(a)(42) of the UCC),
uncertificated securities (as defined in Section 8-102(a)(18) of the UCC), certificated securities or security entitlements to financial assets resulting from the crediting of financial assets to a
“securities account” (as defined in Section 8-501(a) of the UCC), or in each case, the proceeds thereof or supporting obligations related thereto; 

(iv)    each of the Reserve Account and the Collection Account constitutes a “deposit account” under Section 9-102(a)(2) of the UCC; 
 (v)    this Agreement creates a valid,
continuing and, upon delivery of Collateral, filing of the financing statement referred to in clause (vii) and execution of the applicable Account Control Agreement, perfected security interest (as defined in
Section 1-201(37) of the UCC) in the Collateral in favor of the Facility Agent, for the benefit and security of the Secured Parties, which security interest is prior to all other liens (other than
Permitted Liens), claims and encumbrances and is enforceable as such against creditors of and purchasers from the Borrower; 

(vi)    the Borrower has received all consents and approvals required by the terms of the Related Documents in respect of
such Collateral to the pledge hereunder to the Facility Agent of its interest and rights in such Collateral; 

(vii)    with respect to Collateral that constitutes accounts or general intangibles, the Borrower has caused or will have
caused, on or prior to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the
Facility Agent, for the benefit and security of the Secured Parties, hereunder (which the Borrower hereby agree may be an “all asset” filing); 

(viii)    each Collateral Loan and each Loan included in the calculation of the Class A Borrowing Base or
Class B Borrowing Base on any date, is an Eligible Loan; and 
 (ix)    each Loan was sold to the Borrower by the
Original Seller for a price not less than fair market value. 
 (q)    No Litigation. (i) There is no
action, suit, proceeding or investigation pending or, to the best knowledge of the Borrower, threatened, against the Borrower or the property of the Borrower in any court, or before any arbitrator of any kind, or before or by any Governmental
Authority and (ii) the Borrower is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts
the invalidity of this Agreement or any other Facility Document or any action to be taken by the Borrower in connection herewith or therewith, (B) seeks to prevent the grant of any Collateral by the Borrower to the Facility Agent, the ownership
or acquisition by the Borrower of the Collateral Loans or the consummation of any of the transactions contemplated by this Agreement or any other Facility Document, (C) seeks any determination or ruling that, in the reasonable judgment of the
Borrower, would materially and adversely affect the performance by the Borrower of its obligations under this Agreement or any other Facility Document or the validity or enforceability of this Agreement or any other Facility Document or
(D) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect. The Borrower is not in default with respect to any order of any court, arbitrator
or Governmental Authority. 

  
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 (r)    No Trade Names. The Borrower has no, and has not used any,
trade names, fictitious names, assumed names or “doing business as” names. 
 (s)    Ownership. All of
the Equity Interests in the Borrower are validly issued and directly owned of record by Upstart Network; Upstart Network has no obligation to make further payments for the purchase of such Equity Interests or contributions to the Borrower solely by
reason of its ownership of such Equity Interests, and there are no options, warrants or other rights to acquire any Equity Interests in the Borrower. 

(t)    Payments to Original Seller. With respect to each Collateral Loan, the Borrower shall have (i) received
such Collateral Loan as a contribution to the capital of the Borrower by the Original Seller or (ii) purchased such Collateral Loan from the Original Seller in exchange for payment (made by the Original Seller in accordance with the provisions
of the Loan Sale Agreement) in an amount which constitutes fair consideration and reasonably equivalent value. No such sale shall have been made for or on account of an antecedent debt owed by the Original Seller to the Borrower and no such sale is
or may be voidable or subject to avoidance under any section of the Bankruptcy Code. 
 (u)    [Reserved]. 

(v)    Material Adverse Effect. No Material Adverse Effect has occurred which has not been waived in accordance
with Section 12.01(b). 
 (w)    Absence of Certain Events. No Accelerated Amortization Event, Unmatured
Event of Default, Event of Default, Backup Servicer Event of Default, Unmatured Backup Servicer Event of Default, Servicer Event of Default or Unmatured Servicer Event of Default has occurred or is continuing. 

(x)    Tax. The Advances are in “registered form” within the meaning of Treas. Reg. 5f.103-1(c). 
 ARTICLE V 

COVENANTS 

SECTION 5.01    Affirmative Covenants of the Borrower. The Borrower covenants and agrees that, until the
Final Collection Date: 
 (a)    Compliance with Agreements, Laws, Etc. It shall (i) duly observe, comply in
all material respects with all Applicable Laws relative to the conduct of its business or to its assets, including, without limitation, all consumer lending, servicing and debt collection laws applicable to the Collateral Loans and its activities
and obligations as contemplated by the Facility Documents, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises
(including, without limitation, all consumer lending, servicing and debt collection licenses or qualifications applicable to the Collateral Loans and its activities contemplated by the Facility Documents), except where

  
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the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document and in all material respects
with its Constituent Documents to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly
carry out its business and the transactions contemplated to be performed by it under the Facility Documents, its Constituent Documents and the Related Documents to which it is a party, except where the failure to do so could not reasonably be
expected to result in a Material Adverse Effect. 
 (b)    Enforcement. (i) It shall not take any action,
and will use commercially reasonable efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any instrument included in the Collateral, except in the case of
(A) repayment of Collateral Loans, (B) subject to the terms of this Agreement, (x) amendments to Related Documents that govern Defaulted Collateral Loans or Ineligible Collateral Loans or that are otherwise reasonably deemed by the
Servicer to be necessary, immaterial, or beneficial, taken as a whole, to the Borrower and (y) enforcement actions taken or work-outs with respect to any Defaulted Collateral Loan by the Servicer in
accordance with the provisions hereof, (C) Permitted Loan Modifications, (D) actions by the Servicer under this Agreement and in conformity with this Agreement or as otherwise required hereby and (E) a requirement by Applicable Law or
by the terms of the Related Documents. 
 (i)    The Borrower will punctually perform, and use its reasonable commercial
efforts to cause the Servicer to perform, all of their obligations and agreements contained in this Agreement or any other Facility Document. 

(c)    Further Assurances. The Borrower will take such reasonable action from time to time as shall be necessary to
ensure that all assets (including the Reserve Account and the Collection Account but excluding funds released to the Borrower for its own account pursuant to the Priority of Payments) of the Borrower constitute “Collateral” hereunder. The
Borrower will, and promptly upon the reasonable request of the Facility Agent or the Required Lenders (through the Facility Agent) shall, at the Borrower’s expense, execute and deliver such further instruments and take such further action in
order to maintain and protect the Facility Agent’s first priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (other than Permitted Liens), including
all further actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the terms
of, the Facility Documents. Subject to Section 7.02, and without limiting its obligation to maintain and protect the Facility Agent’s first priority security interest in the Collateral, the Borrower authorizes the Facility Agent to file or
record financing statements (including financing statements describing the Collateral as “all assets” or the equivalent) and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices
as are necessary to perfect the security interests of the Facility Agent under this Agreement under each method of perfection required herein with respect to the Collateral, provided, that the Facility Agent does not hereby assume any
obligation of the Borrower to maintain and protect its security interest under this Section 5.01 or Section 7.07. The Borrower will, in connection therewith, deliver such proof of corporate action, incumbency of officers or

  
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other documents as are reasonably requested by the Facility Agent to evidence appropriate authority of the officers signing or authorizing any such documents, instruments or filings. 

(d)    Other Information. It shall provide to the Facility Agent and each Lender or cause to be provided to the
Facility Agent and each Lender: 
 (i)    as soon as possible, and in any event within three Business Days after a
Responsible Officer of the Borrower obtains actual knowledge of the occurrence and continuance of an Unmatured Event of Default, Event of Default, Unmatured Servicer Event of Default, Servicer Event of Default, Unmatured Backup Servicer Event of
Default, Backup Servicer Event of Default, Accelerated Amortization Event or any event which could reasonably be expected to have a Material Adverse Effect, a certificate of a Responsible Officer of the Borrower setting forth the details thereof and
the action which the Borrower is taking or proposes to take with respect thereto; 
 (ii)    from time to time such
additional information regarding the Borrower’s financial position or business and the Collateral (including reasonably detailed calculations of the Class A Borrowing Base, the Class B Borrowing Base, any Borrowing Base Deficiency,
the Cumulative Default Ratio, the Loan Delinquency Ratio and the Net Interest Margin) as the Facility Agent or the Required Lenders (through the Facility Agent) may request if reasonably available to the Borrower; 

(iii)    promptly after the occurrence of any ERISA Event, notice of such ERISA Event and copies of any communications
with all Governmental Authorities or any Multiemployer Plan with respect to such ERISA Event; 
 (iv)    promptly after
the occurrence thereof, notice of any Permitted Loan Modification; and 
 (v)    promptly after the occurrence thereof,
notice of any amendment to the Cross River Bank Loan Sale Agreement or loan sale agreement with any other Approved Loan Originator. 

(e)    Access to Records and Documents; Audit Rights. As often as the Facility Agent or any Lender may reasonably
request but subject to the limitations set forth below, upon reasonable advance notice and during normal business hours, it shall permit the Facility Agent, jointly with, at the request of any Lender, such Lender (or any Person designated by the
Facility Agent or such Lender including any consultants, accountants, lawyers and appraisers) to (x) visit and inspect and make copies thereof at reasonable intervals of (i) the Borrower’s books, records and accounts relating to its
business, financial condition, operations, assets, the Collateral and its performance under the Facility Documents and the Related Documents and to discuss the foregoing with its and such Person’s officers, partners, employees and accountants,
and (ii) all of its Related Documents, in each case, for the avoidance of doubt, access to each electronic portal maintained by the Servicer upon which any Related Documents or any other records relating to the Collateral Loans or other
Collateral may be posted and the ability to review and access to any payment history with respect to the Collateral that any of the Borrower or the Servicer may have access to through an electronic portal or otherwise and (y) to conduct
evaluations and appraisals of the Borrower’s computation 

  
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of the Class A Borrowing Base and Class B Borrowing Base and the assets included in the Class A Borrowing Base or Class B Borrowing Base and the components of the Monthly
Reports (including cash receipt and application and calculation of ratios). Notwithstanding the foregoing, the Facility Agent shall not have access to the source code for Servicer’s proprietary pricing algorithm. For the avoidance of doubt, any
information obtained or disclosed to the Facility Agent with respect to Servicer’s pricing model shall be treated as confidential information of Servicer in accordance with Section 12.09. All Persons entitled to jointly visit and inspect
or audit any of the Borrower’s records or reports with the Facility Agent under this clause (e) may only exercise such rights under this clause (e) collectively, twice during any fiscal year of the Borrower, or at any time in the sole
discretion of the Facility Agent following the occurrence of an Unmatured Event of Default or an Event of Default which remains continuing. The Borrower shall be responsible for the costs and expenses for two such visits per calendar year (such
costs and expenses not to exceed $75,000 in any calendar year or $100,000 in a calendar year for which a visit or inspection has resulted in material findings), unless an Unmatured Event of Default or an Event of Default has occurred, in which case
Borrower shall be responsible for all costs and expenses for each such visit. The Borrower shall also consult with the Facility Agent (or any Person designated by the Facility Agent) in connection with any exercise of any similar inspection
rights granted to it with respect to the Servicer, the Original Seller or any Approved Loan Originator, and will use commercially reasonable efforts to have the findings of any such inspection provided directly to the Facility Agent and each Lender,
or will promptly provide any such findings provided to it in connection with the exercise of such inspection rights to the Facility Agent and each Lender. In the event the Borrower has not exercised any such inspection rights granted to it, the
Facility Agent may, or at the direction of any Lender shall, request the Borrower exercise such rights, and the Borrower will comply with any such reasonable request to exercise inspection and audit rights. Borrower shall require the Servicer
(solely with respect to the servicing of the Loans), the Backup Servicer and Verification Agent to cooperate with Facility Agent and its representatives in connection with any inspections or audits requested by Facility Agent. 

(f)    Use of Proceeds. It shall use the proceeds of each Advance made hereunder solely, (1) to the extent
there are amounts outstanding and payable under the UNI Credit Agreement, including outstanding “Loans” as defined in the UNI Credit Agreement, to repay any such outstanding “Loans” and amounts payable to Upstart Network or
(2) to the extent there are no amounts payable under the UNI Credit Agreement: 
 (i)    to fund or pay the
purchase price of Collateral Loans (other than Ineligible Collateral Loans) acquired by the Borrower in accordance with the terms and conditions set forth herein or for general corporate purposes, or to reimburse itself for any such payments made
prior to the Closing Date or the applicable Borrowing Date; 
 (ii)    to purchase any Hedging Agreements required
pursuant to Section 5.04; 
 (iii)    to fund distributions to the Beneficial Owners provided that
(A) no Unmatured Event of Default or Event of Default has occurred and remains continuing at the time of such distributions, and (B) such distributions would not result in the occurrence of an Unmatured Event of Default or Event of
Default; and 

  
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 (iv)    for such other legal and proper purposes as are consistent with
all Applicable Laws, the Facility Documents, the Program Documents and the Constituent Documents. 
 Without limiting the foregoing, it
shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X. 

(g)    [Reserved]. 

(h)    Notice of Proceedings. It shall provide written notice to the Facility Agent and each Lender of the
occurrence of any proceeding, action, litigation or investigation pending before any Governmental Authority, or, to the actual knowledge of the Borrower, any non-frivolous threat thereof against the Borrower
or the Servicer, which, if such threatened action is by an Obligor, if adversely determined, could reasonably be expected to have a Material Adverse Effect on the Borrower or the Servicer, within five (5) Business Days of the occurrence of any
such pending proceeding, action, litigation or investigation or within five (5) Business Days upon becoming aware of any such non-frivolous threat of such proceeding, action, litigation or investigation.

 (i)    No Other Business. The Borrower shall not engage in any business or activity other than those expressly
contemplated by its Constituent Documents and this Agreement, and activities incidental thereto. 
 (j)    Tax
Matters. The Borrower shall (and each Lender hereby agrees to) treat the Advances as debt for U.S. Federal income tax purposes and will take no contrary position, except as required by Applicable Law. 

(k)    Collections. The Borrower shall, or shall cause the Servicer to, cause all Interest Proceeds, Principal
Proceeds and all other payments in respect of the Collateral to be deposited into the Collection Account. The Borrower shall, or shall cause the Servicer to, ensure that no Person, other than as contemplated by and subject to this Agreement, has
been granted dominion and control of the Reserve Account or the Collection Account, or the right to take dominion and control of the Reserve Account or the Collection Account at a future time or upon the occurrence of a future event. The Borrower
shall cause each of the Reserve Account and the Collection Account to be subject at all times to an Account Control Agreement.  

(l)    Priority of Payments. The Borrower shall ensure all Collections are applied solely in accordance with
Section 9.01 and the other provisions of this Agreement. 
 (m)    Keeping of Records and Books of Account.
The Borrower shall maintain and implement administrative and operating procedures (including an ability to recreate records evidencing the Collateral Loans in the event of the destruction of the originals thereof) and keep and maintain (or cause the
Servicer to keep and maintain) all documents, books, records and other information reasonably necessary for the collection of all Collateral Loans, and in which timely entries are made in accordance with GAAP. Such books and records shall include,
without limitation, records adequate to permit the daily identification of each new Collateral Loans and all Collections of and adjustments (if any) to each existing Collateral Loan 

  
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 (n)    Collateral Administration. 

(A)    It agrees to deliver, or cause to be delivered, to the E-Vault Provider
and Verification Agent, prior to each Borrowing Date, the Loan Documents for each Loan that is to be added to the Collateral in connection with such Borrowing. All Loans and Related Documents constituting Collateral, shall, regardless of their
location, be deemed to be under Facility Agent’s dominion and control and deemed to be in Facility Agent’s possession. Borrower shall cooperate fully with Facility Agent in an effort to facilitate and promptly conclude each verification
process relating to the Loan Documents to be completed by the Verification Agent pursuant to the terms of the Collateral Verification Agreement. In addition to any provision of any Facility Document, the Facility Agent shall have the right at all
times after the occurrence and during the continuance of an Event of Default (i) to notify Obligors and/or Servicer that all Collateral Loans including, if to Obligors, their Loans have been assigned to Facility Agent and that all collections
from such Loans shall be paid directly to Facility Agent, for the benefit of itself and the Lenders, and (ii) to charge Borrower for any collection costs and expenses, including reasonable attorney’s fees, incurred by Facility Agent. 

(B)    It shall, or shall require the Servicer, the Backup Servicer, the Verification Agent and the E-Vault Provider to, as applicable, to keep accurate and complete records of the Collateral and all payments and collections thereon and shall submit such records to the Facility Agent on such periodic basis as
Facility Agent may request in its reasonable discretion. 
 (C)    It shall, or shall require the Servicer, the Backup
Servicer, the E-Vault Provider and the Verification Agent to, upon the receipt of written notice from Facility Agent following the occurrence and continuation of an Event of Default, cooperate with Facility
Agent, and shall require the Servicer, the Backup Servicer, the E-Vault Provider and the Verification Agent to cooperate with Facility Agent, as applicable, if Facility Agent elects to attach or associate in
electronic format a legend, stamp, notation or other identification to all or any portion of the Related Documents to evidence the pledge thereof to Facility Agent, such legend, stamp, notation or other identification shall be in form and substance
acceptable to Facility Agent in its sole discretion. 
 (D)    It agrees to, and to use reasonable efforts to cause the
Seller, the Backup Servicer, the Verification Agent, the E-Vault Provider and/or the Servicer to, take all applicable protective actions to prevent destruction of records pertaining to the Collateral in
accordance with the Servicing Agreement, the Backup Servicing Agreement, the Collateral Verification Agreement and/or the ECCA. The Facility Agent at all times shall have the right to access and review any and all Loan Documents or Related Documents
in the Borrower’s, the E-Vault Provider’s, the Seller’s, the Backup Servicer’s and/or the Servicer’s possession, as applicable, and any and all data and other information relating to
the Loan Documents or Related Documents as may from time to time be input to or stored within the Borrower’s, the E-Vault Provider’s, the Seller’s, the Backup Servicer’s or the
Servicer’s computers and/or computer records including, without limitation, diskettes, tapes and other computer software and computer systems. 

  
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 SECTION 5.02    Negative Covenants of the Borrower. The
Borrower covenants and agrees that, until the Final Collection Date: 
 (a)    Restrictive Agreements. It will
not enter into or assume any agreement (other than this Agreement and the other Facility Documents) prohibiting the creation or assumption of any Lien upon the Collateral except as contemplated by the Facility Documents, or otherwise prohibiting or
restricting any transaction contemplated hereby or by the other Facility Documents. 
 (b)    Liquidation; Merger;
Sale of Collateral. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of
any of its assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents (including in
connection with the repayment in full of the Obligations). 
 (c)    Amendments to Constituent Documents, etc.
Without the consent of the Facility Agent and solely for purposes of clause (i) a Majority of the Class A Lenders and a Majority of the Class B Lenders, (i) it shall not amend, modify or take any action inconsistent with its
Constituent Documents; provided that with respect to any amendment or modification of its Constituent Documents that could not reasonably be expected to adversely affect the rights of the Facility Agent or any Lender hereunder, the consent of
the Facility Agent, Class A Lenders and Class B Lenders shall not be unreasonably delayed or withheld, and (ii) it will not amend, modify, terminate or waive any term or provision in any Facility Document (other than in accordance
with any provision thereof requiring the consent of the Facility Agent or all or a specified percentage of the Lenders). 

(d)    ERISA. It shall not establish any Plan or Multiemployer Plan. 

(e)    Liens. It shall not create, assume or suffer to exist any Lien on any of its assets now owned or hereafter
acquired by it at any time, except for Permitted Liens or as otherwise expressly permitted by this Agreement and the other Facility Documents. 

(f)    Margin Requirements. It shall not (i) extend credit to others for the purpose of buying or carrying any
Margin Stock in such a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that
violates the provisions of the Regulations of the Board of Governors, including, to the extent applicable, Regulation U and Regulation X. 

(g)    Restricted Payments. It shall not make, directly or indirectly, any Restricted Payment (whether in the form
of cash or other assets) or incur any obligation (contingent or otherwise) to do so; provided, however, that the Borrower shall be permitted to make Restricted Payments from funds distributed to it pursuant to (i) the Priority of
Payments and (ii) Section 5.01(f)(iii). 
 (h)    Changes to Filing Information. It shall not change
its name or its jurisdiction of organization from that referred to in Section 4.01(a), unless it gives thirty (30) days’ prior written 

  
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notice to the Facility Agent and the Lenders and takes all actions necessary to protect and perfect the Facility Agent’s perfected security interest in the Collateral and shall promptly file
appropriate amendments to all previously filed financing statements and continuation statements that are necessary to perfect the security interests of the Facility Agent under this Agreement under each method of perfection required herein with
respect to the Collateral (and shall provide copy of such amendments to the Facility Agent). 
 (i)    Investment
Company Restriction. It shall not become required to register as an “investment company” under the Investment Company Act. 

(j)    Subject Laws. It shall not utilize directly or indirectly the proceeds of any Advance for the benefit of any
Person whose name appears on the List of Specially Designated Nationals and Blocked Persons maintained by OFAC, and shall maintain internal controls and procedures designed to ensure its continued compliance with the applicable provisions of the
Subject Laws. 
 (k)    No Claims Against Advances. It shall not claim any credit on, make any deduction from, or
dispute the enforceability of payment of the principal or interest payable (or any other amount) in respect of the Advances or assert any claim against any present or future Lender, by reason of the payment of any taxes levied or assessed upon any
part of the Collateral; provided that, for the avoidance of doubt, a deduction of present or future Taxes in respect of Advances that may be required by Applicable Law shall not be a breach of this covenant (it being understood that any such
deduction shall remain subject to the provisions of section 12.03 hereof). 
 (l)    Indebtedness; Guarantees;
Securities; Other Assets. It shall not incur or assume or guarantee any indebtedness, obligations (including contingent obligations) or other liabilities, or issue any additional securities, whether debt or equity, in each case other than
(i) pursuant to or as expressly permitted by this Agreement and the other Facility Documents, (ii) obligations under its Constituent Documents or (iii) pursuant to customary indemnification and expense reimbursement and similar
provisions under the Related Documents. The Borrower shall not acquire any Loans or other property other than as expressly permitted hereunder and pursuant to the Loan Sale Agreement. 

(m)    Validity of this Agreement. It shall not (i) permit the validity or effectiveness of this Agreement or
any grant of Collateral hereunder to be impaired, or permit the lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this
Agreement and (ii) except as permitted by this Agreement, take any action that would permit the Lien of this Agreement not to constitute a valid first priority security interest in the Collateral (subject to Permitted Liens). 

(n)    Subsidiaries. It shall not have or permit the formation of any subsidiaries. 

(o)    Name. It shall not conduct business under any name other than its own. 

(p)    Employees. It shall not have any employees (other than officers and directors to the extent they are
employees). 

  
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(q)    Non-Petition. The Borrower shall not be party to any
agreements under which they have any material obligations or liability (direct or contingent) without using commercially reasonable efforts to include customary “non-petition” and “limited
recourse” provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party). 

(r)    Accounts. The Borrower shall not assign or grant an interest in any of its rights, title and interest in the
Reserve Account or the Collection Account or give “control” (within the meaning of Section 9-104 of the UCC) of the Reserve Account or the Collection Account to any Person other than the
Facility Agent. 
 SECTION 5.03    Certain Undertakings Relating to Separateness. 

(a)    Without limiting any, and subject to all, other covenants of the Borrower contained in this Agreement, the Borrower
shall conduct its business and operations separate and apart from that of any other Person (including its Beneficial Owners, the Servicer and their respective Affiliates) and in furtherance of the foregoing, the Borrower shall: 

(1)    not become involved in the
day-to-day management of any other Person; 

(2)    not permit the Beneficial Owners or any Affiliate to become involved in the day-to-day management of the Borrower, except as permitted hereunder or in the capacity of acting as the administrator of the Borrower to the extent provided in the Facility Documents and the Borrower Trust
Agreement; 
 (3)    not engage in transactions with any other Person other than those activities permitted by the
Borrower Trust Agreement, the Facility Documents and matters necessarily incident or ancillary thereto; 

(4)    observe all formalities required of a statutory trust under the laws of the State of Delaware; 

(5)    maintain separate trust records and books of account from any other Person; 

(6)    except to the extent otherwise permitted by the Facility Documents, maintain its assets separately from the assets
of any other Person (including through the maintenance of a separate bank account) in a manner that is not costly or difficult to segregate, identify or ascertain such assets; 

(7)    maintain separate financial statements (or if part of a consolidated group, then it will show as a separate member
of such group), books and records from any other Person; 
 (8)    allocate and charge fairly and reasonably any
overhead shared with Affiliates; 

  
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 (9)    shall (i) not sell, lease or otherwise transfer any
property or assets to (other than in accordance with Section 5.02(g)), or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates (including, without
limitation, sales of Defaulted Collateral Loans and other Collateral Loans) except as expressly contemplated by this Agreement and the other Facility Documents, unless such transaction is upon terms no less favorable to the Borrower than they would
obtain in a comparable arm’s length transaction with a Person that is not an Affiliate (it being agreed that any purchase or sale at par shall be deemed to comply with this provision) and (ii) transact all business with Affiliates on an
arm’s length basis and pursuant to written, enforceable agreements, except to the extent otherwise provided in the Facility Documents. 

(10)    not assume, pay or guarantee any other Person’s obligations or advance funds to any other Person for the
payment of expenses or otherwise, except pursuant to the Facility Documents; 
 (11)    conduct all business
correspondence of the Borrower and other communications in the Borrower’s own name, and use separate stationery, invoices, and checks; 

(12)    not act as an agent of any other Person in any capacity except pursuant to contractual documents indicating such
capacity and only in respect of transactions permitted by the Borrower Trust Agreement, the Facility Documents and matters necessarily incident thereto; 

(13)    not act as an agent of any Beneficial Owner, and not permit any Beneficial Owner or agent of the Beneficial Owner
to act as its agent, except for any agent to the extent permitted under the Borrower Trust Agreement and the Facility Documents, including the Administrator of the Borrower hereunder; 

(14)    correct any known misunderstanding regarding the Borrower’s separate identity from any Beneficial Owner;

 (15)    not permit any Affiliate of the Borrower to guarantee, provide indemnification for, or pay its obligations,
except for any indemnities and guarantees in connection with any Facility Documents or any consolidated tax liabilities, or except as permitted by the Borrower Trust Agreement; 

(16)    compensate its consultants or agents, if any, from its own funds; 

(17)    except for invoicing for collections and servicing of the Collateral Loans, share any common logo with or hold
itself out as or be considered as a department or division of (a) any general partner, shareholder, principal, member or Affiliate of a Beneficial Owner, (b) any Affiliate of a general partner, shareholder, principal or member of a
Beneficial Owner, or (c) any other Person; 
 (18)    maintain adequate capital in light of its contemplated
business purpose, transactions and liabilities; and 

  
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 (19)    cause the agents and other representatives of the Borrower, if
any, to act at all times with respect to the Borrower consistently and in furtherance of the foregoing. 
 SECTION
5.04    Hedging Requirements. 
 (a)    At all times after the Hedge Commencement Date,
at the direction of the Facility Agent, the Borrower shall be Fully Hedged. 
 (b)    Within thirty (30) days after
(i) the occurrence of any event defined as an “Event of Default” or “Termination Event” in a Hedging Agreement with respect to the Hedge Counterparty or (ii) a Hedge Counterparty (other than any Lender or any of its
Affiliates) ceasing to satisfy the minimum rating requirements set forth in the definition of “Eligible Hedge Counterparty,” the Borrower shall cause such Hedge Counterparty to assign its obligations under the Hedging Agreement to a new
Hedge Counterparty which satisfies the requirements set forth in the definition of “Eligible Hedge Counterparty.” 

(c)    As additional security hereunder, the Borrower has granted to the Facility Agent a security interest in all right,
title and interest of Borrower in the Hedge Collateral. The Borrower acknowledges that, as a result of that assignment, the Borrower may not, without the prior written consent of the Facility Agent, exercise any rights under any Hedging Agreement or
Hedge Transaction, except for (i) the Borrower’s right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower’s obligations hereunder and (ii) so long as Deutsche Bank AG, New York Branch is
the Hedge Counterparty related thereto, the Borrower’s right to terminate a Hedge Transaction. Nothing herein shall have the effect of releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor
be construed as requiring the consent of the Facility Agent or any Secured Party for the performance by the Borrower of any such obligations. 

(d)    All reasonable and documented costs and expenses (including reasonable legal fees and disbursements) incurred by
the Facility Agent and the Lenders incurred with each Hedge Transaction shall be paid by the Borrower. 
 (e)    On or
prior to the effective date of any Hedge Transaction with an Eligible Hedge Counterparty which is not Deutsche Bank Securities Inc. or Deutsche Bank AG, London Branch, the Borrower shall establish and thereafter maintain a segregated trust account
in the name of the Borrower with respect to each Hedge Counterparty (a “Hedge Counterparty Collateral Account”) with an Eligible Institution in trust and for the benefit of the Lenders and the related Hedge Counterparty. In the
event that pursuant to the terms of the applicable Hedging Agreement, the related Hedge Counterparty is required to deposit cash or securities as collateral to secure its obligations (“Swap Collateral”), the Borrower shall deposit
all Swap Collateral received from the Hedge Counterparty into the Hedge Counterparty Collateral Account. All sums on deposit and securities held in any Hedge Counterparty Collateral Account shall be used only for the purposes set forth in the
related credit support annex (“Credit Support Annex”) to the Hedging Agreement. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, a Hedge Counterparty Collateral Account shall
be (i) for application to the obligations of the applicable Hedge Counterparty under the related Hedging Agreement in accordance with the terms 

  
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of the Credit Support Annex and (ii) to return collateral to the Hedge Counterparty when and as required by the Credit Support Annex. Amounts on deposit in each Hedge Counterparty Collateral
Account shall be invested at the written direction of the related Hedge Counterparty, and all investment earnings actually received on amounts on deposit in a Hedge Counterparty Collateral Account or distributions on securities held as Swap
Collateral shall be distributed to the related Hedge Counterparty in accordance with the terms of the related Credit Support Annex. Any amounts applied by the Borrower to the obligations of the Hedge Counterparty under the Hedging Agreement in
accordance with the terms of the Credit Support Annex shall constitute Hedge Receipts and be deposited in the Collection Account and applied in accordance with Section 2.06(a) of this Agreement. The Borrower agrees to give the Hedge
Counterparty prompt notice if it obtains knowledge that the Hedge Counterparty Collateral Account or any funds on deposit therein or otherwise to the credit of the Hedge Counterparty Collateral Account, shall or have become subject to any writ,
order, judgment, warrant of attachment, execution or similar process. 
 SECTION 5.05    Risk Retention
Requirements. Upstart Network represents and undertakes, to the Facility Agent and each Lender that is required to comply with the Retention Requirements, that, until the Final Collection Date, it shall: 

(a)    on an ongoing basis hold and maintain the Retained Interest in the form of a first loss tranche by directly holding
the equity certificate representing the 100% beneficial ownership interest in the Borrower; 
 (b)    not sell or
subject the Retained Interest to any hedge, credit risk mitigation, pledge or any short positions in a manner that would be contrary to the Retention Requirements; 

(c)    confirm to the Servicer that it continues to comply with subsection (a) and (b) above: 

(i)    for the purpose of the confirmation in each Monthly Report (as detailed below); 

(ii)    in the event of a material change in the anticipated value of the Pool Balance or the risk characteristics of the
Loans or any breach of the Facility Documents, as reasonably requested by the Facility Agent; and 
 (iii)    upon the
occurrence of any Event of Default; 
 (d)    provide notice promptly to each such Lender in the event it has breached
subsections (a) or (b) above; 
 (e)    notify such Lender of any change to the form of retention of the
Retained Interest; and 
 (f)    upon the written request of the Lender, at the cost of such Lender and subject to any
applicable duty of confidentiality or other legal or regulatory constraint, provide all information which such Lender would reasonably request in order for such Lender to comply with its obligations under the Retention Requirements. 

  
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 The Servicer shall include in each Monthly Report verification that Upstart Network has
confirmed that, as of the date of such Monthly Report, it (A) continues to hold the Retained Interest as set out in subsection (a) above on the date of such Monthly Report, and (B) has not sold or subjected the Retained Interest to
hedge, any credit risk mitigation, pledge or any short positions in a manner that would be contrary to the Retention Requirements. 
 ARTICLE
VI 
 EVENTS OF DEFAULT 

SECTION 6.01     Events of Default. “Event of Default”, wherever used herein, means
any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (a)    a default in the payment, when due and payable, of the
principal of, or any interest on any Advance or any other payment or deposit required to be made hereunder or under any Facility Documents and such default shall continue unremedied for a period of two (2) Business Days or the failure to reduce
the Advances to $0 on the Final Maturity Date; or 
 (b)    (i) the Facility Agent shall fail to have a first priority
perfected security interest in any Collateral or (ii) any Lien securing any obligation under any Facility Document shall, in whole or in part cease to be a first priority perfected security interest of the Facility Agent except as otherwise
expressly permitted in accordance with the applicable Facility Documents and except Permitted Liens; or 
 (c)    the
failure of any representation or warranty of the Borrower or Upstart Network made in this Agreement, in any other Facility Document or in any certificate or other writing delivered pursuant hereto or thereto or in connection herewith or therewith to
be correct in each case in all material respects when the same shall have been made (except to the extent any such representation or warranty is already qualified by materiality, in which case such representation and warranty shall be true and
correct in all respects) and, if such failure is capable of being cured, such failure shall remain uncured for a period in excess of thirty (30) days after the earlier of (x) written notice to the Borrower or Upstart Network, as applicable
(which may be by email) by the Facility Agent or a Lender (with a copy to the Facility Agent) and (y) actual knowledge of the Borrower or Upstart Network, as applicable; provided, that no breach shall be deemed to occur in respect of any
representation or warranty relating to the eligibility of the Collateral Loans if the Original Seller has repurchased such Collateral Loan in accordance with the provisions of the Loan Sale Agreement; 

(d)    any failure on the part of the Borrower or Upstart Network, as applicable, to duly observe or perform any of its
covenants or agreements set forth in this Agreement or any other Facility Document and the continuation of such failure for a period of thirty (30) days following the earlier of (x) written notice to the Borrower or Upstart Network, as
applicable (which may be by email) by Facility Agent or a Lender (with a copy to the Facility Agent) and (y) actual knowledge of the Borrower or Upstart Network, as applicable; or 

  
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 (e)    (i) one or more final nonappealable judgments shall be entered
against, or settlements by, Upstart Network or any of its Subsidiaries (other than the Borrower or any Securitization Vehicle) by a court of competent jurisdiction assessing monetary damages in excess of $5,000,000 in the aggregate and such judgment
shall remain unpaid, unsatisfied, unvacated, unbonded or unstayed for a period in excess of thirty (30) days (excluding any judgments covered by insurance or subject to third party indemnification) or (ii) one or more judgments or orders
for the payment of an amount or adverse rulings shall be rendered against the Borrower that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and such judgment or ruling shall remain unpaid,
unsatisfied, unvacated, unbonded or unstayed for a period in excess of thirty (30) days (excluding any judgments covered by insurance or subject to third party indemnification); or 

(f)    an Insolvency Event with respect to the Borrower or Upstart Network; or 

(g)    (i) (A) a Backup Servicer Event of Default shall have occurred and be continuing or (B) the Backup
Servicing Agreement is terminated or ceases, for any reason, to be in full force and effect and (ii) (x) such Backup Servicer Event of Default has not been waived by the Borrower with the written consent of the Facility Agent or (y) a
successor Backup Servicer reasonably acceptable to the Facility Agent (with the consent of a Majority of the Class A Lenders and a Majority of the Class B Lenders such consents not to be unreasonably withheld) is not appointed within ten
(10) Business Days following the date of any event described in the preceding clause (i); or 
 (h)     (i) a
Servicer Event of Default shall have occurred and be continuing or (ii) the Servicing Agreement is terminated or ceases, for any reason, to be in full force and effect; or 

(i)    a Change of Control occurs; or 

(j)    a Class A Borrowing Base Deficiency or Class B Borrowing Base Deficiency shall exist and such condition
shall continue unremedied for two (2) Business Days following the relevant test date; or 
 (k)    the Borrower
becomes an investment company required to be registered under the Investment Company Act; or 
 (l)    failure of the
Borrower to comply with its obligations under Sections 5.04, and such failure shall continue for a period of fifteen (15) days; or 

(m)    any of the following events shall occur: 

(i)    any Facility Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be
the legally valid, binding and enforceable obligation of any of the Borrower, the Servicer, the E-Vault Provider, the Verification Agent, the Backup Servicer, the Original Seller or Upstart Network; 

(ii)    the Borrower, the Original Seller, any Servicer or Upstart Network or any other party shall, directly or
indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document or the creation, perfection or priority of any Lien purported to be created thereunder; 

  
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 (iii)    (A) the Cross River Bank Loan Sale Agreement (or any similar
document pursuant to which Collateral Loans were purchased from Cross River Bank) shall with respect to any Collateral Loan (except in accordance with its terms or with the consent of the Facility Agent and a Majority of the Class A Lenders and
a Majority of the Class B Lenders) terminate, cease to be effective or any obligations thereunder (except those that terminate in accordance with its terms) cease to be the legally valid, binding and enforceable obligation of Cross River Bank
or (B) Cross River Bank shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of the Cross River Bank Loan Sale Agreement (or any similar document pursuant to which Collateral Loans
were purchased from Cross River Bank) or the creation, perfection or priority of any Lien purported to be created thereunder; 

(iv)    (A) the loan sale agreement between the Original Seller and any other Approved Loan Originator (or any similar
document pursuant to which Collateral Loans were purchased from such other Approved Loan Originator) shall with respect to any Collateral Loan (except in accordance with its terms or with the consent of the Facility Agent and a Majority of the
Class A Lenders and a Majority of the Class B Lenders) terminate, cease to be effective or any obligations thereunder (except those that terminate in accordance with its terms) cease to be the legally valid, binding and enforceable
obligation of such other Approved Loan Originator or (B) an Approved Loan Originator (other than Cross River Bank) shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of the loan
sale agreement between the Original Seller and such Approved Loan Originator (or any similar document pursuant to which Collateral Loans were purchased from such other Approved Loan Originator) or the creation, perfection or priority of any Lien
purported to be created thereunder; 
 (n)    any failure on the part of Upstart Network to duly observe or perform any
of its covenants or agreements set forth in the Upstart Indemnity Agreement or any other Facility Document to which it is a party, and the continuation of such failure for a period of thirty (30) days after the earlier of (i) written
notice to Upstart Network by the Facility Agent or a Lender (with a copy to the Facility Agent) and (ii) actual knowledge of Upstart Network; 

(o)    Upstart Network or any of its Subsidiaries (other than the Borrower or any Securitization Vehicle) shall fail to
pay any principal of or premium or interest on any indebtedness having a principal amount of $5,000,000 or greater, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and
such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness and shall not be waived by the requisite holders of such indebtedness; or any other default under any
agreement or instrument relating to any such indebtedness of Upstart Network or any of its Subsidiaries (other than the Borrower or any Securitization Vehicle), as applicable, or any other event shall occur and shall continue after the applicable
grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate, or to permit the acceleration of, the maturity of such indebtedness; or any such indebtedness shall be declared to be due and
payable or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such indebtedness shall be required to be made, in each case, prior to
the stated maturity thereof; 

  
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 (p)    the IRS shall file notice of a Lien pursuant to Section 6323
of the Code with regard to any assets of Upstart Network or the Borrower and such Lien shall not have been released within ten (10) Business Days, or the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any
of the assets of Upstart Network or the Borrower and such Lien shall not have been released within ten (10) Business Days; 

(q)    a notice of termination with respect to any Account Control Agreement shall have been delivered, or a termination
of any Account Control Agreement shall have otherwise occurred, and a replacement Account Control Agreement or Account Control Agreement in form and substance reasonably satisfactory to the Facility Agent and the Required Lenders shall not have been
executed within thirty (30) days; 
 (r)    the occurrence of a Key Man Event prior to the Key Man Termination
Date; 
 (s)    the E-Vault Provider under the ECCA shall have been terminated
pursuant to the terms thereof and a successor consented to by Facility Agent in writing (such consent not to be unreasonably withheld) is not appointed, or does not assume the obligations of, E-Vault Provider
under the ECCA within 30 days of such termination; 
 (t)    the Verification Agent under the Collateral Verification
Agreement shall have been terminated pursuant to the terms thereof and a successor consented to by Facility Agent in writing (such consent not to be unreasonably withheld) is not appointed, or does not assume the obligations of, Verification Agent
under the Collateral Verification Agreement within 30 days of such termination; 
 (u)    on any Payment Date, after
giving effect to the allocation of funds pursuant to Section 9.1, the amount on deposit in the Reserve Account is less than the Reserve Account Required Amount and such deficiency is not cured within two (2) Business
Days; 
 (v)    the occurrence of any of the following: 

(i)    a Level II Cumulative Default Ratio Event; 

(ii)    the Loan Delinquency Ratio for any Collection Period shall be greater than 4.75%; 

(iii)    the Net Interest Margin for any Collection Period shall be less than
-2.00% as of any date of determination. 
 SECTION 6.02    Remedies
upon an Event of Default. 
 (a)    Promptly, but not later than two (2) Business Days after a Responsible
Officer of the Borrower obtains knowledge of the occurrence of an Unmatured Event of Default or an Event of Default, the Borrower shall notify the Facility Agent, specifying the specific Unmatured Event(s) of Default or Event(s) of Default that
occurred as well as all other Events of Default that are then known to be continuing. 

  
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 (b)    Upon the occurrence and during the continuation of any Event of
Default, in addition to all rights and remedies specified in this Agreement and the other Facility Documents, including Article VII, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Facility Agent may,
or at the direction of a Majority of the Class A Lenders or a Majority of the Class B Lenders shall, by notice to the Borrower and each Lender, declare the principal of and the accrued interest on the Advances and all other amounts
whatsoever payable by the Borrower hereunder to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the
Borrower; provided that, upon the occurrence of any Event of Default described in clause (f) of Section 6.01, the Advances and all such other amounts shall automatically become due and payable, without any further action by any
party. 
 (c)    Upon the occurrence of an Event of Default and during the continuation, the Facility Agent at the
direction of the Required Lenders, shall (i) instruct the Borrower to deliver any or all of the Collateral, the Related Documents and any other documents relating to the Collateral to the Facility Agent or its designees and otherwise give all
instructions for the Borrower regarding the Collateral; (ii) sell or otherwise dispose of the Collateral in a commercially reasonable manner, all without judicial process or proceedings; (iii) take control of the Proceeds of any such
Collateral; (iv) subject to the provisions of the applicable Related Documents, exercise any consensual or voting rights in respect of the Collateral; (v) release, make extensions, discharges, exchanges or substitutions for, or surrender
all or any part of the Collateral; (vi) enforce the Borrower’s rights and remedies with respect to the Collateral; (vii) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the
Collateral; (viii) require that the Borrower immediately take all actions necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Obligations, in accordance with the terms of the
Related Documents; (ix) redeem or withdraw or cause the Borrower to redeem or withdraw any asset of the Borrower to pay amounts due and payable in respect of the Obligations; (x) make copies of or, if necessary, remove from the
Borrower’s, any Servicer’s and their respective agents’ place of business all books, records and documents relating to the Collateral; and (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral
or upon any proof of claim in bankruptcy against an account debtor. The Borrower hereby agrees that, upon the occurrence and during the continuation of an Event of Default, at the request of the Facility Agent or the Required Lenders (acting through
the Facility Agent), it shall execute all documents and agreements which are necessary or appropriate to have the Collateral to be assigned to the Facility Agent or its designee. For purposes of taking the actions described in the preceding clauses
(i) through (xi), the Borrower hereby irrevocably appoints the Facility Agent as its attorney-in-fact (which appointment being coupled with an interest and is
irrevocable while any of the Obligations remain unpaid, with power of substitution), in the name of the Facility Agent or in the name of the Borrower or otherwise, for the use and benefit of the Facility Agent (for the benefit of the Secured
Parties), but at the cost and expense of the Borrower and, except as permitted by applicable law, without notice to the Borrower. 

(d)    Upon the occurrence and during the continuation of an Event of Default, (i) except as may be required by
Applicable Law, the Servicer’s power under the Facility Documents to 

  
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consent to modifications to the Collateral Loans (other than Permitted Loan Modifications) and/or direct the acquisition, sales and other dispositions of Collateral Loans, will be immediately
suspended and (ii) the Borrower agrees, at the Facility Agent’s request, to instruct the Servicer to assemble the Collateral and make it available to the Facility Agent at places which the Facility Agent shall reasonably select, whether at
the Borrower’s premises or elsewhere. 
 (e)    Without limiting the generality of the foregoing, upon the
occurrence and during the continuation of an Event of Default, the Facility Agent at the direction of the Required Lenders and on behalf of the Secured Parties, without demand of performance or other demand, presentment, protest, advertisement or
notice of any kind (except any notice required by law referred to below) to or upon the Borrower, the Servicer or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), shall in such circumstances
forthwith, deliver an activation or control notice or similar notice under any Account Control Agreement, the ECCA and the Collateral Verification Agreement, collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or
may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), at public or private sale or sales, at any exchange, auction or
office of the Facility Agent or elsewhere upon such terms and conditions and at prices that are consistent with the prevailing market for similar collateral as it may deem advisable and at such prices as it may deem best, for cash or on credit or
for future delivery without assumption of any credit risk. The Facility Agent shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the
Collateral so sold, free of any right or equity of redemption in the Borrower, which right or equity is hereby waived or released. The Facility Agent shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization
or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Facility Agent hereunder,
including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations, in accordance with the priority of payments set forth in Section 9.01, and only after such application and after the payment by
the Facility Agent of any other amount required or permitted by any provision of law, including Section 9-504(1)(c) of the UCC, need the Facility Agent account for the surplus, if any, to the Borrower.

 (f)    The Borrower agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming
through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force in any locality where any part of the Collateral may be situated in order to prevent, hinder
or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the
Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting
the Collateral marshaled upon any such sale, and agrees that the Facility Agent at the direction of the Required Lenders or any court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral as an
entirety or in such parcels as the Facility Agent at the direction of the Required Lenders or such court may determine. 

  
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 (g)    To the extent permitted by Applicable Law, the Borrower waives
all claims, damages and demands it may acquire against the Secured Parties arising out of the exercise by any of the Secured Parties of any of its rights hereunder, other than those claims, damages and demands arising from the gross negligence or
willful misconduct of such Secured Party. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) Business Days before such sale
or other disposition. The Borrower shall remain liable for any deficiency (plus accrued interest thereon) if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Borrower Obligations and the reasonable fees and
disbursements of any attorneys employed by any of the Secured Parties to collect such deficiency. 
 SECTION
6.03    Remedies Cumulative. Each right, power, and remedy of the Facility Agent and the other Secured Parties, or any of them, as provided for in this Agreement or in the other Facility Documents or now or hereafter
existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or in the other Facility Documents or now or hereafter existing
at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by the Facility Agent or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later
exercise by such Persons of any or all such other rights, powers, or remedies. 
 SECTION 6.04    Class B
Purchase Option(a) . 
 (a)    If an Event of Default shall occur and be continuing and the Facility Agent has
declared the principal of and the accrued interest on the Advances and all other amounts whatsoever payable by the Borrower hereunder to be forthwith due and payable pursuant to Section 6.02(b), the Class B Lenders shall have the option to
purchase all (but not less than all) of the Class A Obligations from the Class A Lenders (the “Class B Purchase Right”). Within five (5) Business Days following such declaration pursuant to
Section 6.02(b), the Facility Agent shall deliver written notice (including supporting detail) to the Class B Lenders of (i) the Class A Obligations (including, without limitation, the aggregate outstanding amount of the
Class A Advances and all accrued and unpaid Class A Interest, (ii) the Class A Obligations expected to accrue through the Class B Purchase Option Exercise Date and (iii) the amount of all liabilities (without
duplication) that it has incurred in the nature of indemnification obligations of the Borrower hereunder which have resulted in any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) to the Class A
Lenders (collectively, “Class A Indemnification Liabilities”). The Class B Purchase Right shall be exercisable by the Class B Lenders for a period of ten (10) Business Days, commencing on the date
on which the Facility Agent provides notice of such Class A Obligations then outstanding and unpaid, Class A Obligations expected to accrue through the Class B Purchase Option Exercise Date and the Class A Indemnification
Liabilities to the Class B Lenders (the “Class B Purchase Right Termination Date”). Prior to the Class B Purchase Right Termination Date, the Class B Lenders may exercise the Class B Purchase
Right upon written notice to the Facility Agent (the “Class B Purchase Option Notice”), which notice shall be irrevocable (unless the final Class B Purchase Option Amount is more than $100,000 higher than the
initial calculation of such Class A Obligations then outstanding and unpaid, Class A Obligations expected to accrue through the Class B Purchase Option Exercise 

  
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Date and the Class A Indemnification Liabilities calculated prior to the preceding sentence in which case such Class B Purchase Option Notice may be revoked in the sole and absolute
discretion of the Class B Lenders at any time prior to the Class B Purchase Option Exercise Date) and shall specify the date on which such right is to be exercised by the Class B Lenders (such date, the
“Class B Purchase Option Exercise Date”), which shall be a Business Day not more than seven (7) Business Days after receipt by the Facility Agent of such notice). On the Business Day prior to the Class B
Purchase Option Exercise Date, the Facility Agent shall deliver written notice to the Class B Lenders specifying the Class A Obligations (including, without limitation, the aggregate outstanding amount of the Class A Advances, all
accrued and unpaid Class A Interest as of the Class B Purchase Option Exercise Date and the Class A Indemnification Liabilities of which it is then aware (collectively, the “Class B Purchase Option
Amount”). On the Class B Purchase Option Exercise Date, the Class A Lenders shall sell to the Class B Lenders, and the Class B Lenders shall purchase from the Class A Lenders, the Class A Obligations. 

(b)    Upon the date of such purchase and sale, the Class B Lenders shall (a) pay to the Class A Lenders as
the purchase price therefor the Class B Purchase Option Amount and (b) agree to indemnify and hold harmless the Class A Lenders from and against any loss, liability, claim, damage or expense (including reasonable fees and expenses of
legal counsel) arising out of any claim asserted by a third party against any Class A Lender as a direct result of any acts by the Class B Lenders occurring after the date of such purchase (but excluding, for the avoidance of doubt, any
such loss, liability, claim, damage or expense resulting from the gross negligence, bad faith or willful misconduct of a Class A Lender); provided, that the aggregate indemnification under this Section 6.04(b) by the Class B
Lenders shall not exceed an amount equal to the Class B Purchase Option Amount. Such purchase price and other sums shall be remitted by wire transfer in federal funds to such bank account of the Class A Lenders as the Facility Agent shall
have designated in writing to the Class B Lenders for such purpose. In connection with the foregoing purchase, accrued and unpaid Class A Interest shall be calculated through the Business Day on which such purchase and sale shall occur if
the amounts so paid by the Class B Lenders to the bank account designated by the Class A Lenders are received in such bank account prior to 1:00 p.m., New York time and interest shall be calculated to and include the next Business Day if
the amounts so paid by the Class B Lenders to the bank account designated by the Class A Lenders are received in such bank account later than 12:00 p.m., New York time. 

(c)    Any purchase pursuant to this Section 6.04 shall be accompanied by an executed Assignment and Acceptance
between the Class A Lenders, as assignors and the Class B Lenders, as assignees, substantially in the form of Exhibit C and shall be expressly made without representation or warranty of any kind by the Class A Lenders as to the
Class A Obligations or otherwise and without recourse to the Class A Lenders, except that the Class A Lenders shall represent and warrant: (i) the amount of the Class A Obligations being purchased and that the purchase price
and other sums payable by the Class B Lenders are true, correct and accurate amounts, (ii) that the Class A Lenders shall convey the Class A Obligations free and clear of any Liens or encumbrances of the Class A Lenders or
created or suffered by the Class A Lenders, including any participation interest in any of the Class A Obligations, (iii) as to all claims made or threatened in writing against the Class A Lenders related to the Class A
Obligations, and (iv) the Class A Lenders are duly authorized to assign the Class A Obligations. Upon such purchase, the Borrower shall have no further obligations with respect to the assignor Class A Lenders except any
obligations which pursuant to the terms hereof survive the termination of this Agreement or as otherwise specified herein. 

  
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 (d)    From the date the Facility Agent declares all amounts due and
payable pursuant to Section 6.02(b) until the earlier of (i) the occurrence of the Class B Purchase Right Termination Date and (ii) the Class B Purchase Option Date, the Facility Agent, acting upon the direction of the
Required Lenders, shall not replace the Servicer or sell all or any portion of the Collateral without the prior written consent of a Majority of the Class B Lenders. If upon giving effect to any purchase pursuant to this Section 6.04, the
Facility Agent is no longer a Class A Lender, the Facility Agent may, or at the instruction of the Required Lenders shall, resign and the Required Lenders shall appoint a successor agent pursuant to Section 11.05. 

ARTICLE VII 
 PLEDGE
OF COLLATERAL; RIGHTS OF THE FACILITY AGENT 

SECTION 7.01    Grant of Security. 

(a)    The Borrower and the Owner Trustee (not in its individual capacity but solely as trustee on behalf of the Borrower)
hereby grants, pledges, transfers and collaterally assigns to the Facility Agent, for the benefit of the Secured Parties, as collateral security for all Obligations of the Borrower hereunder, a first priority continuing security interest in, and a
Lien upon, all of the Borrower’s and Owner Trustee’s (not in its individual capacity but solely as owner trustee on behalf the Borrower) right, title and interest in, to and under, the following property, in each case whether tangible or
intangible, wheresoever located, and whether now owned by the Borrower or the Owner Trustee (not in its individual capacity but solely as owner trustee on behalf the Borrower) or hereafter acquired and whether now existing or hereafter coming into
existence (all of the property described in this Section 7.01(a) being collectively referred to herein as the “Collateral”): 

(i)    all Collateral Loans and Related Documents, both now and hereafter owned, including all Collections and other
proceeds thereon or with respect thereto; 
 (ii)    the Collection Account, the Reserve Account, the Lockboxes, any
Hedge Counterparty Collateral Account and all Cash on deposit therein; 
 (iii)    each Facility Document and all
rights, remedies, powers, privileges and claims under or in respect thereto (whether arising pursuant to the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce each such Facility Document and to
give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Facility Agent
under this Agreement; 
 (iv)    all accounts, chattel paper, deposit accounts, financial assets, general intangibles,
instruments, investment property, letter-of-credit rights and other supporting obligations relating to the foregoing (in each case as defined in the UCC); 

  
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 (v)    all other property of the Borrower and all property of the
Borrower which is delivered to the Facility Agent (or any custodian on its behalf) by or on behalf of the Borrower or held by any party by or on behalf of the Borrower; 

(vi)    all security interests, liens, collateral, property, guaranties, supporting obligations, insurance and other
agreements or arrangements of whatever character from time to time supporting or securing payment of the assets, investments and properties described above; and 

(vii)    all Proceeds of any and all of the foregoing. 

(b)    All terms used in this Section 7.01 that are defined in the UCC but are not defined in Section 1.01 shall
have the respective meanings assigned to such terms in the UCC. The Owner Trustee hereby agrees to comply with the provisions of Section 7.05 and designates the Facility Agent as its agent and attorney in fact to prepare and file any UCC-1 financing statement, continuation statement and all other instruments, and take all other actions, required pursuant to Section 7.05. Such designation shall not impose upon the Facility Agent, or release
or diminish, the Owner Trustee’s obligations under Section 7.05. The Owner Trustee further authorizes and shall cause the Borrower’s counsel to file, without the Owner Trustee’s signature,
UCC-1 financing statements that name the Owner Trustee as debtor and the Facility Agent as secured party and that describe the Collateral in which the Facility Agent has a grant of security hereunder and any
amendments or continuation statements that may be necessary or desirable. 
 SECTION 7.02    Release of
Security Interest. If all Obligations have been paid in full in immediately available funds, the Facility Agent (for itself and on behalf of the other Secured Parties) shall, at the expense of the Borrower, promptly execute, deliver and file or
authorize for filing such instruments as the Borrower shall prepare and reasonably request in order to reassign, release or terminate the Secured Parties’ security interest in the Collateral. The Secured Parties acknowledge and agree that upon
the sale or disposition of any Collateral by the Borrower in compliance with the terms and conditions of this Agreement, including, without limitation, Section 8.05, the security interest of the Secured Parties in such Collateral shall
immediately terminate and the Facility Agent (for itself and on behalf of the other Secured Parties) shall, at the expense of the Borrower, execute, deliver and file or authorize for filing such instrument as the Borrower shall prepare and
reasonably request to reflect or evidence such termination. Any and all actions under this Article VII in respect of the Collateral shall be without any recourse to, or representation or warranty by any Secured Party and shall be at the sole
cost and expense of the Borrower. 
 SECTION 7.03    Related Documents. 

(a)    The Borrower hereby agrees that, to the extent not expressly prohibited by the terms of the Related Documents,
after the occurrence and during the continuance of an Event of Default, it shall (i) upon the written request of the Facility Agent, promptly forward to the Facility Agent, the Servicer and each Backup Servicer (or other successor servicer) all
material information and notices which it receives under or in connection with the Related Documents relating to the Collateral, and (ii) upon the written request of the Facility Agent, act and refrain from acting in respect of any request,
act, decision or vote under or in connection with the Related Documents relating to the Collateral only in accordance with the direction of the Facility Agent. 

  
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 (b)    The Borrower agrees that, to the extent the same shall be in the
Borrower’s possession, it will hold all Related Documents relating to the Collateral in trust for the Facility Agent on behalf of the Secured Parties, and upon request of the Facility Agent following the occurrence and during the continuance of
an Event of Default or as otherwise provided herein, promptly deliver the same to the Facility Agent or its designee (including the Verification Agent E-Vault Provider or the Backup Servicer). 

SECTION 7.04    Borrower Remains Liable. 

(a)    Notwithstanding anything herein to the contrary, (i) the Borrower shall remain liable under the contracts and
agreements included in and relating to the Collateral (including the Related Documents) to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement
had not been executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not release the Borrower from any of its duties or obligations under any such contracts or agreements included in the Collateral. 

(b)    No obligation or liability of the Borrower is intended to be assumed by the Facility Agent or any other Secured
Party under or as a result of this Agreement or the other Facility Documents, and the transactions contemplated hereby and thereby, including under any Related Document or any other agreement or document that relates to Collateral and, to the
maximum extent permitted under provisions of law, the Facility Agent and the other Secured Parties expressly disclaim any such assumption. 

SECTION 7.05    Protection of Collateral. The Borrower shall from time to time execute and deliver all such
supplements and amendments hereto and file or authorize the filing of all such UCC-1 financing statements, continuation statements, instruments of further assurance and other instruments, and shall, upon the
Facility Agent’s reasonable request, take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Secured Parties hereunder and to: 

(i)    grant security more effectively on all or any portion of the Collateral; 

(ii)    maintain, preserve and perfect any grant of security made or to be made by this Agreement including, without
limitation, the first priority nature of the lien or carry out more effectively the purposes hereof; 

(iii)    perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement (including,
without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv)    enforce any of the Collateral or other instruments or property included in the Collateral; 

  
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 (v)    preserve and defend title to the Collateral and the rights
therein of the Facility Agent and the Secured Parties in the Collateral against the claims of all third parties; and 

(vi)     pay or cause to be paid any and all taxes levied or assessed upon all or any part of the Collateral except for
any taxes (1) which are being contested in good faith by appropriate proceedings and with respect thereto adequate reserves have been established in accordance with GAAP or (2) the non-payment of
which would not reasonably be expected to give rise to a Material Adverse Effect. 
 The Borrower hereby designates the Facility Agent as
its agent and attorney in fact to prepare and file any UCC-1 financing statement, continuation statement and all other instruments, and take all other actions, required pursuant to this Section 7.05. Such
designation shall not impose upon the Facility Agent, or release or diminish, the Borrower’s obligations under this Section 7.05 or Section 5.01(c). The Borrower further authorizes and shall cause the Borrower’s counsel to file,
without the Borrower’s signature, UCC-1 financing statements that name the Borrower as debtor and the Facility Agent as secured party and that describe “all assets of the debtor, whether now existing
or hereafter arising, and all proceeds thereof” (or words to that effect) as the Collateral in which the Facility Agent has a grant of security hereunder and any amendments or continuation statements that may be necessary or desirable. 

ARTICLE VIII 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

SECTION 8.01    Collection of Money. Except as otherwise expressly provided herein, the Facility Agent may
demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Facility Agent pursuant to this
Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Facility Agent shall segregate and hold all such Money and property received by it in trust for the Secured Parties and
shall apply it as provided in this Agreement. Each of the Reserve Account and the Collection Account may contain any number of subaccounts for the convenience of the Borrower (as reasonably acceptable to the Facility Agent) or as required by the
Servicer for convenience in administering the Reserve Account or the Collection Account or the Collateral. 
 SECTION
8.02    [Reserved]. 
 SECTION 8.03    Collection Account; Reserve Account.
(a) In accordance with this Agreement and the applicable Account Control Agreement, the Administrator on behalf of the Borrower shall, on or prior to the Closing Date, establish at the Account Bank a deposit account in the name “Upstart
Warehouse Trust Collection Account, subject to the lien of the Facility Agent” which shall be designated as the “Collection Account”, which shall be maintained with the Account Bank in accordance with the applicable Account Control
Agreement and which shall be subject to the lien of the Facility Agent. The Borrower shall deposit, or caused to be deposited, from time to time into the Collection 

  
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Account, in accordance with the terms of this Agreement, all Interest Proceeds, all Principal Proceeds, all amounts received under the Hedging Agreements and all other payments in respect of the
Collateral. All Monies deposited from time to time in the Collection Account pursuant to this Agreement shall be held by the Account Bank as part of the Collateral and shall be applied to the purposes herein provided and released to the Borrower
only on Payment Dates to the extent of funds available under Section 9.01(l). The funds on deposit in the Collection Account shall remain uninvested. For the avoidance of doubt, unless otherwise agreed to by the Facility Agent in writing, the
Borrower shall not withdraw or otherwise direct the Account Bank to disburse any funds in the Collection Account other than on a Payment Date as set forth in Section 9.01. The Borrower shall cause the Collection Account to at all times be
subject to an Account Control Agreement. 
 (b)     In accordance with this Agreement and the applicable Account Control
Agreement, the Administrator on behalf of the Borrower shall, on or prior to the Closing Date, establish at the Account Bank a deposit account in the name “Upstart Warehouse Trust Reserve Account, subject to the lien of the Facility Agent”
which shall be designated as the “Reserve Account”, which shall be maintained with the Account Bank in accordance with the applicable Account Control Agreement and which shall be subject to the lien of the Facility Agent. All Monies
deposited from time to time in the Reserve Account pursuant to this Agreement shall be held by the Account Bank as part of the Collateral and shall be applied to the purposes herein provided. The funds on deposit in the Reserve Account shall remain
uninvested. For the avoidance of doubt, unless otherwise agreed to by the Facility Agent in writing, the Borrower shall not withdraw or otherwise direct the Account Bank to disburse any funds in the Reserve Account other than on a Payment Date as
set forth in Section 9.01. The Borrower shall cause the Reserve Account to at all times be subject to an Account Control Agreement. 

SECTION 8.04    Accountings. The Borrower shall, or shall cause the Servicer to, compile and provide (or
cause to be compiled and provided) to the Facility Agent (which the Facility Agent shall forward to each Lender upon receipt) a monthly report on a settlement basis (each, a “Monthly Report”) (containing such
information as set forth in the Servicing Agreement) for the previous Collection Period no later than 12:00 noon (New York City time) on each Monthly Reporting Date. The Monthly Report delivered for any Collection Period shall contain the
information with respect to the Collateral Loans set forth in Schedule 2 hereto (including, without limitation, a calculation of the Class A Borrowing Base and the Class B Borrowing Base), and shall be determined as of the last day of the
Collection Period applicable to such Monthly Report. 
 SECTION 8.05    Repurchase of Collateral Loans.
The Borrower shall exercise its rights under Section 2.7 of the Loan Sale Agreement to require the Seller to repurchase any Collateral Loan as to which an event described in such Section has occurred in accordance with the terms of the Loan
Sale Agreement. Upon receipt of the Repurchase Price in the Collection Account for any Collateral Loan repurchased pursuant to Section 2.7 of the Loan Sale Agreement as provided therein, the Facility Agent shall automatically and without
further action be deemed to transfer, assign and set-over to the 

  
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Borrower, without recourse, representation or warranty, all the right, title and interest of the Facility Agent in, to and under such Collateral Loan and all future monies due or to become due
with respect thereto and all proceeds and products of the foregoing. The Facility Agent shall, at the sole expense of the Servicer, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and
take other such actions as shall reasonably be requested by the Borrower to effect the release of such Collateral Loan pursuant to this subsection. 

SECTION 8.06    Account Details. The account numbers of the Reserve Account, the Collection Account and the
Lockboxes are set forth on Schedule 4 hereto. 
 ARTICLE IX 

APPLICATION OF MONIES 

SECTION 9.01    Disbursements of Monies from the Collection Account. Notwithstanding any other provision in
this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date, the Borrower shall direct the Account Bank to disburse all Available Funds with respect to the Collection Period ending immediately prior to such
Payment Date in accordance with the following priorities (the “Priority of Payments”) and related Monthly Report: 

(a)    first, to the Owner Trustee, any accrued and unpaid fees and reimbursable expenses due to the Owner Trustee
under the Borrower Trust Agreement (provided, however that such expenses paid pursuant to this clause (a) shall not exceed an aggregate amount of $100,000 in any calendar year), plus any such fees and reimbursable expenses which were not paid
when due on any prior Payment Date; provided, that upon the occurrence and during the continuation of an Event of Default such amount shall not exceed an aggregate amount in any calendar year of, the lesser of (i) $400,000 and (ii) the
greater of (A) 1.00% multiplied by the total dollar amount of Advances outstanding hereunder on the date of such Event of Default (and subsequently on each annual anniversary after such Event of Default), and (B) $100,000; 

(b)    second, (i) to the Servicer, any accrued and unpaid Servicer Fees, Ancillary Fees and collection
expense reimbursements that are reimbursable and have not previously been reimbursed to the Servicer under the Servicing Agreement, plus any Servicer Fees and collection expense reimbursements that are reimbursable and have not previously been
reimbursed to the Servicer under the Servicing Agreement and which were not paid when due on any prior Payment Date and (ii) to each Collection Agent, any accrued and unpaid Collection Fees due to such Collection Agent; 

(c)    third, pro rata, (i) to the Verification Agent, the Verification Agent Fee and reimbursable expenses
due and payable pursuant to the Collateral Verification Agreement plus any such fees and reimbursable expenses due and payable pursuant to the Collateral Verification Agreement which were not paid when due on any prior Payment Date; provided,
however that expenses paid pursuant to clause (i) shall not exceed an aggregate amount of $100,000 in any calendar year and (ii) to the Backup Servicer, any accrued and unpaid fees and reimbursable expenses due and payable pursuant to the
Backup Serving Agreement plus any fees and reimbursable expenses due and payable pursuant to the Backup Servicing Agreement not paid 

  
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when due on any prior Payment Date shall be set aside in the Collection Account and paid to the Backup Servicer on such Payment Date; provided, however that expenses paid pursuant to
clause (ii) shall not exceed an aggregate amount of $10,000 in any calendar year; provided, further, that the Servicer shall be primarily liable to pay all such amounts due to the Backup Servicer under the Backup Servicing Agreement and
the Verification Agent under the Collateral Verification Agreement and such amounts shall be disbursed from the Collection Account only to the extent the Servicer fails to pay such amounts; 

(d)    fourth, to the Class A Lenders to pay unpaid Senior Class A Interest on the Class A Advances,
together with any accrued and unpaid Senior Class A Interest from prior Interest Accrual Periods; 

(e)    fifth, first (i) ratably to the Class A Lenders, the Class A Monthly Principal Payment Amount
for such Payment Date and second (ii) to the Fronting Lender, the aggregate outstanding principal amount of any Defaulted Fronting Advances; 

(f)    sixth, to the applicable Class B Lenders to pay first (i) unpaid Senior Class B Interest on
the Class B Advances, together with any accrued and unpaid Senior Class B Interest from prior Interest Accrual Periods and second (ii) Class B Unused Fees together with any accrued and unpaid Class B Unused Fees from prior
Interest Accrual Periods; 
 (g)    seventh, ratably to the Class B Lenders, the Class B Monthly
Principal Payment Amount for such Payment Date; 
 (h)    eighth, first (i) to the Class A Lenders
(a) to pay unpaid Subordinate Class A Interest on the Class A Advances, together with any accrued and unpaid Subordinate Class A Interest from prior Interest Accrual Periods and (b) any amounts payable to each such
Class A Lender under Section 2.09 and second (ii) to the Class B Lenders (x) to pay unpaid Subordinate Class B Interest on the Class B Advances, together with any accrued and unpaid Subordinate Class B
Interest from prior Interest Accrual Periods and (y) any amounts payable to each such Class B Lender under Section 2.09; 

(i)    ninth, to the Reserve Account, the amount necessary to cause the amount on deposit therein to equal the
Reserve Account Required Amount; 
 (j)    tenth, an amount to each Lender equal to any amounts due under
Sections 2.08, 12.03 or 12.04; 
 (k)    eleventh, an amount equal to any other amounts due and owing to the
Owner Trustee, the Servicer, the Backup Servicer, the Verification Agent, the Facility Agent, any Secured Party, any Affected Person, any Indemnified Party or the Lenders pursuant to the Facility Documents (including any other fees, costs and
expenses of the Facility Agent); and 
 (l)    twelfth, (i) so long as no Unmatured Event of Default,
Unmatured Servicer Event of Default or Unmatured Backup Servicer Event of Default is continuing, the remainder to the Funding Account or such other account as specified by the Borrower and (ii) otherwise the remainder to the Collection Account.

  
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 ARTICLE X 

ADMINISTRATION AND SERVICING OF COLLATERAL 

SECTION 10.01    Designation of the Servicer. The servicing, administering and collection of the Collateral
shall be conducted by the Person designated as the Servicer in accordance with this Agreement and the Servicing Agreement. The Borrower hereby acknowledges that each of the Secured Parties is a third party beneficiary of the obligations taken by the
Servicer under the Servicing Agreement. 
 SECTION 10.02    Authorization of the Servicer. The Borrower
shall furnish the Servicer (and any successors thereto) with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its collateral management duties under the Servicing Agreement, and shall cooperate
with the Servicer to the fullest extent in order to ensure the collectability of the Collateral. Following the occurrence and continuance of an Event of Default (unless otherwise waived by the Lenders in accordance with Section 12.01), the
Facility Agent (acting in its sole discretion or at the direction of the Lenders pursuant to Section 6.02) may provide notice to the Servicer (with a copy to the Backup Servicer and the Verification Agent) that the Secured Parties are
exercising their control rights with respect to the Collateral in accordance with Section 6.02. 
 SECTION
10.03    Payment of Certain Expenses by Servicer. The Servicer (if the Servicer is the Original Seller or an Affiliate of the Original Seller) will be required to pay all expenses incurred by it in connection with its
activities under this Agreement and the Servicing Agreement, including fees and disbursements of its independent accountants, net income taxes imposed on the Servicer, expenses incurred by the Servicer in connection with the production of reports
pursuant to this Agreement, and all other fees and expenses not expressly stated under this Agreement and the Servicing Agreement to be for the account of the Borrower or except as otherwise expressly provided under this Agreement or the Servicing
Agreement. The Borrower acknowledges and agrees that the Servicer will be required to pay such expenses for its own account and shall not be entitled to any payment therefor other than as provided under Section 9.01. 

SECTION 10.04    Appointment of Successor Servicer. Upon resignation of the Servicer under the Servicing
Agreement or the occurrence and continuance of a Servicer Event of Default, the Facility Agent may (with the consent of the Required Lenders) at any time require the Borrower to deliver a Notice of Appointment (as defined in the Backup Servicing
Agreement) and appoint the Backup Servicer as servicer of the Collateral Loans. Following delivery by the Borrower of a Notice of Appointment under the Backup Servicing Agreement, the Borrower shall be responsible for performing all requirements of
the Servicer set forth in the Servicing Agreement that are not otherwise delegated to the Backup Servicer, and shall comply with all restrictions with respect to the release, discharge, termination or cancellation of any Collateral Loan. 

  
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 ARTICLE XI 

THE FACILITY AGENT 

SECTION 11.01    Authorization and Action. Each Lender hereby irrevocably appoints and authorizes the
Facility Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to the Facility Agent by the terms hereof and thereof, together
with such powers as are reasonably incidental thereto, subject to the terms hereof. The Facility Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents, or any fiduciary
relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of the Facility Agent shall be read into this Agreement or any other Facility Document to which the Facility
Agent is a party (if any) as duties on its part to be performed or observed. The Facility Agent shall not have or be construed to have any other duties or responsibilities in respect of this Agreement and the transactions contemplated hereby. As to
any matters not expressly provided for by this Agreement or the other Facility Documents, the Facility Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be
fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders; provided that the Facility Agent shall not be required to take any action which exposes the Facility Agent, in its judgment, to
personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law.
Each Lender agrees that in any instance in which the Facility Documents provide that the Facility Agent’s consent may not be unreasonably withheld, provide for the exercise of the Facility Agent’s reasonable discretion, or provide to a
similar effect, it shall not in its instructions (or, by refusing to provide instruction) to the Facility Agent withhold its consent or exercise its discretion in an unreasonable manner. 

SECTION 11.02    Delegation of Duties. The Facility Agent may execute any of its duties under this Agreement
and each other Facility Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.
The Facility Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

SECTION 11.03    Agent’s Reliance, Etc. 

(a)    Neither the Facility 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 under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the
Facility Agent: (i) may consult with legal counsel (including, without limitation, counsel for the Borrower or the Servicer or any of their Affiliates) and independent 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; (ii) makes no warranty or representation to any Secured Party or any other Person and shall not be
responsible to any Secured Party or any Person for any statements, warranties or representations (whether written or oral) made in or in connection 

  
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with this Agreement or the other Facility Documents; (iii) shall not have any duty to monitor, ascertain or to inquire as to the performance or observance of any of the terms, covenants or
conditions of this Agreement, the other Facility Documents or any Related Documents on the part of the Borrower or the Servicer or any other Person or to inspect the property (including the books and records) of the Borrower or the Servicer;
(iv) shall not be responsible to any Secured Party or any other Person for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of any Collateral, this Agreement, the other Facility Documents, any Related
Document or any other instrument or document furnished pursuant hereto or thereto or for the validity, perfection, priority or enforceability of the Liens on the Collateral; and (v) shall incur no liability under or in respect of this Agreement
or any other Facility Document by relying on, acting upon (or by refraining from action in reliance on) any notice, consent, certificate (including for the avoidance of doubt, the Borrowing Base Calculation Certification), instruction or waiver,
report, statement, opinion, direction or other instrument or writing (which may be delivered by telecopier, email, cable or telex, if acceptable to it) believed by it to be genuine and believe by it to be signed or sent by the proper party or
parties. The Facility Agent shall not have any liability to the Borrower or any Lender or any other Person for the Borrower’s, the Servicer’s or any Lender’s, as the case may be, performance of, or failure to perform, any of their
respective obligations and duties under this Agreement or any other Facility Document. 
 (b)    The Facility Agent
shall not be liable for the actions or omissions of any other agent (including without limitation concerning the application of funds), or under any duty to monitor or investigate compliance on the part of any other agent with the terms or
requirements of this Agreement, any Facility Documents or any Related Documents, or their duties thereunder. The Facility Agent shall be entitled to assume the due authority of any signatory and genuineness of any signature appearing on any
instrument or document it may receive (including, without limitation, each Notice of Borrowing received hereunder). The Facility Agent shall not be liable for any action taken in good faith and reasonably believed by it to be within the powers
conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action (including without limitation for
refusing to exercise discretion or for withholding its consent in the absence of its receipt of, or resulting from a failure, delay or refusal on the part of the Required Lenders to provide, written instruction to exercise such discretion or grant
such consent from the Required Lenders, as applicable). The Facility Agent shall not be liable for any error of judgment made in good faith unless it shall be proven by a court of competent jurisdiction that the Facility Agent was grossly negligent
in ascertaining the relevant facts. Nothing herein or in any Facility Documents or Related Documents shall obligate the Facility Agent to advance, expend or risk its own funds, or to take any action which in its reasonable judgment may cause it to
incur any expense or financial or other liability for which it is not adequately indemnified. The Facility Agent shall not be liable for any indirect, special or consequential damages (included but not limited to lost profits) whatsoever, even if it
has been informed of the likelihood thereof and regardless of the form of action. The Facility Agent shall not be charged with knowledge or notice of any matter unless actually known to a Responsible Officer of the Facility Agent, or unless and to
the extent written notice of such matter is received by the Facility Agent at its address in accordance with Section 12.02. Any permissive grant of power to the Facility Agent hereunder shall not be construed to be a duty to act. The Facility
Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document. The
Facility 

  
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Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or
refrain from doing in connection herewith except in the case of its willful misconduct, bad faith, reckless disregard or grossly negligent performance or omission of its duties. 

(c)    The Facility Agent shall not be responsible or liable for delays or failures in performance resulting from acts
beyond its control. Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures,
earthquakes or other disasters. 
 SECTION 11.04    Indemnification. Each of the Lenders severally (and
not jointly) agrees to indemnify and hold the Facility Agent harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to Section 12.04 or otherwise), ratably according to its related Funding Limit, from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, attorney’s fees and expenses) or disbursements of any kind or nature whatsoever which may be imposed on,
incurred by, or asserted against the Facility Agent in any way relating to or arising out of this Agreement or any other Facility Document or any Related Document or any action taken or omitted by the Facility Agent under this Agreement or any other
Facility Document or any Related Document; provided that no Lender shall be liable to the Facility Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Facility Agent’s gross negligence or willful misconduct. The rights of the Facility Agent and obligations of the Lenders under or pursuant to this Section 11.04 shall survive the termination of this Agreement, and the
earlier removal or resignation of the Facility Agent hereunder. 
 SECTION 11.05    Successor Facility
Agent. Subject to the terms of this Section 11.05, the Facility Agent may, upon thirty (30) days’ notice to the Lenders and the Borrower, resign as Facility Agent. If the Facility Agent shall resign then the Required Lenders shall
appoint a successor agent. If for any reason a successor agent is not so appointed and does not accept such appointment within thirty (30) days of notice of resignation the Facility Agent may appoint a successor agent. The appointment of any
successor Facility Agent shall be subject to the prior written consent of the Borrower and a Majority of the Class B Lenders (which consents shall not be unreasonably withheld or delayed); provided that the consent of the Borrower to any
such appointment shall not be required if (i) an Event of Default shall have occurred and is continuing or, (ii) if such successor Facility Agent is a Lender or an Affiliate of such Facility Agent or any Lender. Any resignation of the
Facility Agent shall be effective upon the appointment of a successor agent pursuant to this Section 11.05. After the effectiveness of the retiring Facility Agent’s resignation hereunder as the Facility Agent, the retiring Facility Agent
shall be discharged from its duties and obligations hereunder and under the other Facility Documents and the provisions of this Article XI shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it
while it was the Facility Agent under this Agreement and under the other Facility Documents. Any Person (i) into which 

  
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the Facility Agent may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Facility Agent shall be a party, or (iii) that may succeed to the
properties and assets of the Facility Agent substantially as a whole, shall be the successor to the Facility Agent under this Agreement without further act of any of the parties to this Agreement. 

SECTION 11.06    Facility Agent’s Capacity as a Lender. The Person serving as the
Facility Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Facility Agent, and such Person and its Affiliates may accept deposits from, lend
money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Facility Agent hereunder. 

ARTICLE XII 

MISCELLANEOUS 

SECTION 12.01     No Waiver; Modifications in Writing. 

(a)    No failure or delay on the part of any Secured Party exercising any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver of any provision of this Agreement, and
any consent to any departure by any party to this Agreement from the terms of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrower in
any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 

(b)    No amendment, modification, supplement or waiver of this Agreement shall be effective unless signed by the
Borrower, the Facility Agent and the Required Lenders; provided that any Fundamental Amendment shall require the written consent of all Lenders; provided, further, that (i) a waiver of any Event of Default or (ii) the
modification or waiver any of the representations or covenants set forth in Sections 4.01, 5.01, 5.02, 5.03 or 5.04 of this Agreement, Sections 3.1, 4.1, 4.2 and 4.3 of the Loan Sale Agreement or Sections 5.01, 5.02, 5.03, 6.01, 6.02 and 6.03 of the
Servicing Agreement shall require the written consent of a Majority of the Class A Lenders and a Majority of the Class B Lenders. 

SECTION 12.02    Notices, Etc. Except where telephonic instructions are authorized herein to be given, all
notices, demands, instructions and other communications required or permitted to be given to or made upon any party hereto shall be in writing and shall be personally delivered or sent by registered, certified or express mail, postage prepaid, or by
facsimile transmission, or by prepaid courier service, or by electronic mail (if the recipient has provided an email address in Schedule 3), and shall be deemed to be given for purposes of this Agreement on the day that such writing is
received by the intended recipient thereof in accordance with the provisions of this Section 12.02. Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section 12.02, notices,
demands, instructions and other communications in writing shall be given to or made upon the respective parties 

  
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hereto at their respective addresses (or to their respective facsimile numbers or email addresses) indicated in Schedule 3, and, in the case of telephonic instructions or notices, by calling the
telephone number or numbers indicated for such party in Schedule 3. The Borrower hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any courts in any action, suit or proceeding
in connection with this Agreement by serving a copy thereof upon the Borrower or by mailing copies thereof by regular or overnight mail, postage prepaid, to the Borrower at its address specified in Schedule 3. 

SECTION 12.03    Taxes. 

(a)    Any and all payments by the Borrower under this Agreement shall be made, in accordance with this Agreement, free
and clear of and without deduction for any and all present or future Taxes with respect thereto, except as required by applicable law. If the Borrower shall be required by law (or by the interpretation or administration thereof) to deduct any Taxes
from or in respect of any sum payable by it hereunder or under any other Facility Document to any Secured Party, (i) to the extent such Taxes deducted are Indemnified Taxes, the sum payable by the Borrower shall be increased as may be necessary
so that after making all required deductions (including deductions applicable to additional sums payable under this Section 12.03) such Secured Party receives an amount equal to the sum it would have received had no such deductions for
Indemnified Taxes been made, (ii) the Borrower shall be entitled to make such deductions, and (iii) the Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law. 

(b)    In addition, the Borrower agrees to timely pay any present or future stamp or documentary taxes or any other excise
or property taxes, charges or similar levies which arise from any payment made by the Borrower hereunder or under any other Facility Document or from the execution, delivery or registration of, or otherwise with respect to (including by reason of
the creation, perfection, release or enforcement of a security interest in the collateral), this Agreement or under any other Facility Document (hereinafter referred to as “Other Taxes”). 

(c)    The Borrower agrees to indemnify each of the Secured Parties for the full amount of Indemnified Taxes or Other
Taxes, including any Indemnified Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 12.03 paid by such Secured Party in respect of the Borrower, whether or not such Indemnified Taxes or Other
Taxes were correctly or legally imposed or asserted. Payments by the Borrower pursuant to this indemnification shall be made promptly following the date the Secured Party makes written demand therefor, which demand shall be accompanied by a
certificate describing in reasonable detail the basis thereof. Such certificate shall be presumed to be correct absent manifest error. 

(d)    The Borrower shall not be required to indemnify any Secured Party, or pay any additional amounts to or for the
account of any Secured Party, in respect of United States Federal withholding Tax or United States federal backup withholding Tax or to the extent that (i) the Taxes are imposed pursuant to a law in effect on the date on which such Lender
became a party to this Agreement or, with respect to payments to a new lending office so designated by a Lender (a “New Lending Office”), the date such Lender designated such New Lending Office with respect to an Advance;
provided that this clause (i) shall not apply to the extent the indemnity payment or 

  
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additional amounts any Secured Party would be entitled to receive (without regard to this clause (i)) either (x) do not exceed the indemnity payment or additional amounts that the transferor
Lender or the Lender making the designation of such New Lending Office would have been entitled to receive in the absence of such transfer or designation or (y) are attributable to a breach of any representation or obligation of the Borrower
under any Facility Document, or (ii) the obligation to pay such additional amounts would not have arisen but for a failure by such Secured Party to comply with paragraphs (g), (h), (i) or (k) below. 

(e)    Promptly after the date of any payment of Taxes or Other Taxes under this Section 12.03, the Borrower will
furnish to the Facility Agent the original or a certified copy of a receipt issued by the relevant Governmental Authority evidencing payment thereof (or other evidence of payment as may be reasonably satisfactory to the Facility Agent). 

(f)    If any payment is made by the Borrower (or the Servicer on its behalf) to or for the account of any Secured Party
after deduction for or on account of any Indemnified Taxes or Other Taxes, and an indemnity payment or additional amounts are paid by the Borrower pursuant to this Section 12.03, then, if such Secured Party in its sole discretion on a good
faith basis determines that it is entitled to a refund of such Indemnified Taxes or Other Taxes, such Secured Party shall, to the extent that it can do so without prejudice to the retention of the amount of such refund, apply for such refund and
reimburse to the Borrower (or the Servicer, as applicable) such amount of any refund received plus any penalties, interest or other charges returned by the relevant taxing authority (net of reasonable out-of-pocket expenses incurred) as such Secured Party shall determine in its sole discretion on a good faith basis to be attributable to the relevant Indemnified Taxes or Other Taxes; provided that in
the event that such Secured Party is required to repay such refund to the relevant taxing authority, the Borrower agrees to return the refund to such Secured Party. 

(g)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Facility Document shall deliver to the Borrower and the Facility Agent, at the time or times reasonably requested by the Borrower or the Facility Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Facility Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Facility Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Facility Agent as will enable the Borrower or the Facility Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 12.03(h), below) shall not be
required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(h)    Each Secured Party and each Participant that is a U.S. person as that term is defined in Section 7701(a)(30)
of the Code (a “U.S. Person”) hereby agrees that it shall, no later than the Closing Date or, in the case of a Secured Party or a Participant which becomes a party hereto pursuant to Section 12.06, the date upon which such
Secured Party becomes a party hereto or participant herein (and from time to time thereafter upon the reasonable request of the Borrower 

  
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or the Facility Agent), deliver to the Borrower and the Facility Agent, if applicable, two accurate, complete and signed copies of U.S. Internal Revenue Service Form W-9 or successor form, certifying that such Secured Party or Participant is on the date of delivery thereof entitled to an exemption from United States backup withholding tax. Each Secured Party or Participant that
is organized under the laws of a jurisdiction outside than the United States (a “Non-U.S. Lender”) shall, no later than the date on which such Secured Party becomes a party hereto or a
participant herein pursuant to Section 12.06 (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent), deliver to the Borrower and the Facility Agent two properly completed and duly executed copies of
either U.S. Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY or any subsequent versions thereof or successors thereto, in each case claiming complete exemption from, or reduced rate of, U.S. Federal withholding tax with respect to payments of interest hereunder. In
addition, in the case of a Non-U.S. Lender claiming exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the Code, such Non-U.S. Lender
hereby represents that such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of
Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code), and such Non-U.S. Lender
agrees that it shall notify the Borrower and the Facility Agent in the event any such representation is no longer accurate. Such forms shall be delivered by each Non-U.S. Lender on or before the date it
becomes a party to this Agreement or participant herein and on or before the date, if any, such Non-U.S. Lender designates a New Lending Office. In addition, each
Non-U.S. Lender shall deliver such forms as promptly as practicable after receipt of a written request therefor from the Borrower or the Facility Agent. Notwithstanding any other provision of this
Section 12.03, a Non-U.S. Lender shall not be required to deliver any form pursuant to this Section 12.03(h) that such Non-U.S. Lender is not legally able to
deliver. Each U.S. Person and Non-U.S. Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or
certification or promptly notify the Borrower and the Facility Agent in writing of its legal inability to do so. 

(i)    If any Secured Party requires the Borrower to pay any additional amount to such Secured Party or any taxing
Governmental Authority for the account of such Secured Party or to indemnify such Secured Party pursuant to this Section 12.03, then such Secured Party shall use reasonable efforts to designate a different lending office for funding or booking
its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if such Lender determines, in its sole discretion, that such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to this Section 12.03 in the future and (ii) would not subject such Secured Party to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Secured Party. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(j)    Nothing in this Section 12.03 shall be construed to require any Secured Party to make available its tax
returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

(k)    Compliance with FATCA. Each Secured Party shall comply with any certification, documentation, information or
other reporting necessary to establish an exemption from 

  
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withholding under FATCA and shall provide any other documentation reasonably requested by the Borrower or the Facility Agent sufficient for the Facility Agent and the Borrower to comply with
their obligations under FATCA and to determine that such Secured Party has complied with such Secured Party’s obligations under FATCA and to determine the amount to deduct and withhold from any payment to such Secured Party under this Agreement
or any Facility Document. 
 SECTION 12.04    Costs and Expenses; Indemnification. 

(a)    The Borrower agrees to promptly pay on demand (i) all reasonable and documented
out-of-pocket costs and expenses of the Facility Agent and the other Lenders in connection with the preparation, review, negotiation, reproduction, execution and
delivery of this Agreement and the other Facility Documents, including all reasonable fees, expenses and disbursements of Sidley Austin LLP, counsel to the Facility Agent and the Lenders, and any auditors, accountants, consultants or appraisers or
other professional advisors and agents engaged by the Facility Agent, UCC filing fees and all other related fees and expenses in connection therewith, (ii) all reasonable
out-of-pocket costs and expenses (including all reasonable fees, expenses and disbursements of legal counsel, and any auditors, accountants, consultants or appraisers or
other professional advisors and agents engaged by the Facility Agent) incurred by the Facility Agent in the administration, performance or enforcement of this Agreement or any other Facility Document or any consent, amendment, waiver or other
modification relating thereto, (iii) all reasonable out-of-pocket costs and expenses of creating, perfecting, releasing or enforcing the Facility Agent’s
security interests in the Collateral, including filing and recording fees, expenses and search fees, and title insurance premiums (but excluding Other Taxes, which shall be governed by Section 12.03(b)), and (iv) after the occurrence of
any Event of Default, all costs and expenses incurred by the Facility Agent and the Lenders in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Facility Documents or any interest, right, power
or remedy of the Facility Agent and the Lenders or in connection with the collection or enforcement of any of the Obligations or the proof, protection, administration or resolution of any claim based upon the Obligations in any insolvency
proceeding, including all reasonable fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Facility Agent and the Lenders. The undertaking in this Section shall survive repayment
of the Obligations, any foreclosure under, or modification, release or discharge of, any or all of the Related Documents, termination of this Agreement and the resignation or replacement of the Facility Agent. Without prejudice to its rights
hereunder, the expenses and the compensation for the services of the Facility Agent are intended to constitute expenses of administration under any applicable bankruptcy law. 

(b)    The Borrower agrees to indemnify and hold harmless each Secured Party and each of their Affiliates and the
respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities, obligations,
expenses, penalties, actions, suits, judgments and disbursements of any kind or nature whatsoever, (including the reasonable and documented fees and disbursements of counsel) that may be incurred by or asserted or awarded against any Indemnified
Party, in each case arising out of or in connection with or by reason of the execution, delivery, enforcement, performance, administration of or otherwise arising out of or incurred in connection with this Agreement, any other Facility Document, any
Related Document or any transaction contemplated hereby or thereby (and regardless of whether or not any such transactions are consummated) (collectively, the “Liabilities”), including any such Liability that is incurred or arises
out of or in connection with, or by reason of any one or more of the following: 
 (i)    preparation for a defense of
any investigation, litigation or proceeding arising out of, related to or in connection with this Agreement, any other Facility Document, any Related Document or any of the transactions contemplated hereby or thereby; 

  
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 (ii)    any breach of any covenant by the Borrower contained in any
Facility Document; 
 (iii)    any representation or warranty made or deemed made by the Borrower contained in any
Facility Document or in any certificate, statement or report delivered in connection therewith is false or misleading; 

(iv)    any failure by the Borrower to comply with any Applicable Law or contractual obligation binding upon it; 

(v)    any failure to vest, or delay in vesting, in the Facility Agent (for the benefit of the Secured Parties) a first
priority perfected security interest in all of the Collateral free and clear of all other Liens; 
 (vi)    any action
or omission, not expressly authorized by the Facility Documents, by the Borrower or any Affiliate of the Borrower which has the effect of reducing or impairing the Collateral or the rights of the Facility Agent or the Secured Parties with respect
thereto; 
 (vii)    the failure to file, or any delay in filing, financing statements, continuation statements or other
similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Law with respect to any Collateral, whether at the time of any Advance or at any subsequent time; 

(viii)    any dispute, claim, offset or defense (other than the discharge in bankruptcy of an Obligor) of an Obligor to
the payment with respect to any Collateral (including, without limitation, a defense based on any Collateral Loan (or the Related Documents evidencing such Collateral Loan) not being a legal, valid and binding obligation of such Obligor enforceable
against it in accordance with its terms), or any other claim resulting from any related property; 
 (ix)    the
commingling of Collections on the Collateral at any time with other funds; 
 (x)    any failure by the Borrower to give
reasonably equivalent value to the applicable seller, in consideration for the transfer by such seller to the Borrower of any item of Collateral or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision
or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code; or 

(xi)    any Event of Default; 

  
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 provided, that the Borrower shall not be liable under this Section 12.04 (A) to
the extent any such Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted solely from such Indemnified Party’s fraud, bad faith, gross negligence or
willful misconduct or (B) for any Taxes that are reimbursable pursuant to Section 12.03; provided however that in no event will such Indemnified Party have any liability for any special, exemplary, indirect, punitive or
consequential damages in connection with or as a result of such Person’s activities related to this Agreement or any Facility Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein; provided,
further, that any payment hereunder which relates to additional sums described in Sections 2.08, 2.09, 12.03 or 12.04(a) shall not be covered by this Section 12.04(b). This Section 12.04(b) shall not apply with respect to Taxes
other than any Taxes that represent losses, claims, damages, etc., arising from any non-Tax claim. 

SECTION 12.05    Execution in Counterparts. This Agreement may be executed in any number of counterparts and
by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.
Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 12.06    Assignability. 

(a)    Each Lender may, with the consent of the Facility Agent (not to be unreasonably withheld or delayed) and so long as
no Event of Default has occurred and is continuing, the Borrower (not to be unreasonably withheld or delayed), assign to an assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its outstanding
Advances or interests therein owned by it); provided further no such assignment shall be made to a natural person. The parties to each such assignment shall execute and deliver to the Facility Agent an Assignment and Acceptance and the
applicable tax forms required by Sections 12.03(g) and 12.03(h). Notwithstanding any other provision of this Section 12.06, any Lender may at any time pledge or grant a security interest in all or any portion of its rights (including rights to
payment of principal and interest) under this Agreement to secure obligations of such Lender, including any pledge or security interest granted to a Federal Reserve Bank, without notice to or consent of the Borrower or the Facility Agent;
provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto. 

(b)    The Borrower may not assign its rights or obligations hereunder or any interest herein without the prior written
consent of the Facility Agent and the Lenders. 
 (c)    (ii) Any Lender may sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement; provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Facility Agent and the other Lenders shall continue to deal

  
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solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and (D) each Participant shall have agreed to be bound by this
Section 12.06(c), Section 12.03(h) and Section 12.14. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any Fundamental Amendment. Sections 2.08, 2.09,
and 12.03 shall apply to each Participant as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (a) of this Section; provided that no Participant shall be entitled to any amount under Section 2.08,
2.09, 12.03 or 12.04 which is greater than the amount the related Lender would have been entitled to under any such Sections or provisions if the applicable participation had not occurred. 

(i)    In the event that any Lender sells participations in any portion of its rights and obligations hereunder, such
Lender as nonfiduciary agent for the Borrower shall maintain a register on which it enters the name of all participants in the Advances held by it and the principal amount (and stated interest thereon) of the portion of the Advance which is the
subject of the participation (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant
or any information relating to a participant’s interest in any Advances or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is
necessary to establish that such Advances or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. Unless otherwise required by such Treasury
Regulations, any disclosure required by the foregoing sentence shall be made by the relevant Lender directly and solely to the Internal Revenue Service. An Advance may be participated in whole or in part only by registration of such participation on
the Participant Register. Any participation of such Advance may be effected only by the registration of such participation on the Participant Register. The entries in the Participant Register shall be conclusive absent manifest error. 

(d)    The Facility Agent, on behalf of and acting solely for this purpose as the nonfiduciary agent of the Borrower,
shall maintain at its address specified in Section 12.02 or such other address as the Facility Agent shall designate in writing to the Lenders, a copy of this Agreement and each signature page hereto and each Assignment and Acceptance delivered
to and accepted by it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the aggregate outstanding principal amount of the outstanding Advances maintained by each Lender under this
Agreement (and any stated interest thereon). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Facility Agent and the Lenders may treat each Person whose name is recorded in
the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. An Advance may be assigned
or sold in whole or in part only by registration of such assignment or sale on the Register and in accordance with this Section 12.06. 

(e)    Notwithstanding anything to the contrary set forth herein or in any other Facility Document, each Lender hereunder,
and each Participant, must at all times be a “qualified purchaser” as defined in the Investment Company Act (a “Qualified Purchaser”) and a “qualified 

  
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institutional buyer” as defined in Rule 144A under the Securities Act (a “QIB”). Each Lender represents to the Borrower, (i) on the date that it becomes a party to this
Agreement (whether by being a signatory hereto or by entering into an Assignment and Acceptance) and (ii) on each date on which it makes an Advance hereunder, that it is a Qualified Purchaser and a QIB. Each Lender further agrees that it shall
not assign, or grant any participations in, any of its Advances to any Person unless such Person is a Qualified Purchaser and a QIB. 

SECTION 12.07    Governing Law. This Agreement and the rights and obligations of the parties under this
Agreement shall be governed by and construed in accordance with the internal Law of the State of New York. 
 SECTION
12.08    Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

SECTION 12.09    Confidentiality; Customer Information. Each Secured Party agrees to keep confidential all non-public information provided to it by the Borrower or the Servicer with respect to the Borrower, its Affiliates, the Collateral or any other information furnished to any Secured Party pursuant to this Agreement
or any other Facility Document (collectively, the “Borrower Information”); provided that nothing herein shall prevent any Secured Party from disclosing any Borrower Information (a) in connection with this
Agreement and the other Facility Documents and not for any other purpose, (x) to any Secured Party or any Affiliate of a Secured Party, or (y) any of their respective Affiliates, employees, directors, agents, attorneys, accountants and
other professional advisors (collectively, the “Secured Party Representatives”), it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Borrower
Information, (b) subject to an agreement to comply with the provisions of this Section (or other provisions at least as restrictive as this Section), (i) to use the Borrower Information only in connection with this Agreement and the other
Facility Documents and not for any other purpose, to any actual or bone fide prospective permitted assignees and Participants in any of the Secured Parties’ interests under or in connection with this Agreement and (ii) as reasonably
required by any direct or indirect contractual counterparties or professional advisors thereto, to any swap or derivative transaction relating to the Borrower and its obligations, (c) to any Governmental Authority purporting to have
jurisdiction over any Secured Party or any of its Affiliates or any Secured Party Representative, (d) in response to any order of any court or other Governmental Authority or as may otherwise be required to be disclosed pursuant to any
Applicable Law, (e) that is a matter of general public knowledge or that has heretofore been made available to the public by any Person other than any Secured Party or any Secured Party Representative, or (f) in connection with the
exercise of any remedy hereunder or under any other Facility Document. In addition, each Secured Party may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the
lending industry and service providers to the Secured Parties in connection with the administration and management of this Agreement and the other Facility Documents. 

  
 -108- 

 Each Lender and the Facility Agent understand and agree that the Customer Information is subject to Title V
of the Gramm-Leach-Bliley Act, 15 U.S.C. §§ 6801 et seq., the FTC’s Privacy Regulations, 16 CFR Part 313, and Standards for Safeguarding Customer Information, 16 CFR Part 314 and any other applicable federal and state privacy laws and
regulations other Applicable Law of any government or agency or instrumentality thereof regarding the privacy or security of Customer Information (the “Privacy Requirements”). Each Lender and the Facility Agent agree that it shall
comply with the Privacy Requirements and shall cause all of its agents, employees, affiliates and any other person or entity that receives the Customer Information from any Servicer or Borrower, to comply with the Privacy Requirements and the
Facility Agents and the Lenders, respectively, shall promptly notify the Borrower of any breach of the Privacy Requirements. Furthermore, the Facility Agents and the Lenders shall maintain (and shall cause all of their respective agents, employees,
affiliates and any other person or entity that receives the Customer Information from any Servicer to maintain) appropriate administrative, technical and physical safeguards to protect the security, confidentiality and integrity of Customer
Information, including, if applicable, maintaining security measures designed to meet the Privacy Requirements. For purposes of this section, “Customer Information” means any non-public
personal information (as such term is defined in the FTC’s Privacy Regulations) concerning an obligor under a Collateral Loan, regardless of whether such information was provided by the Borrower or a Servicer, or any affiliate or agent of a
Servicer or the Borrower based on or derived from the Customer Information. 
 SECTION 12.10    Merger.
This Agreement and the other Facility Documents executed by the Facility Agent or the Lenders taken as a whole incorporate the entire agreement between the parties thereto concerning the subject matter thereof and such Facility Documents supersede
any prior agreements among the parties relating to the subject matter thereof. 
 SECTION
12.11    Survival. All representations and warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the
execution and delivery of this Agreement and the making of the Advances hereunder. The agreements in Sections 2.08, 2.09 and 2.11 the final sentence of Section 7.02, 7.06(b), 12.03, 12.04, 12.09, 12.15, and 12.17 and this
Section 12.11 shall survive the termination of this Agreement in whole or in part and the payment in full of the principal of and interest on the Advances. 

SECTION 12.12    Submission to Jurisdiction; Waivers; Etc. Each party hereto hereby irrevocably and
unconditionally: 
 (a)    submits for itself and its property in any legal action or proceeding relating to this
Agreement or the other Facility Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United
States of America for the Southern District of New York, and the appellate courts of any of them; 

  
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 (b)    consents that any such action or proceeding may be brought in any
court described in Section 12.12(a) and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c)    agrees that service of process
in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address referenced in Section 12.02 or at such other
address as may be permitted thereunder; 
 (d)    agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law; and 
 (e)    waives, to the maximum extent not prohibited by law, any
right it may have to claim or recover in any legal action or proceeding against any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, indirect, punitive or consequential damages (as
opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement). 

SECTION 12.13    WAIVER OF JURY TRIAL. Each of the parties hereto hereby irrevocably and
unconditionally waives trial by jury in any legal action or proceeding relating to this Agreement or any other Facility Document or for any counterclaim therein or relating thereto. 

SECTION 12.14    Waiver of Setoff. The Borrower hereby waives any right of setoff it may have or to which it
may be entitled under this Agreement from time to time against any Lender or its assets. 
 SECTION
12.15    PATRIOT Act Notice. Each Lender and each of the Facility Agent hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law on October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow the Lenders to identify the Borrower in accordance with the PATRIOT Act. The Borrower shall provide to the extent commercially reasonable, such information and take such actions as are
reasonably requested by any Lender in order to assist such Lender in maintaining compliance with the PATRIOT Act. 
 SECTION
12.16    Legal Holidays. In the event that the date of any Payment Date, date of prepayment or Final Maturity Date shall not be a Business Day, then notwithstanding any other provision of this Agreement or any Facility
Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any such Payment Date, date of prepayment or Final Maturity Date, as the case may
be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding Business Day. 

  
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 SECTION 12.17    No Fiduciary Duty. The Facility Agent,
each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower, their stockholders and/or their affiliates.
The Borrower agrees that nothing in the Facility Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower, their
stockholders or their affiliates, on the other. The Borrower acknowledges and agrees that (i) the transactions contemplated by the Facility Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has
assumed an advisory or fiduciary responsibility in favor of the Borrower, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading
thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower, its stockholders or its Affiliates on other matters) or any other obligation to the Borrower except the obligations expressly set forth in
the Facility Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower, its management, stockholders, creditors or any other Person. The Borrower acknowledges and agrees that it has consulted
its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower agrees that it will not claim
that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transaction or the process leading thereto. 

SECTION 12.18    No Insolvency Proceeding. Notwithstanding any prior termination of this Agreement, none of
Upstart, the Facility Agent or any Lender shall, prior to the date which is one (1) year and one (1) day after the final payment of the Obligations, petition, cooperate with or encourage any other Person in petitioning or otherwise invoke
the process of any Governmental Authority for the purpose of commencing or sustaining an Insolvency Proceeding against the Borrower under any United States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Borrower or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Borrower. 

SECTION 12.19    Concerning the Owner Trustee. It is expressly understood and agreed by the parties that
(a) this document is executed and delivered by Wilmington Savings Fund Society, not individually or personally, but solely as Owner Trustee for the Borrower, in the exercise of the powers and authority conferred and vested in it, pursuant to
the Borrower Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Borrower is made and intended not as personal representations, undertakings and agreements by Wilmington Savings Fund
Society but is made and intended for the purpose of binding only the Borrower and (c) except for malfeasance or gross violation of its fiduciary duties as owner trustee (i) nothing 

  
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herein contained shall be construed as creating any liability on Wilmington Savings Fund Society, individually or personally, to perform any covenant either expressed or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, (ii) Wilmington Savings Fund Society has made no investigation as to the accuracy or completeness of
any representations and warranties made by the Borrower in this Agreement and (iii) under no circumstances shall Wilmington Savings Fund Society be personally liable for the payment of any indebtedness or expenses of the Borrower or be
personally liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Borrower under this Agreement or any other related documents. Notwithstanding any provision to the contrary contained
herein, this provision does not affect the duties and liabilities of Wilmington Savings Fund Society as set forth in the Borrower Trust Agreement. The foregoing does not affect (i) the obligation of the Borrower to perform its covenants either
expressed or implied contained herein or to pay any indebtedness or expenses of the Borrower or (ii) the liability of the Borrower for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the
Borrower under this Agreement or any other related documents. 
 [Signature Pages Follow] 

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

			
	UPSTART WAREHOUSE TRUST,
	as Borrower
	
	By: WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee of the Borrower
		
	By:	 	 /s/ Devon Almeida

	Name: Devon Almeida
	Title: Trust Officer
	
	 Solely with respect to Section 5.05 and 12.18:
  

UPSTART NETWORK, INC.,

		
	By:	 	 /s/ Sanjay Datta

	Name: Sanjay Datta
	Title: Chief Financial Officer

			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as Facility Agent
		
	By:	 	 /s/ Randal Johnson

	Name: Randal Johnson
	Title: Managing Director
		
	By:	 	 /s/ Nicole Byrns

	Name: Nicole Byrns
	Title: Director
	
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as a Class A Lender, Class B Lender and Fronting Lender
		
	By:	 	 /s/ Randal Johnson

	Name: Randal Johnson
	Title: Managing Director
		
	By:	 	 /s/ Nicole Byrns

	Name: Nicole Byrns
	Title: Director

  
 -2- 

			
	CPPIB CREDIT INVESTMENTS III INC.,
	as a Class B Lender and Specified Lender
		
	By:	 	 /s/ Andrew Edgell

	Name: Andrew Edgell
	Title: Authorized Signatory
		
	By:	 	 /s/ Sharon Li

	Name: Sharon Li
	Title: Authorized Signatory

  
 -3- 

			
	Solely with respect to Section 7.01:
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB,
	not in its individual capacity, but solely as Owner Trustee of the Borrower
		
	By:	 	 /s/ Mary Emily Pagano

	Name: Mary Emily Pagano
	Title: Trust Office

  
 -4- 

 EXECUTION 

OMNIBUS AMENDMENT NO. 1 
 TO
REVOLVING CREDIT AND SECURITY AGREEMENT, 
 LOAN SALE AGREEMENT, ADMINISTRATION AGREEMENT 

AND COLLATERAL VERIFICATION AGREEMENT 

AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT, LOAN SALE AGREEMENT, ADMINISTRATION AGREEMENT AND COLLATERAL VERIFICATION AGREEMENT (this
“Amendment”), dated as of August 3, 2018, is by and among UPSTART NETWORK, INC., a Delaware corporation (“Upstart” or the “Seller”), UPSTART WAREHOUSE TRUST, a Delaware Statutory Trust (the
“Borrower” or “Purchaser”), the Lenders party hereto, DEUTSCHE BANK AG, NEW YORK BRANCH, as the Facility Agent (the “Facility Agent”), and WILMINGTON SAVINGS FUND SOCIETY, FSB
(“WSFS”), not in its individual capacity, but solely as owner trustee (the “Owner Trustee”). Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Credit
Agreement (defined below) or the Loan Sale Agreement (defined below), as applicable. 
 WHEREAS, certain of the parties hereto have entered
into that certain Revolving Credit and Security Agreement, (the “Credit Agreement”), dated as of May 23, 2018, among the Borrower, the Facility Agent and the Lenders party thereto; 

WHEREAS, as of the date hereof, the undersigned Lenders are the only Lenders under the Credit Agreement; 

WHEREAS, the Borrower and the Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth herein; 

WHEREAS, the Seller, the Purchaser and the Owner Trustee have entered into that certain Loan Sale Agreement, dated as of May 23, 2018
(the “Loan Sale Agreement”); 
 WHEREAS, the Seller, the Purchaser and the Owner Trustee have agreed to amend the Loan Sale
Agreement on the terms and conditions set forth herein; 
 WHEREAS, Upstart, as administrator (in such capacity, the
“Administrator”) and the Borrower have entered into that certain Administration Agreement, dated as of May 23, 2018 (the “Administration Agreement”); 

WHEREAS, the Administrator and the Borrower have agreed to amend the Administration Agreement on the terms and conditions set forth herein;

 WHEREAS, the Borrower, as owner (in such capacity, the “Owner”), Upstart, as servicer (in such capacity, the
“Servicer”), the Facility Agent and WSFS, as verification agent (in such capacity, the “Verification Agent”) have entered into that certain Collateral Verification Agreement, dated as of May 23, 2018 (the
“Collateral Verification Agreement”); and 
 WHEREAS, the Owner, the Servicer, the Facility Agent and the Verification
Agent have agreed to amend the Collateral Verification Agreement on the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the premises set forth above, the terms and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 Section 1.    Amendment to the Credit Agreement. As of the
Effective Date (defined below), subject to the satisfaction of the conditions precedent set forth in Section 5 below, the Loan Sale Agreement is hereby amended as follows: 

1.1    The definition “Long-Term Loan Net Interest Margin” set forth in Section 1.01 of the
Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 “Long-Term Loan Net Interest
Margin” means, as of any date of determination, for the Collection Period then ended, the ratio (expressed as a percentage) of (a) the product of (x) 12 times (y) the result of (i) all Interest Proceeds received from Long-Term
Loans during such Collection Period plus (ii) the Long-Term Loan Share of amounts received from any Hedge Counterparty under a Hedging Agreement on the payment date (as such term is defined under the Hedging Agreement) following the end of such
Collection Period minus (iii) the Long-Term Loan Share of the Guaranteed Distribution for the Payment Date following the end of such Collection Period minus (iv) the aggregate principal balance of the Long-Term Loans which became Defaulted
Loans during such Collection Period (other than Long-Term Loans which became Defaulted Loans in the two (2) Collection Periods immediately following a transfer of Collateral Loans to a Securitization Vehicle) divided by (b) the average of
(i) the Aggregate Principal Balance of all Long-Term Loans as of the end of the prior Collection Period and (ii) the Aggregate Principal Balance of all Long-Term Loans as of the end of the current Collection Period. 

1.2    The definition “Net Interest Margin” set forth in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety and replaced with the following: 
 “Net Interest Margin” means, as of
any date of determination, for the Collection Period then ended, the ratio (expressed as a percentage) of (x) the product of (a) 12 times (b) the result of (i) all Interest Proceeds received during such Collection Period plus
(ii) the amounts received from any Hedge Counterparty under a Hedging Agreement on the payment date (as such term is defined under the Hedging Agreement) following the end of such Collection Period minus (iii) the Guaranteed Distribution
for the Payment Date following the end of such Collection Period minus (iv) the aggregate principal balance of all Collateral Loans which became Defaulted Loans during such Collection Period (other than Collateral Loans which became Defaulted
Loans in the two (2) Collection Periods immediately following a transfer of Collateral Loans to a Securitization Vehicle) divided by (y) the average of (i) the Aggregate Principal Balance as of the end of the prior Collection Period
and (ii) the Aggregate Principal Balance as of the end of the current Collection Period. 
 Section 2. Amendment to the Loan
Sale Agreement. As of the Effective Date (defined below), subject to the satisfaction of the conditions precedent set forth in Section 5 below, the Loan Sale Agreement is hereby amended as follows: 

2.1.    Section 2.1 of the Loan Sale Agreement is hereby amended by inserting the following as new
clause (g) thereof: 

  
 2 

 (g)    The Purchaser and the Owner Trustee shall upon
the written request of the Administrator furnish the Administrator with any limited powers of attorney and other documents (in form and substance satisfactory to the Purchaser and the Owner Trustee) reasonably necessary or appropriate to enable the
Administrator to carry out its administrative duties under the Administration Agreement. Notwithstanding the foregoing, each of the Purchaser and the Owner Trustee hereby agrees to provide a limited power of attorney in the form attached hereto as
Exhibit E to the Administrator. 
 2.2.    The Loan Sale Agreement is hereby amended by including
a new acknowledgement signature block on the signature page thereto, which signature block shall appear as follows (and by its signature to this Amendment, Upstart is deemed to have executed such signature block): 

 

							
		 	ACKNOWLEDGED AND AGREED
		 	 (with respect to Section 2.1):
  

		 	 UPSTART NETWORK, INC.,
 as
Administrator
  

		 	By:	 	
                    

	  	
		 		 	Name:	  	
		 		 	Title:	  	

 2.3.    The Loan Sale Agreement is hereby amended by including as
Exhibit E the exhibit attached to this Amendment as Annex I. 
 Section 3.    Amendment to the
Administration Agreement. As of the Effective Date (defined below), subject to the satisfaction of the conditions precedent set forth in Section 5 below, the Administration Agreement is hereby amended as follows: 

3.1.    Section 2.01(d) of the Administration Agreement is hereby deleted in its entirety and replaced
with the following: 
 (d)    Powers of Attorney. The Trust and the Owner Trustee, on behalf of
the Trust, shall upon the written request of the Administrator (and each successor Administrator) furnish the Administrator with any limited powers of attorney and other documents (in form and substance satisfactory to the Trust and the Owner
Trustee, on behalf of the Trust) reasonably necessary or appropriate to enable the Administrator to carry out its administrative duties hereunder. Notwithstanding the foregoing, each of the Trust and the Owner Trustee, on behalf of the Trust, hereby
agrees to provide a limited power of attorney in the form attached hereto as Exhibit A to the Administrator. 

3.2.    The Administration Agreement is hereby amended by including a new acknowledgement signature block
on the signature page thereto, which signature block shall appear as follows (and by its signature to this Amendment, WSFS is deemed to have executed such signature block): 

  
 3 

							
		 	ACKNOWLEDGED AND AGREED	  	
		 	 (with respect to Section 2.01(d)):
  
	  	
		 	 WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee

 
	  	
		 	By:	 	
                    

	  	
		 		 	Name:	  	
		 		 	Title:	  	

 3.3.    The Administration Agreement is hereby amended by including as
Exhibit A the exhibit attached to this Amendment as Annex II. 
 Section 4.    Amendment to the
Collateral Verification Agreement. As of the Effective Date (defined below), subject to the satisfaction of the conditions precedent set forth in Section 5 below, the Collateral Verification Agreement is hereby amended as follows: 

4.1.    The definition of “List of Loans” appearing under Section 1 of the Collateral
Verification Agreement is hereby deleted in its entirety and replaced with the following: 
 “List of Loans”
shall mean the computer-related cumulative list of Loans owned by the Owner, prepared by the Servicer based on information provided by the Owner, identifying for each Loan the name of the related borrower, its current identification number, term,
original principal balance, interest rate, first payment date, maturity date, monthly payment amount, origination fee percentage, and any other field mutually agreed upon by the Owner, the Servicer, the Facility Agent and the Verification Agent.

 4.2.    Schedule B to the Collateral Verification Agreement is hereby deleted in its entirety
and replaced with the Schedule B attached to this Amendment as Annex III. 
 Section 5. Conditions Precedent. This
Amendment shall become effective as of the date hereof (the “Effective Date”) upon the receipt by the Facility Agent of this Amendment duly executed by the parties hereto. 

Section 6.    Representations and Warranties. The Borrower hereby represents and warrants that: 

6.1.    This Amendment, the Credit Agreement, the Loan Sale Agreement, the Administration Agreement and the Collateral
Verification Agreement, as amended hereby, constitute legal, valid and binding obligations of it and are enforceable against it in accordance with their terms. 

6.2.    Upon the effectiveness of this Amendment and after giving effect hereto, the covenants, representations and
warranties of (a) the Borrower set forth in Article IV and Article V of the Credit Agreement and (b) Upstart set forth in Article III of the Loan Sale Agreement, Section 2.04 of the Administration Agreement and
Section 12 of the Collateral Verification Agreement are true and correct in all material respects as of the date hereof. 

  
 4 

 6.3.    Upon the effectiveness of this Amendment, no event or
circumstance has occurred and is continuing which constitutes an Event of Default, an Accelerated Amortization Event, a Servicer Event of Default, an Unmatured Event of Default or an Unmatured Servicer Event of Default. 

Section 7.    Reference to and Effect on the Credit Agreement, the Loan Sale Agreement, the Administration
Agreement and the Collateral Verification Agreement.  
 7.1.    Upon the effectiveness of this Amendment
hereof, on and after the date hereof, each reference in (i) the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit
Agreement and its amendments, as amended hereby, (ii) the Loan Sale Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Loan Sale
Agreement and its amendments, as amended hereby, (iii) the Administration Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the
Administration Agreement and its amendments, as amended hereby, and (iv) the Collateral Verification Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and
be a reference to the Collateral Verification Agreement and its amendments, as amended hereby. 
 7.2.    The Credit
Agreement, as amended hereby, and all other amendments, documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. The Loan Sale Agreement,
as amended hereby, and all other amendments, documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. The Administration Agreement, as
amended hereby, and all other amendments, documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. The Collateral Verification Agreement,
as amended hereby, and all other amendments, documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 

7.3.    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of the Lenders or the Facility Agent, nor constitute a waiver of any provision of the Credit Agreement, the Loan Sale Agreement, the Administration Agreement, the Collateral Verification Agreement, any Facility Document or any other
documents, instruments and agreements executed and/or delivered in connection therewith. 

Section 8.    Governing Law. This Amendment and the rights and obligations of the parties under this Amendment
shall be governed by and construed in accordance with the internal Law of the State of New York. 

Section 9.    Headings. Section headings in this Amendment are included herein for convenience of reference
only and shall not constitute a part of this Amendment for any other purpose. 
 Section 10.    Counterparts;
Facsimile Signatures. This Amendment 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 Amendment. Delivery by facsimile or other electronic transmission of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof. 

  
 5 

 Section 11.    Entire Agreement. The parties hereto hereby
agree that this Amendment constitutes the entire agreement concerning the subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications. 

Section 12.    Fees, Costs and Expenses. The Borrower shall pay on demand all reasonable and invoiced fees and
out-of-pocket expenses of Sidley Austin LLP, counsel for the Facility Agent, incurred in connection with the preparation, negotiation, execution and delivery of this
Amendment. 
 Section 13.    Consent. The Facility Agent and the Lenders hereby consent to and authorize the
Verification Agent’s entering into this Amendment. 
 Section 14.    Concerning the Owner Trustee. This
Amendment is executed and delivered by WSFS as Verification Agent and as Owner Trustee for the Borrower. To the extent WSFS is acting in its capacity as Owner Trustee to the Borrower, it is expressly understood and agreed by the parties that
(a) this Amendment is executed and delivered by WSFS, not individually or personally, but solely as Owner Trustee and as Owner Trustee for the Borrower, in the exercise of the powers and authority conferred and vested in it, pursuant to the
Borrower Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Owner Trustee or the Borrower is made and intended not as personal representations, undertakings and agreements by WSFS but is
made and intended for the purpose of binding only the Owner Trustee and the Borrower, as applicable, and (c) except for malfeasance or gross violation of its fiduciary duties as owner trustee (i) nothing herein contained shall be construed
as creating any liability on WSFS, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or
under the parties hereto, (ii) WSFS has made no investigation as to the accuracy or completeness of any representations and warranties made by the Owner Trustee or the Borrower in this Amendment and (iii) under no circumstances shall WSFS
be personally liable for the payment of any indebtedness or expenses of the Owner Trustee or Borrower or be personally liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Owner Trustee
or the Borrower under this Amendment or any other related documents. Notwithstanding any provision to the contrary contained herein, this provision does not affect the duties and liabilities of WSFS as set forth in the Borrower Trust Agreement. The
foregoing does not affect (i) the obligation of the Borrower to perform its covenants either expressed or implied contained herein or to pay any indebtedness or expenses of the Borrower or (ii) the liability of the Borrower for the breach
or failure of any obligation, representation, warranty or covenant made or undertaken by the Borrower under this Amendment or any other related documents. 

[signature page follows] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the
date first written above. 
  

			
	 UPSTART WAREHOUSE TRUST,
 as
Borrower and Purchaser
  

	By:	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee of the Borrower and the Purchaser
		
	By:	 	     /s/ Mary Emily Pagano

	Name: Mary Emily Pagano
	Title: Trust Officer
	
	 UPSTART NETWORK, INC.,
 as Seller
and Administrator

		
	By:	 	     /s/ Sanjay Datta

	Name: Sanjay Datta
	Title: Chief Financial Officer

 
			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as Facility Agent
		
	By:	 	     /s/ Nicole Byrns

	Name: Nicole Byrns
	Title: Director
		
	By:	 	     /s/ Peter Sabino

	Name: Peter Sabino
	Title: Vice President
	
	DEUTSCHE BANK AG, NEW YORK BRANCH,
	as a Lender
		
	By:	 	     /s/ Nicole Byrns

	Name:	 	Nicole Byrns
	Title: Director
		
	By:	 	     /s/ Peter Sabino

	Name: Peter Sabino
	Title: Vice President

 
			
	CPPIB CREDIT INVESTMENTS III INC.,
	as a Lender
		
	By:	 	     /s/ David Iolla

	Name: David Iolla
	Title: Authorized Signatory
		
	By:	 	     /s/ Hetal Patel

	Name: Hetal Patel
	Title: Authorized Signatory
		
	By:	 	     /s/ Sharon Li

	Name: Sharon Li
	Title: Authorized Signatory

 
			
	 WILMINGTON SAVINGS FUND SOCIETY, FSB,

not in its individual capacity, but solely as Owner Trustee on behalf of the Borrower and the Purchaser

		
	By:	 	     /s/ Mary Emily Pagano

	Name: Mary Emily Pagano
	Title: Trust Officer
	
	 WILMINGTON SAVINGS FUND SOCIETY, FSB,

as Verification Agent

		
	By:	 	     /s/ S. Amanda Wilson

	Name: S. Amanda Wilson
	Title: Trust Officer

 Annex I 

EXHIBIT E 
 FORM OF
LIMITED POWER OF ATTORNEY 
 [Closing Date] 

KNOW ALL MEN BY THESE PRESENTS, that UPSTART WAREHOUSE TRUST, a Delaware statutory trust (the “Trust”) and WILMINGTON SAVINGS
FUND SOCIETY, FSB, a federal savings bank, not in its individual capacity, but solely as owner trustee (the “Owner Trustee”), further to the Administration Agreement, dated as of May 23, 2018, between the Trust and UPSTART
NETWORK, INC., a Delaware corporation (“Upstart”), as administrator (the “Administrator”) (as amended, the “Administration Agreement”), hereby constitute and appoint the Administrator the
Trust’s and the Owner Trustee’s true and lawful attorney-in-fact, for the purpose of executing and delivering on its respective behalf any Assignment (as
defined in the Loan Sale Agreement, dated as of May 23, 2018, among Upstart, the Trust and the Owner Trustee (the “Loan Sale Agreement”) which Assignment is substantially in the form attached as Exhibit A to the Loan
Sale Agreement, with full power of substitution to carry out the foregoing. This power of attorney is coupled with an interest. 
 This
Limited Power of Attorney may be amended, modified, supplemented or restated only by a written instrument executed by the Trust and Owner Trustee. The terms of this Limited Power of Attorney may be waived only by a written instrument executed by the
party waiving compliance. 
 This Limited Power of Attorney shall inure to the benefit of, and be binding upon, the Trust, the Owner Trustee
and the Administrator and their respective successors and assigns; provided, however, that the Administrator shall not assign any of the rights under this Limited Power of Attorney (except by merger or other operation of law) without the prior
written consent of the Trust and the Owner Trustee, and any such purported assignment without such consent shall be void and of no effect. 

This Limited Power of Attorney shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
regard to any conflicts of law rules that might apply the laws of any other jurisdiction. 
 Section 3.13 of the Administration
Agreement regarding the limitation of liability of Wilmington Savings Fund Society, FSB, is hereby incorporated herein by reference. 

Notwithstanding anything herein to the contrary, this Power of Attorney does not, and is not intended to, and will not be construed to, grant
any authority to the Administrator to (i) expand, increase, incur, or otherwise impose any duties, liabilities or obligations of or on Wilmington Savings Fund Society, FSB, as Owner Trustee or in its individual capacity, or (ii) provide
any guaranty, indemnity or property (except for the Loans) of Wilmington Savings Fund Society, FSB, as Owner Trustee or in its individual capacity, for any reason whatsoever. 

[signature page follows] 

 IN WITNESS WHEREOF, each of the undersigned has executed and delivered this Limited Power of
Attorney as of the date first above written. 
  

			
	UPSTART WAREHOUSE TRUST
		
	By:	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Annex II 

EXHIBIT A 
 FORM OF
LIMITED POWER OF ATTORNEY 
 [Closing Date] 

KNOW ALL MEN BY THESE PRESENTS, that UPSTART WAREHOUSE TRUST, a Delaware statutory trust (the “Trust”) and WILMINGTON SAVINGS
FUND SOCIETY, FSB, a federal savings bank, not in its individual capacity, but solely as owner trustee (the “Owner Trustee”), further to the Administration Agreement, dated as of May 23, 2018, between the Trust and UPSTART
NETWORK, INC., a Delaware corporation (“Upstart”), as administrator (the “Administrator”) (as amended, the “Administration Agreement”), hereby constitute and appoint the Administrator the
Trust’s and the Owner Trustee’s true and lawful attorney-in-fact, for the purpose of executing and delivering on its respective behalf any Assignment (as
defined in the Loan Sale Agreement, dated as of May 23, 2018, among Upstart, the Trust and the Owner Trustee (the “Loan Sale Agreement”) which Assignment is substantially in the form attached as Exhibit A to the Loan
Sale Agreement, with full power of substitution to carry out the foregoing. This power of attorney is coupled with an interest. 
 This
Limited Power of Attorney may be amended, modified, supplemented or restated only by a written instrument executed by the Trust and Owner Trustee. The terms of this Limited Power of Attorney may be waived only by a written instrument executed by the
party waiving compliance. 
 This Limited Power of Attorney shall inure to the benefit of, and be binding upon, the Trust, the Owner Trustee
and the Administrator and their respective successors and assigns; provided, however, that the Administrator shall not assign any of the rights under this Limited Power of Attorney (except by merger or other operation of law) without the prior
written consent of the Trust and the Owner Trustee, and any such purported assignment without such consent shall be void and of no effect. 

This Limited Power of Attorney shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
regard to any conflicts of law rules that might apply the laws of any other jurisdiction. 
 Section 3.13 of the Administration
Agreement regarding the limitation of liability of Wilmington Savings Fund Society, FSB, is hereby incorporated herein by reference. 

Notwithstanding anything herein to the contrary, this Power of Attorney does not, and is not intended to, and will not be construed to, grant
any authority to the Administrator to (i) expand, increase, incur, or otherwise impose any duties, liabilities or obligations of or on Wilmington Savings Fund Society, FSB, as Owner Trustee or in its individual capacity, or (ii) provide
any guaranty, indemnity or property (except for the Loans) of Wilmington Savings Fund Society, FSB, as Owner Trustee or in its individual capacity, for any reason whatsoever. 

[signature page follows] 

 IN WITNESS WHEREOF, each of the undersigned has executed and delivered this Limited Power of
Attorney as of the date first above written. 
  

			
	UPSTART WAREHOUSE TRUST
		
	By:	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Annex III 

Schedule B 
 Loan
Information 
 Dated _______________, 20___ 
  

																	
	 	 
	
Verified from
 Truth
in
 Lending
Disclosure
	  	Verified against Promissory Note
	 	 	 	 	 	 	 	 	 
	
Name of

Borrower
	  	Current
Loan ID*	  	Loan Term
(number of
payments)	  	 Original
Principal

Balance
	  	Interest Rate	  	 lst Payment
 Date
	  	 Maturity

Date
	  	 Monthly

Payment
 Amount
	  	Origination
Fee
Percentage
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

  

	*	 The Current Loan ID is the number assigned by the Servicer. Report should be sorted sequentially by Current
Loan ID 

 LIMITED WAIVER AND AMENDMENT NO. 2 

TO REVOLVING CREDIT AND SECURITY AGREEMENT 

LIMITED WAIVER AND AMENDMENT NO. 2 TO REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of July 10, 2020, is by
and among UPSTART WAREHOUSE TRUST, a Delaware Statutory Trust (the “Borrower”), the Lenders party hereto, and DEUTSCHE BANK AG, NEW YORK BRANCH, as the Facility Agent (the “Facility Agent”). Capitalized terms used
herein and not otherwise defined herein shall have the meaning given to such terms in the Credit Agreement (defined below). 
 WHEREAS,
certain of the parties hereto have entered into that certain Revolving Credit and Security Agreement, (as the same has been and may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
dated as of May 23, 2018, among the Borrower, the Facility Agent and the Lenders party thereto; 
 WHEREAS, as of the date hereof, the
undersigned Lenders are the only Lenders under the Credit Agreement; 
 WHEREAS, the Borrower and the Lenders have agreed to amend the
Credit Agreement on the terms and conditions set forth herein; 
 WHEREAS, the Borrower has requested that Facility Agent and the Lenders
waive any (a) Event of Default arising solely out of or resulting solely from the failure by the Borrower to make payments required by Section 9.01(f) and 9.01(g) of the Credit Agreement on the Payment Date for the Collection Period from
May 1, 2020 until May 31, 2020 (the “Existing Event of Default”); and 
 WHEREAS, the Facility Agent and the Lenders are
willing to agree to waive the Existing Event of Default subject to the terms and conditions set forth in this Amendment. 
 NOW, THEREFORE,
in consideration of the premises set forth above, the terms and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1.    Limited Waiver. Subject to the terms and conditions set forth herein, and in reliance on the
representations, warranties, covenants and agreements contained in this Amendment, the Facility Agent and the Lenders hereby agree to waive the Existing Event of Default solely for the Collection Period from May 1, 2020 until May 31, 2020.

 Section 2.    Amendments to the Credit Agreement. As of the Effective Date (defined below), subject to
the satisfaction of the conditions precedent set forth in Section 3 below, the Credit Agreement is hereby amended as follows: 

2.1    Section 2.04(c) of the Credit Agreement is hereby deleted in its entirety and replaced with the
following: 
 (c)    Accrued Interest on each Advance shall be due and payable in arrears (x) on
each Payment Date prior to the Termination Date, and pursuant to the operation of the Priority of Payments after the Termination Date, and (y) in connection with any prepayment in full of the Advances pursuant to Section 2.05(a);
provided that (i) with respect to any prepayment in full of the Advances 

  
 1 

 
outstanding, accrued Interest on such amount to but excluding the date of prepayment may be payable on such date or as otherwise agreed to between the Lenders and the Borrower and (ii) with
respect to any partial prepayment of the Advances outstanding, accrued Interest on such amount to but excluding the date of prepayment shall be payable following such prepayment on the applicable Payment Date in accordance with the Priority of
Payments for the Collection Period in which such prepayment occurred. 
 2.2    Section 6.01(a) of the
Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 (a)    (i) a
default in the payment, when due and payable, of the principal of, or any interest on any Advance or any other payment or deposit required to be made hereunder or under any Facility Documents and such default shall continue unremedied for a period
of two (2) Business Days; provided, for the avoidance of doubt, that following the Termination Date, failure by the Borrower to make payments pursuant to Section 9.01(f) or 9.01(g) while any Class A Advances remain outstanding
shall not be an Event of Default for purposes of this Section 6.01(a)(i), or (ii) the failure to reduce the Advances to $0 on the Final Maturity Date; or 

Section 3. Conditions Precedent. This Amendment shall become effective as of the date hereof (the “Effective
Date”) upon the receipt by the Facility Agent of this Amendment duly executed by the parties hereto. 

Section 4.    Representations and Warranties. The Borrower hereby represents and warrants that: 

4.1.    This Amendment and the Credit Agreement as amended hereby, constitute legal, valid and binding obligations of it
and are enforceable against it in accordance with their terms. 
 4.2.    Upon the effectiveness of this Amendment and
after giving effect hereto, the covenants, representations and warranties of the Borrower set forth in Article IV of the Credit Agreement are true and correct in all material respects as of the date hereof. 

4.3.    Upon the effectiveness of this Amendment and except as otherwise specified herein, no event or circumstance has
occurred and is continuing which constitutes an Event of Default, an Accelerated Amortization Event, a Servicer Event of Default, an Unmatured Event of Default or an Unmatured Servicer Event of Default. 

Section 5.    Reference to and Effect on the Credit Agreement. 

5.1.    Upon the effectiveness of this Amendment hereof, on and after the date hereof, each reference in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement and its amendments, as amended hereby. 

5.2.    The Credit Agreement, as amended hereby, and all other amendments, documents, instruments and agreements executed
and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 

  
 2 

 5.3.    The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of the Lenders or the Facility Agent, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in
connection therewith. 
 Section 6.    Governing Law. This Amendment and the rights and obligations of the
parties under this Amendment shall be governed by and construed in accordance with the internal Law of the State of New York. 

Section 7.    Headings. Section headings in this Amendment are included herein for convenience of reference
only and shall not constitute a part of this Amendment for any other purpose. 
 Section 8.    Counterparts;
Facsimile Signatures; Electronic Signatures. This Amendment 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 Amendment. Delivery by facsimile or other electronic transmission of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof. Each party
agrees that this Amendment and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Amendment or such other documents are the same as handwritten signatures for
the purposes of validity, enforceability, and admissibility. 
 Section 9.    Entire Agreement. The parties
hereto hereby agree that this Amendment constitutes the entire agreement concerning the subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications. 

Section 10.    Fees, Costs and Expenses. The Borrower shall pay on demand all reasonable and invoiced fees and
out-of-pocket expenses of (i) counsel for the Facility Agent and (ii) counsel for the Lenders in an amount not to exceed $2,500, incurred in connection with
the preparation, negotiation, execution and delivery of this Amendment. 
 Section 11.    Concerning the Owner
Trustee. The parties hereto are put on notice and hereby acknowledge and agree that (a) this Amendment is executed and delivered by Wilmington Savings Fund Society, not individually or personally but solely as trustee, in the exercise of
the powers and authority conferred and vested in it, (b) each of the representations, covenants, undertakings and agreements herein made on the part of the Trustee or Trust is made and intended not as a personal representation, undertaking and
agreement by Wilmington Savings Fund Society, but is made and intended for the purpose of binding only the Trust or Trustee, in its capacity as such, (c) nothing herein contained shall be construed as creating any liability on Wilmington
Savings Fund Society, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the
parties hereto, (d) Wilmington Savings Fund Society has made no investigation as to the accuracy or completeness of any representations and warranties made by the Trust or Trustee or any other party in this Amendment and (e) under no
circumstances shall Wilmington Savings Fund Society be personally liable for the payment of any indebtedness or expenses of the Trust or Trustee or be liable for the breach or failure of any obligation, duty (including fiduciary duty, if any)
representation, warranty or covenant made or undertaken by the Trust or Trustee under this Amendment or any other related documents. 

[signature page follows] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the
date first written above. 
  

			
	 UPSTART WAREHOUSE TRUST,
 as
Borrower

		
	By:	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, not in its individual capacity, but solely as Owner Trustee of the Borrower
		
	By:	 	 /s/ Jason B. Hill

	Name: Jason B. Hill
	Title: Assistant Vice President

 
			
	 DEUTSCHE BANK AG, NEW YORK BRANCH,

as Facility Agent

		
	By:	 	 /s/ James Kwak

	Name: James Kwak
	Title: NA
		
	By:	 	 /s/ Peter Sabino

	Name: Peter Sabino
	Title: Director
	
	 DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Lender

		
	By:	 	 /s/ James Kwak

	Name: James Kwak
	Title: NA
		
	By:	 	 /s/ Peter Sabino

	Name: Peter Sabino
	Title: Director

 
			
	 CPPIB CREDIT INVESTMENTS III INC.,

as a Lender

		
	By:	 	 /s/ Andrew Edgell

	Name: Andrew Edgell
	Title: Authorized Signatory
		
	By:	 	 /s/ Devon Kirk

	Name: Devon Kirk
	Title: Authorized Signatory
		
	By:	 	  

	Name:
	Title:EX-10.13

 Exhibit 10.13 

EXECUTION VERSION 

CONFIDENTIAL 
  

 
  

THIRD AMENDED AND RESTATED 

LOAN PROGRAM AGREEMENT 

between 
 CROSS RIVER
BANK 
 and 

UPSTART NETWORK, INC. 

Dated as of 

January 1, 2019 
  

 
  

  

	***	 Certain information has been excluded from this agreement because it is both (i) not material and
(ii) would be competitively harmful if publicly disclosed. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS AND CONSTRUCTION
	  	 	1	 
	 Section 1.1.         Definitions.
	  	 	1	 
	 Section 1.2.         Construction.
	  	 	9	 
	 Section 1.3.         Amendment and
Restatement.
	  	 	9	 
		
	 ARTICLE II GENERAL PROGRAM DESCRIPTION
	  	 	10	 
	 Section 2.1.         General Description.
	  	 	10	 
	 Section 2.2.         Program Terms and Program
Guidelines.
	  	 	10	 
	 Section 2.3.         Program Modifications.
	  	 	10	 
	 Section 2.4.
        Non-exclusivity.
	  	 	11	 
	 Section 2.5.         Customer Information.
	  	 	11	 
	 Section 2.6.         Powered by Upstart
(“PBU”) Partner Requirements.
	  	 	11	 
		
	 ARTICLE III DUTIES OF UNI AND BANK
	  	 	12	 
	 Section 3.1.         Duties and Responsibilities of
UNI.
	  	 	12	 
	 Section 3.2.         Duties and Responsibilities of
Bank.
	  	 	17	 
	 Section 3.3.         Conditions Precedent to the
Obligations of Bank.
	  	 	18	 
	 Section 3.4.         Joint Duties of UNI and
Bank.
	  	 	19	 
		
	 ARTICLE IV TRADE NAMES; ADVERTISING AND PROGRAM MATERIALS
	  	 	19	 
	 Section 4.1.         Trade Names and
Trademarks.
	  	 	19	 
	 Section 4.2.         Advertising and Program
Materials.
	  	 	19	 
	 Section 4.3.         Intellectual Property.
	  	 	21	 
		
	 ARTICLE V LOAN ORIGINATION AND COMPENSATION
	  	 	21	 
	 Section 5.1.         Loan Origination.
	  	 	21	 
	 Section 5.2.         Compensation.
	  	 	21	 
		
	 ARTICLE VI EXPENSES
	  	 	22	 
	 Section 6.1.         Expenses.
	  	 	22	 
	 Section 6.2.         ACH and Wire Costs.
	  	 	22	 
	 Section 6.3.         Taxes.
	  	 	22	 
		
	 ARTICLE VII TERM
	  	 	22	 
	 Section 7.1.         Initial and Renewal
Terms.
	  	 	22	 
	 Section 7.2.         Other Agreements.
	  	 	22	 
	 Section 7.3.         Survival.
	  	 	23	 

  
 i 

					
	 ARTICLE VIII TERMINATION
	  	 	23	 
	 Section 8.1.
             Termination.
	  	 	23	 
	 Section 8.2.
             Effect of Termination.
	  	 	24	 
		
	 ARTICLE IX REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	24	 
	 Section 9.1.
             UNI’s Representations and Warranties.
	  	 	24	 
	 Section 9.2.
             Bank’s Representations and Warranties.
	  	 	27	 
	 Section 9.3.
             UNI’s Covenants.
	  	 	29	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	32	 
	 Section 10.1.
           Indemnification.
	  	 	32	 
	 Section 10.2.            Limitation of
Liability.
	  	 	34	 
	 Section 10.3.            Governing
Law; Arbitration.
	  	 	34	 
	 Section 10.4.            Confidential
Information.
	  	 	35	 
	 Section 10.5.            Privacy Law
Compliance; Security Breach Disclosure.
	  	 	37	 
	 Section 10.6.            Force
Majeure.
	  	 	38	 
	 Section 10.7.            Examinations
and Financial Information.
	  	 	38	 
	 Section 10.8.            Relationship
of Parties; No Authority to Bind.
	  	 	38	 
	 Section 10.9.
           Severability.
	  	 	39	 
	 Section 10.10.          Successors and
Third Parties.
	  	 	39	 
	 Section 10.11.          Notices.
	  	 	39	 
	 Section 10.12.          Waiver;
Amendments.
	  	 	40	 
	
Section 10.13.          Counterparts.
	  	 	41	 
	 Section 10.14.          Specific
Performance.
	  	 	41	 
	 Section 10.15.          Further
Assurances.
	  	 	41	 
	 Section 10.16.          Entire
Agreement.
	  	 	41	 
	 Section 10.17.          Survival.
	  	 	41	 
	 Section 10.18.          Referrals.
	  	 	41	 
	
Section 10.19.          Interpretation.
	  	 	42	 
	 Section 10.20.          Headings.
	  	 	42	 

  
 ii 

			
	Exhibits	  	        
		
	Exhibit A         Fees and Eligible States	  	
		
	Exhibit B         Credit Policy and Underwriting Procedures	  	
		
	Exhibit C         Compliance Guidelines	  	
		
	Schedules	  	
		
	Schedule 3.1(i)(A)         Reporting Data Fields	  	
		
	Schedule 3.1(i)(E)         UNI Audit and Monitoring Program	  	

  
 iii 

 THIRD AMENDED AND RESTATED 

LOAN PROGRAM AGREEMENT 

THIS THIRD AMENDED AND RESTATED LOAN PROGRAM AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”) is made and entered into as of this 1st day of January, 2019 (the “Effective Date”), by and between CROSS RIVER BANK, a New Jersey state chartered bank (“Bank”) and
UPSTART NETWORK, INC., a Delaware corporation (“UNI”). 
 WHEREAS, Bank is an FDIC-insured New Jersey
state-chartered bank with the authority to make consumer loans throughout the United States of America; 
 WHEREAS, UNI has developed
and operates an online platform to deliver innovative financial services and to assist lenders in the marketing and originating of consumer loans in accordance with each lender’s pre-determined credit
criteria; and 
 WHEREAS, Bank and UNI are parties to that certain Second Amended and Restated Loan Program Agreement, dated as of
November 1, 2015 (as amended, the “Existing Program Agreement”) and wish to amend and restate the Existing Program Agreement in its entirety on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing and the terms, conditions and mutual covenants and agreements contained herein, for
good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged, the parties intending to be legally bound agree as follows: 

ARTICLE I 

DEFINITIONS AND CONSTRUCTION 
 
Section 1.1.    Definitions.  
 In addition to definitions provided for other terms elsewhere in
this Agreement and except as otherwise specifically indicated, the following terms shall have the indicated meanings set forth in this Section 1.1. 

“ACH” means automated clearing house. 

“Advertising Materials” means all materials and methods used by UNI in the performance of its marketing and solicitation
services under this Agreement in connection with the origination of Loans by Bank, including advertisements, direct mail pieces, brochures, website materials and any other similar materials. For the avoidance of doubt, “Advertising
Materials” excludes UNI Referral Materials, the right, title and interest of which shall at all times belong to UNI, and may be used by UNI for any purpose outside of the Program provided such UNI Referral Materials do not incorporate any of
the Marks of Bank. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with, such Person. As used in this definition 

  
 1 

 
of Affiliate, the term “control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of a Person, whether through ownership of such
Person’s voting securities, by contract or otherwise, and the terms “affiliated”, “controlling” and “controlled” have correlative meanings. 

“Agreement” means this Third Amended and Restated Loan Program Agreement, including all schedules and exhibits hereto, as the
same may be amended or supplemented from time to time. 
 “Annual Projections” is defined in
Section 3.1(i)(B). 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to either party from time to time concerning or relating to bribery or corruption. 
 “Anti-Money Laundering
Laws” means all laws, rules and regulations of any jurisdiction applicable to either party from time to time concerning or relating to money-laundering, including the Bank Secrecy Act 31 U.S.C. § 5311 et seq. and Regulation X
promulgated thereunder and the applicable sections of the Patriot Act and implementing regulations related to know-your-customer and customer identification programs. 

“Applicable Laws” means all federal, state and local laws, statutes, ordinances, regulations and orders, together with all
rules and guidelines established by self-regulatory organizations, including the National Automated Clearing House Association, or government sponsored entities, applicable to a party or relating to or affecting any aspect of the Program (including
the Loans), consumer credit laws, rules and regulations, and all requirements of any Regulatory Authority having jurisdiction over a party or any activity provided for in this Agreement, including all rules and any regulations or policy statements
or guidance and any similar pronouncement of a Regulatory Authority, or judicial or regulatory interpretation of the foregoing, applicable to the acts of Bank, UNI or a Third Party Service Provider as they relate to the Program or a party or its
performance of its obligations under this Agreement. 
 “Bank” has the meaning set forth in the recitals. 

“Bank Rate Request” means the initial inquiry by a consumer directly to Bank, that is not through the Referral
Services or a PBU Partner, via a user process flow on the UNI website for a loan offer under the Program. 
 “Bank Third Party
Service Provider” means any contractor or service provider other than UNI retained, directly or indirectly, by Bank, who provides or renders services in connection with the Program. 

“Borrower” means, with respect to any Loan, each Person who is a borrower under such Loan and each other obligor (including
any co-signor or guarantor) of the payment obligation for such Loan. 
 “Business
Day” means any day upon which New Jersey state banks are open for business, but excluding Saturdays and Sundays. 

  
 2 

 “Claim” means any claim, legal or equitable, cause of action, suit,
litigation, proceeding (including a regulatory or administrative proceeding), grievance, complaint, demand, charge, investigation, audit, arbitration, mediation, or other process brought by a third party against Bank or UNI for settling disputes or
disagreements, including, without limitation, any of the foregoing processes or procedures in which injunctive or equitable relief is sought. 

“Compliance Guidelines” means the policies and procedures for compliance with Applicable Laws, as set forth in Exhibit
C. 
 “Confidential Information” is defined in Section 10.4. 

“Control” means with respect to any party, either (i) ownership directly or indirectly of fifty (50%) percent or more of
all equity interests in such party or (ii) the possession, directly or indirectly, of the power to direct or cause the day-to-day direction of the management and
policies of such party, through the ownership of voting securities, by contract or otherwise, and the terms Controlled, Controlling and Common Control shall have correlative meanings. 

“Credit Policy” means the credit requirements, including requirements applicable to applications for the extension of credit,
of Bank as set forth in the Program Guidelines to be used by UNI in reviewing all Loan Applications on behalf of Bank. 
 “Credit
Model Validation Services” means UNI’s services, policies and procedures related to model risk management for consumer loans originated under the Program, which shall include (i) development services, processes and procedures,
(ii) testing/validation services and processes, (iii) validation frequency and (iv) monitoring of Third Party Service Providers involved with model risk management, each in accordance with FDIC Financial Institution Letter 22-2017, as such guidance may be updated from time to time. 
 “Credit Model Validation
Documentation” means all documentation concerning the Credit Model Validation Services. 
 “Customer Information”
means all information concerning Borrowers and Loan Applicants, including nonpublic personal information as defined under the Gramm-Leach-Bliley Act of 1999 and implementing regulations, including all nonpublic personal information of or related to
customers or consumers of either party, including names, addresses, telephone numbers, account numbers, customer lists, credit scores, and account information, financial information, transaction information, consumer reports and information derived
from consumer reports, that is subject to protection from publication under applicable law, including (i) any and all medical or personal information handled by UNI in connection with the Program that is required to be treated as confidential
or nondisclosable pursuant to the Health Insurance Portability & Accountability Act of 1996, as amended, including the rules and regulations thereunder, and the related privacy and security provisions of the Health Information Technology
for Economic and Clinical Health Act of 2009, as amended, including the rules and regulations thereunder; and (ii) any and all Borrower data in connection with the Program required to be treated as confidential or otherwise subject to the
control objectives of the Payment Card Industry Data Security Standard, as amended, including the rules and regulations thereunder. 

  
 3 

 “ECOA” means the Equal Credit Opportunity Act (15 U.S.C.
§ 1691 et seq.) and its implementing regulations and interpretations. 
 “Effective Date” is defined in the
preamble to this Agreement. 
 “Existing Program Agreement” has the meaning set forth in the recitals. 

“FCRA” means the Fair Credit Reporting Act and its implementing regulations. 

“FDIC” means the Federal Deposit Insurance Corporation. 

“FFIEC” means the Federal Financial Institutions Examination Council. 

“Funding Date” means any day on which Bank receives a Funding Statement from UNI pursuant to
Section 5.1(a); provided, however, that if Bank receives any such Funding Statement (i) on a day that is not a Business Day or (ii) after 12:00 pm Eastern Time on a Business Day, Bank may delay the
Funding Date to be the immediately succeeding Business Day. 
 “Funding Statement” is defined in
Section 5.1(a). 
 “GAAP” means generally accepted accounting principles in the United States of
America, applied on a materially consistent basis. 
 “Governmental Authority” means any court, board, agency, commission,
office or authority of any nature whatsoever or any governmental unit (federal, state, commonwealth, county, district, municipal, city or otherwise), including the Office of the Comptroller of the Currency, the Department of Justice, the Federal
Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, and the New Jersey Department of Banking and Insurance whether now or hereafter in existence, including any Regulatory
Authority. 
 “Government List” means (i) the Annex to Presidential Executive Order 13224 (Sept. 23, 2001), (ii)
OFAC’s most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including the OFAC website,
https://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or any successor website or webpage) and (iii) any other list of terrorists, terrorist organizations or narcotics
traffickers maintained by a Governmental Authority that Bank notifies UNI in writing is now included in “Government List”. 

“Indemnified Party” is defined in Section 10.1(d). 

“Indemnifying Party” is defined in Section 10.1(d). 

“Information Security Incident” means any actual unauthorized access to or acquisition, use, disclosure, modification or
destruction of any Customer Information. 
 “Initial Term” is defined in Section 7.1. 

  
 4 

 “Insolvent” means, with respect to a party, if such party commences a
voluntary action or other proceeding seeking reorganization, liquidation, or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, conservator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of a trustee, receiver, liquidator,
conservator, custodian or other similar official or to any involuntary action or other proceeding commenced against it; or becomes subject to an involuntary action or other proceeding, whether pursuant to banking regulations or otherwise, seeking
reorganization, liquidation or other relief with respect to it or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, conservator, custodian or other similar official of it or any substantial part of its property; or an order for relief shall be entered against either party under the federal bankruptcy laws as now or hereafter in effect. 

“Intellectual Property Rights” means all (i) intellectual property rights of any kind, worldwide, including utility
patents, design patents, utility models, and all applications for the foregoing; (ii) Marks; and (iii) published and unpublished works of authorship, registered and unregistered copyrights, and all registrations and applications for the
foregoing; software, technology, and documentation; and trade secrets, technical information, business information, ideas, inventions, know-how and other confidential and proprietary information, in whatever
form. 
 “Loan” means a consumer loan made by Bank to a Borrower under the Program. 

“Loan Account Agreement” means, with respect to a Loan, the document or documents containing the terms and conditions of such
Loan, including applicable disclosure statements and the loan agreement. 
 “Loan Applicant” means a prospective Borrower
that initiates a Bank Rate Request and/or a Loan Application under the Program. For the avoidance of doubt, a “Loan Applicant” does not include a consumer that requests a loan offer via (i) a PBU Partner, or (ii) the Referral
Services unless and until such consumer elects to proceed with a loan offer from Bank. 
 “Loan Application” means the
completed paper document or electronic application submitted by a Loan Applicant when requesting a Loan from Bank, together with any exhibits and ancillary materials; an application is initiated under the Program upon a consumer’s selection of
a loan offer from the Bank via the Bank Rate Request flow or the Referral Services. 
 “Loan Documents” mean, collectively,
with respect to any Loan, the Loan Account Agreement, the Note, the Loan Application, the Bank’s privacy notice and any other documents provided to Borrowers in connection with such Loan. 

“Loan Proceeds” means, for any Loan, the funds disbursed to a Borrower under the Program, consisting of the principal amount
of such Loan less the related Bank Origination Fee. 
 “Losses” shall mean all out-of-pocket costs, damages, losses, fines, penalties, judgments, settlements and expenses whatsoever, including outside attorneys’ fees and disbursements and court costs reasonably incurred by the
Indemnified Party. 

  
 5 

 “Marks” means trademarks, trade names, service marks, logos, brands,
corporate names, trade dress, domain names, social media user names, and other source identifiers or indicia of goods or services, whether registered or unregistered, and all registrations and applications for registration of the foregoing, and all
issuances, extensions, and renewals of such registrations and applications, and all goodwill associated with any of the foregoing. 

“Materials” is defined in Section 4.2(b). 

“Material Adverse Effect” means, with respect to a party, and to any event or circumstance, (i) a material breach under
this Agreement or any other agreement to which UNI and Bank are parties that remains uncured beyond any applicable cure period, or (ii) a material adverse effect on (a) the business, financial condition, operations, performance or
properties of a party, (b) the ability of a party to perform substantially all of its obligations under this Agreement or any other agreement to which UNI and Bank are parties, or (c) the validity or enforceability of this Agreement or,
with respect to Bank, the validity, enforceability or collectability of a material portion of the Loans. 
 “Model
Documentation” means a description of the model underpinning the Technical Information (inclusive of any updates made from time to time). 

“Note” means, with respect to each Loan, the electronic records evidencing the Borrower’s obligation with regard to a
Loan. 
 “Notification Related Costs” means a party’s reasonable internal and external costs associated with
investigating, addressing and responding to the Information Security Incident attributable to the other party, including: (i) preparation and mailing or other transmission of notifications or other communications to consumers, employees or
others as such party deems reasonably appropriate; (ii) establishment of a call center or other communications procedures in response to such Information Security Incident (e.g., customer service FAQs, talking points and training); (iii) public
relations and other similar crisis management services; (iv) legal, consulting, forensic expert and accounting fees and expenses associated with such party’s investigation of and response to such incident; and (v) costs for
commercially reasonable credit reporting and monitoring services that are associated with legally required notifications or are advisable under the circumstances. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of Treasury. 

“Origination Assistance Fee” means, with respect to each Loan Application delivered to Bank, the fee charged to Borrower for
such Loan Application by UNI if the Loan is approved and made by Bank. 
 “Patriot Act” means the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 

“Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several
states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under
(A) the criminal laws 

  
 6 

 
against terrorism; (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or (E) the
Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. 

“PBU Partner” means a financial services provider that, with Bank, desires to engage UNI to provide “Powered By
Upstart” platform services outside of the Program in connection with the marketing and origination of consumer loans by Bank in accordance with pre-determined credit criteria established by Bank
specifically for loans to be sourced by such financial services provider. 
 “Person” means any individual, corporation,
partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Platform Technical Auditor” has the meaning set forth in Section 3.1(i)(D). 

“Program” means UNI’s program for the marketing and processing applications for Loans that Bank will originate pursuant
to this Agreement and the Program Guidelines. For clarity, the Program does not include loans sourced through PBU Partners or Referral Services or any applications or loans that UNI processes for other lenders to which it offers similar services,
provided however, the Referral Services that UNI offers to Bank under this Agreement may lead to Loans originated by the Bank under the Program. 

“Program Guidelines” means the guidelines for the administration of the Program, including the Credit Policy, the
Underwriting Procedures and the Compliance Guidelines. 
 “Program Manager” means the respective principal contact
appointed by Bank and UNI to facilitate day-to-day operations and resolve issues that may arise in the implementation of the Program. 

“Program Materials” means all Loan Documents and all other documents, materials and methods used in connection with the
performance of the parties’ obligations under this Agreement, including the Loan Applications, and disclosures required by the Applicable Laws. For clarity, UNI shall own all right, title and interest in the Program Materials except to the
extent such Program Materials incorporate any of the Marks of Bank. 
 “Program Terms” means the loan terms and conditions
in connection with the Program and all Loans, as specified in the Program Guidelines. 
 “Referral Services” means the
referral services provided by UNI on www.upstart.com where UNI markets loan offers from one or more lenders to consumers and generates and displays specific loan offers from Bank, and other bank partners using the “Powered By Upstart”
platform services, for consumers to review and select. The Referral Services shall provide Bank with an additional channel for potentially acquiring Loan customers. 

“Regulatory Authority” means the Office of the New Jersey Department of Banking and Insurance, the FDIC and any local, state
or federal regulatory authority, including the Consumer Financial Protection Bureau, that currently has, or may in the future have, jurisdiction or exercising regulatory or similar oversight with respect to any of the activities contemplated by this
Agreement 

  
 7 

 
or to Bank, UNI or Third Party Service Providers (except that nothing herein shall be deemed to constitute an acknowledgement by Bank that any Regulatory Authority other than the New Jersey
Department of Banking and Insurance and the FDIC has jurisdiction or exercises regulatory or similar oversight with respect to Bank). 

“Renewal Term” is defined in Section 7.1. 

“Representatives” is defined in Section 10.5. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by
any such Person. 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by (a) the U.S. government, including those administered by the OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 “Technical Information” means, with respect to the Program and UNI Platform, all software, source code, documentation,
algorithms, models, developments, inventions, processes, ideas, designs, drawings, hardware configuration, and technical specifications, including computer terminal specifications and the source code developed from such specifications. 

“Term” is defined in Section 7.1. 

“Termination Event” is defined in Section 8.1(a). 

“Third Party Service Provider” means collectively Bank Third Party Service Providers and UNI Third Party Service Providers.

 “Tracking Reports” is defined in Section 3.1(i)(B). 

“Underwriting Procedures” means the underwriting requirements of Bank to be used by UNI in reviewing all Loan Applications on
behalf of Bank, as set forth in Exhibit B. 
 “UNI Information” has the meaning set forth in
Section 10.5(f). 
 “UNI Platform” means the computer software, proprietary system information,
and related technology and documentation, developed and owned by, or licensed by third parties to, UNI relating to the lending services offered and/or provided by UNI to its customers pursuant to this Agreement, including the website operated by
UNI, the associated Technical Information and all Intellectual Property Rights therein owned by UNI or licensed by third parties to UNI; provided that the UNI Platform does not include any Intellectual Property Rights owned by Bank or
licensed by third parties to Bank; provided, further, that the ownership of Customer Information shall be determined in accordance with the provisions set forth in Section 2.5. 

  
 8 

 “UNI Referral Materials” means all materials and methods used by UNI in
connection with the Referral Services to solicit consumers to UNI referral marketing services, including advertisements, direct mail pieces, brochures, website materials, and any other similar materials. 

“UNI Third Party Service Provider” means any contractor or service provider retained, directly or indirectly, by UNI, who
provides or renders services in connection with the Program. 

Section 1.2.    Construction.  

As used in this Agreement: (i) all references to the masculine gender shall include the feminine gender (and vice versa); (ii) all
references to “include,” “includes,” or “including” shall be deemed to be followed by the words “without limitation”; (iii) references to any law or regulation refer to that law or regulation as amended from
time to time and include any successor law or regulation; (iv) references to another agreement, instrument or other document means such agreement, instrument or other document as the same may be amended, supplemented or otherwise modified from
time to time in accordance with the terms thereof; (v) references to “dollars” or “$” shall be to United States dollars unless otherwise specified herein; (vi) unless otherwise specified, all references to days, months
or years shall be deemed to be preceded by the word “calendar”; (vii) all references to “quarter” shall be deemed to mean calendar quarter; (viii) unless otherwise specified, all references to an article, section,
subsection, exhibit or schedule shall be deemed to refer to, respectively, an article, section, subsection, exhibit or schedule of or to this Agreement; (ix) unless the context otherwise clearly indicates, words used in the singular include the
plural and words in the plural include the singular; and (x) in connection with the computation of any time period, the word “from” means “from and including” and the words “to” and “until” each means
“to but excluding”. 
 Section 1.3.    Amendment and
Restatement.  
 The parties agree that on the Effective Date, the Existing Program Agreement shall be amended and restated in
its entirety by this Agreement and (a) all references to the Existing Agreement in any document other than this Agreement (including in any amendment, waiver or consent to such document) shall be deemed to refer to this Agreement as an
amendment and restatement of the Existing Program Agreement in its entirety, and (b) all references to any section (or subsection) of the Existing Program Agreement in any document (but not herein) shall be amended to be references to the
corresponding provisions of this Agreement. This Agreement is not intended to constitute, and does not constitute, a novation of the obligations and liabilities under the Existing Program Agreement or to evidence fulfillment of all or any portion of
such obligations and liabilities. Further, on and after the Effective Date, (a) the Existing Program Agreement shall be of no further force and effect, except as amended and restated hereby, and except to evidence (i) prior transactions
under the Existing Program Agreement, (ii) the representations and warranties made thereunder by the Bank and UNI prior to the Effective Date with respect to any transactions under the Existing Program Agreement only, and (iii) any action
or omission performed or required to be performed pursuant to the Existing Program Agreement prior to the Effective Date (including any failure, prior to the Effective Date, to comply with the covenants contained in the Existing Program Agreement)
as such action or omission relates to the Existing Program Agreement, and (b) the terms and conditions of this Agreement, including all rights and remedies hereunder, shall apply to all obligations incurred under the Existing Program Agreement.
Until the Effective Date, the Existing Program Agreement shall remain in full force 

  
 9 

 
and effect in accordance with its terms. Each party (1) reserves the right to request (and the other party is obligated to provide) assistance to transition any systems, processes or other
existing guidelines to conform to the terms and conditions of this Agreement, and (2) acknowledges and agrees that each party shall remain obligated to pay any fees and expenses for services or other activities that were properly performed
prior to this termination and such payment obligation shall survive such termination. Except as may be applicable under the immediately preceding sentence, there shall be no termination fees or charges applicable to the termination of the Existing
Program Agreement. 
 ARTICLE II 

GENERAL PROGRAM DESCRIPTION 
 
Section 2.1.    General Description.  
 UNI and Bank agree that, in accordance with the Program
Guidelines, the Program shall consist of (i) the Bank making Loans in the states agreed upon by the parties set forth on Exhibit A (which may be updated from time to time by the UNI and Bank without amendment to this Agreement), and
(ii) UNI providing marketing, origination assistance, Loan Application processing and other services on behalf of the Bank. The marketing and origination assistance services shall occur in such geographic locations set forth on Exhibit
A. The specific duties of the parties in connection with the Program shall be as set forth in the terms of this Agreement. 
 
Section 2.2.    Program Terms and Program Guidelines.  
 UNI shall comply with the Program Terms
and the Program Guidelines in connection with the administration of the Program. 

Section 2.3.    Program Modifications.  

(a)    Bank may change the Program Terms or the Program Guidelines in its reasonable discretion, upon not less than thirty
(30) days’ prior written notice to UNI (or such other notice period as the parties may mutually agree to in writing), provided that the foregoing prior notice period shall not be required in the event such modification is the result
of a change in Applicable Laws or by request of a Regulatory Authority, provided further that Bank shall provide as much notice as is reasonably practicable and necessary under the circumstances subject to Applicable
Law.    Without limiting the foregoing, Bank may require UNI to revise existing policies and procedures, or, as necessary, implement new policies and procedures, relating to any function or activity integral to the Program
Guidelines, the Program and Applicable Laws, provided that UNI may recommend modifications to the Program Guidelines for the improvement of the Program for Bank’s approval, such approval not to be unreasonably withheld or delayed, which Bank
shall in good faith adopt to the extent approved. 
 (b)    Notwithstanding the foregoing, if (i) there is a change
in Applicable Law that prohibits a party from carrying out its obligations under this Agreement, (ii) a party receives a letter or directive from any Regulatory Authority that prohibits such party from carrying out its obligations under this
Agreement, or (iii) following a change in Applicable Law or a judicial decision of a court having jurisdiction over such party (“Mandatory Judicial Authority”), a party receives a written legal opinion from nationally
recognized outside counsel reasonably acceptable 

  
 10 

 
to the other party that continued performance under this Agreement based on such change in Applicable Law or Mandatory Judicial Authority would “most likely” fundamentally and adversely
alter such party’s ability to comply with Applicable Law or Mandatory Judicial Authority, then such party shall notify the other party that it desires a meeting pursuant to this Section 2.3(b), and the parties shall
meet and consider in good faith commercially reasonable modifications, changes or additions to the Program or this Agreement that may be necessary to address any attendant risks or concerns, including by executing appropriate amendments to the
Agreement or the Program to reflect commercially reasonable adjustments to each party’s obligations under the Program as a result of the applicable triggering event set forth in clauses (i)-(iii) of this Section 2.3(b)
(each, a “Triggering Event”) to most closely approximate the economics contemplated hereunder consistent with Applicable Law and Mandatory Judicial Authority. Notwithstanding any other provision of this Agreement to the
contrary, if, within thirty (30) Business Days after the parties initially meet pursuant to the request described in the preceding sentence, the parties are unable to reach agreement regarding such commercially reasonable modifications, changes
or additions to the Program or this Agreement, which at a minimum shall take into account the measures other similarly situated market participants have taken following a Triggering Event (including whether such participants have terminated or
modified arrangements similar to the Program), then either party may terminate this Agreement upon thirty (30) days’ prior written notice to the other party, provided that a party may terminate this Agreement in accordance with the
foregoing if, and only if, such party terminates all of its agreements with third parties that are similarly impacted by such Triggering Event, provided further, that if the Triggering Event is specific to certain state(s) or
localities, the parties shall discontinue the Program only in those states or localities affected by such Triggering Event without terminating this Agreement in its entirety for such reason. For the avoidance of doubt, any termination pursuant to
this Section 2.3(b) shall not be subject to any termination fees or penalties payable from UNI to the Bank, including any minimum volume or revenue commitments as may be otherwise applicable under this Agreement or under
the Program. Nothing in this Section 2.3(b) shall limit either party’s respective rights to terminate this Agreement under ARTICLE VIII in accordance therewith. 

Section 2.4.    
Non-exclusivity.  
 This Agreement does not prohibit UNI, or any Affiliate of UNI,
from providing the UNI Platform and marketing, origination assistance and other similar services provided by UNI hereunder with other lenders under existing agreements with such lenders whereby such other lenders act in a similar capacity to Bank as
set forth hereunder. 
 Section 2.5.    Customer
Information.  
 Customer Information shall be owned by Bank at all times prior to and during Bank’s ownership of any Loan
made hereunder, provided that each party (i) shall be permitted to retain copies of and use Customer Information associated with all Loans, and (ii) shall deliver copies of all Customer Information to the other party upon request, each to
the extent permitted by Applicable Law. 
 Section 2.6.    
Powered by Upstart (“PBU”) Partner Requirements. 

  
 11 

 Subject to the limitations set forth herein, PBU Partners may be added to this Agreement,
subject to Bank’s and UNI’s approval, by execution of a tri-party Joinder Agreement mutually acceptable in form and substance to Bank, UNI and the applicable PBU Partner. For clarity, a PBU Partner
joining this Agreement will assume all obligations and liabilities related to all consumer loans designated under and subject to the applicable Joinder Agreement. 

ARTICLE III 

DUTIES OF UNI AND BANK 
 
Section 3.1.    Duties and Responsibilities of UNI.  
 UNI shall perform and discharge the
following duties and responsibilities in connection with the services provided to Bank: 
 (a)    Marketing. UNI
shall be responsible for the marketing of the Loans to persons through use of the Advertising Materials approved by Bank pursuant to Section 4.2 of this Agreement and Program Materials. UNI’s marketing efforts may
include the use of radio, television, internet and print advertising and any other form of media deemed reasonable by Bank and approved by Bank in accordance with Section 4.2. In marketing the Loans, UNI shall at all times
and in all material respects comply with Applicable Laws, the terms of this Agreement, and Bank’s trademark usage guidelines which may be updated from time to time. 

(b)    Program Controls and Monitoring Policies. UNI shall establish and maintain such controls as may be necessary
or desirable to adequately control, monitor and supervise its Program obligations. UNI shall maintain policies and procedures as contemplated in the Program Guidelines for the Program and all Applicable Laws, including procedures relating to
periodic training and on-going monitoring and auditing of UNI and UNI Third Party Service Providers for compliance with this Agreement, the Program Guidelines, and all Applicable Laws. 

(c)    Compliance. UNI shall comply with the Program Guidelines and Applicable Laws and administer the Program
Guidelines in connection with its duties hereunder. 
 (d)    Loan Origination. 

(A)    Application Processing. UNI, on behalf of Bank and through the UNI Platform, shall process Loan Applications
from Loan Applicants using a Loan Application form that is approved by Bank. The UNI Platform shall be configured to forward all completed Loan Applications that satisfy the Program Guidelines to Bank (or its designated loan processing agent)
electronically or by other appropriate means agreeable to both parties. UNI, on behalf of Bank, shall take appropriate measures to verify the identity of all Loan Applicants consistent with Applicable Laws and the Program Guidelines, and take such
further steps as UNI deems reasonably necessary to prevent fraud in connection with the Program. UNI will (i) refer only Loan Applications to Bank for Loan Applicants that have had their identities verified in accordance with the Program’s
anti-money laundering compliance policy and procedure (collectively, the “Bank Secrecy Act Policy”), and (ii) respond to all inquiries from Loan Applicants regarding the Loan Application process. Without limiting
the foregoing, at Bank’s request, UNI shall make available, or cause its authorized vendor to make available, all “Know Your Customer” and anti-money laundering screening information obtained regarding Applicants to Bank for final

  
 12 

 
compliance determinations, including all information related to Know Your Customer, Customer Due Diligence, Enhanced Due Diligence, Politically Exposed Persons, and beneficial ownership, as well
as information necessary for Bank to comply with recordkeeping and reporting requirements. UNI will use screening lists and other resources designated by Bank, which lists and resources will be updated in accordance with Bank’s policies
and procedures, to reject applications where applicant identities cannot be adequately validated or from applicants that appear to present compliance risks such policies are designed to eliminate. 

(B)    Approvals. Bank shall have the exclusive authority to approve or deny any or all Loan Applications in its
sole discretion. All Loan approvals by Bank shall be based upon the information provided by Loan Applicants to Bank through UNI and such other information as obtained by UNI at the direction of Bank, and pursuant to the Program Guidelines. No Loan
Application shall be approved by Bank unless it complies with the Program Guidelines and any Loan Application shall be deemed not approved to the extent it does not comply with the Program Guidelines; it being understood that UNI will provide its
services to ensure compliance with the Program Guidelines. All Loan Application processing functions performed by UNI hereunder shall be supervised by Bank and Bank shall have the right to review and audit Loan Applications to determine compliance
with the Program Guidelines. Any Loan Application shall be deemed not approved to the extent it does not comply with the Program Guidelines. 

(C)    Declines. In the event Bank declines a Loan Application, UNI shall provide notices on behalf of Bank in
accordance with the FCRA and ECOA including an adverse action notice to any Loan Applicant whose Loan Application is rejected by Bank. 

(e)    Monitoring Communications and Complaints. UNI shall record and monitor all communications with Borrowers and
Applicants in accordance with reasonable procedures established by Bank. UNI shall be responsible for receiving and responding timely to consumer complaints (solely as they pertain to the processing of Loan Applications or Loans), and promptly
forwarding copies of each complaint and any response thereto to Bank, each in accordance with reasonable procedures established by Bank. UNI shall maintain complaint resolution policies and procedures reasonably acceptable to Bank, and shall further
include a log of the complaints and information summarizing the complaints and responses thereto for the given time period by the 10th day of each month, along with sufficient information for Bank
to analyze Program activity and potential trends relating to the Program and Loans. As part of such report, UNI shall provide Bank with any information reasonably requested by Bank for its fair lending review and analysis. UNI shall promptly deliver
to Bank all correspondence related to a formal inquiry or investigation sent from, or to, any Regulatory Authority with respect to the Program or any other item that may affect UNI’s ability to perform its obligations under this Agreement or
any other agreement between UNI and Bank. In addition, UNI shall provide prompt notice of any lawsuit or other legal proceeding with respect to the Program which shall include the name and address of the applicable litigant, a brief summary of the
complaint, and a summary of the underlying issue and the root cause thereof, and, (A) if resolved, a brief summary of how the lawsuit or similar proceeding was resolved or (B) if not resolved, an anticipated plan and timeframe for
resolution. Upon Bank’s request, UNI shall make commercially reasonable efforts to provide any material underlying documents related to such action or litigation, provided that UNI shall not be required to take any such action that in its
counsel’s reasonable determination may compromise any claim of attorney-client privilege or duty of confidentiality; provided further that UNI shall use its commercially reasonable efforts to obtain waivers to the foregoing restrictions to
deliver such information to the Bank. 

  
 13 

 (f)    Loan Document Submission. UNI shall be responsible for
preparing and transmitting to each Loan Applicant all documents and all notices required by Bank to document the Loan, including the Loan Documents in connection with any Loan Application for the Loan. Prior to submitting any Loan to Bank, UNI
shall, on behalf of Bank, (A) obtain from the Borrower the executed Loan Application, Loan Account Agreement and the executed Note; and (B) deliver a copy of Bank’s Privacy Notice to the Borrower. 

(g)    Document Retention. UNI shall maintain and retain on behalf of Bank all original Loan Applications and
copies of all adverse action notices and other documents relating to rejected Loan Applications for the period required by Applicable Laws. UNI shall further maintain originals or copies, as applicable, of all Loan Documents and any other documents
provided to or received from Borrowers for the period required by Applicable Laws, all of which the parties acknowledge and agree shall be Bank property. 

(h)    Compliance Management. UNI shall adopt and maintain compliance management systems
(“CMS”) in accordance with Exhibit C attached hereto. 
 (i)    Reports and
Information. 
 (A)    UNI Reporting and Compliance. UNI shall provide to Bank data submissions and reports
reasonably requested by Bank on mutually agreed schedule to maintain effective enterprise risk management and internal controls to monitor UNI’s and UNI Third Party Service Providers’ compliance with this Agreement and with Applicable
Laws. As of the Effective Date, this reporting shall include the items set forth in Schedule 3.1(i)(A), which schedule may be reasonably updated at any time by Bank upon reasonable prior notice in writing to UNI. 

(B)    Projections. Each December 1 during the Term, UNI, shall consult with Bank and shall provide a
marketing leads report of projected origination volumes, proposed growth rates, loan types, levels of credit quality (e.g., delinquency, losses, and charge-offs) and liquidity for the upcoming year with respect to the Loans (the “Annual
Projections”).    In addition, the Annual Projections shall set forth the level of Loans UNI anticipates could be designated as subprime originations, as well as any Loans that may qualify as prime or near prime
originations, but that have subprime credit characteristics. UNI shall prepare the Annual Projections in a commercially reasonable manner. In addition, and without limiting the foregoing, UNI shall provide Bank with periodic reports, not less often
than monthly, in a mutually agreed format tracking the Loans against the projections contained in the Annual Projections for that year (the “Tracking Reports”), and in the event the Tracking Reports reveal a deviation of ten
percent (10%) or more from the projections contained in the Annual Projections, the Program Managers of UNI and Bank respectively shall promptly meet to determine whether such deviation requires UNI to prepare a revision to the Annual Projection to
reflect UNI’s then-current projections. 
 (C)    Systems Access. UNI shall provide Bank (i) with
access to copies of all documentation authenticated by Loan Applicants and Borrowers, including the information needed for Bank to underwrite and approve Loan Applications pursuant to the Program Guidelines and (ii) such daily settlement
reports, including reports noting the Loan Applications ready for 

  
 14 

 
underwriting and a summary report of Loans to be funded to satisfy the commercially reasonable information requirements of Bank, Regulatory Authorities and Bank’s internal and external
auditors. Without limiting the foregoing, upon confirmation that Bank has successfully established an automated process to obtain relevant Loan and Program information with at least two other similarly situated counterparties, UNI shall cooperate
with Bank to establish and maintain an automated accounting and loan tracking system to accurately reflect all Loan Applications, Loans and related information regarding the Program to satisfy the commercially reasonable information requirements of
Bank, Regulatory Authorities and Bank’s internal and external auditors 
 (D)    Access to Business Models and
Model Documentation. UNI shall provide Bank with reasonable access to the Model Documentation and Credit Model Validation Documentation, including the credit and business models underlying the Credit Model Validation Services and all pricing,
credit, and underwriting assumptions thereto, provided that, in each instance, the requirements of Section 10.4(e) of this Agreement have been met. In addition, upon reasonable request, UNI shall provide Bank access to the
Technical Information at UNI’s offices, which shall be subject to the requirements of Section 10.4(e). Subject to the confidentiality provisions of Section 10.4 hereof, UNI shall, upon
Bank’s reasonable request and at UNI’s expense, submit its credit and business model and all Technical Information to an auditor of UNI’s choosing that is reasonably acceptable to Bank (a “Platform Technical
Auditor”) (i) for validation of compliance with the Credit Model Validation Services and the Program Guidelines, including Applicable Laws and (ii) to independently test and validate UNI’s models for the Program, including
UNI’s loan performance models. In connection with any such testing and validation, UNI shall cooperate with the Platform Technical Auditor, including delivering any requested information and making available responsible personnel to answer
questions on a timely and complete basis. Any information shared by UNI with such Platform Technical Auditor and the results of the Platform Technical Auditor’s review is the Confidential Information of UNI. Such Platform Technical Auditor
shall execute a confidentiality agreement with UNI containing terms that are no less permissive than to the confidentiality restrictions hereunder. UNI shall promptly deliver to Bank the work papers and results prepared by the Technical Platform
Auditor, subject to confidentiality requirements set forth in Section 10.4. UNI shall promptly provide Bank with written notice of any proposed change to the credit model policy, including a full-context summary of the assumptions underlying
such changes as well as the anticipated effects thereof. 
 (E)    Audit. Subject to that certain agreement
entered into by the parties with respect to Bank’s ability to cause an audit of the Program, on an annual basis UNI shall cause an audit to be conducted of UNI’s controls to the extent other reports including the SSAE 16 report provided to
the Bank fail, in the Bank’s reasonable discretion, to address specific controls relating to the control, monitoring and supervision of the operation of the Program and of UNI’s and UNI Third Party Service Providers’ compliance with
this Agreement as set forth on Schedule 3.1(i)(E). Such audits shall be performed in accordance with Schedule 3.1(i)(E) by Bank or an independent third party firm acceptable to Bank and shall be at UNI’s sole cost and expense. UNI
shall cause the audit reports set forth on Schedule 3.1(i)(E) to be delivered to Bank on the dates specified in such Schedule, each in form and substance satisfactory to Bank. Bank shall have full access to the results of each audit. 

(F)    Non-Compliance and Remediation. UNI agrees that should an audit,
investigation or review of UNI or UNI Third Party Service Providers reveal noncompliance with this Agreement, the Program Guidelines, and/or Applicable Laws, UNI shall notify Bank as soon 

  
 15 

 
as reasonably possible but in any case within ten (10) calendar days of notice of the noncompliance. In addition to the indemnification provided for in Section 10.1, UNI agrees to take
all necessary steps to remediate and conform UNI’s or UNI Third Party Service Providers’ actions with this Agreement, the Program Guidelines and/or Applicable Laws, including reporting any potential restitution to any affected
Borrowers.     
 (j)    Anti-Corruption; Sanctions. UNI shall comply and cause each of its
Affiliates and UNI Third Party Service Providers to take action to enable Bank to comply in all material respects with all applicable Anti-Corruption Laws and Sanctions. UNI shall provide notice to Bank, within five (5) Business Days of
UNI’s receipt, of any written notice of any Anti-Corruption Law or Sanctions violation or action involving UNI or any of its Affiliates or UNI Third Party Service Providers, to the extent the giving of such notice to Bank is permitted by
Applicable Laws. 
 (k)     Governmental Proceedings. UNI, at Bank’s expense, shall reasonably cooperate
with Bank with respect to any proceedings before any court, board or other Governmental Authority related to this Agreement and any of the rights hereunder (“Proceedings”), including any Loan and, in connection therewith,
permit Bank, at its election, to participate in any such Proceedings, provided that to the extent such Proceedings arise from the act or omissions of UNI and would be subject to indemnification pursuant to Section 10.1(a), then UNI shall
reimburse Bank for any expense in connection therewith. 
 (l)    Site Visits. Upon reasonable prior notice from
Bank to UNI, UNI shall reasonably permit Bank to visit UNI’s office and UNI shall provide Bank with an update on its business and compliance practices relating to the Program during such visit. Such visits shall occur no more frequently than
once per calendar year at UNI’s cost and expense (including travel and lodging), provided that Bank shall pay all costs associated with any additional visits Bank requires in its reasonable discretion. In all cases, any site visit shall be made
during regular business, and shall be conducted by Bank without material disruption, provided that UNI shall make the appropriate personnel available to Bank. 

(m)    Disaster Recovery. Prior to the Effective Date, UNI shall establish and maintain a disaster recovery plan
and business continuity plan, consisting of policies and procedures, as well as ancillary backup capabilities and facilities (“DRP”), that is designed to enable the performance of all UNI’s duties and obligations
contemplated under this Agreement and other agreements between UNI and Bank related to the Program in the event of any natural disaster or other unplanned interruption of services. At the request of Bank, UNI shall provide a current copy or summary
of the DRP. UNI shall not amend the DRP in a manner that knowingly materially increases the risks of disruptions and delays of its services without the consent of the Bank. Reinstating the services contemplated under this Agreement shall receive as
high a priority as reinstating the similar services provided to UNI’s affiliates and other customers. 

(n)    UNI’s Program Manager. UNI shall designate a Program Manager. On a monthly basis (or as otherwise
agreed by the parties), UNI’s Program Manager shall meet with Bank’s Program Manager to review the processes and procedures used by UNI to ensure that all Marketing Material and customer communication comply with Applicable Law including
consumer credit laws. If UNI’s Program Manager and Bank’s Program Manager are unable to reach agreement with respect to any processes or procedures under the Program, then the dispute will be referred to the President of Bank and the Chief
Executive Officer or another authorized officer of UNI who 

  
 16 

 
will work together in good faith towards a resolution. If the parties are unable to resolve the dispute, a party may, upon written notice to the other party, resolve the dispute in accordance
with Section 10.3. 
 (o)    Referral Services. UNI shall provide the Referral Services
to Bank separate from the Program. UNI represents and warrants in connection with the Referral Services: (i) its activities, and all the UNI Referral Materials, shall comply with Applicable Laws; (ii) it is authorized, registered and
licensed to do business each state in which the nature of its activities make such authorization, registration or licensing necessary or required; and (iii) each Bank offer displayed in connection with the Referral Services shall be in
accordance with Applicable Law and the Program Guidelines. On a monthly basis UNI shall make available to Bank all new or modified UNI Referral Materials. 

(p)    UNI Third Party Service Providers. UNI shall not be permitted to retain or otherwise engage any new UNI
Third Party Service Provider that will provide services critical to the operation of the Program, without the prior written consent of Bank. 

Section 3.2.    Duties and Responsibilities of Bank.  

Bank shall perform and discharge the following duties and responsibilities in connection with the Program: 

(a)    Bank may modify the Program Guidelines from time to time in its discretion in accordance with
Section 2.3(a). 
 (b)    Bank shall establish and maintain such controls as may be reasonably
necessary to adequately control, monitor and supervise the operation of the Program, including the approval of each Loan. Neither Bank’s failure to establish and maintain any such controls nor the inadequacy of any Bank’s controls shall
relieve UNI of its separate and independent obligations to establish and maintain its own such controls or to comply with the Program Guidelines and Applicable Laws. 

(c)    Bank shall manage the Program in a good faith effort, employing at least the same degree of care, skill and
attention that Bank devotes to the management of its other assets. 
 (d)    Bank shall review each Loan Application
submitted through the UNI Platform and fund all Loans upon Bank’s approval in the manner set out in the Program Guidelines. All Loans shall be originated by Bank using UNI’s services described herein. UNI acknowledges that approval of a
Loan Application, making of loans and provision of funding by Bank creates a creditor-borrower relationship between Bank and Borrower which involves, among other things, the Bank’s extension of credit, the disbursement of the Loan, and the
right to collect the Loan payments. Bank shall have the sole and exclusive authority to approve or deny any or all Loan Applications. Bank shall provide UNI prompt notice after making a decision not to extend credit to any one or more Loan
Applicants. 
 (e)    Bank shall be responsible for approving all Loan Documents for UNI’s use in connection with
the Program, including: (i) the online Loan Application information requirements; and (ii) form of individual loan agreements to be used. The parties acknowledge that Bank is the creditor and the Loan Documents shall refer to Bank as the
creditor for all Loans. In the event 

  
 17 

 
Bank elects to change the Loan Documents, the provisions of Section 2.3 shall apply. UNI shall not be obligated to continue to promote or market the Program, nor to
accept or process Loan Applications or facilitate the disbursement of funds in relation to credit through the UNI Platform, during any period when there is not agreement between UNI and the Bank concerning any Loan Documents. 

(f)    Bank shall enter into all arrangements with credit bureaus related to the Program and appoint UNI as agent for
purposes of obtaining credit report information from any credit bureau and any other interactions with credit bureaus related to the Program. 

(g)    Bank shall designate a Program Manager. If Bank’s Program Manager and UNI’s Program Manager are unable to
reach agreement, then the dispute will be referred to the President or another authorized officer of Bank and the Chief Executive Officer or another authorized officer of UNI who will work together in good faith towards a resolution. If the parties
are unable to resolve the dispute, a party may, upon written notice to the other party, resolve the dispute in accordance with Section 10.3. 

(h)    Subject to Applicable Law and the confidentiality requirements set forth herein, Bank shall notify UNI of the
occurrence of any Termination Event applicable to it as soon as reasonably practicable. 
 (i)    Bank shall comply with
Applicable Laws in connection with its duties hereunder, including as set forth in Exhibit C attached hereto. 
 
Section 3.3.    Conditions Precedent to the Obligations of Bank.  
 The obligations of Bank in
this Agreement are subject to the satisfaction of the following conditions precedent on or prior to Bank’s funding of a Loan: 

(a)    Each Loan shall be sourced by UNI under the Program and meet the standards set forth in the approved Program
Guidelines then in effect; 
 (b)    No Material Adverse Effect on Bank or UNI shall have occurred and be continuing at
the time of or as a result of a Loan’s funding; 
 (c)    No action or proceeding shall have been instituted or
threatened against UNI or Bank to prevent or restrain the consummation of the purchase or other transactions contemplated hereby and there shall be no injunction, decree, or similar restraint preventing or restraining such consummation; 

(d)    The representations and warranties of UNI set forth in Section 9.1 shall be true and
correct in all material respects as though made on and as of such date and UNI shall be in compliance with its covenants and agreements set forth in this Agreement; 

(e)    The obligations of UNI set forth in this Agreement to be performed on or before each date that Loan Proceeds are
advanced shall have been performed in all material respects as of such date by UNI; and 

  
 18 

 (f)    Consistent with Section 3.1(i)(D), the
validity of UNI’s Technical Information, including any algorithm used by UNI in connection with the Program, shall be established to Bank’s reasonable satisfaction, subject to the limitations regarding the disclosure of Technical
Information set forth in Section 3.1(i)(D). 
 Section 3.4.    Joint
Duties of UNI and Bank.  
 To the extent permitted by Applicable Law, each party shall notify the other party if it becomes
aware of any inquiry, investigations or proceedings (whether verbal or written, formal or informal) initiated by any state attorney general, Regulatory Authority, or governmental figure (including a state or federal legislator) related to one or
more Loans, or of any customer inquiry or complaint related to one or more Loans that is directed or referred to that party by any state attorney general, Regulatory Authority, or governmental figure (including a state or federal legislator),
relating to any aspect of the Program within five (5) Business Days of becoming aware of such investigation or proceeding, and each party shall provide the other party with all documentation relating thereto, subject to any legal prohibitions
on disclosure of such investigation or proceeding. The parties shall cooperate in good faith and provide such assistance, at the other party’s request, to permit a party to promptly resolve or address any investigation, proceeding, or
complaint. The terms of this Section 3.4 shall survive the expiration or earlier termination of this Agreement for so long as any Loan originated pursuant to this Agreement remains outstanding. 

ARTICLE IV 

TRADE NAMES; ADVERTISING AND PROGRAM MATERIALS 

Section 4.1.    Trade Names and Trademarks.  

UNI shall have no authority to use any Marks of Bank except as explicitly permitted in this ARTICLE IV. Bank acknowledges that approved
Program Materials or Advertising Materials may contain Marks of UNI, and Bank shall have no authority to use any Marks of UNI separate and apart from their use in the Program Materials or Advertising Materials or as otherwise approved hereunder or
in writing by UNI. The parties shall use Program Materials and Advertising Materials only as permitted herein for the purpose of implementing the provisions of this Agreement and shall not use Program Materials or Advertising Materials in any manner
that would violate Applicable Laws, the terms of this Agreement, or any provision of the Program Guidelines. 
 
Section 4.2.    Advertising and Program Materials.  
 (a)    UNI’s
services under this Agreement shall include preparation of the Advertising Materials and Program Materials to be used in connection with the Program and shall ensure that these materials (i) comply, at all times, with Applicable Laws, the terms
of this Agreement, the Bank’s trademark usage guidelines, and the Program Guidelines, (ii) are true and accurate and not misleading in any material respect and (iii) are approved and authorized by Bank prior to use. 

(b)    At least five (5) Business Days prior to the first use of any Marks of Bank, UNI Referral Materials to the
extent they incorporate any of the Marks of Bank, Advertising Materials, and Program Materials (Marks of Bank, UNI Referral Material to the extent they incorporate any of the Marks of Bank, Advertising Materials and Program Materials collectively
referred to herein as, the “Materials”), UNI shall provide to Bank samples of all Materials, in order to enable Bank 

  
 19 

 
to complete an initial review and to approve or reject any such materials. Materials will be considered approved and authorized by Bank once such approval and authorization is clearly
communicated by Bank in writing; provided, such Materials shall be deemed to be considered approved and authorized by Bank if Bank does not respond to UNI’s submission of such Materials within five (5) Business Days. In the event Bank does
not accept and authorize such Materials, UNI shall not use any such Materials. UNI hereby agrees that any approval by Bank of any Materials shall not relieve UNI of its primary responsibility for the preparation and maintenance of the Materials in
accordance with this Section 4.2. 
 (c)    Bank may at any time retract or modify any
approval previously given by it with respect to any Materials if Bank reasonably determines that such action is required to remain in compliance with Applicable Laws or for the safe and sound operation of the Program, or to preserve or protect the
Mark’s of Bank or Bank’s reputation. Notwithstanding the foregoing, in the event Bank requires any changes to the Advertising Materials or Program Materials, Bank shall notify UNI pursuant to Section 2.3(b) of
this Agreement, and each party shall thereafter comply with and have the rights and obligations set forth in Section 2.3 with respect to such Bank-required changes. UNI shall not be obligated to continue to promote or
market the Program, nor to accept Loan Applications, during any period when there is not agreement between the UNI and the Bank concerning the Advertising Materials or the Program Materials UNI shall not have any liability in relation to Advertising
Materials that have been distributed to Loan Applicants prior to the effective date of a notice from the Bank pursuant to this Section 4.2(c).  

(d)    After Bank’s prior written approval and subject to Bank’s right to retract or modify any approval
previously given as described in Section 4.2(c), UNI may use such Materials in accordance with the terms of this Agreement, and need not seek further approval for use of such materials; provided that UNI shall comply
with all instructions from Bank (including any restrictions or prohibitions) as to the use of the Marks of Bank with any other Marks. In the event of a change in the Materials, UNI shall submit such Materials to Bank for review and approval in
accordance with Section 4.2(b).    UNI hereby agrees that any approval by Bank of any Materials shall not relieve UNI of its primary responsibility for the preparation and maintenance of the Materials in
accordance with this Section 4.2. 
 (e)    Subject to the terms and conditions of this
Agreement, Bank hereby grants UNI a non-exclusive, non-assignable license without the right to sublicense, to use and reproduce Marks of Bank in the United States, as
necessary to perform its obligations under this Agreement; provided, however, that (a) UNI shall obtain Bank’s prior written approval for the use of Bank’s Marks and such use shall at all times comply with all written
instructions provided by Bank regarding the use of Bank’s Marks; (b) UNI acknowledges that it shall acquire no interest in Bank’s Marks; and (c) UNI shall obtain Bank’s prior written approval for the release of any press
release incorporating the name, Marks or likeness of Bank. Upon termination of this Agreement, UNI shall cease using Bank’s Marks. 

(f)    UNI recognizes the value of the goodwill associated with the Bank’s Marks and acknowledges that Bank
exclusively owns all right, title and interest in and to the Bank’s Marks and all goodwill pertaining thereto. UNI acknowledges and agrees that any and all of its use of the Bank’s Marks shall be on behalf of and accrue and inure solely to
the benefit of Bank. 

  
 20 

 (g)    UNI shall not, anywhere in the world, use or seek to register in
its own name, or that of any third party, any Marks that are the Bank’s Marks, that are colorably or confusingly similar to the Bank’s Marks, or that incorporate the Bank’s Marks or any element colorably or confusingly similar to the
Bank’s Marks. 
 Section 4.3.    Intellectual Property.  

(a)    UNI shall retain sole and exclusive right, title and interest to all of its Intellectual Property Rights, including
its Marks, its websites, the UNI Platform, the UNI technology related thereto, and UNI’s proprietary information. This Agreement does not transfer any Intellectual Property Rights from UNI to Bank. 

(b)    Bank shall retain sole and exclusive right, title and interest in and to all of its Intellectual Property Rights,
including its Marks, websites, promotional materials, proprietary information, and technology. This Agreement does not transfer ownership of any Intellectual Property Rights from Bank to UNI. For the avoidance of doubt, Bank has no Intellectual
Property Rights in respect of the UNI Platform. 
 ARTICLE V 

LOAN ORIGINATION AND COMPENSATION 

Section 5.1.    Loan Origination.  

(a)    On each day on which UNI receives Loan Applications from Loan Applicants that satisfy the eligibility criteria set
forth in the Program Guidelines and that were approved by Bank for Loans, and who agreed to their Loan terms, UNI shall provide Bank a statement (each such statement, a “Funding Statement”) for origination of such Loans,
containing, as applicable, (i) a list of all Loan Applicants who meet the eligibility criteria set forth in the Program Guidelines and was approved by Bank; (ii) the applicable Loan Proceeds to be disbursed by Bank for each Loan;
(iii) all information necessary for the transfer of the Loan Proceeds to the corresponding Borrowers, including depository institution names, routing numbers and account number; and (iv) such other information as shall be reasonably
requested by Bank. 
 (b)    On each Funding Date, Bank shall originate each Loan listed on the related Funding
Statement by the close of business on such day, or, if the Funding Statement is received after 12:00pm ET, or on the immediately following Business Day. Bank shall distribute via ACH transfer, wire or other electronic methods an amount equal to the
Loan Proceeds for the applicable Loan to each of the Borrowers. 

Section 5.2.    Compensation.  

Bank shall make daily payments of the Origination Assistance Fees earned and due to UNI, which shall be calculated on a schedule mutually
agreed by the parties in accordance with Exhibit A. Bank may set off payments relating to Origination Assistance Fees from other fees or expenses owed by UNI to Bank under the Program. Payment of the Origination Assistance Fee shall
compensate UNI for its performance of the services actually rendered and described hereunder and its costs and expenses associated with related activities, including any broker’s fees or commissions incurred by UNI in connection with such
services to enable Bank to originate the Loans. 

  
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 ARTICLE VI 

EXPENSES 
 
Section 6.1.    Expenses.  
 All costs and expenses not expressly the responsibility of UNI
under this Agreement that are incurred by Bank in connection with the Program shall be Bank’s responsibility. UNI shall pay all costs and expenses incurred by UNI in connection with providing the services set forth in this Agreement, including
compliance costs related to UNI’s obligations under Exhibit C, the costs of obtaining credit reports and delivering adverse action notices and such other direct expenses incurred in connection with providing services to the Bank under
this Agreement. Without limiting the foregoing, UNI shall pay all actual, direct costs and expenses incurred by Bank (including legal fees) to the extent UNI requests that Bank enter into another agreement with a third party with respect to the
Program. 
 Section 6.2.    ACH and Wire Costs. 

 UNI shall be responsible for the costs associated with all ACH and wire transfers executed in connection with the Program. 

Section 6.3.    Taxes.  

Each party shall be responsible for payment of any federal, state, or local taxes or assessments applicable to such party associated with the
performance of its obligations under this Agreement and for compliance with all filing, registration and other requirements applicable to such party related to this Agreement. 

ARTICLE VII 

TERM 
 
Section 7.1.    Initial and Renewal Terms. 
 Unless terminated earlier in accordance with Article VIII,
this Agreement shall have an initial term of four (4) years commencing upon the Effective Date (the “Initial Term”) and shall automatically renew for two (2) successive terms of two (2) years (a
“Renewal Term,” collectively, the Initial Term and Renewal Term(s) shall be referred to as the “Term”), unless either party provides notice to the other party of its intent to not renew at least one
hundred twenty (120) 
days prior to the end of the Initial Term or the first Renewal Term. 
 Section 
7.2.    Other Agreements. 
 This Agreement shall automatically be terminated upon the termination of any other
material agreement between the parties with respect to the Program, unless otherwise mutually agreed in writing. The termination of this Agreement shall not discharge any party from any obligation incurred prior to such termination. 

  
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 Section 7.3.    Survival.

 The terms of this Article VII shall survive the expiration or earlier termination of this Agreement. 

ARTICLE VIII 

TERMINATION 
 
Section 8.1.    Termination.  
 (a)    Either party shall have the right to
terminate this Agreement immediately upon written notice to the other party in any of the following circumstances (each, a “Termination Event”): 

(A)    the other party shall materially breach this Agreement and such breach is not cured within thirty (30) days
after such breaching party receives written notice thereof from the non-breaching party, provided that the parties agree that the cure period for the breaching party shall be extended to ninety (90) days
so long as such party is working in good faith to cure such breach and such breach is capable of being cured within such ninety (90) day period; 

(B)    any representation or warranty made by the other party in this Agreement is incorrect in any material respect and
is not corrected within thirty (30) days after such other party obtains actual knowledge thereof or written notice thereof has been given to such other party; 

(C)    the other party commences a voluntary action or other proceeding seeking reorganization, liquidation, or other
relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian or other
similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of a trustee, receiver, liquidator, conservator, custodian or other similar official or to any involuntary action or other
proceeding commenced against it; or 
 (D)    the other party becomes subject to an involuntary action or other
proceeding, whether pursuant to banking regulations or otherwise, seeking reorganization, liquidation or other relief with respect to it or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian or other similar official of it or any substantial part of its property; or an order for relief shall be entered against either party under the
federal bankruptcy laws as now or hereafter in effect. 
 (b)    Either party has the right to terminate this Agreement
in accordance with Section 2.3(b); provided, however, that each party shall make good-faith efforts to maintain the viability of the Program by making necessary modifications where possible without terminating this
Agreement in its entirety as contemplated by Section 2.3(b). 

  
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 (c)    Either party shall have the right to terminate this Agreement if
any Governmental Authority having jurisdiction over the terminating party requests or requires in writing that such party terminate this Agreement, including if such Governmental Authority has informed Bank in writing that Bank’s continued
operation hereunder will materially and adversely affect the safety and soundness of Bank. In addition, Bank shall have the right to terminate this Agreement if Bank has received a written legal opinion from nationally recognized outside counsel
reasonably acceptable to UNI that continued operation hereunder will “most likely” materially and adversely affect the safety and soundness of Bank. 

(d)    Either party shall have the right to terminate this Agreement immediately upon notice to the other party in the
event of a change in Control of either party, where such Control is acquired, directly or indirectly, in a single transaction or series of related transactions, or all or substantially all of the assets of a party are acquired, by any Person, or the
notifying party is merged with or into another entity to form a new entity and such party is not the surviving entity; provided that in the event that either party terminates pursuant to this Section 8.1(d) in connection with its own change in
Control, such party shall (i) provide a ninety (90) days’ written notice to the other party, and (ii) pay a termination fee equal to [***]. 

(e)    Either party shall have the right to terminate this Agreement if a Material Adverse Effect has occurred with
respect to other party. 
 Section 8.2.    Effect of
Termination.  
 Upon the termination of this Agreement, (a) Bank shall cease originating any new Loans, (b) UNI shall
cease marketing the Program and soliciting new Loan Applicants, (c) each party shall immediately discontinue the use of the other party’s Marks, (d) all outstanding amounts due and owing hereunder shall become immediately due and
payable, and (e) each party grants the other party a perpetual, non-exclusive, non-assignable, royalty-free license without the right to sublicense, to use the
Customer Information (other than Customer Information for Loans that have been sold to a third party) to the extent permitted by Applicable Law and subject to the limitations set forth in Section 10.4. The parties shall
cooperate in order to ensure a smooth and orderly termination of their relationship, including taking reasonable steps to complete processing of all in-flight Loan Applications and approved Loans pending at
the time of termination. Notwithstanding any termination hereof, the terms and conditions of this Agreement shall remain in place and effective to govern the relationship between the parties solely for any Loans of the Bank existing on the
termination date until such time as they are no longer owned by the Bank and paying any compensation or expenses incurred prior to the termination date under Articles IV and V. For the avoidance of doubt, except in connection with
Section 8.1(d), a termination pursuant to this Article VIII shall not be subject to any termination fees or penalties payable by either party. 

ARTICLE IX 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 9.1.    UNI’s Representations and Warranties.
 
 UNI makes the following warranties and representations to Bank: 

  
 24 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 (a)    This Agreement is the valid and obligation of UNI and is
enforceable in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws now or hereafter in effect, which may affect the enforcement of
creditors’ rights in general, and (ii) as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity) and UNI has received all necessary approvals and consents for the execution,
delivery and performance by it of this Agreement. 
 (b)    UNI is duly organized, validly existing, and in good
standing under the laws of the state of its organization and is authorized, registered and licensed to do business in each state in which the nature of its activities makes such authorization, registration or licensing necessary or required. 

(c)    UNI has the full corporate power and authority to execute and deliver this Agreement and perform all of its
obligations hereunder. 
 (d)    The execution of this Agreement and the completion of all actions required or
contemplated to be taken by UNI hereunder are within the ordinary course of UNI’s business and not prohibited by Applicable Laws. 

(e)    The provisions of this Agreement and the performance of each of its obligations hereunder do not conflict with
UNI’s organizational or governing documents, or any material agreement, contract, lease, order or obligation to which UNI is a party or by which UNI is bound, including any exclusivity or other provisions of any other agreement to which UNI or
any related entity is a party, and including any non-compete agreement or similar agreement limiting the right of UNI to engage in activities competitive with the business of any other party or Governmental
Authority that UNI is subject to. 
 (f)    No approval, authorization or other action by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and performance by it of this Agreement other than approvals and authorizations that have previously been obtained and filings which have previously been made. 

(g)    All information which was heretofore furnished by it or on its behalf in writing to Bank for purposes of or in
connection with this Agreement, or any transaction contemplated hereby, is true and accurate in all material respects on and as of the date such information was furnished (except to the extent that such furnished information relates solely to an
earlier date, in which case such information was true and accurate in all material respects on and as of such earlier date and the information as delivered reasonably indicates that it relates to an earlier date). 

(h)    Except as licensed or otherwise permitted, UNI has not, and will not, use the Intellectual Property Rights, trade
secrets or other confidential business information of any third party in connection with the development of the Program Materials and Advertising Materials or in carrying out its obligations or exercising its rights under this Agreement. 

(i)    There is no action, suit, proceeding or investigation pending or, to the actual knowledge of UNI, threatened
against UNI seeking a determination or ruling which, either in any one instance or in the aggregate, would reasonably be expected to result in a Material Adverse 

  
 25 

 
Effect with respect to UNI or which would render this Agreement invalid, or asserting the invalidity of, or seeking to prevent the consummation of any of the transactions contemplated by, this
Agreement. No proceeding has been instituted against UNI seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for UNI or any substantial part of its property. 

(j)    Neither UNI nor any principal thereof has been or is the subject of any of the following that will materially
affect UNI’s ability to perform under this Agreement: 
 (A)    an enforcement agreement, memorandum of
understanding, cease desist order, administrative penalty or similar agreement concerning lending matters, or participation in the affairs of a financial institution; 

(B)    an administrative or enforcement proceeding or investigation commenced by the Securities Exchange Commission, state
securities regulatory authority, Federal Trade Commission, any banking regulator or any other state or federal Regulatory Authority, with the exception of routine communications from a Regulatory Authority concerning a consumer complaint and routine
examinations of UNI conducted by a Regulatory Authority in the ordinary course of UNI’s business; or 
 (C)    a
restraining order, decree, injunction or judgment in any proceeding or lawsuit alleging fraud or deceptive practices on the part of UNI or any principal thereof. 

For purposes of this Section 9.1(j) the word “principal” of UNI shall include (i) any person owning
or controlling ten percent (10%) or more of the voting power of UNI and (ii) any person actively participating in the control of UNI’s business. 

(k)    Neither UNI nor, to its actual knowledge, UNI Third Party Service Providers, nor any of their respective officers,
directors or members is a Person (or to UNI’s knowledge, is owned or controlled by a Person) that (i) is listed on any Government Lists, (ii) is a person who has been determined by competent authority to be subject to the prohibitions
contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof,
(iii) has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense, or (iv) is currently under investigation by any Governmental Authority for alleged felony
involving a crime of moral turpitude. 
 (l)    UNI and, to its actual knowledge, UNI Third Party Service Providers are
in compliance in all material respects with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws. Without limiting the generality of the foregoing, to the extent required by the Anti-Money Laundering Laws or Anti-Corruption Laws, UNI
has established an anti-money laundering compliance program that is in compliance, in all material respects, with the Anti-Money Laundering Laws and Anti-Corruption Laws. 

  
 26 

 (m)    UNI agrees to maintain policies and procedures for the Program in
accordance with Applicable Laws, including procedures relating to periodic training and on-going monitoring of UNI and, as warranted, UNI Third Party Service Providers. 

(n)    UNI has in full force and effect insurance in such amounts and with such terms, as follows: 

(A)    comprehensive general liability with limits not less than $1 million per occurrence and $5 million annual
aggregate, with coverages to include contractual liability, personal injury and advertising injury; 

(B)    statutorily required worker’s compensation; 

(C)    employer’s liability of Five Million ($5,000,000.00) Dollars per employee/occurrence; 

(D)    crime liability of not less than Five Million ($5,000,000.00) Dollars; 

(E)    cybersecurity and privacy liability of not less than Five Million ($5,000,000.00) Dollars; 

(F)    umbrella liability with limits not less than Twenty Five Million ($25,000,000.00) Dollars per occurrence and
aggregate; 
 (G)    professional liability/errors & omissions of not less than Five Million ($5,000,000.00)
Dollars. 
 UNI shall not decrease the above coverages without prior written consent by Bank. In addition, upon Bank’s written request,
UNI shall increase the amount of UNI’s insurance coverage if either (a) requested in writing by a Regulatory Authority or (b) if an independent, nationally recognized third party insurance advisor selected by Bank and reasonably
acceptable to UNI delivers a written opinion to UNI and Bank that such additional coverage is reasonably necessary to be consistent with standard industry practices based on the volume of Loan origination under the Program, provided that UNI shall
have up to ninety (90) days to procure such additional coverage if so required pursuant to this Section 9.1(n), provided further that UNI shall not be deemed to be in breach of this Section 9.1(n) for so long as UNI is proceeding in
good faith and exercising reasonable diligence, as determined by Bank, to procure such additional coverage. 
 
Section 9.2.    Bank’s Representations and Warranties.  
 Bank makes the
following warranties and representations to UNI: 
 (a)    This Agreement constitutes a valid and binding obligation of
Bank, enforceable against Bank in accordance with its terms except (i) to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws now or hereafter in effect,
which may affect the enforcement of creditors’ rights in general, and (ii) as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

  
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 (b)    Bank is an FDIC-insured New Jersey state-chartered bank, duly
organized, validly existing, and in good standing under the laws of the State of New Jersey. 
 (c)    Bank has full
corporate power and authority to execute, deliver and perform all of its obligations under this Agreement. 
 (d)    The
execution of this Agreement and the completion of all actions required or contemplated to be taken by Bank hereunder are within the ordinary course of Bank’s business and not prohibited by Applicable Laws. 

(e)    The execution, delivery and performance of this Agreement have been duly authorized by Bank, and are not in
conflict with and do not violate the terms of the charter or by-laws of Bank and will not result in a material breach of or constitute a default under, or require any consent under, any indenture, loan or agreement to which Bank is a party. 

(f)    Bank has the authority to make Loans in accordance with the Program Terms to the Borrowers who meet the minimum
Credit Policy requirements established in the Program Guidelines, as contemplated hereunder. 
 (g)    Bank has the
authority to make Loans in each state in which Loans are made under the Program. 
 (h)    As of the date of
origination, (i) to the best of Bank’s actual knowledge, each Loan meets the criteria outlined in the Program Guidelines; (ii) each Loan has not been satisfied, subordinated or rescinded, and no right of rescission, set-off, counterclaim or defense exists or has been asserted with respect to such Loan; (iii) each Loan was made and each Loan Amount disbursed by Bank in accordance with Applicable Laws; and (iv) there is
no action before any state or federal court, administrative or regulatory body involving the Loan in which an adverse result would have a Material Adverse Effect upon the validity or enforceability of the Loan. 

(i)    Neither Bank nor any principal thereof has been or is the subject of any of the following that will materially
affect Bank’s ability to perform under this Agreement: 
 (A)    an enforcement agreement, memorandum of
understanding, cease and desist order, administrative penalty or similar agreement concerning the Program; 
 (B)    an
administrative or enforcement proceeding or investigation commenced by the Securities Exchange Commission, state securities regulatory authority, Federal Trade Commission, any banking regulator or any other state or federal Regulatory Authority; or

 (C)    a restraining order, decree, injunction or judgment in any proceeding or lawsuit alleging fraud or deceptive
practices on the part of Bank or any principal thereof. 
 For purposes of this Section 9.2(k) the word
“principal” of Bank shall include (i) any person owning or controlling ten percent (10%) or more of the voting power of Bank and (ii) any person actively participating in the control of Bank’s business. 

(j)    Neither Bank nor, to its actual knowledge, any of its respective officers, directors or members is a Person (or to
Bank’s knowledge, is owned or controlled by a Person) that (i) is 

  
 28 

 
listed on any Government Lists, (ii) is a person who has been determined by competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224
(Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof, (iii) has been previously indicted for or convicted of
any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense, or (iv) is currently under investigation by any Governmental Authority for alleged felony involving a crime of moral turpitude. 

(k)    Bank is in compliance in all material respects with all applicable Anti-Money Laundering Laws and Anti-Corruption
Laws. Without limiting the generality of the foregoing, to the extent required by the Anti-Money Laundering Laws or Anti-Corruption Laws, Bank has established an anti-money laundering compliance program that is in compliance, in all material
respects, with the Anti-Money Laundering Laws and Anti-Corruption Laws. 
 (l)    Bank agrees to maintain policies and
procedures in accordance with Applicable Laws, including procedures relating to periodic training and on-going monitoring of Bank and, as warranted, Bank Third Party Service Providers. 

(m)    The provisions of this Agreement and the performance of each of its obligations hereunder do not conflict with
Bank’s organizational or governing documents, or any material agreement, contract, lease, order or obligation to which Bank is a party or by which Bank is bound, including any exclusivity or other provisions of any other agreement to which Bank
or any related entity is a party, and including any non-compete agreement or similar agreement limiting the right of Bank to engage in activities competitive with the business of any other party or
Governmental Authority that Bank is subject to. 
 (n)    No approval, authorization or other action by, or filing with,
any Governmental Authority is required in connection with the execution, delivery and performance by it of this Agreement other than approvals and authorizations that have previously been obtained and filings which have previously been made. 

(o)    There is no action, suit, proceeding or investigation pending or, to the actual knowledge of Bank, threatened
against Bank seeking a determination or ruling which, either in any one instance or in the aggregate, would reasonably be expected to in a Material Adverse Effect with respect to Bank or would render this Agreement invalid, or asserting the
invalidity of, or seeking to prevent the consummation of any of the transactions contemplated by, this Agreement. No proceeding has been instituted against Bank seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee or other similar official for Bank or any substantial part of its property. 
 
Section 9.3.    UNI’s Covenants.  
 UNI hereby covenants and agrees as
follows: 
 (a)    Information. UNI will furnish to Bank: 

 

  
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 (A)    Annual Financial Statements. Within one hundred twenty
(120) days after each of its fiscal years, copies of its annual audited financial statements certified by independent certified public accountants reasonably satisfactory to Bank and prepared on a consolidated basis in conformity with GAAP,
together with a report of such firm expressing such firm’s opinion thereon without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of the audit. 

(B)    Financial Statements. Within forty-five (45) days after each of its fiscal quarters, copies of its
unaudited consolidated balance sheet and related statements of operations and stockholders’ equity as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its chief financial officer, principal accounting officer, treasurer or controller as presenting
fairly in all material respects its (and its consolidated Subsidiaries) financial condition and results of operations on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes. 

(C)    Auditors’ Management Letters. Promptly after receipt thereof, notice that it has received any
auditors’ management letters from its accountants that refer in whole or in part to any inadequacy, defect, problem, qualification or other lack of fully satisfactory accounting controls utilized by it and an opportunity to discuss the contents
of such letter with its management. 
 (D)    Representations. Promptly upon having actual knowledge or notice
that any representation or warranty set forth herein was incorrect at the time it was given or deemed to have been given, which failure or breach would reasonably be expected to materially and adversely affect Bank, together with a written notice
setting forth in reasonable detail the nature of such facts and circumstances. 
 (E)    Proceedings. As soon as
possible and in any event within three (3) Business Days after any of its executive officers receives notice or obtains actual knowledge thereof, any settlement of, material judgment (including a material judgment with respect to the liability
phase of a bifurcated trial) in or commencement of any material labor controversy, litigation, action, suit or proceeding before any Governmental Authority which, in the case of any of the foregoing, has had or would reasonably be expected to have a
Material Adverse Effect on UNI. 
 (F)    Notice of Material Events. Promptly upon becoming aware thereof, notice
of any other event or circumstances that, in its reasonable judgment has had or would reasonably be expected to have a Material Adverse Effect with respect to UNI. 

(G)    Other. Promptly, from time to time, such information, documents or records or reports respecting the Program
or the condition or operations, financial or otherwise, of UNI as Bank may from time to time reasonably request. 

(b)    Notice of Termination Events. As soon as possible, after obtaining actual knowledge thereof, notify Bank of
the occurrence of any Termination Event applicable to it. 
 (c)    Conduct of Business. UNI shall perform all
actions necessary to remain duly organized or incorporated, validly existing and in good standing in its jurisdiction of formation and to maintain all requisite authority to conduct its business in each jurisdiction in which it conducts business.

  
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 (d)    Preservation of Corporate Existence. UNI shall preserve
and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a foreign entity in each jurisdiction where the failure to preserve and maintain such
existence, rights, franchises, privileges and qualifications has had, or could reasonably be expected to have, a Material Adverse Effect. 

(e)    Taxes. UNI shall file and pay any and all material taxes incurred and owed by UNI in connection with its
business. 
 (f)    Total Systems Failure. UNI shall promptly notify Bank of any systems failure and shall advise
Bank of the estimated time required to remedy such total systems failure. Until a total systems failure is remedied, UNI shall furnish to Bank such periodic status reports and other information relating to such systems failure as Bank may reasonably
request and (ii) promptly notify Bank if it believes that such systems failure cannot be remedied by the estimated date, which notice shall include a description of the circumstances which gave rise to such delay, the action proposed to be
taken in response thereto and it shall promptly notify Bank when a total systems failure has been remedied. 

(g)    Replacement or Material Modification of Critical Systems. UNI agrees, as soon as practicable after the
replacement or any material modification of any critical operating systems that significantly affect any calculations or reports made by UNI hereunder, to give notice of any such replacement or modification to Bank. 

(h)    Furnishing of Information. UNI will furnish to Bank, as soon as practicable after receiving a request
therefor, such information with respect to the Program as Bank may reasonably request. 
 (i)    USA PATRIOT Act.
The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003, Section 326 of the
USA PATRIOT Act requires all financial institutions to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. UNI agrees that it will provide Bank such information as it may
request, from time to time, in order for Bank to satisfy the requirements of the USA PATRIOT Act, including the name, address, tax identification number and other information that will allow it to identify the individual or entity who is
establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

(j)    Mergers, Acquisition, Sales, etc. UNI will not consolidate with or merge into any other Person or convey or
transfer its properties and assets substantially as an entirety to any Person without providing prior written notice of such consolidation, merger, conveyance or transfer to Bank. 

  
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 ARTICLE X 

MISCELLANEOUS 
 
Section 10.1.    Indemnification. 
 (a)    Indemnification by UNI. Except to
the extent of any Losses which arise from (i) the direct acts or omissions of Bank or an Affiliate of Bank or a Bank Third Party Service Provider, including a violation of Applicable Law in respect of Bank’s obligations hereunder,
(ii) the fraud or misrepresentation of a Loan Applicant or Borrower that could not reasonably identified by UNI’s fraud prevention and verification procedures, or (iii) UNI following the instructions of Bank or an Affiliate of Bank
(at Bank’s direction), UNI shall be liable to and shall indemnify and hold harmless Bank and its directors, officers, employees, agents and Affiliates and permitted assigns from and against any and all Losses arising out of any Claim in
connection with (A) a failure by UNI or any UNI Third Party Service Providers to comply with any of the terms and conditions of this Agreement, (B) an inaccuracy of any representation or warranty made by UNI herein, (C) infringement
or alleged infringement by UNI or by any UNI Third Party Service Providers of any Marks of Bank, or the use thereof hereunder or any infringement or misappropriation or alleged infringement or misappropriation of any Intellectual Property Rights
including any third party Intellectual Property Rights arising from any use of the UNI Platform, (D) a fraudulent application submitted by a Loan Applicant that should reasonably have been identified by UNI’s fraud prevention and
verification procedures, and (E) an Information Security Incident involving Customer Information that is in the possession, custody or control of UNI. 

Without limiting the foregoing, to the extent that a Loan originated by Bank hereunder (i) fails to meet requirements under the Program
Guidelines and/or Applicable Law, in each case, in any respect that would adversely impact the enforceability, validity or collectability of the such Loan, (ii) is otherwise unsaleable primarily due to a breach by UNI of its obligations under
this Agreement, and such failure or breach cannot be cured within sixty (60) days after Bank provides written notice to UNI of such failure or breach, or (iii) was originated by Bank based on UNI’s fraud, intentional misrepresentation
or gross negligence then, at Bank’s option, UNI shall purchase or cause to be purchased from Bank such Loan within five (5) Business Days at a price equal to the outstanding principal balance, plus any accrued and unpaid interest on
the Loan. Contemporaneous with any such purchase, Bank will transfer any Loan Documents in Bank’s possession to UNI. 

(b)    Indemnification by Bank. Except to the extent of any Losses which arise from the direct acts or omissions of
UNI or an Affiliate of UNI, or a UNI Third Party Service Provider, including a violation of Applicable Law in respect of UNI’s obligations hereunder, Bank shall be liable to and shall indemnify and hold harmless UNI and its officers, directors,
employees, agents and Affiliates and permitted assigns, from and against any Losses arising out of any Claim in connection with (i) a breach by Bank of any of the terms and conditions of this Agreement, including any Losses resulting from
Bank’s non-compliance with Applicable Laws in respect of its obligations in connection with the Program hereunder, (ii) an inaccuracy of any representation or warranty made by Bank herein
(iii) infringement or alleged infringement by Bank or by any Bank Third Party Service Providers of any Marks of UNI, or the use thereof hereunder or any infringement or misappropriation or alleged infringement or misappropriation of any
Intellectual Property Rights, and (iv) an Information Security Incident involving Customer Information that is in the possession, custody or control of Bank. 

  
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 (c)    Notice of Claims. In the event any Claim is made, any suit
or action is commenced or any actual knowledge of a state of facts that, if not corrected, would give rise to a right of indemnification of a party hereunder (“Indemnified Party”) by the other party (“Indemnifying
Party”) is received, the Indemnified Party will give notice to the Indemnifying Party as promptly as practicable, but, in the case of lawsuit, in no event later than the time necessary to enable the Indemnifying Party to file a timely
answer to the complaint. The Indemnified Party shall make available to the Indemnifying Party and its counsel and accountants at reasonable times and for reasonable periods, during normal business hours, all books and records of the Indemnified
Party relating to any such possible Claim for indemnification, and each party hereunder will render to the other such assistance as it may reasonably require of the other (at the expenses of the party requesting assistance) in order to insure prompt
and adequate defense of any Claim based upon a state of facts which may give rise to a right of indemnification hereunder. 

(d)    Defense and Counsel. Subject to the terms hereof, the Indemnifying Party shall have the right to assume the
defense of any Claim. In the event that the Indemnifying Party elects to defend any Claim, then the Indemnifying Party shall notify the Indemnified Party via facsimile transmission or email, with a copy by mail, within ten (10) days of having
been notified pursuant to this Section 10.1 that the Indemnifying Party elects to employ counsel and assume the defense of any such Claim. The Indemnifying Party shall institute and maintain any such defense diligently and
reasonably and shall keep the Indemnified Party fully advised of the status thereof. The Indemnified Party shall have the right to employ its own counsel if the Indemnified Party so elects to assume such defense, but the fees and expense of such
counsel shall be at the Indemnified Party’s expense, unless (i) the employment of such counsel shall have been authorized in writing by the Indemnifying Party; (ii) such Indemnified Party shall have reasonably concluded that the
interests of such parties are conflicting such that it would be inappropriate for the same counsel to represent both parties or shall have reasonably concluded that the ability of the parties to prevail in the defense of any Claim are improved if
separate counsel represents the Indemnified Party (in which case the Indemnifying Party shall not have the right to direct the defense of such action on behalf of the Indemnified Party), and in either of such events such reasonable fees and expenses
shall be borne by the Indemnifying Party; (iii) the Indemnified Party shall have reasonably concluded that it is necessary to institute separate litigation, whether in the same or another court, in order to defend the Claims asserted against
it; (iv) the Indemnified Party reasonably concludes that the ability of the parties to prevail in the defense of any Claim is materially improved if separate counsel represents the Indemnified Party; and (v) the Indemnifying Party shall
not have employed counsel reasonably acceptable to the Indemnified Party to take charge of the defense of such action after electing to assume the defense thereof. In the event that the Indemnifying Party elects not to assume the defense of any
Claim, then the Indemnified Party shall do so and the Indemnifying Party shall pay for, or reimburse Indemnified Party, as the Indemnified Party shall elect, all Losses of the Indemnified Party in accordance with
Section 10.1(f) below. 
 (e)    Settlement of Claims. The Indemnifying Party shall
have the right to compromise and settle any Claim in the name of the Indemnified Party; provided, however, that the Indemnifying Party shall not compromise or settle a Claim (i) unless it indemnifies the Indemnified Party for all Losses arising
out of or relating thereto and (ii) with respect to any Claim which seeks any non-monetary relief, without the consent of the Indemnified Party, which consent shall not unreasonably be withheld. The
Indemnifying Party shall not be permitted to make any admission of guilt on behalf of the Indemnified Party. Any final judgment or decree entered on or in, any Claim which the Indemnifying Party did not assume the defense of in accordance herewith,
shall 

  
 33 

 
be deemed to have been consented to by, and shall be binding upon, the Indemnifying Party as fully as if the Indemnifying Party had assumed the defense thereof and a final judgment or decree had
been entered in such suit or action, or with regard to such Claim, by a court of competent jurisdiction for the amount of such settlement, compromise, judgment or decree. The Indemnifying Party shall be subrogated to any Claims or rights of the
Indemnified Party as against any other Persons with respect to any amount paid by the Indemnifying Party under this Section 10.1(f). 

(f)    Indemnification Payments; Disputes. Subject to each party’s compliance with the rights and duties set
forth in this Section 10.1, amounts owing under Section 10.1 shall be paid promptly upon written demand for indemnification containing in reasonable detail the facts giving rise to such Losses;
provided, however, that if the Indemnifying Party notifies the Indemnified Party within thirty (30) days of receipt of such demand that it disputes its obligation to indemnify (including its obligation to defend), or the Losses being claimed,
and the parties are not otherwise able to reach agreement, the controversy shall be settled through arbitration as described in Section 10.3. 

Section 10.2.    Limitation of Liability.  

(a)    EXCEPT WITH RESPECT TO DAMAGES OR CLAIMS ARISING DUE TO A PARTY’S FRAUD, WILLFUL MISCONDUCT, GROSS NEGLIGENCE,
BREACH OF CONFIDENTIALITY OBLIGATIONS UNDER THIS AGREEMENT, ANY CLAIM ARISING OUT OF CUSTOMER INFORMATION OR ALLEGED OR ACTUAL INFRINGEMENT OF INTELLECTUAL PROPERTY, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE, CONSEQUENTIAL, OR EXEMPLARY DAMAGES OR LOST PROFITS (EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) ARISING OUT OF OR IN CONNECTION WITH THE PROGRAM. 

(b)    UNI shall not be responsible for Bank’s decisions to disregard any instructions provided by UNI. 

Section 10.3.    Governing Law; Arbitration. 

(a)    This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of
Delaware, without regard to the conflict of laws principles thereof. 
 (b)    At the request of either party, any
dispute between the parties relating to this Agreement shall be submitted to binding arbitration under the Commercial Arbitration Rules of the American Arbitration Association. The parties agree that any arbitration proceedings hereunder, unless
otherwise agreed to by the parties, shall be conducted in the city of the home office of the party not commencing arbitration. Each party hereto consents to the jurisdiction over it by any court or arbitration panel as described herein. The
arbitrator shall be authorized to award such relief as is allowed by law. Except as provided below, each party shall be responsible for its own attorneys’ fees incurred during the course of the arbitration, as well as the costs of any witnesses
or other evidence such party produces or causes to be produced. The award of the arbitrator shall include findings of fact and conclusions of law. Such award shall be kept confidential and shall be final, binding and conclusive on the parties.
Judgment on the award may be entered by any court of competent jurisdiction. 

  
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Section 10.4.    Confidential Information.  

(a)    In performing their obligations pursuant to this Agreement, either party may disclose to the other party, either
directly or indirectly, in writing, orally or by inspection of intangible objects (including documents), certain confidential or proprietary information including the names and addresses of a party’s customers, marketing plans and objectives,
research and test results, and other information that is confidential and the property of the party disclosing the information (“Confidential Information”). The parties agree that the term Confidential Information shall
include (a) this Agreement, the Program Guidelines and the Program Materials, as the same may be amended and modified from time to time, (b) business information (including products and services, employee information, business models, know-how, strategies, designs, reports, data, research, financial information, pricing information, corporate client information, market definitions and information, and business inventions and ideas), and
(c) technical information including the Technical Information, software, source code, documentation, algorithms, models, developments, inventions, processes, ideas, designs, drawings, hardware configuration, and technical specifications,
including computer terminal specifications, the source code developed from such specifications. The parties acknowledge and agree that (i) the term Confidential Information excludes Customer Information, and (ii) all Credit Model
Validation Documentation is and shall remain UNI’s Confidential Information. 
 (b)    Bank and UNI agree that
Confidential Information shall be used by each party and its Representatives solely in the performance of such party’s obligations under this Agreement. 

(c)    Each party shall receive Confidential Information in confidence and shall not, without the prior written consent of
the disclosing party, disclose any Confidential Information of the disclosing party, except to the receiving party’s Affiliates, officers, directors, counsel, representatives, employees, advisors, accountants, auditors or agents (including
Third Party Service Providers) (“Representatives”) that have a need to know such Confidential Information; provided, however, that there shall be no obligation on the part of the parties to maintain in
confidence any Confidential Information disclosed to it by the other which (i) is generally known to the trade or the public at the time of such disclosure, (ii) becomes generally known to the trade or the public subsequent to the time of
such disclosure, but not as a result of disclosure by the other in violation of this Agreement, (iii) is legally received by either party or any of its respective Representatives from a third party on a
non-confidential basis provided that to such party’s actual knowledge such third party is not prohibited from disclosing such information to the receiving party by a contractual, legal or fiduciary
obligation to the other party, its Representatives or another party, or (iv) was or hereafter is independently developed by either party or any of its Representatives without using Confidential Information or in violation of its obligations
under this Agreement. 
 (d)    The parties agree that the disclosing party owns all rights, title and interest in and
to its Confidential Information, and that the party receiving such Confidential Information will not reverse-engineer any software or other materials embodying the Confidential Information. The parties acknowledge that Confidential Information is
being provided for limited use internally, and the receiving party agrees to use the Confidential Information only in accordance with the terms and conditions of this Agreement. 

  
 35 

 (e)    Notwithstanding the foregoing, however, disclosure of the
Confidential Information may be made if, and to the extent, requested or required by law, rule, regulation, interrogatory, request for information or documents, court order, subpoena, administrative proceeding, inspection, audit, civil investigatory
demand, or any similar legal process without liability and, except as required by the following sentence, without notice to the other party. In the event that the receiving party or any of its Representatives receives a demand or request to disclose
all or any part of the disclosing party’s Confidential Information under the terms of a subpoena or order issued by a court of competent jurisdiction or under a civil investigative demand or similar process, (i) to the extent practicable
and permitted, the receiving party agrees to promptly notify the disclosing party of the existence, terms and circumstances surrounding such a demand or request and (ii) if the receiving party or its applicable Representative is compelled to
disclose all or a portion of the disclosing party’s Confidential Information, the receiving party or its applicable Representative may disclose that Confidential Information that its counsel advises that it is compelled to disclose and will
exercise reasonable efforts to obtain assurance that confidential treatment will be accorded to the Confidential Information that is being so disclosed. 

(f)    Each party represents and covenants that it will protect the Confidential Information of the other party in
accordance with prudent business practices and will use the same degree of care to protect the other party’s Confidential Information that it uses to protect its own confidential information of a similar type. Except as expressly provided
herein, no right or license whatsoever is granted with respect to the Confidential Information or otherwise. 

(g)    Following termination of this Agreement, upon the request of the disclosing party, the non-disclosing party will, within ten (10) days after receiving a request by the disclosing party, destroy all Confidential Information furnished to it and/or any of its Representatives by or on behalf of the
disclosing party. Except to the extent a party is advised by legal counsel that such destruction is prohibited by law, the non-disclosing party and its Representatives will also destroy all written material,
memoranda, notes, copies, excerpts and other writings or recordings whatsoever prepared by the non-disclosing party and/or its Representatives based upon, containing or otherwise reflecting any Confidential
Information; provided, however, that neither the non-disclosing party nor any of its Representatives shall be obligated to return or destroy Confidential Information (i) to the extent it has
been electronically archived by any such party in accordance with its automated security and/or disaster recovery procedures as in effect from time to time or (ii) to the extent required by their respective internal record retention policies
for legal, compliance or regulatory purposes; provided that any such Confidential Information so retained shall remain subject to the confidentiality provisions contained herein for so long as it is retained by the non-disclosing party,
irrespective of the Term of this Agreement. At the request of the disclosing party made at the time of its request for the return and/or destruction of Confidential Information, the return and/or destruction of materials in accordance with the
foregoing shall be certified to the disclosing party in writing by an authorized officer of the non-disclosing party. 

(h)    Notwithstanding anything to the contrary in this Agreement, to the extent that Bank owns any Customer Information
during or after the Term, Bank grants UNI a perpetual, non-exclusive, non-assignable, royalty-free license without the right to sublicense, to use the Customer
Information to the extent permitted by Applicable Law. Without limiting the foregoing, Bank 

  
 36 

 
acknowledges and agrees that, at any time after Bank’s sale of a Loan or after termination or expiration of this Agreement, Bank shall not sell, distribute or otherwise directly or
indirectly use or store Customer Information (except as may be required by Applicable Law), including for the purposes of soliciting Borrowers for any products or services. 

Section 10.5.    Privacy Law Compliance; Security Breach Disclosure. 

(a)    Each party agrees that it shall obtain, use, retain and share Customer Information in strict compliance with all
applicable state and federal laws and regulations concerning the privacy and confidentiality of such Customer Information, including the requirements of the federal Gramm-Leach-Bliley Act of 1999, its implementing regulations and Bank’s privacy
notice, in connection with this Agreement. Neither party shall disclose or use Customer Information concerning Borrowers or Loan Applicants other than (i) to carry out the purposes for which such Customer Information has been disclosed to it
hereunder, (ii) in connection with a sale or financing of the related Loans, or (iii) as permitted by Section 2.5 above. Further, UNI shall by written contract require UNI Third Party Service Providers to maintain
the confidentiality of Customer Information in a similar manner. 
 (b)    Each party shall immediately notify the other
party in writing of any Information Security Incident of which it becomes aware or reasonably suspects, but in no case later than twenty-four (24) hours after it becomes aware of or reasonably suspects the Information Security Incident. Such
notice shall summarize in reasonable detail the effect of the Information Security Incident on such party, if known, and the corrective action taken or to be taken by the other party. The notifying party shall promptly take all necessary and
advisable corrective actions, and shall cooperate fully in all reasonable and lawful efforts to prevent, mitigate or rectify such Information Security Incident. The notifying party shall (i) investigate such Information Security Incident and
perform a root cause analysis thereon; (ii) remediate the effects of such Information Security Incident; and (iii) provide the other party with such assurances as such other party shall request that such Information Security Incident is
not likely to recur. The content of any filings, communications, notices, press releases or reports related to any Information Security Incident shall be approved the notified party prior to any publication or communication thereof. 

(c)    Upon the occurrence of an Information Security Incident involving nonpublic personal information in the possession,
custody or control of a party or for such party is otherwise responsible, such party shall reimburse the other party for all Notification Related Costs incurred by such other party arising out of or in connection with any such Information Security
Incident. 
 (d)    In addition, each party agrees that it will not make any material changes to its security procedures
and requirements affecting the performance of its obligations hereunder which would materially reduce the security of its operations or materially reduce the confidentiality of any databases and Customer Information without the prior written consent
of the other party. 
 (e)    Each party agrees and represents to the other that it and each of its Third Party Service
Providers have, or will have prior to the receipt of any Confidential Information or Customer Information, designed and implemented an information security program that will comply in all material respects with the applicable requirements set forth
in 12 C.F.R. Part 332 (Privacy of Consumer Financial Information), 12 C.F.R. Part 364 (including the Interagency Guidelines Establishing Information Security Standards found at Appendix B to Part 364), and 16 C.F.R Part 314 (the “CAN-SPAM Rule”), all as amended, supplemented and/or interpreted in writing by Regulatory Authorities and all other Applicable Law. 

  
 37 

 (f)    The parties agree that, in connection with the Referral Services,
prior to a consumer on www.upstart.com selecting a Bank-specific offer, all information collected by UNI, including nonpublic personal information as defined under the Gramm-Leach-Bliley Act of 1999, is information of UNI (“UNI
Information”) subject to UNI’s privacy policy and procedures. In the event a consumer selects a Bank loan offer through the Referral Services, UNI shall (i) obtain a consumer’s consent to share UNI Information with Bank,
and (ii) provide the consumer with Bank’s privacy statement. 

Section 10.6.    Force Majeure.  

In the event that either party fails to perform its obligations under this Agreement in whole or in part as a consequence of events beyond its
reasonable control (including acts of God, fire, explosion, public utility failure, accident, floods, embargoes, epidemics, war, terrorist acts, nuclear disaster or riot), such failure to perform shall not be considered a breach of this Agreement
during the period of such disability, provided that each party shall not be excused from implementing disaster recovery and business continuity plans upon the occurrence of force majeure. In the event of any force majeure occurrence as set forth in
this Section 10.6, the disabled party shall use its best efforts to meet its obligations as set forth in this Agreement. The disabled party shall promptly and in writing advise the other party if it is unable to perform due
to a force majeure event, the expected duration of such inability to perform and of any developments (or changes therein) that appear likely to affect the ability of that party to perform any of its obligations hereunder in whole or in part. To the
extent any force majeure event prevents a party from performing its obligations under the Program for more than thirty (30) days, the other party may terminate this Agreement immediately upon notice without payment of any termination fee or
penalty, or any monthly minimum fees from an after the occurrence of the force majeure event. 
 
Section 10.7.    Examinations and Financial Information.  
 (a)    Both
parties agree to (i) submit to any examination that may be required by a Regulatory Authority having jurisdiction over the other party, during regular business hours and upon reasonable prior notice, provided that such other party shall use
reasonable efforts to facilitate and/or schedule such examinations by Regulatory Authorities to limit disruptions to ongoing business operations of the party to be examined, and (ii) reasonably cooperate with the other party in responding to
such Regulatory Authority’s examination and requests related to the Program. 
 (b)    UNI shall use commercially
reasonable efforts to include audit rights for UNI or its designee in UNI’s agreements with critical UNI Third Party Service Providers, including reasonable access to (i) the offices of such UNI Third Party Service Providers and
(ii) the books and records of such UNI Third Party Service Providers to the extent such books and records pertain to the Loans. 

Section 10.8.    Relationship of Parties; No Authority to
Bind.  
 Bank and UNI agree that they are independent contractors to each other in performing their respective obligations
hereunder. Nothing in this Agreement or in the working relationship 

  
 38 

 
established and developed hereunder shall be deemed or is intended to be deemed, nor shall it cause, Bank and UNI to be treated as partners, joint venturers or otherwise as joint associates for
profit. UNI understands and agrees that UNI’s name shall not appear on any Loan Document as a maker of a Loan and that Bank shall be responsible for all decisions to make or fund a Loan.    UNI shall refer to Bank any
inquiries concerning the accuracy, interpretation or legal effect of any Loan Document. UNI shall not modify the terms of any Loan Document on behalf of Bank prior to purchase of the Loan by UNI. UNI’s responsibilities hereunder shall not
constitute the “receipt” of the Loan Documents by Bank; instead, Bank shall be deemed to have received and reviewed the Loan Documents and supporting materials only after the Loan Documents and materials have previously been received at
Bank’s offices, at which time and place Bank shall decide whether to make the Loan. UNI shall not represent to anyone that UNI has the authority or power to do any of the foregoing and shall make no representations concerning Bank’s
transactions except as Bank shall expressly authorize in writing. Bank shall not have any authority or control over any of the property interests or employees of UNI. Without limitation of the foregoing, Bank and UNI intend, and they agree to
undertake such action as may be necessary or advisable to ensure, that: (a) the Program complies with federal-law guidelines regarding outsourcing of bank-related activities, installment loans, bank
supervision and control and safety and soundness procedures; (b) Bank is the lender under applicable federal-law standards and is authorized to export its home-state interest rates and matters material to
the rate under 12 U.S.C.A. § 1831d; and (c) all activities related to the marketing and origination of a loan are made by UNI on behalf of Bank as disclosed principal for any relevant regulatory, agency law and contract-law purposes. 

Section 10.9.    Severability.  

Subject to Section 2.3(b), in the event that any part of this Agreement is ruled by a court, Regulatory Authority or
other public or private tribunal of competent jurisdiction to be invalid or unenforceable, such provision shall be deemed to have been omitted from this Agreement. The remainder of this Agreement shall remain in full force and effect, and shall be
modified to any extent necessary to give such force and effect to the remaining provisions, but only to such extent. In addition, if the operation of the Program or the compliance by a party with its obligations set forth herein causes or results in
a violation of an Applicable Law, the parties agree to negotiate in good faith to modify the Program or this Agreement as necessary in order to permit the parties to continue the Program in full compliance with Applicable Laws. 

Section 10.10.    Successors and Third Parties.  

This Agreement and the rights and obligations hereunder shall bind and inure to the benefit of the parties hereto and their successors and
assigns. The rights and benefits hereunder are specific to the parties and shall not be delegated (except to Third Party Service Providers as contemplated herein) or assigned without the prior written consent of the other party. Nothing in this
Agreement is intended to create or grant any right, privilege or other benefit to or for any Person other than the parties hereto. 

Section 10.11.    Notices.  

All notices and other communications under this Agreement shall be in writing (including communication by facsimile copy or other electronic
means) and shall be deemed to have been duly given when delivered in person, by facsimile or email transmission, by express or overnight mail delivered by a nationally recognized courier (delivery charges prepaid), or by registered or certified mail
(postage prepaid, return receipt requested) to the respective parties as follows: 

  
 39 

			
	To Bank:	  	Cross River Bank
		  	400 Kelby Street
		  	Fort Lee, New Jersey 07024
		  	Attention:    Gilles Gade, President
		  	Telephone: 
		  	Facsimile No.: 
		  	Email: 
		
	With a copy to:	  	Cross River Bank
		  	400 Kelby Street
		  	Fort Lee, New Jersey 07024
		  	Attention:    Arlen Gelbard, Esq., General Counsel
		  	Telephone: 
		  	Facsimile No.: 
		  	Email: 
		
	And	  	
		
		  	Cross River Bank
		  	400 Kelby Street
		  	Fort Lee, New Jersey 07024
		  	Attention:    Adam Goller, Executive Vice President
		  	Telephone: 
		  	Facsimile No.: 
		  	Email: 
		
	To UNI:	  	Upstart Network, Inc.
		  	Two Circle Star Way
		  	San Carlos, California 94070
		  	Attention: Dave Girouard, CEO
		  	Telephone: 
		  	Email: 
		
	With a copy to:	  	General Counsel
		  	Telephone: 
		  	Email: 

 Section 10.12.    Waiver;
Amendments.  
 The delay or failure of either party to enforce any of the provisions of this Agreement shall not be construed to
be a waiver of any right of that party. All waivers must be in writing and signed by both parties. Subject to Section 2.3(a) herein, alterations, modifications or amendments of a provision of this Agreement, including all
exhibits and schedules attached hereto, shall not be binding and shall be void unless such alteration, modification or amendment is in writing and signed by authorized representatives of UNI and Bank. 

  
 40 

Section 10.13.    Counterparts.  

This Agreement may be executed and delivered by the parties hereto in any number of counterparts, each of which shall be deemed an original
and all of which together shall constitute one and the same instrument. The parties agree that this Agreement and signature pages may be transmitted between them by electronic mail and that PDF signatures may constitute original signatures and that
a PDF signature page containing the signature (PDF or original) is binding upon the parties. 
 
Section 10.14.    Specific Performance.  
 Certain rights which are subject to this Agreement
are unique and are of such a nature as to be inherently difficult or impossible to value monetarily. In the event of a breach of Sections 10.4 or 10.5 this Agreement by either party, an action at law for damages or other remedies at law would
be inadequate to protect the unique rights and interests of the parties. Accordingly, the terms of this Agreement shall be enforceable in a court of equity by a decree of specific performance or injunction. Such remedies shall, however, be
cumulative and not be exclusive and shall be in addition to any other remedy which the parties may have. 
 
Section 10.15.    Further Assurances.  
 From time to time, each party will execute and deliver
to the other such additional documents and will provide such additional information as such other party may reasonably require to carry out the terms of this Agreement. 

Section 10.16.    Entire Agreement.  

This Agreement and its schedules and exhibits (all of which schedules and exhibits are hereby incorporated into this Agreement) and the
documents executed and delivered pursuant hereto, constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, and supersede any prior or contemporaneous negotiations or oral or written agreements
between the parties hereto with respect to the subject matter hereof or thereof, except where survival of prior written agreements is expressly provided for herein. 

Section 10.17.    Survival.  

The terms of Section 4.2(g), Section 4.3 (Intellectual Property), Article V (Loan
Origination and Compensation), Article VI (Expenses), Section 8.2 (Effect of Termination), Section 9.1 (UNI’s Representations and Warranties), Section 9.2
(Bank’s Representations and Warranties), and this Article X (Miscellaneous) shall survive the termination or expiration of this Agreement. 

Section 10.18.    Referrals.  

Neither party has agreed to pay any fee or commission to any agent, broker, finder or other person for or on account of such person’s
services rendered in connection with this Agreement that would give rise to any valid Claim against the other party for any commission, finder’s fee or like payment. 

  
 41 

Section 10.19.    Interpretation.  

The parties acknowledge that each party and its counsel have reviewed and revised this Agreement and that the normal rule of construction to
the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto, and the same shall be construed neither for nor against either party, but shall be
given a reasonable interpretation in accordance with the plain meaning of its terms and the intent of the parties. 
 
Section 10.20.    Headings.  
 Captions and headings in this Agreement are for convenience only,
and are not deemed part of this Agreement. 
 [Signature Page Follows] 

  
 42 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the Effective Date.

  

			
	CROSS RIVER BANK
		
	By:	 	 /s/ Gilles Gade

		 	Name: Gilles Gade
		 	Title:   CEO
		
	By:	 	 /s/ Arlen Gelbard

		 	Name: Arlen Gelbard
		 	Title:   General Counsel

  

			
	UPSTART NETWORK, INC.
		
	By:	 	 /s/ Dave Girouard

		 	Name: Dave Girouard
		 	Title:   CEO

  
 43 

 EXHIBIT A 

Fees and Eligible States 

Origination Assistance Fees 

The Origination Assistance Fee for each Loan shall be [***]. 

Eligible States 
 Loans
under the Program shall be made by Bank in the jurisdictions permitted under the Program Guidelines only. 

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 EXHIBIT B 

Credit Policy and Underwriting Procedures 

Loans under the Program shall be made by Bank in accordance with the Bank’s credit policy and underwriting procedures set forth in the
Program Guidelines. 

 EXHIBIT C 

Compliance Guidelines 

These Compliance Guidelines form a part of the Program Guidelines under the Third Amended and Restated Loan Program Agreement, dated as of
January 1, 2019 (the “Agreement”) between Cross River Bank, an FDIC-insured New Jersey state chartered bank (“Bank”) and Upstart Network, Inc. (“UNI”). Capitalized terms
used and not defined herein shall have the meanings given to those terms in the Agreement. 
 UNI and Bank each hereby agree that it, and
all of its permitted assigns under the Agreement, shall promptly adopt and maintain a Compliance Management System (“CMS”) satisfactory for (i) complying with the examination manual of each Governmental Authority, and
(ii) ensuring compliance with the terms of the Agreement, all Applicable Laws and the Program Guidelines, including policies and procedures for compliance with the following laws, regulations, and supervisory guidance, all as amended,
supplemented and/or interpreted in writing by Regulatory Authorities and all other Applicable Law: 
  

	 	1.	 Truth in Lending Act, 15 U.S.C. § 1601 et seq., and implementing regulations Regulation Z;

  

	 	2.	 Uniform Retail Credit Classification and Account Management Policy, 65 Fed. Reg. 36904 (FIL-40-2000, June 12, 2000); 

  

	 	3.	 Guidance for Managing Third-Party Risk
(FIL-44-2008, June 6, 2008); Fair Lending Laws, including: 

  

	 	a.	 Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq., and Regulation B; 

 

	 	b.	 Military Lending Act, 10 U.S.C. § 101 et seq.; and 

 

	 	c.	 Servicemembers Civil Relief Act (“SCRA”) 

 

	 	4.	 Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et seq., and implementing regulations
Regulation F; 

  

	 	5.	 Fair Credit Reporting Act and Fair Credit Billing Act; 

 

	 	6.	 Bank Secrecy Act (“BSA”) 31 U.S.C. § 5311 et seq. and Regulation X and
Anti-Money Laundering (“AML”) laws and regulations; 

  

	 	7.	 All applicable sections of the USA PATRIOT Act and implementing regulations related to Know-Your-Customer
(“KYC”) and Customer Identification Programs (“CIP”); 

  

	 	8.	 The Electronic Funds Transfer Act, 15 U.S.C. § 1693 et seq., and Regulation E;

  

	 	9.	 All applicable regulations, guidelines, and commentaries issued by the Board of Governors of the Federal
Reserve System and the Federal Financial Institutions Examination Council related to electronic funds transfer; 

  

	 	10.	 Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq., and Regulation P; 

 

	 	11.	 Telephone Consumer Protection Act and all rules and regulations applicable to the Do-Not-Call-Registry; 

  

	 	12.	 Federal Trade Commission Act and all state acts governing fair trade and trade practices, including Unfair,
Deceptive or Abusive Acts or Practices (“UDAAP”), 12 U.S.C. § 5536 et seq.; 

  

	 	13.	 Consumer Financial Information Privacy requirements set forth at 12 C.F.R. Part 332, the Interagency Guidelines
Establishing Information Security Standards found at Appendix B to 12 C.F.R. Part 364, and a safeguards policy, demonstrating the safeguarding of consumer data in transmission and storage consistent with 16 C.F.R. § 314 (“CAN-SPAM Rule”) and, as applicable, the Payment Card Industry Data Security Standard, as amended, including the rules and regulations thereunder; 

 

	 	14.	 To the extent applicable under the Program, the medical and personal information protection provisions of the
Health Insurance Portability & Accountability Act of 1996, the regulations promulgated thereunder, and the related privacy and security provisions of the Health Information Technology for Economic and Clinical Health Act of 2009, as
amended, including the rules and regulations thereunder; 

  

	 	15.	 Red flags policy, demonstrating fraud prevention (12 C.F.R. §§ 222 and 1022); and

  

	 	16.	 All state and local laws related to the matters addressed above. 

To the extent that UNI is not subject to such statutes, rules and regulations, but Bank is so subject, it shall be the responsibility of UNI
to maintain a CMS and provide such information and assistance as Bank shall need for Bank to meet its own compliance obligations. 

 In addition, each of Bank and UNI shall adopt and maintain a CMS, including the following
additional elements: 
  

	 	•	 	 Internal controls sufficient to implement the Program Guidelines and requirements of the Agreement and Applicable
Laws, including a formal complaint policy and handling procedures. 

  

	 	•	 	 An audit policy requiring internal monitoring and testing of its compliance and operations and external auditing
of its operations, including compliance with the Program Guidelines, no less frequently than required by the Agreement. 

  

	 	•	 	 A training policy and program that will apply to all personnel associated with the Program, including its
employees, affiliates, subsidiaries, and Third Party Service Providers. The training policy and program should train personnel on the substantive areas of law identified in these Guidelines, as well as other Applicable Laws related to the Program,
together with operational procedures associated with the Program. 

  

	 	•	 	 A third party risk management policy and program to oversee Third Party Service Providers associated with the
Program consistent with guidance from the Regulatory Authorities on Third Party Risk. The third party risk management policy and program should assess and monitor risk of all Third Party Service Providers on an ongoing basis, which shall be
reflected in the contracts with Third Party Service Providers. 

  

	 	•	 	 UNI shall oversee any UNI Third Party Service Providers involved with advertising, marketing, and direct consumer
communication, and UNI shall ensure that Bank has direct access to Advertising Materials. 

  

	 	•	 	 A designated compliance officer to oversee the CMS, implement the compliance program, coordinate internal and
external reporting, including malfunctions of the CMS, and serve as a compliance liaison between UNI and Bank. The designated compliance officer should report to its executive management or the board of directors, as applicable.

  

	 	•	 	 Formal procedures for corrective actions associated with breaches in the CMS or noncompliance with Applicable
Laws or the Program Guidelines, as well as reporting corrective actions. 

 Each of UNI and Bank shall require all
permitted assigns, including affiliates, subsidiaries, and Third Party Service Providers to implement a CMS consistent with UNI’s obligations, duties and responsibilities under the Agreement and UNI shall be responsible for the CMS of such
parties. 
 Each party shall take reasonable steps to keep the other party informed of any material issue with any of the elements of its
respective CMS and the remedial measures to be taken to address such issue. 
 These Compliance Guidelines supplement requirements of UNI
and Bank under the Agreement. They do not obviate or negate compliance by UNI or Bank with the terms of the Agreement. 

 Schedule 3.1(i)(A) 

Mo. Reporting Data Fields 
  

	
	 Data

	Delinquent – 30 Days Late - # of loans of book outstanding
	Delinquent – 30 Days Late - $ amount of loans outstanding
	Delinquent – 30 Days Late - % of loans ($ amount of loans 30 days late / current loan $ outstanding)
	Delinquent – 60 - 90 Days Late - # of loans of book outstanding
	Delinquent – 60 - 90 Days Late - $ amount of loans of book outstanding
	Delinquent – 60- 90 Days Late - % of loans ($ amount of loans 60 days late / current loan $outstanding)
	Delinquent – 90 Days Late or charged off - # of loans (since inception)
	Delinquent – 90 Days Late +or charged off - $ amount of loans (since inception
	Delinquent – 90 Days Late + & charged off - % of loans ($ amount of loans 90 Days Late + & charged off / total $ amount of loans originated )
	First Payment Default Data- # of loans with 1st payments due 2 months prior but defaulted
	First Payment Defaults- % ( of loans with 1st payments due 2 months prior but defaulted/loans with 1st payments due prior month )
	First Payment Defaults ($ amount of loans of loans with 1st payments 2 months prior but defaulted
	Historical First Month Default $ (total $ of CO at 1st payment / total loans originated since inception)
	Projected Loans (#) - 90 days
	Projected Loans ($) - 90 days
	Projected Loans (#) - 180 days
	Projected Loans ($) - 180 days
	Projected Loans (#) - 12 months
	Projected Loans ($) - 12 months
	
	Did Products Offering Change from last month? (3rd tab) Y or N
	Have all complaints from prior months report have either been resolved/closed? (2nd tab) Y or N
	
	% of Loan Applications Approved (mo.)
	
	*Please provide current performance reports with all applicable charts and data

  
  

 
  

 Schedule 3.1(i)(E) 

[***] 

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED LOAN PROGRAM AGREEMENT 

This Amendment No. 1 to the Third Amended and Restated Loan Program Agreement (this “Amendment”), is made and entered
into as of November 20, 2019 (“Effective Date”), by and between CROSS RIVER BANK, a New Jersey state chartered bank (“Bank”), and UPSTART NETWORK, INC., a Delaware corporation (“UNI”). Bank and
UNI may be referred to in this Agreement individually as a “Party” and collectively as the “Parties.” Capitalized terms used but not defined in this Amendment have the definitions ascribed to such terms in the Agreement (defined
below). 
  

	A.	 Pursuant to that certain Third Amended and Restated Loan Program Agreement dated as of January 1,
2019, by and between Bank and UNI (as amended, modified, or otherwise restated from time to time, the “Agreement”), UNI is providing Bank with certain loan origination assistance services. 

 

	B.	 The Parties now desire to amend the Agreement in one or more certain respects, as set forth in this
Amendment. 

 For and in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and
sufficiency of which are acknowledged hereby, the parties, intending to be legally bound, agree as follows: 
  

	1.	 Amendments to Agreement. 

 

	 	1.1.	 Section 9.1(n)(F) of the Agreement is amended and restated in its entirety to read as follows:

 “(F) umbrella liability with limits not less than Ten Million ($10,000,000.00) Dollars per occurrence and
aggregate;” 
  

	 	1.2.	 Exhibit A of the Agreement is amended and restated in its entirety to read as follows:

 “EXHIBIT A 

Fees and Eligible States 
 Origination
Assistance Fees 
 The Origination Assistance Fee for each Loan shall be equal to the sum of two separate origination-related fees that are collected by
Bank from the Borrower: (1) a “Platform Fee” and (2) a “Referral Services Fee.” 
 The Platform Fee for each loan shall be
equal to [***] of the original principal balance of each Loan, unless UNI and Bank have agreed to a lesser percentage in accordance with the Program Guidelines and as set forth in each Funding Statement, in which case the Platform Fee shall be equal
to such lesser percentage mutually agreed to by the parties. 
 The Referral Services Fee for each Loan, if any, shall be equal to [***]. 

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 Eligible States 

Loans under the Program shall be made by Bank in the jurisdictions permitted under the Program Guidelines only.” 

 

	2.	 Miscellaneous. 

 

	 	2.1.	 The Agreement, as amended herein, is ratified, approved and confirmed in each and every respect. In the event
of any conflict or inconsistency between the provisions of the Agreement and this Amendment, the provisions of this Amendment shall control and govern. 

  

	 	2.2.	 The Agreement, as amended herein, constitutes the entire agreement concerning the subject matter hereof and
supersedes any prior or contemporaneous representations or agreements (whether written or oral) concerning the subject matter hereof. 

  

	 	2.3.	 All references to the Agreement in any other document, instrument, agreement or other writing shall be deemed
to refer to the Agreement as amended by this Amendment. 

  

	 	2.4.	 Each party executing this Amendment represents that it has full authority and legal power to do so.

  

	 	2.5.	 This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of
Delaware, without regard to the conflict of laws principles thereof. 

  

	 	2.6.	 This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all
of which taken together shall constitute one single agreement between the parties. Delivery of an executed counterpart of this Amendment by electronic method of transmission is as effective as delivery of an original executed counterpart. An
executed counterpart of this Amendment delivered by electronic method shall be followed by delivery of an original copy of such executed counterpart, but the failure to do so shall not affect the validity, enforceability, and binding effect of this
Amendment. 

 [Signatures set forth on following page] 

 
 Amendment No. 1 to Third Amended and Restated Loan Program Agreement 

 The parties hereto have executed this Amendment as of the Effective Date set forth above. 

 

									
	CROSS RIVER BANK	 		 	UPSTART NETWORK, INC.
					
	By:	 	 /s/ Adam Goller
	 		 	By:	 	 /s/ Sanjay Datta

	Name:	 	 Adam Goller
	 		 	Name:	 	 Sanjay Datta

	Title:	 	 EVP
	 		 	Title:	 	 Chief Financial Officer

  
 Amendment No. 1 to Third Amended and Restated Loan
Program Agreement

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