Document:

EX-10.10

 Exhibit 10.10 

MEZZANINE LOAN AND SECURITY AGREEMENT 

THIS MEZZANINE LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of October 22, 2018 (the
“Effective Date”) among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation (“Upstart Holdings”), and UPSTART NETWORK, INC., a
Delaware corporation (“Upstart Network”, and together with Upstart Holdings, each a “Co-Borrower” and collectively, “Co-Borrowers”), provides the terms on which Bank shall lend to Co-Borrowers, and Co-Borrowers shall repay Bank. The parties
agree as follows: 
 1 ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such
terms are defined therein. 
 2 LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Co-Borrowers hereby unconditionally promise to pay Bank the outstanding principal amount of all Credit
Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Growth Capital Advance.

 (a) Availability. Subject to the terms and conditions of this Agreement, on the Effective Date, or as soon thereafter as all
conditions precedent to the making thereof have been satisfied, Bank shall make a growth capital advance to Co-Borrowers in the aggregate principal amount of Fifteen Million Dollars ($15,000,000) (the
“Growth Capital Advance”), a portion of which shall be used to refinance all Advances (as defined in the Senior Loan Agreement) owing from Co-Borrowers to Bank under the Senior Loan Agreement
as of the Effective Date. 
 (b) Repayment. The Growth Capital Advance shall be “interest-only” during the Interest-Only
Period, with interest due and payable in accordance with Section 2.3(e) hereof. If the Amortization Start Date occurs prior to the Growth Capital Maturity Date, then beginning on the Amortization Start Date and continuing on the first (1st) day
of each month thereafter, the Growth Capital Advance shall be payable in equal monthly installments of principal plus monthly payments of accrued and unpaid interest based on a thirty-six (36) month
straight line amortization schedule (each a “Growth Capital Advance Payment”). Co-Borrowers’ final Growth Capital Advance Payment, due on the Growth Capital Maturity Date, shall include
all outstanding principal and accrued and unpaid interest on the Growth Capital Advance, the Final Payment and all other outstanding Obligations with respect to the Growth Capital Advance. After repayment, the Growth Capital Advance may not be
reborrowed. 
 (c) Permitted Prepayment. Co-Borrowers shall have the option to make up to two (2) prepayments of the Growth
Capital Advance provided (i) any such prepayment is in a minimum amount of Five Million Dollars ($5,000,000), (ii) Co-Borrowers deliver written notice to Bank of their election to prepay such portion of the Growth Capital Advance at least five
(5) days prior to such prepayment, and (iii) Co-Borrowers pay, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the portion of the
Growth Capital Advance being prepaid, (B) the pro-rata portion of the Prepayment Fee, (C) the pro-rata portion of the Final Payment with respect to the
principal amount of the Growth Capital Advance being prepaid, and (D) all other sums, including Bank Expenses, if any, that shall have become due and payable with respect to the portion of the Growth Capital Advance being prepaid, including
interest at the Default Rate with respect to any past due amounts. 
 (d) Mandatory Prepayment Upon an Acceleration. If the Growth
Capital Advance is accelerated by Bank following the occurrence and during the continuance of an Event of Default, Co-Borrowers shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid
interest with respect to the Growth Capital Advance, (ii) the Prepayment Fee, (iii) the Final Payment, and (iv) all other sums, including Bank Expenses, if any, that shall have become due and payable with respect to the Growth Capital
Advance, including interest at the Default Rate with respect to any past due amounts. 

 2.2 Intentionally Omitted. 

2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the Growth Capital Advance shall accrue
interest at a floating per annum rate equal to the greater of (i) five and one-quarter of one percentage points (5.25%) above the Prime Rate, or (ii) ten percentage points (10.00%), which shall be
payable monthly. 
 (b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations
shall bear interest at a rate per annum which is three percent (3.00%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Co-Borrowers pursuant to the Loan
Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in
this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be
effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d) Intentionally Omitted.

 (e) Payment; Interest Computation. Unless otherwise specified, interest is payable monthly on the Payment Date of each month and
shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Pacific time on any day shall be deemed received
at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day
on which it is made, such day shall be included in computing interest on such Credit Extension. 
 2.4 Fees and Expenses.
Co-Borrowers shall pay to Bank: 
 (a) Commitment Fee. A fully earned, non-refundable
commitment fee of One Hundred Fifty Thousand Dollars ($150,000), payable to Bank on the Effective Date (the “Commitment Fee”); 

(b) Prepayment Fee. The Prepayment Fee, when due hereunder; provided that Bank shall waive the Prepayment Fee if Co-Borrowers refinance the Growth Capital Advance with another credit facility at Bank; 
 (c) Final
Payment. The Final Payment, when due hereunder; and 
 (d) Bank Expenses. All Bank Expenses (including reasonable attorneys’
fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, within ten (10) days after written demand by Bank). 

(e) Fees Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Co-Borrowers shall not be entitled
to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may
deduct amounts owing by Co-Borrowers under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c). Bank shall provide Co-Borrowers written notice of deductions made from the Designated Deposit Account pursuant to the terms
of the clauses of this Section 2.4. 

  
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 2.5 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Co-Borrowers under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) On and after the occurrence of an Event of Default that continues, Bank has the exclusive right to determine the order and manner in which
all payments with respect to the Obligations may be applied. On and after the occurrence of an Event of Default that continues, Co-Borrowers shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments
required to be made by Co-Borrowers to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. Prior to the occurrence of an Event of Default that continues, Co-Borrowers have the exclusive right to determine the order and manner in which all prepayments with respect to the Obligations may be applied. 

(c) Bank may debit any of Co-Borrowers’ deposit accounts, as long as it first debits the Designated Deposit Account, for principal and
interest payments or any other amounts Co-Borrowers owe Bank when due. These debits shall not constitute a set-off. With respect to amounts other than principal and interest payments, Bank shall endeavor to
promptly notify Co-Borrowers of any such debits to Co-Borrowers’ deposit accounts, but any failure to so notify Co-Borrowers
shall not be a breach by Bank hereunder. 
 2.6 Withholding. 

(a) Defined Terms.    For purposes of this Section 2.6, the term “applicable law” includes FATCA.

 (b) Payments Free of Taxes. Any and all payments by or on account of any obligation of
Co-Borrowers under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax
from any such payment, then Co-Borrowers (or the applicable withholding agent) shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Co-Borrowers shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.6(b)), Bank receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) Payment of Other Taxes by Co-Borrowers.
Co-Borrowers shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Bank timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification by Co-Borrowers. Co-Borrowers shall
indemnify Bank within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.6(d)) payable or paid by
Bank or required to be withheld or deducted from a payment to Bank and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to Co-Borrowers by Bank, shall be conclusive absent manifest error. 

  
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 (e) Evidence of Payments. As soon as practicable after any payment of Taxes by Co-Borrowers to a Governmental Authority pursuant to this Section 2.6, Co-Borrowers shall deliver to Bank the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Bank. 

(f) Status of Lenders. 

(i) Bank, and any other Person holding a beneficial interest in the right to make Credit Extensions, if entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document, shall deliver to Co-Borrowers, at the time or times reasonably requested by
Co-Borrowers, such properly completed and executed documentation reasonably requested by Co-Borrowers as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, Bank and any other Person holding a beneficial interest in the right to make Credit Extensions, if reasonably requested by Co-Borrowers, shall deliver such other
documentation prescribed by applicable law or reasonably requested by Co-Borrowers as will enable Co-Borrowers to determine whether or not Bank or such other Person 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
below in subparagraphs (ii)(A), (ii)(B) and (ii)(D) of this Section 2.6(f)) shall not be required if in the reasonable judgment of Bank or any other Person holding a beneficial interest in the right to make Credit Extensions such completion,
execution or submission would subject Bank or such other Person to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Bank or of such other Person. 

(ii) Without limiting the generality of the foregoing, 

(1) if requested by Co-Borrowers, Bank or any such other Person holding a beneficial interest in the
right to make Credit Extensions that is a US Person shall deliver to Co-Borrowers on or prior to the date on which such other Person acquires a beneficial interest in the right to make Credit Extensions (and
from time to time thereafter upon the reasonable request of Co-Borrowers), executed copies of IRS Form W-9 certifying that Bank or such other Person is exempt from U.S.
federal backup withholding tax; 
 (2) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Co-Borrowers (in such number of copies as shall be requested by Co-Borrowers) on or prior to the date on which such Foreign Lender acquires a beneficial interest in the right
to make Credit Extensions (and from time to time thereafter upon the reasonable request of Co-Borrowers), executed copies of the applicable IRS Form W-8, duly completed,
together with such supplementary documentation as may be prescribed by applicable law (or reasonably requested by Co-Borrowers, including a customary
“non-bank” certificate) to permit Co-Borrowers to determine the withholding or deduction required to be made; 

(3) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Co-Borrowers
(in such number of copies as shall be requested by the Recipient) on or prior to the date on which such Foreign Lender acquires a beneficial interest in the right to make Credit Extensions (and from time to time thereafter upon the reasonable
request of Co-Borrowers), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with
such supplementary documentation as may be prescribed by applicable law to permit Co-Borrowers to determine the withholding or deduction required to be made; and 

(4) if a payment made to Bank or any other Person holding a beneficial interest in the right to make Credit Extensions would be subject to
U.S. federal withholding Tax imposed by FATCA if Bank or such other Person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as
applicable), Bank or such other Person shall deliver to Co-Borrowers at the time or times prescribed by law and at such time or times reasonably requested by
Co-Borrowers such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by Co-Borrowers as may be necessary for Co-Borrowers to comply with its obligations under FATCA and to determine that Bank or such other Person has complied with the obligations
imposed by FATCA on Bank or such other Person or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the Effective Date. 

  
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 (5) Bank and any such other Person holding a beneficial interest in the right to make
Credit Extensions agree 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
Co-Borrowers in writing of its legal inability to do so. 
 (g) Refunds. If any party
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.6 (including by the payment of additional amounts pursuant to this
Section 2.6), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.6 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Survival. Each party’s obligations under this Section 2.6 shall survive the termination of this Agreement and the Loan
Documents. 
 3 CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to
the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed original signatures to the Loan Documents (including the Warrants); 

(b) a secretary’s certificate of each Co-Borrower with respect to such Co-Borrower’s Operating Documents, incumbency, specimen
signatures and resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents to which it is a party; 

(c) duly executed original signatures to the IP Agreements; 

(d) duly executed original signatures to the completed Borrowing Resolutions for each Co-Borrower; 

(e) a Loan Payment/Advance Request Form in the form attached hereto as Exhibit C; 

(f) a legal opinion (authority and enforceability) of Co-Borrowers’ counsel dated as of the
Effective Date together with the duly executed original signature thereto; 
 (g) a duly executed First Amendment to the Senior Loan
Agreement; 
 (h) payment of the fees and Bank Expenses then due as specified in Section 2.4 hereof. 

  
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 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to
make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 
 (a) timely receipt
of the Credit Extension request; 
 (b) the representations and warranties in this Agreement shall be true, accurate, and complete in all
material respects on the date of the proposed Credit Extension and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no
Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is each Co-Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain
true, accurate, and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and
provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c) Bank has received satisfactory evidence in its good faith judgment that it is the clear intention of
Co-Borrowers’ investors to not continue to fund Co-Borrowers in the amounts and timeframe to the extent necessary to enable
Co-Borrowers to satisfy the Obligations as they become due and payable and that there is not a material impairment in the perfection or priority of Bank’s security interest in the Collateral. 

3.3 Covenant to Deliver. Co-Borrowers agree to deliver to Bank each item required to be
delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Co-Borrowers expressly agree that a Credit Extension made prior to the receipt by Bank of any such item shall not
constitute a waiver by Bank of Co-Borrowers’ obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

4 CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Co-Borrowers hereby grant Bank, to secure the payment and performance in full of all of the
Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Each Co-Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank.
Regardless of the terms of any Bank Services Agreement, Co-Borrowers agree that any amounts Co-Borrowers owe Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Co-Borrowers and Bank to have all such Obligations
secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement).

 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost
and expense of Co-Borrowers, release its Liens in the Collateral and all rights therein shall revert to Co-Borrowers. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full,
and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein either (i) if the Senior Loan Documents are in full force and effect, immediately, or (ii) if the Senior Loan Documents are no longer in
full force and effect, upon Co-Borrowers providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Co-Borrowers shall provide
to Bank cash collateral (to the extent required pursuant to the immediately preceding sentence) in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if
such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in
connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. 

  
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 4.2 Priority of Security Interest. Co-Borrowers represent, warrant, and
covenant that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to
have superior priority to Bank’s Lien under this Agreement). If any Co-Borrower shall acquire a commercial tort claim with an amount at stake greater than Fifty Thousand Dollars ($50,000), such Co-Borrower shall promptly notify Bank in a
writing signed by Co-Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably
satisfactory to Bank. 
 4.3 Authorization to File Financing Statements. Each Co-Borrower hereby authorizes Bank to file
financing statements, without notice to such Co-Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder. 

5 REPRESENTATIONS AND WARRANTIES 

Each Co-Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Co-Borrower is duly existing and in good standing as a Registered
Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the
failure to do so could not reasonably be expected to have a material adverse effect on Co-Borrower’s business. In connection with the Senior Loan Agreement, Co-Borrower has delivered to Bank a completed certificate signed by Co-Borrower,
entitled “Perfection Certificate” (the “Perfection Certificate”). Co-Borrower represents and warrants to Bank that (a) Co-Borrower’s exact legal name is that indicated on the Perfection Certificate and on the
signature page hereof; (b) Co-Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Co-Borrower’s organizational
identification number or accurately states that Co-Borrower has none; (d) the Perfection Certificate accurately sets forth Co-Borrower’s place of business, or, if more than one, its chief executive office as well as Co-Borrower’s
mailing address (if different than its chief executive office); (e) except as set forth in the Perfection Certificate, Co-Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation,
organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Co-Borrower and each of its Subsidiaries is accurate and complete
(it being understood and agreed that Co-Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Co-Borrower is
not now a Registered Organization but later becomes one, Co-Borrower shall promptly notify Bank of such occurrence and provide Bank with Co-Borrower’s organizational identification number. 

The execution, delivery and performance by Co-Borrower of the Loan Documents to which it is a party
have been duly authorized, and do not (i) conflict with any of Co-Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material
Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Co-Borrower or any of its
Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals
which have already been obtained and are in full force and effect), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Co-Borrower is bound. Co-Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to
have a material adverse effect on Co-Borrower’s business. 
 5.2 Collateral.
Co-Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Co-Borrower has no Collateral Accounts at
or with any bank or financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection with the Senior Loan Agreement and which Co-Borrower has
taken such actions as are necessary to give Bank a perfected security interest therein, pursuant to the terms of Section 6.8(b). 

  
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 The Collateral (other than Offsite Collateral) is not in the possession of any third party
bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate or as permitted pursuant to Section 7.2. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection
Certificate or as permitted pursuant to Section 7.2. 
 All Inventory is in all material respects of good and marketable quality, free
from material defects. 
 Co-Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for
(a) licenses permitted hereunder, (b) over-the-counter software that is commercially available to the public, (c) material Intellectual Property licensed
to Co-Borrower and noted on the Perfection Certificate, and (d) open source software. Each Patent which it owns or purports to own and which is material to Co-Borrower’s business is valid and enforceable, and no part of the Intellectual
Property which Co-Borrower owns or purports to own and which is material to Co-Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Co-Borrower’s knowledge, no claim has been made that any part
of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Co-Borrower’s business. 

Except as noted on the Perfection Certificate or as otherwise disclosed in writing to Bank, Co-Borrower is not a party to, nor is it bound by,
any Restricted License. 
 5.3 Reserved. 

5.4 Litigation. Other than as disclosed in the Perfection Certificate or pursuant to Section 6.2 hereof, there are no
actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against Co-Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Three Hundred Fifty Thousand Dollars
($350,000). 
 5.5 Financial Statements; Financial Condition. All consolidated financial statements for Co-Borrower and any of
its Subsidiaries delivered to Bank fairly present in all material respects Co-Borrower’s consolidated financial condition and Co-Borrower’s consolidated results of operations. 

5.6 Solvency. The fair salable value of Co-Borrower’s consolidated assets (including goodwill minus disposition costs)
exceeds the fair value of Co-Borrower’s liabilities; Co-Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Co-Borrower is able to pay its debts (including trade debts) as they mature. 

5.7 Regulatory Compliance. Co-Borrower is not an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Co-Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of
Governors). Co-Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be expected to have a material adverse effect on its
business. None of Co-Borrower’s or any of its Subsidiaries’ properties or assets has been used by Co-Borrower or any Subsidiary or, to the best of Co-Borrower’s knowledge, by previous Persons, in disposing, producing, storing,
treating, or transporting any hazardous substance other than legally. Co-Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all
Governmental Authorities that are necessary to continue their respective businesses as currently conducted, except where the failure to do so could not reasonably be expected to have a material adverse effect on a
Co-Borrower’s business or operations or have an adverse effect on Co-Borrowers’ payment or performance of the Obligations. 

  
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 5.8 Subsidiaries; Investments. Co-Borrower does not own any stock,
partnership, or other ownership interest or other equity securities except for Permitted Investments. 
 5.9 Tax Returns and
Payments; Pension Contributions. Co-Borrower has timely filed, or has obtained extensions for filing (taking into account all applicable extension periods) all required tax returns and reports, and Co-Borrower has timely paid all foreign,
federal, state and local taxes, assessments, deposits and contributions owed by Co-Borrower except (a) to the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long
as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed
One Hundred Thousand Dollars ($100,000). 
 To the extent Co-Borrower defers payment of any
contested taxes, Co-Borrower shall (i) notify Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent
the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Co-Borrower is unaware of any claims or adjustments
proposed for any of Co-Borrower’s prior tax years which could result in additional taxes becoming due and payable by Co-Borrower in excess of One Hundred Thousand
Dollars ($100,000). Co-Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and
Co-Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could
reasonably be expected to result in any liability of Co-Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

5.10 Use of Proceeds. Co-Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its
general business requirements and not for personal, family, household or agricultural purposes. 
 5.11 Full Disclosure. No
written representation, warranty or other statement of Co-Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates
and written statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that
the projections and forecasts provided by Co-Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the
projected or forecasted results). 
 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a
representation or warranty is made to Co-Borrower’s knowledge or awareness, to the “best of” Co-Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable
investigation, of any Responsible Officer. 
 6 AFFIRMATIVE COVENANTS 

Co-Borrowers shall do all of the following unless Bank, in its sole discretion, otherwise provides its
prior written consent: 
 6.1 Government Compliance. 

(a) Maintain their and all of their Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and
maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on a Co-Borrower’s business or operations. Each Co-Borrower shall comply, and have each Subsidiary comply, in all material respects, with all material laws, ordinances and regulations to which it is subject. 

  
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 (b) Obtain all of the Governmental Approvals necessary for the performance by Co-Borrowers of their obligations under the Loan Documents to which they are a party and the grant of a security interest to Bank in the Collateral. To the extent not already provided to Bank, Co-Borrowers shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2 Financial Statements, Reports, Certificates. Provide Bank with the following: 

(a) Intentionally Omitted; 
 (b)
as soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Co-Borrowers’ consolidated
operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial Statements”); 

(c) within thirty (30) days after the last day of each month and together with the Monthly Financial Statements, a duly completed
Compliance Certificate signed by a Responsible Officer; 
 (d) within forty-five (45) days after the last day of each quarter, an
updated corporate structure chart reflecting Co-Borrowers’ Subsidiaries and Excluded Subsidiaries; 

(e) within sixty (60) days after the earlier of the end of the fiscal year of Co-Borrowers or
approval by Co-Borrowers’ Board of Directors, (i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Co-Borrowers, and (ii) annual financial projections for the following fiscal year (on a quarterly basis), in each case as approved by the Board of Directors, together with any related business forecasts used in
the preparation of such annual financial projections; 
 (f) as soon as available, and in any event within one hundred eighty
(180) days following the end of Co-Borrowers’ fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (other than with
respect to going concern qualification solely related to Co-Borrowers’ liquidity) on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank in its
reasonable discretion; 
 (g) in the event that a Co-Borrower becomes subject to the reporting
requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by such Co-Borrower and/or any Guarantor with the
SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof
(to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which such
Co-Borrower posts such documents, or provides a link thereto, on Co-Borrower’s website on the internet at such
Co-Borrower’s website address; provided, however, such Co-Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any
such documents; 
 (h) within five (5) days of delivery, copies of all statements, reports and notices made externally available to
each Co-Borrower’s security holders or to any holders of Subordinated Debt, in each case not in their roles as management or board member of any Co-Borrower; 

(i) prompt report of any legal actions pending or threatened in writing against a Co-Borrower or any
of its Subsidiaries that could result in damages or costs to such Co-Borrower or any of its Subsidiaries of, individually or in the aggregate, Three Hundred Fifty Thousand Dollars ($350,000) or more; 

(j) within one (1) Business Day of the occurrence of any “Subject Action” (as such term is defined in the GS Guaranty and the
DB Guaranty) or any claim that a Subject Action has occurred, a report and description of such Subject Action; 

  
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 (k) within one (1) Business Day of the occurrence of any Amortization Trigger or any
claim that an Amortization Trigger has occurred, a report and description of such Amortization Trigger; 
 (l) prompt written notice of any
changes to the beneficial ownership information set out in item 13 of the Perfection Certificate. Co-Borrowers understand and acknowledge that Bank relies on such true, accurate and up-to-date beneficial ownership information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity
customers; and 
 (m) promptly, from time to time, such other information regarding Co-Borrowers or
compliance with the terms of any Loan Documents as reasonably requested by Bank. 
 6.3 Intentionally Omitted. 

6.4 Remittance of Proceeds. Except as permitted under Section 7.1, deliver, in kind, all proceeds arising from the
disposition of any Collateral to Bank in the original form in which received by a Co-Borrower not later than the following Business Day after receipt by such
Co-Borrower, to be applied to the Obligations after the occurrence and during the continuance of an Event of Default, pursuant to the terms of Section 9.4 hereof. Each
Co-Borrower agrees that it will not commingle proceeds of Collateral with any of Co-Borrower’s other funds or property, but will hold such proceeds separate and
apart from such other funds and property and in an express trust for Bank in each case as required hereunder with respect to proceeds. Nothing in this Section 6.4 limits the restrictions on disposition of Collateral set forth elsewhere in this
Agreement. 
 6.5 Taxes; Pensions. Timely file, or obtain extensions for filing (taking into account all applicable extension
periods), and require each of its Subsidiaries to timely file, or obtain extensions for filing (taking into account all applicable extension periods), all required tax returns and reports and timely pay, or obtain extensions for payment (taking into
account all applicable extension periods), and require each of its Subsidiaries to timely pay, or obtain extensions for payment (taking into account all applicable extension periods), all foreign, federal, state and local taxes, assessments,
deposits and contributions owed by a Co-Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof or that fall below the
materiality threshold set forth in Section 5.9 hereof, and shall deliver to Bank, on reasonable demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred
compensation plans in accordance with their terms. 
 6.6 Access to Collateral; Books and Records. At reasonable times, on
five (5) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right to inspect the Collateral and the right to audit and copy each Co-Borrower’s Books. The foregoing inspections and audits shall be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such
inspections and audits shall occur as often as Bank shall determine is necessary. The foregoing inspections and audits shall be conducted at such Co-Borrower’s expense and the charge therefor shall be One
Thousand Dollars ($1,000) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable
out-of-pocket expenses. In the event a Co-Borrower and Bank schedule an audit more than fifteen (15) days in advance, and
such Co-Borrower cancels or seeks to or reschedules the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies) Co-Borrowers shall pay Bank a fee of Two Thousand Dollars ($2,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank
for the anticipated costs and expenses of the cancellation or rescheduling. 
 6.7 Insurance. 

(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in
Co-Borrowers’ industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Co-Borrowers, and in amounts that are satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have
endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. Bank acknowledges that insurance maintained
by Co-Borrowers as of the Effective Date is acceptable to Bank as of the Effective Date. 

  
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 (b) Ensure that proceeds payable under any property policy are, at Bank’s option,
payable to Bank on account of the Obligations. 
 (c) At Bank’s request, Co-Borrowers shall
deliver certified copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.7 shall agree, by endorsement upon the policy or policies issued by it or by independent
instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled. If Co-Borrowers fail to obtain
insurance as required under this Section 6.7 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.7,
and take any action under the policies Bank deems prudent. 
 6.8 Accounts. 

(a) Maintain their and all of their Subsidiaries’ (other than Excluded Subsidiaries’) operating and other deposit accounts and
securities/investment accounts with Bank and Bank’s Affiliates and shall conduct all of their investments and foreign exchange transactions at or through Bank. Co-Borrowers agree that they will cause each
of the Excluded Subsidiaries to maintain its operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates, but only to the extent Co-Borrowers determine that there is no
adverse impact to Co-Borrowers or such Excluded Subsidiary operationally or commercially to do so after consulting in good faith with Bank. Notwithstanding the foregoing,
Co-Borrowers shall be permitted to maintain (i) accounts at Cross River Bank (the “Cross River Accounts”), not subject to a Control Agreement, so long as such accounts at no time contain
Collateral, and (ii) conduit accounts at Wells Fargo Bank (the “Wells Fargo Accounts”), not subject to a Control Agreement, so long as the aggregate balance in all such accounts for five (5) or more Business Days does not
exceed Fifteen Million Dollars ($15,000,000 and (iii) FBO accounts in the name of Co-Borrower for the benefit of third party investors. 

(b) In addition to and without limiting the restrictions in (a), Co-Borrowers shall provide Bank five
(5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that
Co-Borrowers at any time maintain, Co-Borrowers shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is
maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may
not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) the Cross River Accounts, (ii) the Wells Fargo Accounts, or (iii) deposit accounts exclusively used for
payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Co-Borrowers’ employees and identified to Bank by Co-Borrowers as
such. 
 6.9 Intentionally Omitted. 

6.10 Protection and Registration of Intellectual Property Rights. 

(a) Each Co-Borrower shall (i) protect, defend and maintain the validity and enforceability of
its Intellectual Property material to Borrower’s business; (ii) promptly advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual
Property material to Borrower’s business; and (iii) not allow any Intellectual Property material to a Co-Borrower’s business to be abandoned, forfeited or dedicated to the public without
Bank’s written consent. 
 (b) If a Co-Borrower (i) obtains any Patent, registered
Trademark, registered Copyright, registered mask work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark, then such Co-Borrower shall, within the later of (A) fifteen (15) days from the date of such application or (B) on the next Compliance Certificate delivered in 

  
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accordance with the terms of Section 6.2 hereof, provide written notice thereof to Bank and shall execute such intellectual property security agreements and other documents and take such
other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Bank in such property. If a Co-Borrower decides to
register any Copyrights or mask works in the United States Copyright Office, such Co-Borrower shall: (x) provide Bank with at least fifteen (15) days prior written notice of such Co-Borrower’s intent to register such Copyrights or mask works together with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an
intellectual property security agreement and such other documents and take such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Bank in the
Copyrights or mask works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the Copyright or mask
work application(s) with the United States Copyright Office. Each Co-Borrower shall promptly provide to Bank copies of all applications that it files for Patents or for the registration of Trademarks,
Copyrights or mask works, together with evidence of the recording of the intellectual property security agreement required for Bank to perfect and maintain a first priority perfected security interest in such property. 

6.11 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to
Bank, during normal business hours as long as no Event of Default has occurred and is continuing, without expense to Bank, Co-Borrowers and their officers, employees and agents and each Co-Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral
or relating to a Co-Borrower. 
 6.12 Online Banking. 

(a) Utilize Bank’s online banking platform for all matters requested by Bank which shall include, without limitation (and without request
by Bank for the following matters), uploading information pertaining to Accounts and Account Debtors, requesting approval for exceptions, requesting Credit Extensions, and uploading financial statements and other reports required to be delivered by
this Agreement (including, without limitation, those described in Section 6.2 of this Agreement). 
 (b) Comply with the terms of
Bank’s Online Banking Agreement as in effect from time to time and ensure that all persons utilizing Bank’s online banking platform are duly authorized to do so by an Administrator. Bank shall be entitled to assume the authenticity,
accuracy and completeness on any information, instruction or request for a Credit Extension submitted via Bank’s online banking platform and to further assume that any submissions or requests made via Bank’s online banking platform have
been duly authorized by an Administrator. 
 6.13 Formation or Acquisition of Subsidiaries. Notwithstanding and without
limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that a Co-Borrower or any Guarantor form any direct or indirect Subsidiary or acquire any direct or indirect Subsidiary
after the Effective Date, such Co-Borrower and such Guarantor shall (a) cause such new Subsidiary that is a Domestic Subsidiary to provide to Bank a joinder to this Agreement to cause such Subsidiary that
is a Domestic Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank in its reasonable discretion (including being sufficient to
grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary that is a Domestic Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging
all of the direct or beneficial ownership interest in such new Subsidiary (or, in the case of a Foreign Subsidiary, sixty-five percent (65%) of the equity interests in such Subsidiary), in form and substance satisfactory to Bank in its reasonable
discretion, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any
document, agreement, or instrument executed or issued pursuant to this Section 6.13 shall be a Loan Document. 
 6.14 Cash
and Property held by Excluded Subsidiaries. While third-party financing obligations of the Excluded Subsidiaries remain outstanding, cash and/or Cash Equivalents in excess of Ten Thousand Dollars ($10,000) in the aggregate held for any period of
more than one (1) calendar month that is available for distribution 

  
 13 

 
to Co-Borrowers after giving effect to contractual limitations set forth in the applicable Excluded Subsidiaries’ third-party financing agreement,
shall be promptly distributed to Co-Borrowers and deposited into Co-Borrowers’ deposit accounts held with Bank or Bank’s Affiliates. After repayment and
termination of third-party financing obligations of any particular Excluded Subsidiary, any cash and other assets of such Excluded Subsidiary shall be promptly distributed to Co-Borrowers and deposited into Co-Borrowers’ deposit accounts held with Bank or Bank’s Affiliates. 
 6.15
Intentionally Omitted. 
 6.16 Further Assurances. Execute any further instruments and take further action as Bank
reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 
 7
NEGATIVE COVENANTS 
 Co-Borrowers shall not do any of the following without Bank’s
prior written consent: 
 7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively,
“Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of
worn-out or obsolete Equipment that is, in the reasonable judgment of Co-Borrower, no longer economically practicable to maintain or useful in the ordinary course of
business of Co-Borrower; (c) consisting of Permitted Liens, Permitted Indebtedness and Permitted Investments; (d) consisting of the sale or issuance of any stock of
Co-Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Co-Borrower’s use or transfer of money or Cash Equivalents in a manner that
is not prohibited by the terms of this Agreement or the other Loan Documents; (f) of non-exclusive licenses for the use of the property of a Co-Borrower or its
Subsidiaries in the ordinary course of business; (g) of surplus Equipment in the ordinary course of business not otherwise permitted by this Section 7.1 in an amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the
aggregate in any fiscal year; (h) of loans originated on Co-Borrowers’ platform and sold to third parties (other than Excluded Subsidiaries) in the ordinary course of business for fair market value
(which may or may not reflect a discount to par value); (i) of loans originated on Co-Borrowers’ platform and transferred to Excluded Subsidiaries in the ordinary course of business, such transferred
loans to be financed through a combination of (1) third-party financing which constitutes Permitted Indebtedness hereunder, (2) Permitted Investments made by Co-Borrowers in such Excluded
Subsidiaries and/or (3) direct equity investments by Persons commonly known as “backers” or “investors” for the sole purpose of financing such loans; and (j) dispositions of Permitted Receivables Financing Assets
pursuant to Permitted Receivables Financings, in each case so long as the consideration for any such disposition is (i) in the form of cash or Retained Interests, (ii) in an amount at least equal to fair market value thereof (which may or
may not reflect a discount to par value), (iii) the Retained Interest and all proceeds thereof shall constitute Collateral and all necessary steps to perfect a security interest in such Retained Interest for the benefit of Bank are taken by Co-Borrowers or the Subsidiary and (iv) no Default or Event of Default shall have occurred and be continuing at the time such disposition is made, (k) so long as no Default or Event of Default has occurred
or would result therefrom, a sale of Receivables by a Co-Borrower to any Person who is not an Affiliate from time to time pursuant to the terms of any whole loan sale program entered into between such Co-Borrower and such Person providing for the sale of specific Receivables by the Co-Borrower to such Person in the ordinary course of the
Co-Borrower’s business; provided, in each case, that One Hundred Percent (100%) of Co-Borrowers’ revenue received from such sales shall be paid promptly
following such sale by depositing such revenues in the Designated Deposit Account, and (l) other Transfers in the ordinary course of business not otherwise permitted by this Section 7.1 not to exceed One Hundred Thousand Dollars ($100,000)
in the aggregate in any fiscal year. 
 7.2 Changes in Business, Management, Control, or Business Locations. (a) Engage
in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Co-Borrowers and such Subsidiary, as applicable, or reasonably related thereto;
(b) liquidate or dissolve; (c) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed by a Co-Borrower within five (5) days after his or her departure from
such Co-Borrower; or (d) permit or suffer any Change in Control. 
 No Co-Borrower shall, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain
less than 

  
 14 

 
Two Hundred Fifty Thousand Dollars ($250,000) in such Co-Borrower’s assets or property) or deliver any portion of the Collateral valued, individually
or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization,
(3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If a Co-Borrower
intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000) to a landlord or bailee, and Bank and such landlord/bailee are not already parties to a
landlord/bailee agreement governing both the Collateral and the location to which such Co-Borrower intends to deliver the Collateral, then such Co-Borrower will use
commercially reasonable efforts to have such landlord/bailee execute and deliver a landlord/bailee agreement in form and substance reasonably satisfactory to Bank. 

7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other
Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the formation of any Subsidiary) except for Permitted Acquisitions. A
Subsidiary may merge or consolidate into another Subsidiary or into a Co-Borrower. 
 7.4
Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 

7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive
income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest granted herein, or enter into any agreement,
document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting any Co-Borrower or any Subsidiary (other than
Excluded Subsidiaries to the extent required by the third-party financing for loans transferred by Co-Borrowers to such Excluded Subsidiaries in accordance with Section 7.1) from assigning, mortgaging,
pledging, granting a security interest in or upon, or encumbering any of a Co-Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the
definition of “Permitted Liens” herein. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account
except pursuant to the terms of Section 6.8(b) hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or
make any distribution or payment or redeem, retire or purchase any capital stock provided that Co-Borrowers may (i) convert any of their convertible securities into other securities pursuant to the terms
of such convertible securities or otherwise in exchange thereof, (ii) pay dividends solely in common stock; and (iii) repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of
Default does not exist at the time of any such repurchase and would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed One Hundred Thousand Dollars ($100,000) per fiscal
year; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any
Affiliate of a Co-Borrower, except for (a) transactions that are in the ordinary course of a Co-Borrower’s business, upon fair and reasonable terms that are no
less favorable to such Co-Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, (b) executive compensation arrangements
approved by Co-Borrowers’ board of directors, (c) Subordinated Debt and bona-fide equity investments that do not constitute a Change in Control hereunder, (d) intercompany distribution and
intercompany debt arrangements that constitute Permitted Investments, and (e) Permitted Receivables Financings. 
 7.9
Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt (other than conversions into equity), except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is
subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination
thereof to Obligations owed to Bank. 

  
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 7.10 Compliance. Become an “investment company” or a company
controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction, as defined in
ERISA, from occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on a Co-Borrower’s business; or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on a Co-Borrower’s
business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension,
profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of a Co-Borrower, including any liability to the Pension Benefit Guaranty Corporation or its
successors or any other governmental agency. 
 8 EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. A Co-Borrower fails to (a) make any payment of principal or
interest on any Credit Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the
Growth Capital Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 

(a) A Co-Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7,
6.8, 6.10, 6.12, 6.13, 6.14, or 6.16 or violates any covenant in Section 7; or 
 (b) A
Co-Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those
specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default
cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by such Co-Borrower be cured within such ten (10) day period, and such default is likely to be cured
within a reasonable time, then such Co-Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time
period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this Section 8 shall not apply, among other things, to financial
covenants or any other covenants set forth in clause (a) above; 
 8.3 Investor Abandonment. If Bank determines in
its good faith judgment that it is the clear intention of Co-Borrowers’ investors to not continue to fund Co-Borrowers in the amounts and timeframe to the extent
necessary to enable Co-Borrowers to satisfy the Obligations as they become due and payable, or there is a material impairment in the perfection or priority of Bank’s security interest in the Collateral;

 8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of a
Co-Borrower or of any entity under the control of a Co-Borrower (including a Subsidiary) in excess of Two Hundred Fifty Thousand Dollars ($250,000), or (ii) a
notice of lien or levy is filed against any of a Co-Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after the
occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

  
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 (b) (i) any material portion of a Co-Borrower’s
assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents a Co-Borrower from conducting all or any material part of
its business; 
 8.5 Insolvency. (a) A Co-Borrower or any of its Subsidiaries
fails to be solvent as described under Section 5.6 hereof; (b) a Co-Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against a Co-Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until
any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any agreement to which a Co-Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any
Indebtedness in an amount individually or in the aggregate in excess of Five Hundred Thousand Dollars ($500,000); or (b) a default under any agreement which either generates revenues for Co-Borrowers
and/or any Guarantor, individually or in the aggregate, in excess of Five Hundred Thousand Dollars ($500,000) or pursuant to which Co-Borrowers and/or any Guarantor pays fees in an amount, individually or in
the aggregate, in excess of Five Hundred Thousand Dollars ($500,000), or (c) the occurrence of, or claim of the occurrence of, any “Subject Action”, “Event of Default” (as such terms are defined in the GS Guaranty and/or the
DB Guaranty) or any other violation or breach under the GS Guaranty and/or the DB Guaranty which “Subject Action”, “Event of Default”, violation or breach does or could result in the administrative agent thereunder (or any
“Lender” as defined in the GS Guaranty and/or the DB Guaranty) demanding payment of any obligations guaranteed by Upstart Holdings pursuant thereto; provided, however, that the Event of Default under this subsection 8.6(c) shall be cured
or waived for purposes of this Agreement upon Bank receiving written notice from the party asserting such “Subject Action”, “Event of Default”, violation or breach under the GS Guaranty and/or the DB Guaranty of such party’s
cure or waiver thereof or other confirmation reasonably satisfactory to Bank, if at the time of such cure or waiver by such party (x) Bank has not declared an Event of Default under this Agreement and/or exercised any rights with respect
thereto (it being acknowledged and agreed to by Bank that it shall not declare any such Event of Default until the earlier of (A) ten (10) Business Days after the occurrence of such “Subject Action”, “Event of Default”,
violation or breach under the GS Guaranty and/or the DB Guaranty or (B) the date on which a demand for payment under the GS Guaranty and/or the DB Guaranty is received by Co-Borrowers); (y) any such cure
or waiver does not result in an Event of Default under any other provision of this Agreement or any Loan Document; and (z) in connection with any such cure or waiver under the GS Guaranty and/or the DB Guaranty, the terms of any agreement
between Co-Borrowers and such third party are not modified or amended in any manner which could in the good faith business judgment of Bank be materially less advantageous to
Co-Borrowers; 
 8.7 Judgments; Penalties. One or more fines, penalties or final
judgments, orders or decrees for the payment of money in an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000) (not covered by independent third-party insurance as to which liability has not been rejected
by such insurance carrier) shall be rendered against a Co-Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged,
satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment,
discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 
 8.8 Misrepresentations. A Co-Borrower or any Person acting for a Co-Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing
delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked
or invalidated or otherwise cease to be in full force and effect, any Person shall be in material breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or
the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor agreement; or 

  
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 8.10 Governmental Approvals. Any Governmental Approval material to
Borrower’s business shall have been (a) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a
hearing with respect to any applications for renewal of any of such Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation,
rescission, suspension, modification or non-renewal (i) causes, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of a Co-Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or
non-renewal could reasonably be expected to affect the status of or legal qualifications of a Co-Borrower or any of its Subsidiaries to hold any Governmental Approval in
any other jurisdiction 
 8.11 Senior Loan Agreement Default. An “Event of Default” (as such term is defined in the
Senior Loan Agreement) occurs and is continuing under the Senior Loan Agreement; provided, however, an Event of Default arising solely as a result of Co-Borrowers’ failure to comply with the requirements
set forth in Section 6.9 of the Senior Loan Agreement shall not be considered an Event of Default hereunder. 
 9 BANK’S
RIGHTS AND REMEDIES 
 9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default,
Bank may, without notice or demand, do any or all of the following: 
 (a) declare all Obligations immediately due and payable (but if an
Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b)
stop advancing money or extending credit for Co-Borrowers’ benefit under this Agreement or under any other agreement between Co-Borrowers and Bank; 

(c) demand that Co-Borrowers (i) deposit cash with Bank in an amount equal to at least
(A) one hundred five percent (105.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (B) one hundred ten percent (110.0%) of the Dollar Equivalent of the
aggregate face amount of all Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business
judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Co-Borrowers shall forthwith
deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d) terminate any FX Contracts; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing a Co-Borrower money of Bank’s security interest in such funds.
Such Co-Borrower shall collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the Account Debtor, with proper endorsements for
deposit; 
 (f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security
interest in the Collateral. Co-Borrowers shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain
possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Each Co-Borrower
grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies; 

  
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 (g) apply to the Obligations any (i) balances and deposits of a Co-Borrower it holds, or (ii) amount held by Bank owing to or for the credit or the account of a Co-Borrower; 

(h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby
granted a non-exclusive, royalty-free license or other right to use, without charge, each Co-Borrower’s labels, Patents, Copyrights, mask works, rights of use of
any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s
exercise of its rights under this Section 9.1, each Co-Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other
directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and
receive possession of each Co-Borrower’s Books; 
 (k) require
Co-Borrowers to (i) within one (1) Business Day cease allocating new loans to be transferred to Excluded Subsidiaries (for purposes of clarification, loans already allocated to be transferred to the
Excluded Subsidiaries at the time of such request by Bank may still be transferred, but no new loans may be allocated to the Excluded Subsidiaries), and (ii) cause each Excluded Subsidiary to immediately distribute to Co-Borrowers all cash and assets not otherwise contractually required to be paid to third-party financers of such Excluded Subsidiary’s loans to its borrowers; and 

(l) exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the
Code (including disposal of the Collateral pursuant to the terms thereof). 
 Bank’s right of payment, lien priority and ability to
exercise rights and remedies, in each case under this Agreement, shall be subordinate to its right of payment, lien priority and ability to exercise rights and remedies, in each case under the Senior Loan Agreement. Notwithstanding the foregoing, so
long as there is no “Event of Default” (as defined in the Senior Loan Agreement) continuing under the Senior Loan Agreement, Co-Borrowers shall be permitted to make, and Bank shall be permitted to
receive and apply, scheduled payments (whether on account of principal, interest, fees, expenses or otherwise) to Bank as provided in this Agreement. 

9.2 Power of Attorney. Each Co-Borrower hereby irrevocably appoints Bank as their lawful
attorney-in-fact, exercisable following the occurrence and during the continuation of an Event of Default, to: (a) endorse
Co-Borrower’s name on any checks, payment instruments, or other forms of payment or security; (b) sign Co-Borrower’s name on any invoice or bill of lading
for any Account or drafts against Account Debtors; (c) demand, collect, sue, and give releases to any Account Debtor for monies due, settle and adjust disputes and claims about the Accounts directly with Account Debtors, and compromise,
prosecute, or defend any action, claim, case, or proceeding about any Collateral (including filing a claim or voting a claim in any bankruptcy case in Bank’s or Co-Borrower’s name, as Bank chooses);
(d) make, settle, and adjust all claims under Co-Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, or other claim in or to the Collateral, or
any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Each Co-Borrower
hereby appoints Bank as its lawful attorney-in-fact to sign Co-Borrower’s name on any documents necessary to perfect or
continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and the Loan Documents have been terminated. Bank’s foregoing
appointment as each Co-Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and the
Loan Documents have been terminated. 
 9.3 Protective Payments. If a Co-Borrower
fails to obtain the insurance called for by Section 6.7 or fails to pay any premium thereon or fails to pay any other amount which such Co-Borrower is obligated to pay under this Agreement or any other
Loan Document or which may be required to preserve the Collateral, Bank may obtain 

  
 19 

 
such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations,
and secured by the Collateral. Bank will make reasonable efforts to provide Co-Borrowers with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No
payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 
 9.4
Application of Payments and Proceeds. If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Co-Borrowers’
account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Co-Borrowers by
credit to the Designated Deposit Account or to other Persons legally entitled thereto; Co-Borrowers shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred
payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the
Obligations until the actual receipt by Bank of cash therefor. 
 9.5 Bank’s Liability for Collateral. So long as Bank
complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or
damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Co-Borrowers bear all risk of loss,
damage or destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to
require strict performance by Co-Borrowers of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and
compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under
this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising
any other remedy under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 9.7 Demand Waiver. Each Co-Borrower waives demand, notice of default or dishonor,
notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which such Co-Borrower is liable. 
 9.8 Co-Borrower Liability.
Any Co-Borrower may, acting singly, request Credit Extensions hereunder. Each Co-Borrower hereby appoints each other as agent for the other for all purposes hereunder,
including with respect to requesting Credit Extensions hereunder. Each Co-Borrower hereunder shall be jointly and severally obligated to repay all Credit Extensions made hereunder, regardless of which Co-Borrower actually receives said Credit Extension, as if each Co-Borrower hereunder directly received all Credit Extensions. Each
Co-Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, including, without limitation, the benefit of California Civil Code Section 2815 permitting
revocation as to future transactions and the benefit of California Civil Code Sections 1432, 2809, 2810, 2819, 2839, 2845, 2847, 2848, 2849, 2850, and 2899 and 3433, and (b) any right to require Bank to: (i) proceed against any Co-Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Bank may exercise or not exercise any right or remedy it has against any Co-Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any
Co-Borrower’s liability. Notwithstanding any other provision of this Agreement or other related document, each Co-Borrower irrevocably waives all rights that it may
have at law or in equity (including, without limitation, any law subrogating a Co-Borrower to the rights of Bank under this Agreement) to seek contribution, indemnification or any other form of reimbursement
from any other Co-Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by a Co-Borrower with
respect to the Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any 

  
 20 

 
payment made by a Co-Borrower with respect to the Obligations in connection with this Agreement or otherwise. Any agreement providing for indemnification,
reimbursement or any other arrangement prohibited under this Section 9.8 shall be null and void. If any payment is made to a Co-Borrower in contravention of this Section 9.8, such Co-Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 

10 NOTICES 
 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent
to the address, facsimile number, or email address indicated below. Bank or any Co-Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice
thereof in accordance with the terms of this Section 10. 
 If to
Co-Borrowers:     UPSTART HOLDINGS, INC. 
 UPSTART NETWORK, INC. 

2 Circle Star Way 
 San Carlos,
CA 94070 
 Attn: General Counsel 

Email: *** 
 Website URL:
www.upstart.com 
 If to
Bank:                   SILICON VALLEY BANK 

505 Howard Street, 3rd Floor 

San Francisco, CA 94105 
 Attn:
Lane Bruno 
 Email: *** 

11 CHOICE OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE 

Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard to principles of
conflicts of law. Co-Borrowers and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be
deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Each
Co-Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and each Co-Borrower hereby waives any
objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Each Co-Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered
or certified mail addressed to such Co-Borrower at the address set forth in, or subsequently provided by such Co-Borrower in accordance with, Section 10 of this
Agreement and that service so made shall be deemed completed upon the earlier to occur of such Co-Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage
prepaid. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH CO-BORROWER AND BANK EACH
WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A
MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

  
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 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE
RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a
private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to
comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such court. The
reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant provisional
relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records relating thereto
shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa
Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be
entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders
applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall
report a statement of decision thereon pursuant to California Code of Civil Procedure Section 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or
obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

This Section 11 shall survive the termination of this Agreement. 

12 GENERAL PROVISIONS 

12.1 Termination Prior to Maturity Date; Survival. All covenants, representations and warranties made in this Agreement shall
continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Co-Borrowers have satisfied the Obligations (other than inchoate indemnity
obligations, and any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with and to the extent required by
Section 4.1 of this Agreement), this Agreement may be terminated prior to the Growth Capital Maturity Date by Co-Borrowers, effective three (3) Business Days after written notice of termination is
given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. 

12.2 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party.
No Co-Borrower may assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right,
without the consent of or notice to Co-Borrowers, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under
this Agreement and the other Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). Notwithstanding the foregoing, prior to the occurrence of an Event of Default that is
continuing, Bank shall not assign any interest in the Loan Documents to an operating company which is a known direct competitor of Co-Borrowers or a vulture or distressed debt fund (as determined by Bank).

 12.3 Indemnification. Co-Borrowers agree to indemnify, defend and hold Bank and its
directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively,
“Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan 

  
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Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or
arising from transactions between Bank and Co-Borrowers (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross
negligence or willful misconduct. 
 This Section 12.3 shall survive until all statutes of limitation with respect to the Claims,
losses, and expenses for which indemnity is given shall have run. 
 12.4 Time of Essence. Time is of the essence for the
performance of all Obligations in this Agreement. 
 12.5 Severability of Provisions. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any provision. 
 12.6 Correction of Loan Documents.
Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties so long as Bank provides Co-Borrowers with written notice of such correction and allows Co-Borrowers at least ten (10) days to object to such correction. In the event of such objection, such correction shall not be made except by an amendment signed by both Bank and
Co-Borrowers. 
 12.7 Amendments in Writing; Waiver; Integration. No purported
amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party
against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an
amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar
or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.8 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 
 12.9
Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or
Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best
efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in
connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a
confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank,
or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank does not know that the third party is
prohibited from disclosing the information. 
 Bank Entities may use anonymous forms of confidential information for aggregate datasets, for
analyses or reporting, and for any other uses not expressly prohibited in writing by Co-Borrowers. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

  
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 12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding
between Co-Borrowers and Bank arising out of or relating to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in
addition to any other relief to which it may be entitled. 
 12.11 Electronic Execution of Documents. The words
“execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act. 
 12.12 Right of Setoff. Each Co-Borrower
hereby grants to Bank a Lien and a right of setoff as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Bank or any entity under the control of Bank (including a subsidiary of Bank) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank
may set off the same or any part thereof and apply the same to any liability or Obligation of any Co-Borrower even though unmatured and regardless of the adequacy of any other collateral securing the
Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY
OF ANY CO-BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 12.13
Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement. 

12.14 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the
preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.15 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

 12.16 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits,
rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express
party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

12.17 Intentionally Omitted. 

13 DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is
permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in
this Agreement, the following capitalized terms have the following meanings: 
 “Account” is, as to any Person, any
“account” of such Person as “account” is defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such Person. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may
hereafter be made. 

  
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 “Administrator” is an individual that is named: 

(a) as an “Administrator” in the “SVB Online Services” form completed by
Co-Borrowers with the authority to determine who will be authorized to use SVB Online Services (as defined in Bank’s Online Banking Agreement as in effect from time to time) on behalf of a Co-Borrower; and 
 (b) as an Authorized Signer of a Co-Borrower
in an approval by the Board of Directors. 
 “Affiliate” is, with respect to any Person, each other Person that owns or
controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited
liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Amortization Start Date” means the date that is thirty (30) days after the date on which any Amortization Trigger
occurs; provided, however if Co-Borrowers deliver evidence, satisfactory to Bank in its good faith business judgment, confirming that Co-Borrowers have cured the
applicable Amortization Trigger within thirty (30) days after the occurrence thereof (the “Cure Period”), the Interest-Only Period shall automatically, with no further action required by the parties hereto resume until the
occurrence (if any) of another Amortization Trigger which shall then also be subject to the Cure Period set forth herein. 

“Amortization Trigger” means the occurrence of an “Accelerated Amortization Event” as defined in that certain
Revolving Credit and Security Agreement dated as of November 15, 2015 by and among Upstart Loan Trust, and the lenders and the administrative agent party thereto (as amended, restated, supplemented or otherwise modified from time to time with
the prior written consent of the Bank, the “Goldman Credit Agreement”). 
 “Authorized Signer” is any
individual listed in a Co-Borrower’s Borrowing Resolution who is authorized to execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of such Co-Borrower. 
 “Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all reasonable audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees
and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Co-Borrowers or any Guarantor. Upon request by Co-Borrowers and, provided, that no Event of Default has occurred and is continuing, Bank will endeavor to provide an invoice or
notice to Co-Borrowers in respect of such Bank Expenses, provided that Bank shall not have any liability for failure to do so. 

“Bank Services” are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to
a Co-Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct
deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto (each, a
“Bank Services Agreement”). 
 “Bank Services Agreement” is defined in the definition of Bank Services. 

“Board of Directors” means the board of directors of each Co-Borrower as appropriate
in each case. 
 “Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s
board of directors (and, if required under the terms of such Person’s Operating Documents, stockholders) and 

  
 25 

 
delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its secretary on
behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that set forth as a part of or attached as an exhibit to such
certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s)
of the Person(s) authorized to execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that
Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

“Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent
(95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” means (a) at any time, any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act), shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of forty-nine percent (49%) or more of the ordinary voting power for the election of directors of Upstart Holdings (determined on a fully diluted basis) other
than by the sale of Upstart Holdings’ equity securities in a public offering or to venture capital or private equity investors so long as Co-Borrowers identify to Bank the venture capital or private
equity investors at least seven (7) Business Days prior to the closing of the transaction and provide to Bank a description of the material terms of the transaction; (b) except for a change in the members of the board or other equivalent
body of a Co-Borrower resulting from the sale of a Co-Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as
such Co-Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Bank a description of the
material terms of the transaction, during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of Upstart Holdings ceases to be composed of individuals
(i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred
to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; (c) Upstart Network ceases to be a wholly-owned Subsidiary of Upstart Holdings;
or (d) at any time, a Co-Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100%) of each class of outstanding capital stock of each
subsidiary of such Co-Borrower (unless such Subsidiary is dissolved, merged, consolidated or liquidated into a Co-Borrower or a Guarantor) free and clear of all Liens
(except Liens created by this Agreement). 
 “Claims” is defined in Section 12.3. 

“Co-Borrowers” is defined in the preamble hereof. 

“Co-Borrowers’ Books” are all of a
Co-Borrower’s books and records including ledgers, federal and state tax returns, records regarding such Co-Borrower’s assets or liabilities, the Collateral,
business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such

  
 26 

 
term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of,
or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted
and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Co-Borrowers described
on Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account which
constitute Collateral or in which any Collateral is maintained. 
 “Commodity Account” is any “commodity account”
as defined in the Code with such additions to such term as may hereafter be made. 
 “Compliance Certificate” is
(a) until the termination of the Senior Loan Agreement, the “Compliance Certificate” as defined in the Senior Loan Agreement and (b) upon termination of the Senior Loan Agreement and thereafter, that certain certificate in the
form attached hereto as Exhibit B. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability,
contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does
not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum
reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which a Co-Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which a Co-Borrower maintains a Securities Account or a Commodity Account,
such Co-Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like protections in each
work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is the Growth Capital Advance, any Letter of Credit, FX Contract, amount utilized for cash management
services or any other extension of credit by Bank for Co-Borrowers’ benefit. 
 “DB
Guaranty” means that certain Limited Guaranty and Indemnity Agreement dated as of May 23, 2018 by Upstart Holdings in favor of Deutsche Bank AG, New York Branch, as administrative agent on behalf of the Lenders (as defined therein), as
amended from time to time. 
 “Default Rate” is defined in Section 2.3(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Designated Deposit Account” is the multicurrency account, denominated in Dollars, account number xxxx-xxx-7652 maintained by a Co-Borrower with Bank. 

  
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 “Dollars,” “dollars” or use of the sign “$”
means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic Subsidiary” means a Subsidiary
organized under the laws of the United States or any state or territory thereof or the District of Columbia. 
 “Effective
Date” is defined in the preamble hereof. 
 “Equipment” is all “equipment” as defined in the Code
with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Excluded Subsidiary” is a Subsidiary of either Co-Borrower (or another Person formed
for the purposes of engaging in a Permitted Receivables Financing in which either Co-Borrower or any of its Subsidiaries makes an Investment and to which such
Co-Borrower or any of its Subsidiaries transfers Permitted Receivables Financing Assets) that engages in no material activities other than in connection with Permitted Receivables Financings, and any business
or activities incidental or related to such business, and which is designated by such Co-Borrower (as provided below) as an Excluded Subsidiary and (a) no portion of the Indebtedness (contingent or
otherwise) of which (i) is guaranteed by either Co-Borrower, other than another Excluded Subsidiary or pursuant to Standard Securitization Undertakings, or (ii) is recourse to or obligates either Co-Borrower or any of its Subsidiaries, other than another Excluded Subsidiary, in any way other than pursuant to Standard Securitization Undertakings, and (b) to which none of either Co-Borrower or any of their Subsidiaries, other than another Excluded Subsidiary, has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of
operating results. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to Recipient or required
to be withheld or deducted from a payment to Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of Recipient being organized
under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding
Taxes imposed on amounts payable to or for the account of Recipient with respect to an applicable interest in a Credit Extension pursuant to a law in effect on the date on which (i) Recipient acquires such interest in a Credit Extension or
(ii) Recipient changes its lending office, except in each case to the extent that, pursuant to Section 2.6, amounts with respect to such Taxes were payable either to such Recipient’s assignor immediately before such Recipient became a
party hereto or to such Recipient immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.6(f), and (d) any U.S. federal withholding Taxes imposed under FATCA.

 “Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of interest (and
principal, if applicable)) due on the earliest to occur of (i) the Growth Capital Maturity Date, (ii) the acceleration of the Growth Capital Advance, or (iii) the prepayment of the Growth Capital Advance (or any portion thereof)
pursuant to and in accordance with the terms set forth in Section 2.1.1(c) or 2.1.1(d), in an amount equal to the original aggregate principal amount of the Growth Capital Advance multiplied by the Final Payment Percentage. 

  
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 “Final Payment Percentage” is five percent (5.0%). 

“Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of
Co-Borrowers which shall be a Business Day. 
 “FX Contract” is any foreign
exchange contract by and between a Co-Borrower and Bank under which such Co-Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a
specified date. 
 “GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant
segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 
 “General
Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income
and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise),
insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 

“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate,
accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Growth Capital Advance” defined in Section 2.1.1(a) of this Agreement. 

“Growth Capital Maturity Date” is October 1, 2021. 

“GS Guaranty” means that certain Limited Guaranty and Indemnity Agreement dated as of November 20, 2015 by Upstart
Holdings in favor of Goldman Sachs Bank USA, as administrative agent on behalf of the Lenders (as defined therein), as amended from time to time. 

“Guarantor” is any Person providing a Guaranty in favor of Bank. 

“Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated,
modified or otherwise supplemented. 
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of
property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent
Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

  
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 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of Co-Borrowers under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Interest-Only Period” means the period of time from the Effective Date through the Amortization Start Date. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to
such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily
out of a Co-Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “IP Agreements” are those certain Intellectual Property
Security Agreements executed and delivered by each Co-Borrower to Bank dated as of the Effective Date, as may be amended, modified or restated from time to time. 

“Key Person” is Co-Borrower’s (i) Chief Executive Officer, who is Dave
Girouard as of the Effective Date and (ii) Head of Product, who is Paul Gu as of the Effective Date. 
 “Letter of
Credit” is a standby or commercial letter of credit issued by Bank upon request of a Co-Borrower based upon an application, guarantee, indemnity, or similar agreement. 

“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether
voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Liquidity” is, at any time, the
sum of (a) the aggregate amount of unrestricted cash and Cash Equivalents held at such time by Co-Borrowers in Collateral Accounts maintained with Bank or its Affiliates in which Bank has a perfected
first priority Lien. 

  
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 “Loan Documents” are, collectively, this Agreement and any schedules,
exhibits, certificates, notices, and any other documents related to this Agreement, the Warrants, the IP Agreements, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by a Co-Borrower or any Guarantor, and any other present or future agreement by a Co-Borrower and/or any Guarantor with or for the benefit of Bank, all as amended, restated, or
otherwise modified, but specifically excluding the Senior Loan Documents. 
 “Material Adverse Change” is (a) a
material impairment in the perfection or priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Co-Borrowers; or (c) a material impairment of the prospect of repayment of any portion of the Obligations. 

“Monthly Financial Statements” is defined in Section 6.2(b). 

“Obligations” are Co-Borrowers’ obligations to pay when due any debts,
principal, interest, fees, Bank Expenses, the Commitment Fee, the Final Payment, the Prepayment Fee and other amounts Co-Borrowers owe Bank now or later, whether under this Agreement, the other Loan Documents
(other than the Warrant or any other equity interest in a Co-Borrower), or otherwise, including, without limitation, all obligations relating to Bank Services and interest accruing after Insolvency Proceedings
begin and debts, liabilities, or obligations of Co-Borrowers assigned to Bank, and to perform Co-Borrowers’ duties under the Loan Documents (other than the Warrant
or any other equity interest in a Co-Borrower). Notwithstanding anything in this Agreement, the term “Obligations” shall not include any obligations of
Co-Borrowers under the Senior Loan Documents. 
 “Offsite Collateral” means
laptops, mobile phones and other similar portable equipment in the possession of employees in the ordinary course of business. 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified by the Secretary of State (or
equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such
Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments
or modifications thereto. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a
present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Credit Extension or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 
 “Patents” means all patents, patent applications and
like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment Date” is the first (1st) calendar day of each month. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Acquisition” means any acquisition by Co-Borrowers (whether by merger,
equity purchase, or otherwise) of all or substantially all of the assets of, the equity interests of, or a business line or unit or division of, any Person (the “Target”), consisting of a single transaction or a series of related
transactions (an “Acquisition”), provided that: (i) Target is a company or companies organized under the laws of the United States or any state or territory thereof or the District of Columbia; (ii) Target is engaged in a
similar line of business as Co-Borrowers 

  
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both prior to and after giving effect to such Acquisition; (iii) [reserved]; (iv) such Acquisition is non-hostile in nature and has been approved by
Target’s board of directors; (v) no Indebtedness, other than Permitted Indebtedness, shall be assumed or incurred by Co-Borrowers in connection with such Acquisition; (vi) no Event of Default
has occurred and is continuing or would exist after giving effect to such Acquisition; (vii) the total consideration for all such Acquisitions, including cash and the value of any non-cash consideration,
does not in the aggregate exceed Five Million Dollars ($5,000,000) during the term of this Agreement; (ix) Co-Borrowers have provided Bank with pro forma financial projections for the twelve
(12) month period following such Acquisition demonstrating compliance with this Agreement and the covenants contained herein during such period; (x) the Liquidity of Co-Borrowers immediately
following such Acquisition shall be no less than an amount equal to the then-outstanding Obligations; (xi) Co-Borrowers are the surviving legal entity/entities; and (xii) if the Target is not merged
with and into a Co-Borrower then, within thirty (30) days after such Acquisition, the Target must become a “Co-Borrower” under this Agreement and the
other Loan Documents and become subject to all rights and obligations of this Agreement and the other Loan Documents, and must execute and deliver to Bank an assumption agreement acceptable to Bank as well as such other documents and agreements as
required by Bank in connection with the target becoming a Co-Borrower and granting a lien in favor of Bank on the Collateral. 

“Permitted Indebtedness” is: 

(a) Co-Borrowers’ Indebtedness to Bank under this Agreement, the other Loan Documents and the
Senior Loan Documents; 
 (b) Indebtedness existing on the Effective Date which is shown on the Perfection Certificate; 

(c) Subordinated Debt; 
 (d)
unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing
negotiable instruments received in the ordinary course of business; 
 (f) Indebtedness in an aggregate principal amount not to exceed Two
Hundred Fifty Thousand Dollars ($250,000) secured by Permitted Liens; 
 (g) [reserved]; 

(h) earnouts incurred in connection with Permitted Acquisitions so long as (i) the total consideration for such Permitted Acquisitions,
including such earnouts, does not exceed the limitations set forth in in the definition of Permitted Acquisitions, and (ii) such earnouts are subject to subordination agreements in form and substance satisfactory to Bank; 

(i) Indebtedness of Excluded Subsidiaries to third-party financial institutions for the financing of loans originated on Co-Borrowers’ platform and transferred to such Excluded Subsidiaries in accordance with Section 7.1; 

(j) Indebtedness incurred pursuant to Standard Securitization Undertakings as of the Effective Date; 

(k) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (h) above,
provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon a Co-Borrower or its Subsidiary, as the case may be; and 

(l) obligations incurred by an Excluded Subsidiary in a Permitted Receivables Financing that is not recourse to either Co-Borrower or any Subsidiary (other than an Excluded Subsidiary). 

  
 32 

 “Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown on the Perfection Certificate;

 (b) Investments consisting of Cash Equivalents; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of a Co-Borrower; 
 (d) Investments consisting of deposit accounts in which Bank has a
perfected security interest; 
 (e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments consisting of the creation of a Subsidiary for the purpose of consummating a merger transaction permitted by Section 7.3
of this Agreement, which is otherwise a Permitted Investment; 
 (g) Investments consisting of (i) travel advances and employee
relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of a Co-Borrower
or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by the Board of Directors; 
 (h) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of
business; 
 (i) Investments in (i) the beneficial interests in Excluded Subsidiaries (including all certificates representing such
interests), (ii) loans originated through the Co-Borrowers’ platform in the ordinary course of business, (iii) capital contributions in the Excluded Subsidiaries not exceeding an amount equal to
(1) the aggregate principal amount of loans originated on Co-Borrowers’ platform and transferred to the Excluded Subsidiaries by Co-Borrowers in accordance
with Section 7.1, minus (2) the aggregate loan proceeds received by the Excluded Subsidiaries from the third-party financing of such transferred loans, and (iv) other capital contributions in the Excluded Subsidiaries not to exceed
One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year; 
 (j) Investments consisting of notes receivable of, or
prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (k) shall not apply to Investments of
Co-Borrowers in any Subsidiary; 
 (k) Investments in an Excluded Subsidiary or any Investment by an
Excluded Subsidiary in any other Person in connection with a Permitted Receivables Financing; and 
 (l) Permitted Acquisitions. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date which are shown on the Perfection Certificate or arising under this Agreement, the other Loan
Documents or the Senior Loan Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not
due and payable or (ii) being contested in good faith and for which a Co-Borrower maintains adequate reserves on such Co-Borrower’s Books, provided that no
notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder; 

  
 33 

 (c) purchase money Liens (i) on Equipment acquired or held by a Co-Borrower incurred for financing the acquisition of the Equipment securing no more than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate amount outstanding, or (ii) existing on Equipment when
acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment; 
 (d) Liens of carriers,
warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Two Hundred Fifty Thousand
Dollars ($250,000) and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property
subject thereto; 
 (e) Liens to secure payment of workers’ compensation, employment insurance,
old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f) Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in (a) through (c), but any
extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(g) leases or subleases of real property granted in the ordinary course of a Co-Borrower’s
business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual
Property) granted in the ordinary course of a Co-Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and
sublicenses do not prohibit granting Bank a security interest therein; 
 (h) non-exclusive licenses
of Intellectual Property granted to third parties in the ordinary course of business; 
 (i) Liens arising from attachments or judgments,
orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7; 
 (j) Liens in the assets of Excluded
Subsidiaries granted by such Excluded Subsidiaries to third-party financial institutions in connection with the financing of loans originated on Co-Borrowers’ platform and transferred to such Excluded
Subsidiaries in accordance with Section 7.1 and Liens on Permitted Receivables Financing Assets securing any Permitted Receivables Financing; and 

(k) Liens in favor of other financial institutions arising in connection with Co-Borrowers’
deposit and/or securities accounts held at such institutions as permitted by Section 6.8(a) hereof, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts to the extent required
hereunder. 
 “Permitted Receivables Financing” is any transaction or series of transactions that may be entered into by
any Co-Borrower or any Subsidiary thereof pursuant to which any Co-Borrower or Subsidiary may sell, convey or otherwise transfer to (a) an Excluded Subsidiary (in
the case of a transfer by either Co-Borrower or Subsidiary) or (b) any Special Purpose Vehicle (in the case of a transfer by an Excluded Subsidiary), or an Excluded Subsidiary may grant a security
interest in, any Permitted Receivables Financing Assets provided, that, the terms of which (including financing terms, covenants, termination events and other provisions) (i) have been negotiated at arm’s length and (ii) are, in the
good faith determination of either Co-Borrower, which determination shall be conclusive, in the aggregate economically fair and reasonable to such Co-Borrower. 

“Permitted Receivables Financing Assets” are (a) Receivables which are described as being transferred by a Co-Borrower or Subsidiary pursuant to a Permitted Receivables Financing, (b) all Receivables Related Assets in respect of Receivables described in clause (a), and (c) all collections (including recoveries)
and other proceeds of the assets described in the foregoing clauses. 

  
 34 

 “Person” is any individual, sole proprietorship, partnership, limited
liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prepayment Fee” means a fee due upon prepayment (whether voluntary or otherwise) of the Growth Capital Advance in an amount
equal to (i) one and one-half of one percent (1.50%) of the original principal amount of the Growth Capital Advance if such prepayment occurs on or at any time prior to the first anniversary of the
Effective Date, or (ii) one percent (1.00%) of the original principal amount of the Growth Capital Advance if such prepayment occurs at any time after the first anniversary of the Effective Date but on or at any time prior to the second
anniversary of the Effective Date, or (iii) one half of one percent (0.50%) of the original principal amount of the Growth Capital Advance if such prepayment occurs at any time after the second anniversary of the Effective Date but prior to the
Growth Capital Maturity Date. 
 “Prime Rate” is the rate of interest per annum from time to time published in the money
rates section of The Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of
this Agreement; and provided further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean
the rate of interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with
extensions of credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Receivables” are all rights of the Co-Borrowers or any Subsidiaries (other than an
Excluded Subsidiary) to payments (whether constituting accounts, chattel paper, instruments, general intangibles or otherwise, and including the right to payment of any interest or finance charges), which rights are identified in the accounting
records of the Co-Borrower or such Subsidiary as accounts receivable. 
 “Receivables
Related Assets” are (a) any rights arising under the documentation governing or relating to Receivables (including rights in respect of Liens securing such Receivables and other credit support in respect of such Receivables); (b) any
proceeds of such Receivables and any lockboxes or accounts in which such proceeds are deposited; (c) spread accounts and other similar accounts (and any amounts on deposit therein) established in connection with a Permitted Receivables
Financing; (d) any warranty, indemnity, dilution and other intercompany claim arising out of a Permitted Receivables Financing; and (e) other assets which are customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions involving accounts receivable. 
 “Recipient”
means Bank or any other Person holding a beneficial interest in the right to make Credit Extensions. 
 “Registered
Organization” is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or
common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Controller
of a Co-Borrower. 
 “Restricted License” is any material license or other similar
agreement relating to the use of intellectual property with respect to which a Co-Borrower is the licensee (a) that prohibit or otherwise restricts such Co-Borrower
from granting a security interest in such Co-Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination of could interfere with
Bank’s right to sell any Collateral, but “Restricted License” shall not include (i) over the counter software and services, open source code, application programming interfaces and/or other Intellectual Property made commercially
available under shrinkwrap or clickwrap licenses, online terms of service or use, or similar agreements. 

  
 35 

 “Retained Interest” is the debt or equity interests held by a Co-Borrower or any Subsidiary (other than an Excluded Subsidiary) in an Excluded Subsidiary to which Permitted Receivables Financing Assets have been transferred, including any such debt or equity received as
consideration for or as a portion of the purchase price for the Permitted Receivables Financing Assets transferred, or any other instrument through which a Co-Borrower or such Subsidiary has rights to or
receives distributions in respect of any residual or excess interest in the Permitted Receivables Financing Assets. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 “Securities Account” is any “securities account” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Senior Loan Agreement” means that certain Amended and Restated Loan and Security
Agreement by and between Co-Borrowers and Bank dated as of September 5, 2018 (as the same may from time to time be amended, modified, supplemented or restated). 

“Senior Loan Documents” means the Loan Documents, as such term is defined in the Senior Loan Agreement. 

“Special Purpose Vehicle” is a trust, partnership or other special purpose Person established by a Co- Borrower and/or any of its Subsidiaries to implement a Permitted Receivables Financing. 

“Standard Securitization Undertakings” are representations, warranties, covenants and indemnities (including repurchase
obligations in the event of a breach of representation and warranty) made or provided, and limited recourse guarantees (including, without limitation, by way of example only, the GS Guaranty and the DB Guaranty), performance guarantees and servicing
obligations undertaken, by any Co-Borrower or any Subsidiary in connection with a Permitted Receivables Financing of a character appropriate for the assets being securitized and which, in the good faith
judgment of the board of directors of the appropriate company are reasonably customary in an accounts receivable transaction and which have been negotiated at arm’s length with an unaffiliated third party. 

“Subordinated Debt” is indebtedness incurred by a Co-Borrower subordinated to all of
such Co-Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and
the other creditor), on terms acceptable to Bank in its reasonable business discretion. 
 “Subsidiary” is, as to any
Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly
through one or more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of a Co-Borrower or Guarantor.
Notwithstanding anything to the contrary herein, “Subsidiary” shall not include any Excluded Subsidiary. 
 “Tax”
and “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. 
 “Trademarks” means any trademark and servicemark rights, whether
registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of a Co-Borrower connected with and symbolized by such trademarks. 

  
 36 

 “Transfer” is defined in Section 7.1. 

“Upstart Holdings” is defined in the preamble hereof. 

“Upstart Network” is defined in the preamble hereof. 

“Warrants” are (i) that certain Warrant to Purchase Common Stock dated as of the date hereof executed by Upstart
Holdings in favor of Bank, and (ii) that certain Warrant to Purchase Common Stock dated as of the date hereof executed by Upstart Holdings in favor of WESTRIVER MEZZANINE LOANS – LOAN POOL V, LLC. 

“Wells Fargo Accounts” is defined in Section 6.8(a). 

[Balance of Page Intentionally Left Blank] 

  
 37 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	 CO-BORROWERS:

 
 UPSTART HOLDINGS, INC.

		
	 By 
	 	 /s/ Sanjay Datta

		
	 Name:
	 	 Sanjay Datta

		
	 Title: 
	 	 CFO

	
	 UPSTART NETWORK, INC.

		
	 By
	 	 /s/ Sanjay Datta

		
	Name:	 	 Sanjay Datta

		
	Title:	 	 CFO

	
	 BANK:
  

SILICON VALLEY BANK 

		
	 By
	 	 /s/ Lane Bruno

		
	 Name:
	 	 Lane Bruno

		
	 Title:
	 	 Director

 [Signature Page to Mezzanine Loan and Security Agreement] 

 EXHIBIT A—COLLATERAL DESCRIPTION 

The Collateral consists of all of Co-Borrowers’ right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles, Intellectual Property, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates of
deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and 
 all of each Co-Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any
of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include: 

1. All Trust Assets (as such is defined herein). All funding agreements, loan agreements, promissory notes, and other agreements and
instruments evidencing, or relating to, loans made to, advances made to, financing provided to, or funds provided to persons (including, without limitation, persons known as “upstarts”) by or on behalf of Co-Borrowers, or by a third party
and acquired by Co-Borrowers, all amounts owing from such persons, all rights to be paid by such persons, all other rights, benefits and property attributable to the foregoing, all proceeds of the foregoing and all deposit accounts in which monies
or cash proceeds of the foregoing are deposited or held, including without limitation all promissory notes, accounts, general intangibles, payment intangibles, chattel paper, deposit accounts, investment property and proceeds that constitute any of
the foregoing as such terms are defined in the UCC and all files, books and records, related to any of the foregoing; provided however, that the Collateral shall include all of the foregoing property with respect to any such loan (a) which has
not been sold by Co-Borrowers within two (2) Business Days following the date of such loan is acquired by Co-Borrowers, or (b) which has been repurchased by Co-Borrowers after sale of such loan; 

2. All agreements with persons (including, without limitation, persons commonly known as “backers” or “investors”) who
have provided funds to Co-Borrowers directly or indirectly (including, without limitation, through the purchase of securities) for the purpose of making loans or advances to, or providing financing or funding to, persons described in clause (1), all
funds or other property received or receivable by Co-Borrowers from any person described in this clause (including, without limitation, all such funds or property that are provided to or deposited with third parties for the purpose of making loans
or advances to, or providing financing or funding to, persons described in clause (1), or purchasing any such advance, loan, financing, or funding), all amounts owing from such persons described in this clause, all rights to be paid by such persons,
all funds or other property held on behalf or for the benefit of such persons or otherwise due or owing to such persons, and all proceeds of the foregoing. 

3. the Cross River Accounts and the Wells Fargo Accounts that Co-Borrowers are permitted to maintain under the terms of the Agreement; 

4. All loans described in clause (1) above that are sold by Upstart Network, Inc. in compliance with the terms of the Agreement, except
for any such loans (a) which have not been sold by Co-Borrowers within two (2) Business Days following the date of such loan is acquired by Co-Borrowers, or (b) which have been repurchased by Co-Borrowers after sale thereof; and 

5. All beneficial interests of Co-Borrowers in Excluded Subsidiaries (including all certificates representing such interests). 

 6. Permitted Receivables Financing Assets sold, conveyed or otherwise transferred to an
Excluded Subsidiary or other Person; 
 7. Capital Stock in captive insurance Subsidiaries, not-for-profit Subsidiaries, Designated Entities, and any other special purpose entities in connection with Permitted Receivables Financing. 

Notwithstanding anything to the contrary contained herein, the Collateral SHALL include all of Co-Borrowers’ right, title and interest in
and to all servicing fees and similar fees in respect of the loans originated on Co-Borrowers’ platform or otherwise acquired by Co-Borrowers (whether or not such loans have been sold or repurchased), and all rights to receive proceeds of loans
sold to Excluded Subsidiaries after the obligations owed by the Excluded Subsidiaries to the applicable third-party financial institutions providing debt financing for such loans have been repaid. 

As used herein “Trust Assets” means all funding agreements, loan agreements, promissory notes, and other agreements and instruments delivered to the
Excluded Subsidiaries from time to time subject to the terms of the Mezzanine Loan and Security Agreement among Co-Borrowers and Bank (as amended) (“Funding Agreements”), all amounts owing under Funding Agreements, all rights to be paid
under Funding Agreements, all collections and other funds received in respect of Funding Agreements, the documentation and other records relating to Funding Agreements, all other rights, benefits and property attributable to the foregoing, all
deposit accounts in which monies or cash proceeds of the foregoing are deposited or held, and all proceeds of the foregoing; provided that the term “Trust Assets” shall not include any of the foregoing property which has been repurchased
by Co-Borrowers after sale of the applicable loan. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

			
	 TO:       SILICON VALLEY BANK
	  	Date:                                   
                     
	 FROM: UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC.
	  	

 The undersigned authorized officers of UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC.
certify solely in their capacities as officers of the company and not in their individual capacities, that under the terms and conditions of the Mezzanine Loan and Security Agreement between Co-Borrowers and
Bank (the “Agreement”): (1) Co-Borrowers are in complete compliance for the period ending _______________ with all required covenants except as noted below, (2) there are no Events of Default,
(3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate
and complete in all material respects as of such date, (4) Co-Borrowers, and each of their Subsidiaries, has timely filed all required tax returns and reports, and
Co-Borrowers have timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Co-Borrowers except as otherwise permitted
pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Co-Borrowers or any of their Subsidiaries, if any, relating to unpaid employee payroll
or benefits of which Co-Borrowers have not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared
in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Co-Borrowers are not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Agreement. 
  

					
	 Please indicate compliance status by circling Yes/No under “Complies”
column.
  

	Reporting Covenants	  	Required	  	Complies
	 	  	 	  	 
	Monthly consolidated financial statements with Compliance Certificate	  	
Monthly within 30 days
	  	Yes     No
	 Updated structure chart
	  	
Quarterly within 45 days
	  	Yes     No
	Annual financial statements (CPA Audited)	  	
FYE within 180 days
	  	Yes     No
	 10-Q, 10-K and 8-K
	  	
Within 5 days after filing with SEC
	  	Yes     No
	 Board-approved projections
	  	Within 60 days of the earlier of (i) FYE or (ii) approval by the Board of Directors	  	Yes     No
	 
	 	 	 
	The following Intellectual Property was registered after the Effective Date (if no registrations, state “None”)	  		  	
	
                          
                                         
     

                          
                                  

                          
          
	  		  	

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

  
 Exhibit B - 1 

									
	 UPSTART HOLDINGS, INC. 
	 		 	 BANK USE ONLY 

					
		 		 		 	Received by:	 	 
	 By:
	 	 	 		 		 	 AUTHORIZED SIGNER 

	 Name:
	 	 	 		 	 Date:
	 	 
	 Title:
	 	 	 		 	 Verified:
	 	 
		 		 		 		 	 AUTHORIZED SIGNER

	 UPSTART NETWORK, INC. 
	 		 	 Date:
	 	 
					
		 		 		 	Compliance Status:	 	 Yes    No

	 By:
	 	 	 		 		 	
	 Name:
	 	 	 		 		 	
	 Title:
	 	 	 		 		 	

  
 Exhibit B - 2 

 EXHIBIT C 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME 
  

			
	Fax
To:                                        
                	  	Date:                                     
                   

  

	
	LOAN PAYMENT:
	UPSTART HOLDINGS, INC. on behalf of all Co-Borrowers
	 
	From Account #________________________________    To Account
#__________________________________________
	 (Deposit
Account
#)                                         
                                (Loan Account #)

	 
	Principal $____________________________________    and/or Interest
$________________________________________
	 
	Authorized
Signature:                                      
                   Phone
Number:                                    
	
Print Name/Title:
                                         
  
  

  

	
	LOAN ADVANCE:
	 
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an
outgoing wire.
	From Account #________________________________    To Account
#__________________________________________
	 
	 (Loan
Account
#)                                         
                                    (Deposit Account #)

	 
	Amount of Growth Capital Advance $15,000,000
	 
	All Co-Borrowers’ representations and warranties in the Mezzanine Loan and
Security Agreement are true, correct and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:
	 
	Authorized
Signature:                                      
                   Phone
Number:                                    
	
Print Name/Title:
                                         
  
  

  

	
	OUTGOING WIRE REQUEST:
	Complete only if all or a portion of funds from the loan advance above is to be wired.
	Deadline for same day processing is noon, Pacific Time
	 
	Beneficiary Name: _____________________________    Amount of Wire:
$_____________________________
	Beneficiary Bank: ______________________________    Account
Number:_____________________________
	City and State: ______________________________
	 
	Beneficiary Bank Transit (ABA) #:
                                        
Beneficiary Bank Code (Swift, Sort, Chip, etc.):                        
	
                      
                          (For International Wire Only)

	 
	Intermediary Bank:
                                         
                          Transit (ABA)
#:                                        
                        
	For Further Credit to:
                                         
                                         
                                         
                                 
	 
	Special
Instruction:                                       
                                         
                                         
                                   
	 
	 By signing below, I (we)
acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received
and executed by me (us).
  

	Authorized Signature:
___________________________    2nd Signature (if required): _______________________________
	Print Name/Title: ______________________________    Print Name/Title:
______________________________________
	
Telephone #:
                                         
                                         
                  Telephone #: _____________________________
  

 

  
 Exhibit C - 1 

 

 
 CORPORATE BORROWING CERTIFICATE 

 

			
	CO-BORROWER A: UPSTART HOLDINGS, INC.	 	Date: October 22, 2018
	BANK:    SILICON VALLEY BANK	 	

 I hereby certify, solely in my capacity as an officer of the company and not in my individual capacity, as
follows, as of the date set forth above: 
 1. I am the Secretary, Assistant Secretary or other officer of
Co-Borrower A .    My title is as set forth below. 
 2.
Co-Borrower A’s exact legal name is set forth above. Co-Borrower A is a corporation existing under the laws of the State of Delaware. 

3. Attached hereto are true, correct and complete copies of Co-Borrower A’s Certificate of Incorporation
(including amendments), as filed with the Secretary of State of the state in which Co-Borrower A is incorporated as set forth above. Such Articles/Certificate of Incorporation have not been amended, annulled,
rescinded, revoked or supplemented, and remain in full force and effect as of the date hereof. 
 4. The following resolutions were duly and validly adopted
by Co-Borrower A’s Board of Directors at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and
effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and Silicon Valley Bank (“Bank”) may rely on them until Bank receives written notice of revocation from Co-Borrower A. 
 RESOLVED, that any one of the following
officers or employees of Co-Borrower A, whose names, titles and signatures are below, may act on behalf of Co-Borrower A: 

 

							
	Name	  	Title	  	Signature	  	Authorized to Add or Remove
Signatories
	  
	  	  
	  	  
	  	 ☐

	  
	  	  
	  	  
	  	 ☐

	  
	  	  
	  	  
	  	 ☐

	  
	  	  
	  	  
	  	 ☐

 RESOLVED FURTHER, that any one of the persons designated above with
a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Co-Borrower A. 

RESOLVED FURTHER, that such individuals may, on behalf of Co-Borrower A: 

 Borrow Money. Borrow money from Bank. 

Execute Loan Documents. Execute any loan documents Bank requires. 

Grant Security. Grant Bank a security interest in any of Co-Borrower A’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Co-Borrower A has an interest and receive cash or otherwise use the proceeds. 
 Apply for Letters of
Credit. Apply for letters of credit from Bank. 
 Enter Derivative Transactions. Execute spot or forward foreign exchange
contracts, interest rate swap agreements, or other derivative transactions. 
 Issue Warrants. Issue warrants for Co-Borrower A’s capital stock. 
 Further Acts. Designate other individuals to request
advances, pay fees and costs and execute other documents or agreements (including documents or agreement that waive Co-Borrower A’s right to a jury trial) they believe to be necessary to effect these
resolutions. 
 RESOLVED FURTHER, that all acts authorized by the above
resolutions and any prior acts relating thereto are ratified. 
 5. The persons listed above are Co-Borrower
A’s officers or employees with their titles and signatures shown next to their names. 
  

			
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

 *** If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the
resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Co-Borrower A. 

I, the __________________________ of Co-Borrower A, hereby certify as to paragraphs 1 through 5 above,
as of the date set forth above. 
  

			
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

 

 
 CORPORATE BORROWING CERTIFICATE 

 

			
	CO-BORROWER A: UPSTART HOLDINGS, INC.	 	Date: October 22, 2018
	BANK:    SILICON VALLEY BANK	 	

 I hereby certify, solely in my capacity as an officer of the company and not in my individual capacity, as
follows, as of the date set forth above: 
 1. I am the Secretary, Assistant Secretary or other officer of
Co-Borrower B.    My title is as set forth below. 
 2.
Co-Borrower B’s exact legal name is set forth above. Co-Borrower B is a corporation existing under the laws of the State of Delaware. 

3. Attached hereto are true, correct and complete copies of Co-Borrower B’s Certificate of Incorporation
(including amendments), as filed with the Secretary of State of the state in which Co-Borrower B is incorporated as set forth above. Such Articles/Certificate of Incorporation have not been amended, annulled,
rescinded, revoked or supplemented, and remain in full force and effect as of the date hereof. 
 4. The following resolutions were duly and validly adopted
by Co-Borrower B’s Board of Directors at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and
effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and Silicon Valley Bank (“Bank”) may rely on them until Bank receives written notice of revocation from Co-Borrower B. 
 RESOLVED, that any one of the following
officers or employees of Co-Borrower B, whose names, titles and signatures are below, may act on behalf of Co-Borrower B: 

 

							
	Name	  	Title	  	Signature	  	Authorized to Add or Remove
Signatories
	  
	  	  
	  	  
	  	 ☐

	  
	  	  
	  	  
	  	 ☐

	  
	  	  
	  	  
	  	 ☐

	  
	  	  
	  	  
	  	 ☐

 RESOLVED FURTHER, that any one of the persons designated above with
a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Co-Borrower B. 

RESOLVED FURTHER, that such individuals may, on behalf of Co-Borrower B: 

  
 46 

 Borrow Money. Borrow money from Bank. 

Execute Loan Documents. Execute any loan documents Bank requires. 

Grant Security. Grant Bank a security interest in any of Co-Borrower B’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Co-Borrower B has an interest and receive cash or otherwise use the proceeds. 
 Apply for Letters of
Credit. Apply for letters of credit from Bank. 
 Enter Derivative Transactions. Execute spot or forward foreign exchange
contracts, interest rate swap agreements, or other derivative transactions. 
 Issue Warrants. Issue warrants for Co-Borrower B’s capital stock. 
 Further Acts. Designate other individuals to request
advances, pay fees and costs and execute other documents or agreements (including documents or agreement that waive Co-Borrower B’s right to a jury trial) they believe to be necessary to effect these
resolutions. 
 RESOLVED FURTHER, that all acts authorized by the above
resolutions and any prior acts relating thereto are ratified. 
 5. The persons listed above are Co-Borrower
B’s officers or employees with their titles and signatures shown next to their names. 
  

			
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

 *** If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the
resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Co-Borrower B. 

I, the __________________________ of Co-Borrower B, hereby certify as to paragraphs 1 through 5 above,
as of the date set forth above. 
  

			
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

 FIRST AMENDMENT 

TO 
 MEZZANINE LOAN AND
SECURITY AGREEMENT 
 This FIRST AMENDMENT to Mezzanine Loan and Security Agreement (this “Amendment”) is entered into
as of June 30, 2020, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation (“Upstart Holdings”), and UPSTART NETWORK, INC., a
Delaware corporation (“Upstart Network”, and together with Upstart Holdings, each a “Co-Borrower” and collectively, “Co-Borrowers”). 
 RECITALS 

A. Bank and Co-Borrowers have entered into that certain Mezzanine Loan and Security Agreement
dated as of October 22, 2018 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 

B. Bank has extended credit to Co-Borrowers for the purposes permitted in the Loan Agreement.

 C. Co-Borrowers have further requested that Bank amend the Loan Agreement to
(i) extend the maturity date, (ii) revise the financial covenants, and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan
Agreement. 
 2. Amendments to Loan Agreement. 

2.1 Section 6.2 (Financial Statements, Reports, Certificates). Section 6.2 of the Loan Agreement hereby is amended and
restated in in its entirety to read as follows: 
 “6.2 Financial Statements, Reports, Certificates.
Provide Bank with the following: 
 (a) Intentionally Omitted; 

(b) as soon as available, but no later than thirty (30) days after the last day of each month, a company prepared
consolidated balance sheet and income statement covering Co-Borrowers’ consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly
Financial Statements”); 

 (c) as soon as available, but no later than forty-five (45) days after
the last day of each fiscal quarter, a company prepared consolidated and consolidating balance sheet and income statement covering Co-Borrowers’ consolidated and consolidating operations for such quarter
certified by a Responsible Officer and in a form acceptable to Bank; 
 (d) within thirty (30) days after the last day
of each month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer; 

(e) within forty-five (45) days after the last day of each quarter, an updated corporate structure chart reflecting Co-Borrowers’ Subsidiaries and Excluded Subsidiaries; 
 (f) within sixty
(60) days after the earlier of the end of the fiscal year of Co-Borrowers or approval by Co-Borrowers’ Board of Directors, (i) annual operating budgets
(including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Co-Borrowers, and (ii) annual financial projections for the following fiscal year (on a
quarterly basis), in each case as approved by the Board of Directors, together with any related business forecasts used in the preparation of such annual financial projections; 

(g) as soon as available, and in any event within one hundred eighty (180) days following the end of Co-Borrowers’ fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (other than with respect to going concern qualification
solely related to Co-Borrowers’ liquidity) on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank in its reasonable discretion; 

(h) in the event that a Co-Borrower becomes subject to the reporting requirements under
the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by such Co-Borrower and/or any Guarantor with the SEC, any
Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which such
Co-Borrower posts such documents, or provides a link thereto, on Co-Borrower’s website on the internet at such
Co-Borrower’s website address; provided, however, such Co-Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any
such documents; 
 (i) within five (5) days of delivery, copies of all statements, reports and notices made externally
available to each Co-Borrower’s security holders or to any holders of Subordinated Debt, in each case not in their roles as management or board member of any
Co-Borrower; 
 (j) prompt report of any legal actions pending or threatened in
writing against a Co-Borrower or any of its Subsidiaries that could result in damages or costs to such Co-Borrower or any of its Subsidiaries of, individually or in the
aggregate, Three Hundred Fifty Thousand Dollars ($350,000) or more; 

  
 2 

 (k) within one (1) Business Day of the occurrence of any “Subject
Action” (as such term is defined in the GS Guaranty and the DB Guaranty) or any claim that a Subject Action has occurred, a report and description of such Subject Action; 

(l) prompt written notice of any changes to the beneficial ownership information set out in item 13 of the Perfection
Certificate. Co-Borrowers understand and acknowledge that Bank relies on such true, accurate and up-to-date beneficial ownership
information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity customers; and 

(m) promptly, from time to time, such other information regarding Co-Borrowers or
compliance with the terms of any Loan Documents as reasonably requested by Bank.” 
 2.2 Section 6.8 (Accounts).
Section 6.8 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 
 “6.8
Accounts. 
 (a) Maintain their and all of their Subsidiaries’ (other than Excluded Subsidiaries’)
operating and other deposit accounts, and securities/investment accounts with Bank and Bank’s Affiliates and shall conduct all of their investments and foreign exchange transactions at or through Bank.
Co-Borrowers agree that they will cause each of the Excluded Subsidiaries to maintain its operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates, but only to the
extent Co-Borrowers determine that there is no adverse impact to Co-Borrowers or such Excluded Subsidiary operationally or commercially to do so after consulting in good
faith with Bank. Notwithstanding the foregoing, Co-Borrowers shall be permitted to maintain (i) accounts at Cross River Bank (the “Cross River Accounts”) and accounts at Finwise Bank (the
“Finwise Accounts”), not subject to a Control Agreement, so long as such accounts at no time contain Collateral, (ii) conduit accounts at Wells Fargo Bank (the “Wells Fargo Accounts”), not subject to a Control Agreement, so
long as the aggregate balance in all such accounts does not exceed Fifteen Million Dollars ($15,000,000), (which such aggregate balances does not include, for the avoidance of doubt, assets belonging to third-party investors which shall remain in
FBO accounts or other accounts permitted to be maintained by Co-Borrowers in accordance with the terms hereof) for more than five (5) consecutive Business Days each calendar month, and (iii) FBO
accounts in the name of Co-Borrower for the benefit of third party investors. 
 (b)
In addition to and without limiting the restrictions in (a), Co-Borrowers shall provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial
institution other than Bank or Bank’s Affiliates. For each Collateral Account that Co-Borrowers at any time maintain, Co-Borrowers shall cause the applicable bank
or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to

  
 3 

 
perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions
of the previous sentence shall not apply to (i) the Cross River Accounts, (ii) the Finwise Accounts, (iii) the Wells Fargo Accounts, or (iv) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage
and benefit payments to or for the benefit of Co-Borrowers’ employees and identified to Bank by Co-Borrowers as such.” 

2.3 Section 6.17 (PPP Loan). New Section 6.17 hereby is added to the Loan Agreement to read in its entirety as follows:

 “6.17 PPP Loan. Co-Borrower shall or shall cause each of the
applicable Subsidiaries to maintain the records required to be submitted by the CARES Act in order for the PPP Loan to be forgiven in full in accordance with the terms of the CARES Act. Each Co-Borrower agrees
that such Co-Borrower shall not use the proceeds of any Credit Extension provided under this Agreement for any purpose permitted under Section 7(a) of the Small Business Act prior to the application, in
full, of all proceeds from the PPP Loan (unless otherwise agreed to in writing by Bank). Each Co-Borrower agrees that Co-Borrower shall not amend, modify or waive any
rights relating to, or any agreement relating to, the PPP Loan and the documents evidencing the PPP Loan, in a manner that is adverse to Bank’s interests.” 

2.4 Section 8.2 (Covenant Default). Section 8.2(a) of the Loan Agreement hereby is amended and restated in its entirety to
read as follows: 
 “(a) “A Co-Borrower fails or neglects to perform any
obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7, 6.8, 6.10, 6.12, 6.13, 6.14, 6.16, or 6.17 or violates any covenant in Section 7; or” 

2.5 Section 13 (Definitions). The following terms and their respective definitions hereby are added to Section 13.1 of the
Loan Agreement to read as follows: 
 “CARES Act” has the meaning given to it in subsection (m) of the
definition of “Permitted Indebtedness.” 
 “First Amendment Effective Date” is June 30, 2020.

 “PPP Loan” has the meaning given to it in subsection (m) of the definition of “Permitted
Indebtedness. 
 “Small Business Act” means the Small Business Act (15 U.S.C. 636(a)) after giving effect to
the implementation of the CARES Act, as in effect on the First Amendment Effective Date (or any amended or successor version that is substantively comparable and not materially more adverse to Bank’s interest) and any current or future
regulations or official interpretations thereof. 
 2.6 Section 13 (Definitions). The defined term “Permitted
Indebtedness” in Section 13 of the Loan Agreement, hereby is amended by adding new subsection (m) to read in its entirety as follows: 

  
 4 

 “(m) Indebtedness, not to exceed Five Million Two Hundred Eighty-Seven
Thousand Eight Hundred and Ten Dollars ($5,287,810) in the aggregate, incurred by Upstart Network, Inc. in favor of Cross River Bank under the Paycheck Protection Program (a “PPP Loan”) established pursuant to the Coronavirus Aid,
Relief and Economic Security Act (as amended, and the related rules and regulations, the “CARES Act”); provided that (i) such Indebtedness is unsecured and shall not include any rights of
set-off, counterclaim, or deduction of any kind in favor of the lender with respect to such Indebtedness, (ii) Co-Borrowers are in compliance with all applicable
U.S. Small Business Administration (“SBA”) regulations and loan eligibility requirements, (iii) the maturity date of such Indebtedness shall not occur prior to the date that is 24 months from disbursement, and (iv) the
proceeds of such Indebtedness are used in a manner that is permitted by the CARES Act.” 
 2.7 Section 13 (Definitions). Clause
(b) of the defined term “Permitted Indebtedness” is hereby amended and restated as follows: 
 “(b)
Indebtedness existing on the First Amendment Effective Date which is shown on the Perfection Certificate;” 
 2.8 Exhibit
A to the Loan Agreement is hereby replaced with Exhibit A attached hereto. 
 2.9 Exhibit B to the Loan Agreement
is hereby replaced with Exhibit B attached hereto. 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the
Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, each
Co-Borrower hereby represents and warrants to Bank as follows: 
 4.1 Immediately after
giving effect to this Amendment and the incurrence of the PPP Loan (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date,
in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

  
 5 

 4.2 Co-Borrower has the power and authority
to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3
The organizational documents of Co-Borrower delivered to Bank on or prior to the First Amendment Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are
and continue to be in full force and effect; 
 4.4 The execution and delivery by Co-Borrower
of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

4.5 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting each
Co-Borrower, (b) any contractual restriction with a Person binding on Co-Borrower, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Co-Borrower, or (d) the organizational documents of Co-Borrower; 

4.6 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; 

4.7 The Co-Borrower has duly executed and delivered applications and documents related to PPP
Loans and the disclosures contained in such documents are true, correct and complete, in all material respects. Co-Borrower has made its own independent investigation and appraisal of Co-Borrowers’ financial condition and affairs, has conducted its own evaluation of Co-Borrower’s eligibility for PPP Loans under the CARES Act, and Co-Borrowers’ compliance with the terms of the CARES Act, independently and without reliance upon Bank, and will continue to do so; and 

4.8 This Amendment has been duly executed and delivered by Co-Borrower and is the binding
obligation of Co-Borrower, enforceable against Co-Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

4.9 Each Co-Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as
follows: 
 (a) Except as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any
statement or representation to Co-Borrower regarding any fact relied upon by Co-Borrower in entering into this Agreement. 

(b) Co-Borrower has made such investigation of the facts pertaining to this Agreement and all of the
matters appertaining thereto, as it deems necessary. 
 (c) The terms of this Agreement are contractual and not a mere recital. 

  
 6 

 (d) This Agreement has been carefully read by
Co-Borrower, the contents hereof are known and understood by Co-Borrower, and this Agreement is signed freely, and without duress, by
Co-Borrower. 
 (e) Co-Borrower represents and warrants that
it is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm
or entity any claims or other matters herein released. Co-Borrower shall indemnify Bank in accordance with Section 12.3 of the Loan Agreement. 

5. Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and shall remain in full force and effect (as amended
by this Amendment). This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency
between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. 

6. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan
Documents. 
 7. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken
together shall be deemed to constitute one and the same instrument. 
 8. Governing Law. This Amendment and the rights and
obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California. 
 9.
Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of (i) this Amendment by each party hereto, (ii) an updated Perfection Certificate from each
Co-Borrower, and (iii) updated schedules to each Co-Borrower’s Intellectual Property Security Agreement, and
(b) Co-Borrowers’ payments to Bank of (i) an amendment fee (due in connection with the Third Amendment to the Senior Loan Agreement) in the amount of Thirteen Thousand Seven Hundred and Fifty
Dollars ($13,750) and (ii) all Bank Expenses incurred through the date hereof. 
 [Signature page follows.] 

  
 7 

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

									
	 BANK
  

SILICON VALLEY BANK 
	 		 	 CO-BORROWERS

 
 UPSTART HOLDINGS, INC.

					
	By:	 	/s/ Lane Bruno	 		 	By:	 	/s/ Sanjay Datta
	Name:	 	Lane Bruno	 		 	Name:	 	Sanjay Datta
	Title:	 	Director	 		 	Title:	 	Chief Financial Officer
				
		 		 		 	UPSTART NETWORK, INC.
					
		 		 		 	By:	 	/s/ Sanjay Datta
		 		 		 	Name:	 	Sanjay Datta
		 		 		 	Title:	 	Chief Financial Officer

  
 [Signature
Page to First Amendment to Mezzanine Loan and Security Agreement] 

 EXHIBIT A—COLLATERAL DESCRIPTION 

The Collateral consists of all of Co-Borrowers’ right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles, Intellectual Property, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates of
deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and 
 all of each Co-Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any
of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include: 

1.    All Trust Assets (as such is defined herein). All funding agreements, loan agreements, promissory notes, and other
agreements and instruments evidencing, or relating to, loans made to, advances made to, financing provided to, or funds provided to persons (including, without limitation, persons known as “upstarts”) by or on behalf of Co-Borrowers, or by
a third party and acquired by Co-Borrowers, all amounts owing from such persons, all rights to be paid by such persons, all other rights, benefits and property attributable to the foregoing, all proceeds of the foregoing and all deposit accounts in
which monies or cash proceeds of the foregoing are deposited or held, including without limitation all promissory notes, accounts, general intangibles, payment intangibles, chattel paper, deposit accounts, investment property and proceeds that
constitute any of the foregoing as such terms are defined in the UCC and all files, books and records, related to any of the foregoing; provided however, that the Collateral shall include all of the foregoing property with respect to any such loan
(a) which has not been sold by Co-Borrowers within two (2) Business Days following the date of such loan is acquired by Co-Borrowers, or (b) which has been repurchased by Co-Borrowers after sale of such loan; 

2.    All agreements with persons (including, without limitation, persons commonly known as “backers” or
“investors”) who have provided funds to Co-Borrowers directly or indirectly (including, without limitation, through the purchase of securities) for the purpose of making loans or advances to, or providing financing or funding to, persons
described in clause (1), all funds or other property received or receivable by Co-Borrowers from any person described in this clause (including, without limitation, all such funds or property that are provided to or deposited with third parties for
the purpose of making loans or advances to, or providing financing or funding to, persons described in clause (1), or purchasing any such advance, loan, financing, or funding), all amounts owing from such persons described in this clause, all rights
to be paid by such persons, all funds or other property held on behalf or for the benefit of such persons or otherwise due or owing to such persons, and all proceeds of the foregoing. 

3.    the Cross River Accounts, the Finwise Accounts and the Wells Fargo Accounts that Co-Borrowers are permitted to
maintain under the terms of the Agreement; 
 4.    All loans described in clause (1) above that are sold by
Upstart Network, Inc. in compliance with the terms of the Agreement, except for any such loans (a) which have not been sold by Co-Borrowers within two (2) Business Days following the date of such loan is acquired by Co-Borrowers, or
(b) which have been repurchased by Co-Borrowers after sale thereof; and 
 5.    All beneficial interests of
Co-Borrowers in Excluded Subsidiaries (including all certificates representing such interests). 

 6.    Permitted Receivables Financing Assets sold, conveyed or otherwise
transferred to an Excluded Subsidiary or other Person; 
 7.    Capital Stock in captive insurance Subsidiaries, not-for-profit Subsidiaries, Designated Entities, and any other special purpose entities in connection with Permitted Receivables Financing. 

Notwithstanding anything to the contrary contained herein, the Collateral SHALL include all of Co-Borrowers’ right, title and interest in
and to all servicing fees and similar fees in respect of the loans originated on Co-Borrowers’ platform or otherwise acquired by Co-Borrowers (whether or not such loans have been sold or repurchased), and all rights to receive proceeds of loans
sold to Excluded Subsidiaries after the obligations owed by the Excluded Subsidiaries to the applicable third-party financial institutions providing debt financing for such loans have been repaid. 

As used herein “Trust Assets” means all funding agreements, loan agreements, promissory notes, and other agreements and instruments delivered to the
Excluded Subsidiaries from time to time subject to the terms of the Loan and Security Agreement among Co-Borrowers and Bank (as amended) (“Funding Agreements”), all amounts owing under Funding Agreements, all rights to be paid under
Funding Agreements, all collections and other funds received in respect of Funding Agreements, the documentation and other records relating to Funding Agreements, all other rights, benefits and property attributable to the foregoing, all deposit
accounts in which monies or cash proceeds of the foregoing are deposited or held, and all proceeds of the foregoing; provided that the term “Trust Assets” shall not include any of the foregoing property which has been repurchased by
Co-Borrowers after sale of the applicable loan. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

			
	TO:    SILICON VALLEY BANK	 	Date:                                 

 FROM: UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC. 

The undersigned authorized officers of UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC. certify solely in their capacities as officers of the
company and not in their individual capacities, that under the terms and conditions of the Mezzanine Loan and Security Agreement between Co-Borrowers and Bank (the “Agreement”): (1) Co-Borrowers are in complete compliance for the period ending _______________ with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations and warranties
in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such
date, (4) Co-Borrowers, and each of their Subsidiaries, has timely filed all required tax returns and reports, and Co-Borrowers have timely paid all foreign,
federal, state and local taxes, assessments, deposits and contributions owed by Co-Borrowers except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have
been levied or claims made against Co-Borrowers or any of their Subsidiaries, if any, relating to unpaid employee payroll or benefits of which Co-Borrowers have not
previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as
explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Co-Borrowers are not in compliance with any of the
terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	Reporting Covenants	  	Required	  	Complies
	    	  	    	  	 
	Monthly consolidated financial statements with 
Compliance Certificate	  	Monthly within 30 days	  	Yes   No
	Quarterly financial statements	  	Quarterly within 45 days	  	Yes   No
	Updated structure chart	  	Quarterly within 45 days	  	Yes   No
	Annual financial statements (CPA Audited)	  	FYE within 180 days	  	Yes   No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes   No
	Board-approved projections	  	Within 60 days of the earlier of (i) FYE or (ii) approval by the Board of Directors	  	Yes   No
	    	  	    	  	 
	The following Intellectual Property was registered after the Effective Date (if no registrations, state “None”)	  		  	

 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  
  

 

									
	 UPSTART HOLDINGS, INC.
	 		 	 BANK USE ONLY

					
	By:	 	 	 		 	Received by:	 	 
	Name:	 	 	 		 		 	AUTHORIZED SIGNER
	Title:	 	 	 		 	 Date:
	 	 
				
	 UPSTART NETWORK, INC.
	 		 	 Verified:
	 	 
					
	By:	 	 	 		 		 	AUTHORIZED SIGNER
	Name:	 	 	 		 	 Date:
	 	 
	Title:	 	 	 		 	Compliance Status:Yes    No

 SECOND AMENDMENT 

TO 
 MEZZANINE LOAN AND
SECURITY AGREEMENT 
 This SECOND AMENDMENT to Mezzanine Loan and Security Agreement (this “Amendment”) is
entered into as of October 1, 2020, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation, and UPSTART NETWORK, INC., a Delaware corporation
(each a “Co-Borrower” and collectively, “Co-Borrowers”). 

RECITALS 

A.    Bank and Co-Borrowers have entered into that certain Mezzanine Loan and
Security Agreement dated as of October 22, 2018 (as amended by that certain First Amendment to Mezzanine Loan and Security Agreement dated as of June 30, 2020, and as the same may from time to time be further amended, modified,
supplemented or restated, the “Loan Agreement”). Bank has extended credit to Co-Borrowers for the purposes permitted in the Loan Agreement. 

B.    Co-Borrowers have informed Bank that Parent desires to open the Wells
Collateral Account (as defined herein) at Wells Fargo Bank, N.A. (“Wells”) and grant of a lien in favor of Wells on certain cash Collateral contained herein. In accordance with the requirements set forth in Sections 6.8 and 7.5 of
the Loan Agreement, Co-Borrowers have requested Bank’s consent to the opening of the Wells Collateral Account and grant to Wells of a security interest in the cash Collateral contained therein. Bank has
agreed to consent to such actions, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to
them in the Loan Agreement. 
 2.    Amendments to Loan Agreement. 

2.1    Section 6.8 (Accounts). Section 6.8 of the Loan Agreement hereby is amended and restated in its
entirety to read as follows: 
 “6.8 Accounts. 

(a)    Maintain their and all of their Subsidiaries’ (other than Excluded Subsidiaries’)
operating and other deposit accounts, and securities/investment accounts with Bank and Bank’s Affiliates and shall conduct all of their investments and foreign exchange transactions at or through Bank.
Co-Borrowers agree that they will cause each of the Excluded Subsidiaries to maintain its operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates, but only to the
extent Co-Borrowers determine that there is no adverse impact to Co-Borrowers or such Excluded Subsidiary operationally or commercially to do so after consulting in good
faith with Bank. Notwithstanding the foregoing, Co-Borrowers shall be permitted to maintain (i) accounts at Cross River Bank (the “Cross River Accounts”) and accounts at Finwise Bank (the

 
“Finwise Accounts”), not subject to a Control Agreement, so long as such accounts at no time contain Collateral, (ii) conduit accounts at Wells Fargo Bank (the
“Wells Fargo Accounts”), not subject to a Control Agreement, so long as the aggregate balance in all such accounts does not exceed Fifteen Million Dollars ($15,000,000), (which such aggregate balances does not include, for the
avoidance of doubt, assets belonging to third-party investors which shall remain in FBO accounts or other accounts permitted to be maintained by Co-Borrowers in accordance with the terms hereof) for more than
five (5) consecutive Business Days each calendar month, (iii) a Collateral Account at Wells Fargo Bank (the “Wells Collateral Account”) to cover returns on Co-Borrowers’ ACH
volume so long as the aggregate balance in such account does not exceed Four Hundred Thousand Dollars ($400,000) at any time, and (iv) FBO accounts in the name of Co-Borrower for the benefit of third
party investors. 
 (b)    In addition to and without limiting the restrictions in (a), Co-Borrowers shall provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each
Collateral Account that Co-Borrowers at any time maintain, Co-Borrowers shall cause the applicable bank or financial institution (other than Bank) at or with which any
Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which
Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) the Cross River Accounts, (ii) the Finwise Accounts, (iii) the Wells Fargo Accounts,
(iv) the Wells Collateral Account, or (v) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Co-Borrowers’
employees and identified to Bank by Co-Borrowers as such.” 

2.2    Section 13.1 (Definitions). The defined term “Permitted Liens” set forth in
Section 13.1 of the Loan Agreement hereby is amended by (i) deleting the “and” at the end of subsection (j) and replacing it with a semicolon, (ii) amending and restating subsection (k) to read in its entirety as
follows, and (iii) adding new subsection (l) to read in its entirety as follows: 
 “(k) Liens in favor of
Wells Fargo Bank on up to Four Hundred Thousand Dollars ($400,000) of Co-Borrowers’ cash contained in the Wells Collateral Account to secure certain obligations of
Co-Borrowers to Wells Fargo Bank, N.A. which may be owing in connection with Co-Borrowers’ asset backed securitization programs; and 

(l)    Liens in favor of other financial institutions arising in connection with Co-Borrowers’ deposit and/or securities accounts held at such institutions as permitted by Section 6.8(a) hereof, provided that Bank has a perfected security interest in the amounts held in such deposit
and/or securities accounts to the extent required hereunder.” 
 3.    Consent. Subject to the terms
of Section 10 below and compliance with Section 6.8 of the Loan Agreement (as amended hereby), Bank hereby consents to Parent’s opening of the Wells Collateral Account together with the grant to Wells of a lien in all cash Collateral
contained therein. 

  
 2 

 4.    Limitation of Amendments. 

4.1    The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall
be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now
have or may have in the future under or in connection with any Loan Document. 
 4.2    This Amendment shall be
construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect. 
 5.    Representations and Warranties. To induce Bank to enter into
this Amendment, each Co-Borrower hereby represents and warrants to Bank as follows: 

5.1    Immediately after giving effect to this Amendment (a) the representations and warranties contained in
the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

 5.2    Co-Borrower has the power and authority to execute and deliver
this Amendment 
 and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3    The organizational documents of Co-Borrower delivered to Bank on or
prior to the 
 Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to
be in full force and effect; 
 5.4    The execution and delivery by
Co-Borrower of this Amendment and the 
 performance by
Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

5.5    The execution and delivery by Co-Borrower of this Amendment and the

 performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this
Amendment, do not and will not contravene (a) any law or regulation binding on or affecting each Co-Borrower, (b) any contractual restriction with a Person binding on
Co-Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Co-Borrower, or
(d) the organizational documents of Co-Borrower; 
 5.6    The
execution and delivery by Co-Borrower of this Amendment and the 
 performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; and 

5.7    This Amendment has been duly executed and delivered by Co-Borrower
and is the 
 binding obligation of Co-Borrower, enforceable against
Co-Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights. 

  
 3 

 6.    Prior Agreement. The Loan Documents are hereby
ratified and reaffirmed and shall remain in full force and effect (as amended by this Amendment). This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions
set forth in the Loan Documents. In the event of any conflict or inconsistency between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights
therein impaired. 
 7.    Integration. This Amendment and the Loan Documents represent the entire
agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan
Documents merge into this Amendment and the Loan Documents. 
 8.    Counterparts. This Amendment may be
executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

9.    Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed
by and construed in accordance with the laws of the State of California. 
 10.    Effectiveness. This
Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) Co-Borrowers’ payments to Bank of all Bank Expenses incurred
through the date hereof. 
 [Signature page follows.] 

  
 4 

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

									
	 BANK
  

SILICON VALLEY BANK 
	 		 	 CO-BORROWERS

 
 UPSTART HOLDINGS, INC.

					
	By:	 	/s/ Chris Vind	 		 	By:	 	/s/ Sanjay Datta
	Name:	 	Christopher Vind	 		 	Name:	 	Sanjay Datta
	Title:	 	Director	 		 	Title:	 	Chief Financial Officer
				
		 		 		 	UPSTART NETWORK, INC.
					
		 		 		 	By:	 	/s/ Sanjay Datta
		 		 		 	Name:	 	Sanjay Datta
		 		 		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Second Amendment to Mezzanine Loan and Security Agreement]EX-10.11

 Exhibit 10.11 

EXECUTION VERSION 
  

 
  

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

among 
 UPSTART LOAN TRUST, 

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

GOLDMAN SACHS BANK USA, 
 as
Administrative Agent 
 Dated as of May 22, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	 	 DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Rules of Construction
	  	 	35	 
	 Section 1.03
	 	 Computation of Time Periods
	  	 	35	 
	 Section 1.04
	 	 Collateral Value Calculation Procedures
	  	 	36	 
			
	 ARTICLE II
	 	 ADVANCES
	  	 	36	 
			
	 Section 2.01
	 	 Revolving Credit Facility
	  	 	36	 
	 Section 2.02
	 	 Making of the Advances
	  	 	37	 
	 Section 2.03
	 	 Evidence of Indebtedness
	  	 	38	 
	 Section 2.04
	 	 Payment of Principal and Interest
	  	 	38	 
	 Section 2.05
	 	 Prepayment of Advances
	  	 	39	 
	 Section 2.06
	 	 Fees
	  	 	40	 
	 Section 2.07
	 	 Maximum Lawful Rate
	  	 	40	 
	 Section 2.08
	 	 Increased Costs
	  	 	40	 
	 Section 2.09
	 	 Compensation; Breakage Payments
	  	 	42	 
	 Section 2.10
	 	 Illegality; Inability to Determine Rates
	  	 	43	 
	 Section 2.11
	 	 Rescission or Return of Payment
	  	 	44	 
	 Section 2.12
	 	 Post-Default Interest
	  	 	44	 
	 Section 2.13
	 	 Payments Generally
	  	 	44	 
	 Section 2.14
	 	 Permitted Sales
	  	 	44	 
			
	 ARTICLE III
	 	 CONDITIONS PRECEDENT
	  	 	46	 
			
	 Section 3.01
	 	 Conditions Precedent
	  	 	46	 
	 Section 3.02
	 	 Conditions Precedent to Each Borrowing
	  	 	47	 
			
	 ARTICLE IV
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	48	 
			
	 Section 4.01
	 	 Representations and Warranties of the Borrower
	  	 	48	 
			
	 ARTICLE V
	 	 COVENANTS
	  	 	53	 
			
	 Section 5.01
	 	 Affirmative Covenants of the Borrower
	  	 	53	 
	 Section 5.02
	 	 Negative Covenants of the Borrower
	  	 	58	 
	 Section 5.03
	 	 Certain Undertakings Relating to Separateness
	  	 	60	 
	 Section 5.04
	 	 Hedging Requirements
	  	 	62	 
	 Section 5.05
	 	 Post-Closing Matters
	  	 	63	 
	 Section 5.06
	 	 Limitations on Number of Audits and Inspections to Same Offices
	  	 	63	 
			
	 ARTICLE VI
	 	 EVENTS OF DEFAULT
	  	 	64	 
			
	 Section 6.01
	 	 Events of Default
	  	 	64	 
	 Section 6.02
	 	 Remedies upon an Event of Default
	  	 	68	 

  
 -i- 

							
	 Section 6.03
	 	 Remedies Cumulative
	  	 	70	 
			
	 ARTICLE VII
	 	 PLEDGE OF COLLATERAL; RIGHTS OF THE ADMINISTRATIVE AGENT
	  	 	70	 
			
	 Section 7.01
	 	 Grant of Security
	  	 	70	 
	 Section 7.02
	 	 Release of Security Interest
	  	 	72	 
	 Section 7.03
	 	 Related Documents
	  	 	72	 
	 Section 7.04
	 	 Borrower Remains Liable
	  	 	72	 
	 Section 7.05
	 	 Protection of Collateral
	  	 	73	 
			
	 ARTICLE VIII 
	 	 ACCOUNTS, ACCOUNTINGS AND RELEASES 
	  	 	74	 
			
	 Section 8.01
	 	 Collection of Money
	  	 	74	 
	 Section 8.02
	 	 Clearing Account
	  	 	74	 
	 Section 8.03
	 	 Collection Account
	  	 	74	 
	 Section 8.04
	 	 Accountings
	  	 	75	 
	 Section 8.05
	 	 Repurchase of Collateral Loans
	  	 	75	 
	 Section 8.06
	 	 Account Details
	  	 	75	 
			
	 ARTICLE IX
	 	 APPLICATION OF MONIES
	  	 	75	 
			
	 Section 9.01
	 	 Disbursements of Monies from the Collection Account
	  	 	75	 
			
	 ARTICLE X
	 	 ADMINISTRATION AND SERVICING OF COLLATERAL
	  	 	77	 
			
	 Section 10.01
	 	 Designation of the Servicer
	  	 	77	 
	 Section 10.02
	 	 Authorization of the Servicer
	  	 	77	 
	 Section 10.03
	 	 Payment of Certain Expenses by Servicer
	  	 	77	 
	 Section 10.04
	 	 Appointment of Successor Servicer
	  	 	77	 
			
	 ARTICLE XI
	 	 THE ADMINISTRATIVE AGENT
	  	 	78	 
			
	 Section 11.01
	 	 Authorization and Action
	  	 	78	 
	 Section 11.02
	 	 Delegation of Duties
	  	 	78	 
	 Section 11.03
	 	 Agent’s Reliance, Etc.
	  	 	78	 
	 Section 11.04
	 	 Indemnification
	  	 	80	 
	 Section 11.05
	 	 Successor Administrative Agent
	  	 	80	 
	 Section 11.06
	 	 Administrative Agent’s Capacity as a Lender
	  	 	81	 
			
	 ARTICLE XII
	 	 MISCELLANEOUS
	  	 	81	 
			
	 Section 12.01
	 	 No Waiver; Modifications in Writing
	  	 	81	 
	 Section 12.02
	 	 Notices, Etc.
	  	 	81	 
	 Section 12.03
	 	 Taxes
	  	 	82	 
	 Section 12.04
	 	 Costs and Expenses; Indemnification
	  	 	85	 
	 Section 12.05
	 	 Execution in Counterparts; Electronic Signatures
	  	 	87	 
	 Section 12.06
	 	 Assignability
	  	 	87	 
	 Section 12.07
	 	 Governing Law
	  	 	89	 

  
 -ii- 

							
	 Section 12.08
	 	 Severability of Provisions
	  	 	89	 
	 Section 12.09
	 	 Confidentiality; Customer Information
	  	 	89	 
	 Section 12.10
	 	 Merger
	  	 	90	 
	 Section 12.11
	 	 Survival
	  	 	90	 
	 Section 12.12
	 	 Submission to Jurisdiction; Waivers; Etc.
	  	 	90	 
	 Section 12.13
	 	 Waiver of Jury Trial
	  	 	91	 
	 Section 12.14
	 	 Waiver of Setoff
	  	 	91	 
	 Section 12.15
	 	 PATRIOT Act Notice
	  	 	91	 
	 Section 12.16
	 	 Legal Holidays
	  	 	91	 
	 Section 12.17
	 	 No Fiduciary Duty
	  	 	92	 
	 Section 12.18
	 	 No Insolvency Proceeding
	  	 	92	 
	 Section 12.19
	 	 Concerning the Owner Trustee
	  	 	92	 
			
	 ARTICLE XIII
	 	 REAFFIRMATION
	  	 	93	 
			
	 Section 13.01
	 	 No Novation and Reaffirmation of Facility Documents
	  	 	93	 

  

			
	SCHEDULES
		 	
	 Schedule 1
	 	 Initial Lenders

	 Schedule 2
	 	 Form of Monthly Report

	 Schedule 3
	 	 Notice Information

	 Schedule 4
	 	 Collection Account and Clearing Account Details

	 Schedule 5
	 	 List of Closing Documents

	 Schedule 6
	 	 Approved Code Academies

		 	
	 EXHIBITS

		 	
	 Exhibit A
	 	 Form of Notice of Borrowing (with attached form of Maximum Advance Rate Test Calculation
Statement)

	 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
	 	 [Reserved]

	 Exhibit H
	 	 Loan Modification Policy

	 Exhibit I
	 	 [Reserved]

	 Exhibit J
	 	 Permitted Sale Release

  
 -iii- 

 AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT, dated as of May 22, 2020 among UPSTART LOAN TRUST, a Delaware statutory
trust (“Borrower” or “Trust”), the LENDERS from time to time party hereto and GOLDMAN SACHS BANK USA, as administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, together with its
successors and assigns, the “Administrative Agent”). 
 RECITALS 

WHEREAS, pursuant to that certain Revolving Credit and Security Agreement, dated as of November 20, 2015, by and among the Borrower, the
Administrative Agent and the Lenders party thereto (as amended prior to the date hereof, the “Original Credit Agreement”), the Lenders made available to the Borrower a revolving credit facility upon and subject to the terms and
conditions set forth in such agreement; and 
 WHEREAS, the Borrower, the Administrative Agent and the Lenders now desire to amend and
restate the Original Credit Agreement in its entirety, upon and subject to the terms and conditions set forth in this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, 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 three-month rolling average Loan Default Ratio (disregarding any Excluded Default Collection Period for
purposes of such calculation) shall be greater than 13.0%; 
 (ii) the three-month rolling average Loan Delinquency Ratio
(disregarding any Excluded DQ Collection Period for purposes of such calculation) shall be greater than 16.0%; 
 (iii) the
three-month rolling average Net Interest Margin shall be less than the Level I Net Interest Margin Trigger; 

  

 (iv) the occurrence of an Event of Default; or 

(v) following the Original 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 Administrative Agent with evidence satisfactory
to the Administrative 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 Administrative Agent. 
 “Account Control Agreement” means an agreement in form reasonably acceptable to
the Administrative Agent among the Borrower, the Administrative Agent and the Account Bank pursuant to which the Administrative Agent obtains “control” within the meaning of the UCC over the Collection Account, the Clearing Account or such
other account as may be applicable from time to time. 
 “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 100.0% minus the
Applicable Reserve Percentage for such Interest Accrual Period. 

  
 -2- 

 “Administration Agreement” means the Administration Agreement dated as of
the Original Closing Date by and between Upstart Network and the Borrower. 
 “Administrative Agent” has the meaning
specified in the introduction to this Agreement. 
 “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” means, as of any date of determination, the weighted average amount of the rates
identified in the matrix below relating to Collateral Loans that are Eligible Loans having such original terms to maturity and Upstart Grades specified in the matrix below calculated based on the related Principal Balances of all such Collateral
Loans that are Eligible Loans on such date and having such original terms to maturity and Upstart Grades as specified in the following: 
  

																	
	 	  	AAA	 	AA	 	A	 	B	 	C	 	D	 	E	 	F
	36-Month Loans	  	80.00%	 	80.00%	 	80.00%	 	80.00%	 	70.00%	 	67.50%	 	62.50%	 	55.00%
	60-Month Loans	  	80.00%	 	80.00%	 	80.00%	 	80.00%	 	65.00%	 	62.50%	 	60.00%	 	50.00%
	84-Month Loans	  	60.00%	 	60.00%	 	60.00%	 	60.00%	 	60.00%	 	60.00%	 	60.00%	 	N/A

 “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. 

  
 -3- 

 “Agreement” means this Amended and Restated Revolving Credit and Security
Agreement. 
 “Amended and Restated Administrative Agent Fee Letter” means that certain Second Amended and Restated
Administrative Agent Fee Letter, dated as of the Closing Date, by and among the Administrative Agent and the Borrower. 
 “Amended
and Restated Sponsor Indemnity Agreement” means the Amended and Restated Limited Guaranty and Indemnity Agreement by Sponsor for the benefit of the Administrative Agent on behalf of the Lenders, dated as of the Closing Date. 

“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 Margin”
means (a) prior to the Termination Date, 4.0% per annum and (b) following the Termination Date, 5.0% per annum. 

“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 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 Code Academy” means those academies,
bootcamps and/or institutions set forth on Schedule 6 attached hereto, as such schedule may be amended or modified by Upstart Network from time to time with the prior written consent of the Administrative Agent. 

“Approved Loan Originator” means (i) Cross River Bank, (ii) FinWise Bank and (iii) any other financial
institution authorized to engage in the business of making loans that has been approved in writing by the Administrative Agent, in its sole discretion, to originate Collateral Loans under this Agreement. 

“APR” means, with respect to a Loan, the rate per annum of finance charges stated in the related Loan Note as the
“annual percentage rate”. 
 “Assignment and Acceptance” means an Assignment and Acceptance in substantially the
form of Exhibit C hereto, entered into by a Lender, an assignee, the Administrative Agent and, if applicable, the Borrower. 

  
 -4- 

 “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 and (v) all amounts in the Collection Account received pursuant to Section 9.01(i). 

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

“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 Original Closing Date between the Servicer
and Portfolio Financial Servicing Company, pursuant to which Portfolio Financial Servicing Company is appointed Backup Servicer. 

“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 any 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 Original
Closing Date. 
 “Borrowing” has the meaning specified in Section 2.01. 

“Borrowing Base” means, at any time, (i) the Aggregate Principal Balance at such time, plus (ii) the
aggregate Principal Proceeds which are then on deposit in the Collection Account, minus (iii) the Excess Concentration Amount at such time. 

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

  
 -5- 

 “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, Utah 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. 

“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 the Sponsor or Upstart Network representing at least 51.0% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in the Sponsor
or 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 the Sponsor or Upstart Network representing more than 35.0% of
the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in the Sponsor or Upstart Network, or (ii) the right, by contract or otherwise, to control the direction of the management and activities of the
Sponsor or Upstart Network or any Subsidiaries of the Sponsor or Upstart Network; or 
 (c) persons who were
(i) members of the board of directors of the Sponsor or Upstart Network on the date hereof, (ii) elected, nominated or appointed by the board of directors of the Sponsor or Upstart Network or (iii) elected, nominated or appointed by
the stockholders entitled to elect the directors of the Sponsor or 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 the Sponsor or Upstart Network (other than any such solicitation made by the board of directors of the Sponsor or Upstart Network), together with any other
persons on the board of directors of the Sponsor or Upstart Network who have been approved in writing by the Majority Lenders, ceasing to occupy a majority of the seats (excluding vacant seats) on the board of directors of the Sponsor or Upstart
Network; or 

  
 -6- 

 (d) Upstart Network shall cease to own directly or indirectly 100.0% 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) David Girouard and/or D&T Girouard Revocable Trust, (iii) Khosla Ventures, (iv) First Round Capital, (v) Rakuten Europe S.a.r.l., (vi) Millennium Trust
Company LLC Cust FBO Stone Ridge Trust V and (vii) Progressive Investment Company, Inc. 
 “Clearing Account” means
the account established at the Account Bank, in the name of the Borrower, which account has been designated as the Clearing Account. 

“Closing Date” means May 22, 2020. 

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

“Code Academy Loan” means a Loan (i) the proceeds of which have been used by the related Obligor to enroll in, or take a
course at, an Approved Code Academy and (ii) the Obligor for which has annual income of less than $20,000 at origination. 

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

“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. 
 “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 Period” means (i) with respect to the first Payment Date occurring after the Original Closing Date, the
period beginning on the Original Closing Date and ending on the last day of the first full calendar month ending after the Original 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. 

  
 -7- 

 “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. 

“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. 

“Cross River Bank” means Cross River Bank, a New Jersey state-chartered bank. 

“Cross River Bank Loan Sale Agreement” means that certain Third Amended and Restated Loan Sale Agreement dated as of
January 1, 2019 between Cross River Bank and Original Seller. 
 “Custodian” means eOriginal, Inc. in its capacity as “E-Vault Provider” under the Custody Agreement. 
 “Custodian Fee” shall mean
any fee payable monthly by Borrower to the Custodian, such fee to be as specified in the Custody Agreement. 
 “Custody
Agreement” means that certain Electronic Collateral Control Agreement dated as of November 20, 2015 by and among the Administrative Agent, the Borrower, the Servicer and the Custodian. 

“Data File” means a list of loans or data tape required to be provided to the Verification Agent pursuant to the Verification
Agent Agreement. 
 “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 or portions of payments which are subject to a current Eligible Deferment) 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; 

  
 -8- 

 (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. 

“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 subject to a current Eligible Deferment) 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. 

“Due Date” means each date on which any payment is due on a Collateral Loan in accordance with its terms. 

“Eligible Deferment” means, with respect to a Collateral Loan, a temporary suspension or reduction in the scheduled
contractual payments of such Collateral Loan made in accordance with the Loan Modification Policy. 
 “Eligible Hedge
Counterparty” means any entity that (a) on the date of entering into any Hedge Transaction (i) is Goldman Sachs Bank, U.S.A. or an Affiliate thereof 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 Administrative 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 Borrower’s rights under the Hedging Agreement to the Administrative Agent pursuant to
Section 5.04. 

  
 -9- 

 “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, FinWise Bank or other
Approved Loan Originator in the ordinary course of its business 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, (y) FinWise Bank pursuant
to the FinWise Bank Loan Sale Agreement, or (z) 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 Administrative 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 Administrative 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) 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;

 (i) which is not subject to a Material Modification other than an Eligible Deferment; provided, however that for
the avoidance of doubt, any waiver or non- receipt of any Ancillary Fees shall not be a Material Modification, alteration or amendment subject to this clause (i); 

  
 -10- 

 (j) is 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, FinWise Bank or other Approved
Loan Originator to the Original Seller or (ii) by the Original Seller to the Borrower and the pledge to the Administrative 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 Related 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) (x) at the time of the application of such Loan (or within a reasonable period prior to the origination or creation of such Loan) a Highest Available Credit Score was obtained with respect to the related Obligor and such Highest Available
Credit Score is no less than 620 and (y) at the time of origination or creation of such Loan a Highest Available Credit Score was obtained with respect to the related Obligor and such Highest Available Credit Score was not less than 600, or
(ii) the related Obligor had no Highest Available Credit Score; 
 (o) (i) each of the VA Deliverables evidencing such
Loan shall have been delivered to the Verification Agent in accordance with Section 5.01(n) hereof, (ii) the related VA Certificate (delivered pursuant to the Verification Agent Agreement) shall have been delivered to the Administrative
Agent 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 Administrative Agent in its sole
discretion; 
 (p) is not a Defaulted Collateral Loan or a Delinquent Collateral Loan; 

(q) that does not constitute electronic chattel paper; 

(r) 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; 

  
 -11- 

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

(u) 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 or by FinWise Bank, as applicable; 

(v) such Loan shall have been sourced on the Upstart Network platform and originated by Cross River Bank or by FinWise Bank,
as applicable, in accordance with the Underwriting Guidelines and has been serviced by the Servicer in accordance with the Credit and Servicing Policies; 

(w) 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 Administrative Agent, (ii) if originated by FinWise Bank, the FinWise 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 Administrative Agent, and (iii) 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 Administrative Agent; 
 (x) 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); 

(y) 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; 

  
 -12- 

 (z) is not a graduated payment consumer loan, and does not have a shared
appreciation or other contingent interest feature; 
 (aa) 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; 

(bb) is either a Three-Year Loan, Five-Year Loan or Seven-Year Loan; 

(cc) if the Obligor of which did not have a Highest Available Credit Score at origination, the Principal Balance of such Loan
at origination was less than or equal to $25,000; 
 (dd) if such Loan is a Code Academy Loan, (i) Upstart Network has
verified the related Obligor’s enrollment in an Approved Code Academy in accordance with the Underwriting Guidelines and (ii) the Principal Balance of such Loan at origination was less than or equal to $25,000; 

(ee) 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; 
 (ff) if the Obligor of such Loan is a resident in
the State of New York, Vermont or Connecticut, such Loan’s APR does not exceed the maximum rate of interest permitted to be charged under the civil 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; 

(gg) [reserved]; 

(hh) the Obligor of such Loan is not a resident in the State of West Virginia; 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; 

(ii) that is serviced by the Servicer under the Servicing Agreement; 

(jj) 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; and 

  
 -13- 

 (kk) at the time such Loan is acquired by the Borrower, the inclusion of
such Loan as an Eligible Loan will not cause the Weighted Average Highest Available Credit Score to be below 680. 
 “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. 

“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. 
 “Event of Default” means the occurrence of any of the events, acts or circumstances set forth in
Section 6.01. 

  
 -14- 

 “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 Highest Available Credit Scores at origination of less than 660 on such day exceeds 25.0% of the Aggregate Principal Balance on such date; 

(2) with respect to the State 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 State exceeds 25.0% of the Aggregate Principal
Balance on such date; 
 (3) 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 50.0% of the Aggregate Principal Balance on such date; 
 (4) the amount by which the aggregate Principal
Balance of all Collateral Loans which are Eligible Loans for which the Principal Balance on such date is greater than $25,000 exceeds 45.0% of the Aggregate Principal Balance on such date; 

(5) the amount by which the sum of the aggregate Principal Balance of all Collateral Loans for which the original term to
maturity is greater than 60 months exceeds $10,000,000 on such date; 
 (6) the amount by which the sum of (i) the
aggregate Principal Balance of Collateral Loans which are Eligible Loans the Obligors of which had no Highest Available Credit Scores at origination on such date and (ii) the aggregate Principal Balance of Collateral Loans which are Eligible
Loans the Obligors of which had Highest Available Credit Scores less than 620 at origination on such date, exceeds 1.5% of the Aggregate Principal Balance on such date; 

(7) the amount by which the aggregate Principal Balance of Collateral Loans which are Eligible Loans which are Code Academy
Loans on such date exceeds 5.0% of the Aggregate Principal Balance on such date; 
 (8) 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 4.0% of the Aggregate Principal Balance on such date; 

  
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 (9) the amount by which the aggregate Principal Balance of Collateral Loans
which are Eligible Loans the Obligors of which had Highest Available Credit Scores less than 640 at origination on such date, exceeds 10.0% of the Aggregate Principal Balance on such date; 

(10) the amount by which the sum of the aggregate Principal Balance of Collateral Loans which are Eligible Loans which have
been assigned an Upstart Grade of “F” on such date, exceeds 7.0% of the Aggregate Principal Balance on such date; and 

(11) the amount by which the sum of the aggregate Principal Balance of Collateral Loans which are subject to an Eligible
Deferment, exceeds 4.0% 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 Default Collection Period” has the meaning
specified in the proviso in the definition of “Loan Default Ratio.” 
 “Excluded DQ Collection Period” has the
meaning specified in the proviso in the definition of “Loan Delinquency Ratio.” 
 “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. 

“Exit Fee” has the meaning specified in the Amended and Restated Administrative Agent Fee Letter. 

“Facility Documents” means this Agreement, the Loan Sale Agreement, the Servicing Agreement, each Hedge Agreement, the
Administration Agreement, the Backup Servicing Agreement, the Verification Agent Agreement, the Custody Agreement, 

  
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each Account Control Agreement, the Amended and Restated Administrative Agent Fee Letter, the Amended and Restated Sponsor Indemnity Agreement, the UNI Credit Agreement and any other agreements,
documents, security agreements and other instruments relating to this Agreement or entered into or delivered by or on behalf of the Borrower pursuant to Section 5.01(c) to create, perfect or otherwise evidence the Administrative Agent’s
security interest. 
 “Facility Limit” means $100,000,000. 

“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 Administrative 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
Administrative 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 15, 2022 (or such later date as may be agreed by the Borrower
and each of the Lenders and notified in writing to the Agent) and (b) the date of the acceleration of the Advances pursuant to Section 6.02. 

“FinWise Bank” means FinWise Bank, a Utah state-chartered bank. 

“FinWise Bank Loan Sale Agreement” means that certain Loan Sale Agreement dated as of October 7, 2019 between FinWise
Bank and Original Seller. 

  
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 “Five-Year Loan” means a Loan, the original term to maturity for which is
equal to 60 months. 
 “Five-Year Loan Ratio” means, as of any date of determination, a fraction (i) the numerator of
which is the Aggregate Principal Balance of all Collateral Loans which are Five- Year Loans and (ii) the denominator of which is the Aggregate Principal Balance of all Collateral Loans. 

“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) the aggregate
notional principal of such Hedge Transactions is not less than (i) during the Revolving Period, 90.0% of the Facility Limit and (ii) after the occurrence of the Termination Date, 50.0% of the Facility Limit; 

(ii) the Hedge Rate for any such Hedge Transactions shall not be higher than 3.25%; 

(iii) the final maturity date for such Hedge Transactions shall be a date reasonably acceptable to the Lenders; 

(iv) such Hedge Transactions are structured such that the Net Interest Margin is not reasonably expected to be less than Level
I Net Interest Margin Trigger, as measured on each Determination Date; and 
 (v) the related Hedge 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,” “Fundamental Amendment,” “Majority Lenders,”
“Required Lenders,” “Maximum Advanced Amount,” “Maximum Available Amount”, “Borrowing Base,” “Maximum Advance Rate Test,” “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) release
or terminate any of the obligations of the Sponsor under the Amended and Restated Sponsor Indemnity Agreement, (j) terminate, remove, or amend the Seller’s obligation to repurchase Loans under Section 2.7 of the Loan Sale Agreement.

  
 -18- 

 “Funding Account” means the account which has been designated by the
Borrower to the Administrative Agent in writing as the account to which the proceeds of Advances are to be remitted hereunder. 

“Funding Effective Date” means the later of the Original Closing Date and the date on which the conditions precedent set
forth in Section 3.01 of the Original Credit Agreement were satisfied. 
 “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 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. 
 “Guaranteed Distribution” means amounts which are due and owing and which are to be
paid pursuant to clauses (a) through (d) 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 date occurring thirty
(30) Business Days following the Original Closing Date. 
 “Hedge Counterparty” means any Person that has entered into
a Hedge Transaction. 

  
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 “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 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. 

“Highest Available Credit Score” means, with respect to the Obligor of a Loan, the highest available credit score of the
Obligor of a Loan based on methodology developed by (i) Fair Isaac Corporation or (ii) VantageScore Solutions, LLC, and used by the applicable originator or its agents to determine credit risk when underwriting such Loan. For purposes of
clarification, (A) the “Highest Available 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, FinWise Bank or other
Approved Loan Originator or the Original Seller, as the case may be and (B) solely for purposes of determining the Weighted Average Highest Available Credit Score, if a five point range is provided with respect to any Obligor in lieu of an
exact number, the “Highest Available Credit Score” with respect to such Obligor shall be the median of such five point range. 

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

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Ineligible Collateral Loan” means, at any time, 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). 

“Initial Lender” means Goldman Sachs Bank USA. 

“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,

  
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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, 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, for each day during an Interest Accrual Period and each
outstanding Advance on such day, the sum of the products (for each day during such Interest Accrual Period) of: 

  
 -21- 

 IR x P x 1/D 

where: 

					
			
	 IR
	  	=	  	 the Interest Rate for such Advance on such day;

			
	 P
	  	=	  	 the principal amount of such Advance on such day; and

			
	 D
	  	=	  	 360 or, to the extent the Interest Rate is based on the Prime Rate, 365 or 366 days, as applicable.

 “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; 
 (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 Administrative 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 Administrative
Agent. 
 “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. 

  
 -22- 

 “Interest Rate” means, for any Interest Accrual Period and for each Advance
outstanding by a Lender for each day during such Interest Accrual Period: 
 (a) so long as no Accelerated Amortization Event
or Event of Default (which has not otherwise been waived by the Lenders pursuant to the terms hereof) has occurred and is continuing, so long as no LIBOR Disruption Event has occurred and is continuing, a rate equal to the Adjusted LIBOR Rate
plus the 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 Applicable Margin; and 

(b) upon the occurrence and during the continuance of an Accelerated Amortization Event or upon the occurrence and during the
continuance of an Event of Default (which has not otherwise been waived by the Lenders pursuant to the terms hereof) the Post-Default Rate. 

“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 Dave Girouard and 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 each of them 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, each of them shall not be replaced by a
person acceptable to the Required Lenders within 60 days. 
 “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. 
 “Lenders” means
the Persons listed on Schedule 1 and any other Person that shall have become a party hereto in accordance with the terms hereof pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an
Assignment and Acceptance. 
 “Level I Net Interest Margin Trigger” means, as of any date of determination, a percentage
equal to the sum of (i) the product of (a) the Three-Year Loan Ratio and (b) 3.75%, (ii) the product of (a) the Five-Year Loan Ratio and (b) 7.00% and (iii) the product of (a) the Seven-Year Loan Ratio and (b) 9.00%. 

  
 -23- 

 “Level II Net Interest Margin Trigger” means, as of any date of
determination, a percentage equal to the sum of (i) the product of (a) the Three-Year Loan Ratio and (b) 0.00%, (ii) the product of (a) the Five-Year Loan Ratio and (b) 3.00% and (iii) the product of (a) the Seven-Year Loan
Ratio and (b) 5.00%. 
 “LIBOR Disruption Event” means the occurrence of any of the following: (a) any Lender shall
have notified the Administrative 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 Administrative Agent notifies the Borrower, in writing, of the inability, for any reason, of the Administrative Agent to
determine the Adjusted LIBOR Rate. 
 “LIBOR Index Rate” means, for each day during 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 three-month period, which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on such day
if such day is a Business Day, or if such day is not a Business Day, on the immediately succeeding Business Day. 
 “LIBOR
Rate” means with respect to any day during an 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 three-month period, if such rate is
available and (b) if the LIBOR Index Rate 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 Goldman Sachs Bank USA at 11:00 a.m. (London, England time) on such day if such day is a Business Day, or if such day is not a Business Day, on the immediately succeeding Business Day, by three (3) or more major banks in
the interbank market selected by Goldman Sachs Bank USA for delivery for a three-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 0.25%. 
 “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). 

  
 -24- 

 “Loan” shall mean 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,
FinWise Bank or other Approved Loan Originator to or for the benefit of such Obligor. 
 “Loan Default Ratio” means, on any
date of determination, with respect to a Collection Period the product of (i) 12 times (ii) the ratio (expressed as a percentage) equal to (a) the Aggregate Principal Balance of all Collateral Loans that became Defaulted Collateral
Loans or would have become Defaulted 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; provided, however, that if a Post-Take Out Holiday was in effect as of the last day of such Collection Period, then no Loan Default Ratio shall be calculated for any purposes hereunder with
respect to such Collection Period (each such disregarded Collection Period for purposes of calculating Loan Default Ratio, an “Excluded Default Collection Period”) and for purposes of determining the three-month rolling average Loan
Default Ratio under clause (i) of the definition of “Accelerated Amortization Event” and Section 6.01(u)(i), the Loan Default Ratio shall be calculated for each of the three prior Collection Periods which is not an Excluded
Default Collection Period. 
 “Loan Delinquency Ratio” means, on any date of determination, with respect to a Collection
Period the product of (i) 12 times (ii) the ratio (expressed as a percentage) equal to (a) the Aggregate Principal Balance of all Collateral Loans that became Delinquent Collateral Loans or would have become 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;
provided, however, that if a Post-Take Out Holiday was in effect as of the last day of such Collection Period, then no Loan Delinquency Ratio shall be calculated for any purposes hereunder with respect to such Collection Period (each such
disregarded Collection Period for purposes of calculating Loan Delinquency Ratio, an “Excluded DQ Collection Period”) and for purposes of determining the three-month rolling average Loan Delinquency Ratio under clause (ii) of
the definition of “Accelerated Amortization Event” and Section 6.01(u)(ii), the Loan Delinquency Ratio shall be calculated for each of the three prior Collection Periods which is not an Excluded DQ Collection Period. 

“Loan Modification Policy” means the Loan Modification Policy of the Servicer substantially in the form of Exhibit H attached
hereto as in effect on the Closing Date, as such policy may be amended or modified by Upstart Network from time to time in accordance with the Servicing Agreement. 

  
 -25- 

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

 “Loan Sale Agreement” means that certain Loan Sale Agreement, dated as of the Original Closing Date, by and between the
Original Seller, as seller, and the Borrower, as purchaser. 
 “Loan Schedule” means the aggregate schedule of Collateral
Loans appended as Schedule III to a Notice of Borrowing delivered by the Borrower to the Administrative Agent 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. 
 “Majority Lenders” means, as of any date of determination, one or more Lenders having
(i) so long as any Advances are then outstanding, Advances outstanding in an amount greater than 50.0% of the aggregate principal amount of Advances then outstanding and (ii) if no Advances are then outstanding, aggregate Percentages
greater than 50.0%. 
 “Margin Stock” has the meaning specified in Regulation U. 

“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, Upstart Network or the Sponsor, (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 Administrative 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, Upstart Network or the Sponsor 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 Administrative Agent’s Lien on the Collateral. 
 “Material Modification” means, with respect to
any Collateral Loan, any amendment, waiver, consent or modification of a Related Document with respect thereto executed or effected after the date on which such loan was advanced or otherwise came into existence, that: 

(a) reduces or waives one or more interest payments or permits any interest due with respect to such Collateral Loan in cash to
be deferred or capitalized and added to the principal amount of such Collateral Loan; 
 (b) permanently waives, extends or
postpones (beyond the month in which such payment is due) any date fixed for any payment or mandatory prepayment of principal on such Collateral Loan; or 

(c) reduces or forgives any principal amount of such Collateral Loan. 

  
 -26- 

 For the avoidance of doubt, a payment with respect to any Collateral Loan that is subject to a temporary
modification to the scheduled Due Date of such Collateral Loan but is not subject to an Eligible Deferment will not be considered to be subject to a Material Modification so long as such Collateral Loan will be determined as past due if not paid on
the original scheduled Due Date and aged/monitored in accordance with the original scheduled Due Date. 
 “Maximum Advance Rate
Test” means a test that will be satisfied at any time if (a) the aggregate outstanding principal balance of the Advances is less than or equal to (b) the Maximum Advanced Amount at such time. 

“Maximum Advance Rate Test Calculation Statement” means a statement in substantially the form attached to the form of Notice
of Borrowing attached hereto as Exhibit A, as such form of Maximum Advance Rate Test Calculation Statement may be modified by the Administrative Agent from time to time to the extent modifications to such form would, in the good faith opinion of the
Administrative Agent, improve the accuracy of the calculation of the Maximum Advance Rate Test and any other calculations necessary to satisfy the conditions precedent to Borrowing required hereunder. 

“Maximum Advance Rate Trigger Event” means, as of any date of determination, the Borrower’s failure to satisfy the
Maximum Advance Rate Test solely as a result of the decrease in the Advance Rate implemented pursuant to the Sixteenth Amendment. 

“Maximum Advanced Amount” means, at any time, the product of (x) the Borrowing Base and (y) the Advance Rate in
effect at such time. 
 “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 and
(ii) each Borrowing Date. 
 “Minimum Utilization Amount” means, as of any date of determination during the Revolving
Period, an amount equal to 35% of the Facility Limit, provided however that during a Minimum Utilization Holiday, the Minimum Utilization Amount shall be equal to zero; provided further, that the Minimum Utilization Amount will be zero
for any date of determination occurring after the end of the Revolving Period. 
 “Minimum Utilization Fee” means, with
respect to each day during an Interest Accrual Period that occurs on or after the Closing Date and during the Revolving Period, the product of (a) the Applicable Margin, (b) the greater of (i) zero and (ii) (1) the Minimum
Utilization Amount minus (2) the outstanding principal amount of all of the Advances on such day, and (c) 1 divided by 360. 

“Minimum Utilization Holiday” means the sixty (60) day period starting on the closing date of a Securitization Event.

  
 -27- 

 “Money” has the meaning specified in
Section 1-201(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 (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 Hedge Agreement on the payment date (as
such term is defined under the Hedge Agreement) following the end of such Collection Period minus (iii) the Guaranteed Distribution for the Payment Date following the end of such Collection Period (other than those amounts which
constitute Unused Fees for such Payment Date) divided by (c) the sum of the Aggregate Principal Balance on each day during such Collection Period divided by the number of days in such Collection Period. 

“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 Advances, Interest thereon, Unused
Fees, Minimum Utilization Fees, Up-Front Fees and all amounts due under Sections 2.08, 2.09 and 12.04 hereunder. 

“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 Administrative Agent Fee Letter” means that certain Amended and Restated Administrative Agent Fee Letter, dated as
of May 17, 2018, by and among the Administrative Agent and the Borrower, as the same may be amended or amended and restated from time to time prior to the Closing Date. 

“Original Closing Date” means November 20, 2015. 

  
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 “Original Credit Agreement” has the meaning specified in the recitals to
this Agreement. 
 “Original Seller” means Upstart Network in its capacity as seller under the Loan Sale Agreement. 

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

“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 December 15, 2015; 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. 
 “Percentage” means, (a) with respect to any Lender party hereto on the date hereof, the percentage set
forth opposite such Lender’s name on Schedule 1 hereto, as such amount is reduced by any Assignment and Acceptance entered into by such Lender with an assignee or increased by any Assignment and Acceptance entered into by such lender with an
assignor, or (b) with respect to a Lender that has become a party hereto pursuant to an Assignment and Acceptance, the percentage set forth therein as such Lender’s Percentage, as such amount is reduced by an Assignment and Acceptance
entered into between such Lender and an assignee or increased by any Assignment and Acceptance entered into by such lender with an assignor. 

“Perfection Threshold” means, as of any date of determination, an amount equal to the greater of (i) 0.25% of the Aggregate
Principal Balance as of such date and (ii) $50,000. 
 “Permitted Liens” means: (i) Liens created in favor of the
Administrative 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. 

  
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 “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 (ii) sale or transfer by the Borrower of some or all of the Collateral Loans, other than to a Securitization Vehicle; provided, however,
that no sale of Collateral Loans shall be a Permitted Sale if the Administrative Agent has determined in its reasonable discretion that such sale will result in a materially adverse selection of Collateral Loans remaining part of the 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. 

“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. 

“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. 
 “Post-Default Rate” means a rate per annum equal to the sum of (i) the Interest Rate determined pursuant
to clause (a) of the definition thereof plus (ii) 2.50% per annum. 
 “Post-Take Out Holiday” means the period
commencing on the first day of the Collection Period immediately following a Collection Period during which a Take Out Securitization Transaction in which the Borrower contributes Collateral Loans the Aggregate Principal Balance of which equals or
exceeds ten percent (10%) of the Aggregate Principal Balance of all Collateral Loans on such date occurs and ending on the earlier to occur of (i) the last day of the second Collection Period following the Collection Period during which such
Securitization Event occurs and (ii) the date following such Securitization Event on which the aggregate outstanding principal balance of the Advances at such time equals or exceeds $40,000,000. 

  
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 “Prime Rate” means the rate announced by Goldman Sachs Bank USA 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 Goldman Sachs Bank USA in connection with extensions of credit
to debtors. Goldman Sachs Bank USA 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. 
 “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 Loan Sale Agreement, (ii) the Third Amended and Restated Loan
Program Agreement, dated as of January 1, 2019, by and between Cross River Bank and Upstart Network, (iii) the Amended and Restated Servicing Agreement, dated as of January 1, 2019, by and between Cross River Bank and Upstart Network,
(iv) the FinWise Bank Loan Sale Agreement and (v) the Loan Program Agreement dated as of October 7, 2019 by and between FinWise Bank and Upstart Network. 

“QIB” has the meaning specified in Section 12.06(e). 

“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
Administrative Agent and (ii) the deposits of which are insured by the Federal Deposit Insurance Corporation. 

  
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 “Qualified Purchaser” has the meaning specified in Section 12.06(e).

 “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, 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. 

“Repurchase Price” has the meaning specified in the Loan Sale Agreement. 

“Requested Amount” has the meaning specified in Section 2.02. 

“Required Lenders” means, as of any date of determination, one or more Lenders having (i) so long as any Advances are
then outstanding, Advances outstanding in an amount greater than or equal to 66 2/3% of the aggregate principal amount of Advances then outstanding and (ii) if no Advances are then outstanding, aggregate Percentages greater than or equal to 66
2/3%. 
 “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 Administrative Agent, an officer of the Administrative 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 

  
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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. 
 “Revolving Period” means the
period from and including the Original Closing Date to and including the Termination Date. 
 “S&P” means
Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, together with its successors. 

“Scheduled Revolving Period Termination Date” means May 15, 2021, or such later date as may be agreed by the Borrower
and each of the Lenders and notified in writing to the Agent. 
 “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 Administrative 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 Event” means a Permitted Sale of Collateral Loans to a Securitization Vehicle in connection with a broadly
marketed and distributed issuance of asset-backed securities, as determined by the Administrative Agent. 
 “Securitization
Vehicle” shall mean 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 Trust pursuant to a public or private issuance of asset-backed securities undertaken by such entity that is secured by such Collateral Loans. 

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

  
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 “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 Original Closing Date, by and between the Servicer, as servicer, the Borrower, as purchaser and the Administrative Agent. 

“Seven-Year Loan” a Loan, the original term to maturity for which is equal to 84 months. 

“Seven-Year Loan Ratio” means, as of any date of determination a fraction (i) the numerator of which is the Aggregate
Principal Balance of all Collateral Loans which are Seven-Year Loans and (ii) the denominator of which is the Aggregate Principal Balance of all Collateral Loans with respect to all Collateral Loans. 

“Sixteenth Amendment” means, that certain Amendment No. 16 to this Agreement dated as of May 15, 2020. 

“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 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. 

“Sponsor” means Upstart Holdings, Inc., a Delaware corporation. 

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

“Statutory Trust Act” shall mean 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. 
 “Subject Laws” has the meaning specified in Section 4.01(f). 

  
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 “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. 

“Take Out Securitization Transaction” means a Permitted Sale to a Securitization Vehicle in connection with a securitization
marketed by an investment bank acting as placement agent, underwriter or initial purchaser to five (5) or more institutional investors in a private placement, 144A or SEC-registered offering with respect
to which an offering document is provided to investors in advance of pricing of the transaction. 
 “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. 
 “Three-Year Loan” means a Loan, the original term to maturity for which
is equal to 36 months. 
 “Three-Year Loan Ratio” means, as of any date of determination, a fraction (i) the numerator
of which is the Aggregate Principal Balance of all Collateral Loans which are Three- Year Loans and (ii) the denominator of which is the Aggregate Principal Balance of all Collateral Loans. 

“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 Administrative 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. 

  
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 “UNI Credit Agreement” means that certain Revolving Credit Agreement dated
as of the Original Closing Date 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. 
 “Unused Fee” has the meaning specified in
Section 2.06(a). 
 “Unused Fee Rate” means with respect to a Lender on any day, (i) 0.10% per annum if the aggregate
outstanding principal amount of the Advances is greater than 75.0% of the Facility Limit on such day, (ii) 0.40% per annum if the aggregate outstanding principal amount of the Advances is greater than 50.0%, but less than or equal to 75.0%, of the
Facility Limit on such day, (iii) 0.70% per annum if the aggregate outstanding principal amount of the Advances is greater than 25.0%, but less than or equal to 50.0% of the Facility Limit on such day, or (iv) 1.0% per annum if the aggregate
outstanding principal amount of the Advances is less than 25.0% of the Facility Limit on such day. 

“Up-Front Fee” has the meaning specified in the Amended and Restated Administrative
Agent Fee Letter. 
 “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”, “E” and “F.” 
 “Upstart Network” means Upstart Network, Inc, a Delaware corporation.

 “VA Certificate” shall mean a verification certificate in the form annexed to the Verification Agent Agreement, duly
completed and signed by the Verification Agent, and delivered in accordance with the Verification Agent Agreement. 
 “VA
Deliverables” shall mean, with respect to each Loan, (i) the Data File related to such Loan and (ii) access to the Loan Note on the systems of the Custodian. 

“Verification Agent” means Wilmington Savings Fund Society, FSB, or any other Person party to a Verification Agent Agreement
acting as Verification Agent and that has been approved in writing by the Administrative Agent. 

  
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 “Verification Agent Agreement” means that certain Collateral Verification
Agreement dated as of June 13, 2019, by and among the Verification Agent, the Borrower, the Servicer, and the Administrative Agent, or any other verification agent agreement in form and substance acceptable to the Administrative Agent. 

“Verification Agent Fee” shall mean any fee payable monthly by Borrower to the Verification Agent, such fee to be as
specified in the Verification Agent Agreement. 
 “Weighted Average Highest Available 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 Highest Available 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. 
 “Wilmington Savings Fund Society” means Wilmington Savings Fund Society, FSB. 

“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 

  
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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 Collateral Value 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. 

(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 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 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. 

  
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 (e) For the purposes of calculating the Excess Concentration Amount, 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 severally shall make loans to the Borrower (each, an “Advance”) from time to time on any Business Day during the period from the Funding Effective Date until the Termination Date, on a pro rata
basis in each case based on the Percentage applicable to each Lender and, as to all Lenders, in an aggregate outstanding principal amount up to but not exceeding the Maximum Available Amount as then in effect. Each such borrowing of an Advance on
any single day is referred to herein as a “Borrowing”. 
 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. 

Section 2.02 Making of the Advances. 

(a) If the Borrower desires to request a Borrowing under this Agreement, the Borrower shall give the Administrative Agent a written notice
(each, a “Notice of Borrowing”) for such Borrowing (which notice shall be irrevocable and effective upon receipt) not later than 1:00 p.m. (New York City time) at least two (2) 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. 
 Promptly following receipt of a Notice of Borrowing in accordance
with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s Advance to be made as part of the requested Borrowing. 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 Maximum Advance Rate Test Calculation Statement, 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 the amount of the Borrowing requested in such Notice of Borrowing (the “Requested
Amount”) 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 Administrative Agent and the Lenders in their sole and absolute discretion). 

  
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 Unless otherwise permitted by the Administrative Agent in its sole and absolute discretion,
there shall be no more than two (2) Borrowing Dates per calendar week. 
 (b) Funding by Lenders. On the terms and subject to
the conditions hereinafter set forth, including Article III, each Lender shall make its Percentage of the applicable Requested 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 in such amounts set forth in the Notice of Borrowing for such Advance. 
 (c) Presumption by the Administrative Agent.
Unless the Administrative Agent shall have received notice from a Lender prior to the applicable proposed Borrowing Date that such Lender will not make available to the Administrative Agent such Lender’s Percentage of the applicable
Requested Amount, the Administrative Agent may assume that such Lender has made such Percentage of the applicable Requested Amount available on the Borrowing Date in accordance with paragraph (b) of this Section and may, but shall not be
obligated to, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its Percentage of the applicable Requested Amount available to the Administrative Agent, then the
applicable Lender and the Borrower agrees to pay to the Administrative Agent forthwith on demand such corresponding amount (without duplication) with interest thereon, for each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at the LIBOR Rate, or the Base Rate, as applicable. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Advance
included in such Borrowing. 
 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 Administrative Agent. The Administrative 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
Administrative 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 Administrative 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. 

  
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 Section 2.04 Payment of Principal and Interest. The
Borrower shall pay principal and Interest on the Advances as follows: 
 (a) 100.0% 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 Advance 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 Advances, accrued interest thereon and any other fees as set forth herein and in the Amended and Restated Administrative Agent 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 Administrative Agent may require certification acceptable to it to enable the Borrower and the Administrative 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. 

  
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 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 all amounts due pursuant to Sections 2.04(c) and 2.09; provided that the Borrower shall have delivered to the Administrative Agent 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 Administrative Agent after 1:00
p.m. (New York City time) shall be deemed received on the next Business Day. Upon receipt of such Notice of Prepayment, the Administrative Agent shall promptly notify each Lender. 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 $500,000 or, if less, the entire outstanding principal amount of the Advances of the Borrower. If a Notice of Prepayment is given by the Borrower, the Borrower shall make such prepayment and
the payment amount specified in such notice 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 Administrative Agent. The Administrative Agent promptly will make such payment amount specified in such notice available to each Lender in the amount of each Lender’s Percentage of the payment
amount by wire transfer to such Lender’s account. Any funds for purposes of a voluntary prepayment received by the Administrative 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. 

(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 in accordance with the Lenders’ respective Percentages. For the avoidance of doubt, no prepayment, including a prepayment in full of all Advances, shall terminate the Borrower’s obligation to
pay any unpaid Up-Front Fees. 
 (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 Fees. 

(a) Unused Fees. The Borrower hereby agrees to pay to the Administrative Agent, for the account of the Lenders, monthly in arrears on
each Payment Date with respect to the immediately preceding Interest Accrual Period, pursuant to Section 9.01, an unused fee (the “Unused Fee”) in an amount equal to the sum, for each day in such Interest Accrual Period, of the
product of (a) Unused Fee Rate in effect on such day, (b) the excess of the Facility Limit on such day over the greater of (ii) (A) the Minimum Utilization Amount and (B) the aggregate outstanding principal balances of the
Advances on such day, and (c) 1/360. 

  
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 (b) Minimum Utilization Fees. The Minimum Utilization Fees shall accrue from the
Closing Date until the end of the Revolving Period and shall be payable by the Borrower to the Lenders in arrears on a monthly basis on the Payment Date immediately after the end of each calendar month. 

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; 

  
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 (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 
 (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 Administrative 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 

  
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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 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 2.09 to the contrary, (i) if any Affected Person fails to give demand for amounts or losses incurred in connection with this Section 2.09 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 2.09, only be entitled to payment under this Section 2.09 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 

  
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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 Administrative 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. 

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 Administrative 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
Administrative 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 Administrative 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 Administrative 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 Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. 

  
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 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. 
 Section 2.12 Post-Default Interest. The Borrower shall pay interest on all 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 “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 Administrative Agent for account of the applicable recipient in Dollars, in
immediately available funds, in accordance with the Priority of Payments. The Administrative Agent and each Lender shall provide wire instructions to the Borrower and the Administrative Agent. Payments must be received by the Administrative 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 Administrative 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 Administrative 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 Administrative 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: 

  
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 (i) The Borrower shall have given the Administrative Agent, each Hedge Counterparty and the
Custodian 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 Administrative 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, to the Administrative Agent (which the Administrative 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 Administrative 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) the Maximum Advance Rate
Test shall be satisfied 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 the Maximum Advance Rate Test will not be satisfied on such
Determination Date. 
 (iv) On the related Permitted Sale Date, the Administrative 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 the Maximum Advance Rate Test shall be satisfied 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 Administrative 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 Administrative 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 amounts due under Section 2.09) and (D) all other Obligations then due and payable with respect thereto. 

  
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The amount paid pursuant to (1) clause (A) shall be applied on such Permitted Date to the payment of principal on outstanding Advances, (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. 

(b) The Borrower hereby agrees to pay the reasonable legal fees and expenses of the Administrative Agent, the Custodian, 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 Administrative 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 Administrative 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, (x 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 Administrative 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. 
 ARTICLE III 

CONDITIONS PRECEDENT 

Section 3.01 Conditions Precedent. This Agreement shall become effective upon receipt by the Administrative
Agent of the following, each in form and substance reasonably satisfactory to the Administrative Agent: 
 (a) each of this Agreement, the
Amended and Restated Fee Letter and the Amended and Restated Sponsor Indemnity Agreement, duly executed and delivered by the parties thereto, which shall each be in full force and effect; 

(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 that (i) all fees to be received by the Administrative Agent and each Lender on or prior to the
effectiveness of this Agreement pursuant to the Amended and 

  
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Restated Administrative Agent Fee Letter or otherwise have been received; and (ii) the accrued fees and expenses of Chapman and Cutler LLP, counsel to the Administrative 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; and 

(e) such other opinions, instruments, certificates and documents from the Borrower as the Administrative Agent or any Lender shall have
reasonably requested. 
 Section 3.02 Conditions Precedent to Each Borrowing. Each Advance to be made
hereunder, if any, on each Borrowing Date shall be subject to the fulfillment of the following conditions: 
 (a) the Administrative Agent
shall have received a Notice of Borrowing with respect to such Advance (including a duly completed Maximum Advance Rate Test Calculation Statement 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) the aggregate outstanding principal balance of the Advances shall be less than or equal to (ii) the Maximum Advanced Amount at such time (as demonstrated in the calculations attached to the applicable Notice
of Borrowing); 
 (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); 

(d) no Unmatured Event of Default, Event of Default, Unmatured 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 FinWise Bank (or other Approved Loan Originator), as applicable, to comply with any risk retention or capital commitment obligation or Cross River Bank or FinWise Bank (or
other Approved Loan Originator), as applicable, to comply with any reporting, filing, or any other obligation or undertaking; 
 (f) the
Verification Agent shall have received each of the VA Deliverables with respect to each Loan included in the calculation of the Borrowing Base in relation to such Advance and shall have issued and delivered to Administrative Agent a VA Certificate
with respect to such Loans (without any exceptions noted thereon unless otherwise waived by Administrative Agent) all in form and substance acceptable to Administrative Agent; and 

  
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 (g) 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 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 

  
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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. 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). 

  
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 (h) Investment Company Act. Assuming compliance by each of the Lenders and any
participant with Section 12.06(e), neither the Borrower nor the pool of Collateral is required to register as an “investment company” under the Investment Company Act. 

(i) Information and Reports. The information, reports (including each Monthly Report and each calculation of the Maximum Advance Rate
Test), financial statements, exhibits and schedules furnished in writing by or on behalf of the Borrower to the Administrative 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 Administrative 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 Administrative 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. 
 (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 (i) which are being contested in good faith by appropriate proceedings and with respect thereto adequate reserves have been
established in accordance with GAAP and (ii) the non-filing or non- payment of which would not reasonably be expected to give rise to a Material Adverse Effect.

 (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 

  
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caused the Servicer all Collections in respect of the Collateral to be deposited directly into the Clearing Account. The address of the Account Bank, together with the account number of the
Collection Account and the Clearing Account at the Account Bank, 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 Collection Account or the Clearing
Account, or the right to take dominion and control of the Collection Account or the Clearing 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
Collection Account or the Clearing Account to any Person other than the Administrative Agent. Each of the Collection Account and the Clearing Account are 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 Administrative 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 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 Collection Account and the Clearing 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 

  
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Account Control Agreement, perfected security interest (as defined in Section 1-201(37) of the UCC) in the Collateral in favor of the Administrative
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 Administrative 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 Administrative 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 Maximum Advance Rate Test 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 Administrative 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. 

(r) No Trade Names. The Borrower has no, and has not used any, trade names, fictitious names, assumed names or “doing business
as” names. 

  
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 (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, Servicer Event of
Default or Unmatured Servicer Event of Default has occurred or is continuing. 
 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 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. 

  
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 (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) actions by
the Servicer under this Agreement and the Loan Modification Policy and in conformity with this Agreement and the Loan Modification Policy or as otherwise required hereby and (D) a requirement by Applicable Law or by the terms of the Related
Documents. 
 (ii) The Borrower will punctually perform, and use its reasonable commercial efforts to cause the Servicer and such other
Persons (other than the Lenders and the Administrative Agent) 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 Clearing 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 Administrative Agent or the Required Lenders (through the Administrative 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 Administrative 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 Administrative Agent’s first priority security interest in the Collateral, the Borrower authorizes the Administrative 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 Administrative Agent under this Agreement under each method of perfection required herein with respect to the Collateral, provided, that the Administrative Agent does not
hereby assume any obligation of the Borrower to maintain and protect its security interest under this Section 5.01 or Section 7.05. The Borrower will, in connection therewith, deliver such proof of corporate action, incumbency of officers
or other documents as are reasonably requested by the Administrative Agent to evidence appropriate authority of the officers signing or authorizing any such documents, instruments or filings. 

  
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 (d) Other Information. It shall provide to the Administrative Agent or cause to be
provided to the Administrative Agent (with enough additional copies for 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 Maximum Advance Rate Test, the Default Ratio, the Delinquency Ratio and the Net Interest
Margin) as the Administrative Agent or the Required Lenders (through the Administrative 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; and 
 (iv) promptly after the occurrence thereof, notice of any
amendment to the Cross River Bank Loan Sale Agreement, the FinWise 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 Administrative Agent may reasonably request but subject to the
limitations set forth below, upon reasonable advance notice and during normal business hours, it shall permit the Administrative Agent, jointly with, at the invitation of the Administrative Agent, each Lender (or any Person designated by the
Administrative 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 of the Borrowing Base and the assets included in the Borrowing Base and the components 

  
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of the Monthly Reports (including cash receipt and application and calculation of ratios). Notwithstanding the foregoing, the Administrative 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 Administrative Agent with respect to Servicer’s pricing model shall be treated as confidential information of Servicer in
accordance with Section 12.09. Any Person entitled to jointly visit and inspect or audit any of the Borrower’s records or reports with the Administrative Agent under this clause (e) may only exercise such rights under this clause
(e) twice during any fiscal year of the Borrower, or at any time in the sole discretion of the Administrative 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 one such visit per calendar year (such costs and expenses not to exceed $25,000 per calendar year), 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 Administrative Agent (or any Person designated by the Administrative 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 Administrative Agent, or will promptly provide
any such findings provided to it in connection with the exercise of such inspection rights to the Administrative Agent. In the event the Borrower has not exercised any such inspection rights granted to it, the Administrative Agent may 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,
Custodian and Verification Agent to cooperate with Administrative Agent and its representatives in connection with any inspections or audits requested by Administrative 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 Hedge 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 Administrative Agent 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, 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, 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 Clearing Account. The Borrower shall, or shall cause the Servicer to, cause all Interest Proceeds, Principal
Proceeds and all other payments in respect of the Collateral in the Clearing Account to be deposited into the Collection Account promptly following the clearing of funds. 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 Collection Account or the Clearing Account, or the right to take dominion and control of the Collection Account or the Clearing Account at a
future time or upon the occurrence of a future event. The Borrower shall cause each of the Collection Account and the Clearing 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. 

  
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 (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 

(n) Collateral Administration. 

(A) It agrees to deliver, or cause to be delivered, to the Verification Agent, prior to each Borrowing Date, the VA Deliverables 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 Administrative Agent’s dominion and control and
deemed to be in Administrative Agent’s possession. Borrower shall cooperate fully with Administrative Agent in an effort to facilitate and promptly conclude each such verification process. In addition to any provision of any Facility Document,
Administrative 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 Administrative Agent and that all collections from such Loans shall be paid directly to Administrative 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 Administrative Agent. 
 (B) It shall, or shall require the Servicer, Backup Servicer,
Custodian and Verification Agent to, as applicable, keep accurate and complete records of the Collateral and all payments and collections thereon and shall submit such records to Administrative Agent on such periodic basis as Administrative Agent
may request in its reasonable discretion. 
 (C) It shall, or shall require Servicer, Backup Servicer, Custodian and Verification Agent to,
upon the receipt of written notice from Administrative Agent following the occurrence and continuation of an Event of Default, cooperate with Administrative Agent, and shall require Servicer, Backup Servicer, Custodian and Verification Agent to
cooperate with Administrative Agent, as applicable, if Administrative 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 Administrative Agent, such legend, stamp, notation or other identification shall be in form and substance acceptable to Administrative Agent in its sole discretion. 

(D) It agrees to, and to use reasonable efforts to cause Seller, Backup Servicer, Custodian, Verification Agent and/or Servicer to, take all
applicable protective actions to prevent destruction of records pertaining to the Collateral in accordance with the Servicing 

  
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Agreement, Backup Servicing Agreement, Custody Agreement and/or Verification Agent Agreement. Administrative Agent at all times shall have the right to access and review any and all VA
Deliverables or Related Documents in Borrower’s, Verification Agent’s, Custodian’s, Seller’s, Backup Servicer’s and/or Servicer’s possession, as applicable, and any and all data and other information relating to the VA
Deliverables or Related Documents as may from time to time be input to or stored within the Borrower’s, Verification Agent’s, Custodian’s, Seller’s, Backup Servicer’s or Servicer’s computers and/or computer records
including, without limitation, diskettes, tapes and other computer software and computer systems. 
 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 Administrative Agent and the Required 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 Administrative Agent or any Lender hereunder, the consent of the Administrative Agent and the Required 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 Administrative 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 

  
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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 notice to the Administrative Agent and takes all actions necessary to protect and perfect the Administrative 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 Administrative 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 Administrative 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. 

  
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 (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). 

(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 Collection Account or the Clearing Account or give “control” (within the meaning of 9-104 of the UCC) of the Collection Account or
the Clearing Account to any Person other than the Administrative 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; 

  
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 (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 and a separate business office 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; 

(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; 

  
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 (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 
 (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, 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 Administrative 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 Administrative Agent, exercise any
rights under any Hedging Agreement or Hedge Transaction, except for (i) the 

  
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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 Goldman Sachs Bank USA 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 Administrative 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 Administrative 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 Goldman Sachs Bank USA or an Affiliate thereof, 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 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 9.01 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. 

  
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 Section 5.05 Post-Closing Matters. The Borrower shall
cause: 
 (a) legal opinions (addressed to each of the Secured Parties) of Morgan, Lewis and Bockius LLP, counsel to the Borrower, covering
true sale, non-consolidation, UCC and ownership interest matters to be delivered to the Administrative Agent, each in form and substance reasonably acceptable to the Administrative Agent, on or prior to
May 29, 2020; and 
 (b) original signatures of the Borrower, the Sponsor and Upstart Network to be delivered to the Administrative
Agent within fifteen (15) Business Days following the Closing Date. 
 Section 5.06 Limitations on Number of
Audits and Inspections to Same Offices. With respect to any inspections or audits permitted under Sections 5.01(e) and 5.01(g), if such audit or visit by the Administrative Agent permitted under more than one such sections is conducted in the
same office, such audit or visit shall count toward the allotted number of visits or audits. 
 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 one (1) Business Day or the failure to reduce the Advances to $0 on the Final
Maturity Date; or 
 (b) (i) the Administrative Agent shall fail to have a first priority perfected security interest in any Collateral
Loans, the aggregate Principal Balance of which exceeds the Perfection Threshold, (ii) the Administrative Agent shall fail to have a first priority perfected security interest in any Collateral other than Collateral Loans or (iii) 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 Administrative 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, Upstart Network or the
Sponsor 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 

  
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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, Upstart Network or the Sponsor, as applicable (which may be by email) by the Administrative Agent and (y) actual knowledge of the Borrower, Upstart Network or the Sponsor, 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) (i) any failure on the part of the Borrower to comply with any of its post-closing obligations set forth in Section 5.05, (ii) 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 Section 5.02, or (iii) any failure on the part of the Borrower or Upstart Network, as
applicable, to duly observe or perform any of its other 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 Administrative Agent and (y) actual knowledge of the Borrower or Upstart Network, as applicable; or 

(e) (i) one or more final nonappealable judgments shall be entered against, or settlements by, the Sponsor 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, Upstart Network or the Sponsor; 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 Administrative Agent or (y) a successor Backup Servicer reasonably acceptable to the Administrative Agent 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 

  
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 (i) a Change of Control occurs; or 

(j) failure to satisfy the Maximum Advance Rate Test within two (2) Business Days following the relevant test date (other than solely as
a result of a Maximum Advance Rate Trigger Event); 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 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 Custodian, the Backup Servicer, the Verification Agent, the Original Seller or the Sponsor; 

(ii) the Borrower, the Original Seller, any Servicer or the Sponsor 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; 

(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 the consent of the Administrative Agent) 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 FinWise Bank Loan Sale Agreement (or any similar document pursuant to which Collateral Loans were purchased from FinWise
Bank) shall with respect to any Collateral Loan (except in accordance with its terms or the consent of the Administrative Agent) 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 FinWise Bank or (B) FinWise Bank shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of the FinWise Bank
Loan Sale Agreement (or any similar document pursuant to which Collateral Loans were purchased from FinWise Bank) or the creation, perfection or priority of any Lien purported to be created thereunder; 

  
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 (v) (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 the consent of the Administrative
Agent) 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 or FinWise Bank, as applicable) 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; or

 (n) any failure on the part of the Sponsor to duly observe or perform any of its covenants or agreements set forth in the Amended and
Restated Sponsor Indemnity Agreement or any other Facility Document to which it is a party, and the continuation of such failure for a period of fifteen (15) Business Days after the earlier of (i) written notice to the Sponsor by the
Administrative Agent and (ii) actual knowledge of the Sponsor; 
 (o) the Sponsor, Upstart Network or any of their 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 the Sponsor, Upstart Network or any of their 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; 
 (p) the IRS shall
file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Sponsor, 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 the Sponsor, Upstart Network or the Borrower and such Lien shall not have been released within ten (10) Business Days; 

  
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 (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 Administrative Agent and the
Majority Lenders shall not have been executed within thirty (30) days; 
 (r) the occurrence of a Key Man Event; 

(s) the Verification Agent under the Verification Agent Agreement shall have been terminated pursuant to the terms thereof and a successor
consented to by Administrative Agent in writing (such consent not to be unreasonably withheld) is not appointed, or does not assume the obligations of, Verification Agent under the Verification Agent Agreement within 30 days of such termination;

 (t) the Custodian under the Custody Agreement shall have been terminated pursuant to the terms thereof and a successor consented to by
Administrative Agent in writing (such consent not to be unreasonably withheld) is not appointed, or does not assume the obligations of, Custodian under the Custody Agreement within 30 days of such termination; 

(u) the occurrence of any of the following: 

(i) the three-month rolling average Loan Default Ratio (disregarding any Excluded Default Collection Period for purposes of such calculation)
shall be greater than 16.0% as of any date of determination; 
 (ii) the three-month rolling average Loan Delinquency Ratio (disregarding
any Excluded DQ Collection Period for purposes of such calculation) shall be greater than 19.0% as of any date of determination; 
 (iii)
the three-month rolling average Net Interest Margin shall be less than the Level II Net Interest Margin Trigger 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 Administrative 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. 
 (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 Administrative Agent at the direction of the Majority Lenders,
by notice to the Borrower, may declare the principal of and the accrued 

  
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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 Administrative Agent may (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 Administrative 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 Administrative Agent or the
Required Lenders (acting through the Administrative Agent), it shall execute all documents and agreements which are necessary or appropriate to have the Collateral to be assigned to the Administrative Agent or its designee. For purposes of taking
the actions described in the preceding clauses (i) through (xi), the Borrower hereby irrevocably appoints the Administrative 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 Administrative Agent or in the name of the Borrower or otherwise, for the use and benefit of
the Administrative 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) the Servicer’s power under the Facility Documents to
consent to modifications to, except as may be required by Applicable Law, and direct the acquisition, sales and other dispositions of Collateral Loans will be immediately suspended and (ii) the Borrower agrees, at the Administrative
Agent’s request, to instruct the Servicer to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at the Borrower’s premises or elsewhere. 

  
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 (e) Without limiting the generality of the foregoing, upon the occurrence and during the
continuation of an Event of Default, the Administrative Agent 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), may in such circumstances forthwith, deliver an activation or control notice or similar notice
under any Account Control Agreement and the Custody 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 Administrative 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 Administrative 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 Administrative 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 Administrative 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 Administrative Agent of any other amount required or permitted
by any provision of law, including Section 9-504(1)(c) of the UCC, need the Administrative 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 Administrative Agent 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 Administrative Agent 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 Administrative 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 Administrative 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. 
 ARTICLE VII 

PLEDGE OF COLLATERAL; RIGHTS OF THE ADMINISTRATIVE 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 Administrative 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 Clearing Account and all Cash on deposit therein; 

  
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 (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 Administrative 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); 

(v) all other property of the Borrower and all property of the Borrower which is delivered to the Administrative 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 Administrative 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 Administrative 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 Administrative Agent as secured party and that describe “all assets of debtor, whether now existing or hereafter arising, and all
proceeds thereof” (or words to that effect) as the Collateral in which the Administrative 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 Administrative 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 

  
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interest of the Secured Parties in such Collateral shall immediately terminate and the Administrative 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 Administrative Agent, promptly forward to the Administrative 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 Administrative 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 Administrative Agent. 

(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 Administrative Agent on behalf of the Secured Parties, and upon request of the Administrative Agent following the occurrence and during the continuance of an Event of Default or as otherwise provided herein,
promptly deliver the same to the Administrative Agent or its designee (including the Verification Agent, 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 Administrative 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 Administrative Agent and the other Secured Parties expressly disclaim any such assumption. 

  
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 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 Administrative 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; 

(v) preserve and defend title to the Collateral and the rights therein of the Administrative 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 Administrative 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 Administrative 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 Administrative Agent as secured party and that describe “all assets in which the debtor now or hereafter has rights” (or words to that
effect) as the Collateral in which the Administrative Agent has a grant of security hereunder and any amendments or continuation statements that may be necessary or desirable. 

  
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 ARTICLE VIII 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

Section 8.01 Collection of Money. Except as otherwise expressly provided herein, the Administrative 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 Administrative Agent pursuant to
this Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Administrative 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 Collection Account and Clearing Account may contain any number of subaccounts for the convenience of the Borrower (as reasonably acceptable to the Administrative Agent) or as
required by the Servicer for convenience in administering the Collection Account and Clearing Account or the Collateral. 

Section 8.02 Clearing Account. In accordance with this Agreement and the applicable Account Control
Agreement, the Borrower shall, on or prior to the Closing Date, establish at the Account Bank a deposit account in the name “Upstart Loan Trust Clearing Account, subject to the lien of the Administrative Agent” which shall be designated as
the “Clearing 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 Administrative Agent. The Borrower shall deposit, or caused
to be deposited, from time to time into the Clearing Account, in accordance with the terms of this Agreement, all Interest Proceeds, all Principal Proceeds, all amounts received under the Hedge Agreements and all other payments in respect of the
Collateral. For the avoidance of doubt, unless otherwise agreed to by the Administrative Agent in writing, the Borrower shall not withdraw or otherwise direct the Account Bank to disburse any funds in the Clearing Account other than on as set forth
in Section 8.03. The Borrower shall cause the Clearing Account to at all times be subject to an Account Control Agreement. 

Section 8.03 Collection Account. In accordance with this Agreement and the applicable Account Control
Agreement, the Borrower shall, on or prior to the Closing Date, establish at the Account Bank a deposit account in the name “Upstart Loan Trust Collection Account, subject to the lien of the Administrative 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 Administrative Agent. The Borrower shall deposit, or
caused to be deposited, into the Collection Account, in accordance with the terms of this Agreement, all Monies on deposit in the Clearing Account promptly upon the clearing of funds. 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(i). For the avoidance of doubt, unless otherwise agreed to by the Administrative 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. 

  
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 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 Administrative Agent 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 Maximum Advanced Amount), 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 Administrative Agent shall automatically and without further action be deemed to transfer, assign and set-over to the Borrower, without recourse, representation or warranty, all the right, title and interest of the Administrative 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 Administrative 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 Collection Account and the Clearing Account 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 $10,000 in any calendar year), plus any such fees which were not paid when due on any prior Payment Date; 

  
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 (b) second, 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; 
 (c)
third, pro rata, (i) to the Verification Agent the Verification Agent Fee plus any such fees which were not paid when due on any prior Payment Date, (ii) to the Custodian the Custodian Fee plus any such fees which were not paid when
due on any prior Payment Date and (iii) 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 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 that the Servicer shall be primarily liable to pay all such
amounts due to the Backup Servicer under the Backup Servicing Agreement, the Custodian under the Custody Agreement and the Verification Agent under the Verification Agent 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 Administrative Agent for distribution to each Lender to
(i) pay Unused Fees, Minimum Utilization Fees and unpaid Interest on the Advances, together with any accrued and unpaid Interest, Minimum Utilization Fees and Unused Fees from prior Interest Periods and (ii) amounts payable to each such
Lender under Section 2.09; 
 (e) fifth, (i) if a Maximum Advance Rate Trigger Event has occurred as of the related
Determination Date (without giving effect to the amount of Principal Proceeds which are on deposit in the Collection Account), seventy-five percent (75%) of the remaining Available Funds to pay the outstanding principal of the Advances of each
Lender (pro rata, based on each Lender’s Percentage) until the Maximum Advance Rate Test is satisfied (on a pro forma basis as at such Determination Date) or (ii) if the Maximum Advance Rate Test is not satisfied (other than solely
as a result of a Maximum Advance Rate Trigger Event) as of the related Determination Date (without giving effect to the amount of Principal Proceeds which are on deposit in the Collection Account), to pay the outstanding principal of the Advances of
each Lender (pro rata, based on each Lender’s Percentage) until the Maximum Advance Rate Test is satisfied (on a pro forma basis as at such Determination Date); 

(f) sixth, on or after the Termination Date, to pay the outstanding principal amount of all Advances of each Lender (pro rata,
based on each Lender’s Percentage) until paid in full; 
 (g) seventh, (i) an amount to the Administrative Agent for
distribution to each Lender equal to any amounts due under Sections 2.08, 12.03 or 12.04 and (ii) an amount to the Administrative Agent for distribution to the Initial Lender equal to any Exit Fee and
Up-Front Fee, if any, accrued and unpaid; 

  
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 (h) eighth, an amount equal to any other amounts due and owing to the Owner Trustee,
the Servicer, the Backup Servicer, the Verification Agent, the Custodian, the Administrative 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 Administrative Agent) shall be set aside in the Collection Account and paid to the Owner Trustee, the Servicer, the Backup Servicer, the Verification Agent, the Custodian, the Administrative Agent, any Secured Party, any Affected
Person, any Indemnified Party or the Lenders, as the case may be, when due in accordance with the Facility Documents; and 
 (i) ninth,
(i) so long as no Unmatured Event of Default is continuing, the remainder to the Borrower, (ii) otherwise the remainder to the Collection Account. 

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 Administrative Agent (acting in its sole discretion or at the direction of the Required Lenders) may provide notice to the Servicer (with a copy to the Backup Servicer, Custodian and the Verification Agent, if any) 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. 

  
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 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 Administrative 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, including but not limited to providing direction to the Backup Servicer with respect to Loan
Modifications (as defined in the Servicing Agreement) in accordance with the requirements set forth in Section 3.01 of the Servicing Agreement, and shall comply with all restrictions with respect to the release, discharge, termination or
cancellation of any Collateral Loan. 
 ARTICLE XI 

THE ADMINISTRATIVE AGENT 

Section 11.01 Authorization and Action. Each Lender hereby irrevocably appoints and authorizes the
Administrative 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 Administrative Agent by the terms hereof and
thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. The Administrative 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 Administrative Agent shall be read into this Agreement or any other Facility
Document to which the Administrative Agent is a party (if any) as duties on its part to be performed or observed. The Administrative 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 Administrative 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 Administrative Agent shall not be required to take any action
which exposes the Administrative 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 Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the
Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an
unreasonable manner. 

  
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 Section 11.02 Delegation of Duties. The Administrative
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 Administrative 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 Administrative 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 Administrative 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 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 Maximum Advance Rate Test Calculation Statement), 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 Administrative 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 Administrative Agent shall not be liable for the actions or omissions of any other agent (including without limitation concerning the
application of funds), or under 

  
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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 Administrative 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 Administrative 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 Administrative 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 Administrative Agent was grossly negligent in ascertaining the relevant facts. Nothing herein or in any Facility Documents or
Related Documents shall obligate the Administrative 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 Administrative 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 Administrative Agent shall not be charged with knowledge or notice of any matter unless actually known to a Responsible Officer of the Administrative Agent, or unless and to the extent written notice of such matter is
received by the Administrative Agent at its address in accordance with Section 12.02. Any permissive grant of power to the Administrative Agent hereunder shall not be construed to be a duty to act. The Administrative 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 Administrative 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 Administrative 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 agrees to indemnify and hold the Administrative Agent
harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to Section 12.04 or otherwise) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
(including, without limitation, attorneys fees and expenses) or disbursements of any kind 

  
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or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative 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 Administrative Agent under this Agreement or any other Facility Document or any Related Document; provided that no Lender shall be liable to the Administrative Agent for any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. The rights of the Administrative 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 Administrative Agent hereunder. 

Section 11.05 Successor Administrative Agent. Subject to the terms of this Section 11.05, the
Administrative Agent may, upon thirty (30) days’ notice to the Lenders and the Borrower, resign as Administrative Agent. If the Administrative 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 Administrative Agent may appoint a successor agent. The appointment of any successor Administrative Agent shall be
subject to the prior written consent of the Borrower (which consent 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 Administrative Agent is a Lender or an Affiliate of such Administrative Agent or any Lender. Any resignation of the Administrative Agent shall be effective upon the appointment of a
successor agent pursuant to this Section 11.05. After the effectiveness of the retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the retiring Administrative 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 Administrative Agent under
this Agreement and under the other Facility Documents. Any Person (i) into which the Administrative Agent may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Administrative Agent shall be a
party, or (iii) that may succeed to the properties and assets of the Administrative Agent substantially as a whole, shall be the successor to the Administrative Agent under this Agreement without further act of any of the parties to this
Agreement. 
 Section 11.06 Administrative Agent’s Capacity as a Lender. The Person serving as the
Administrative 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 Administrative 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 Administrative Agent hereunder. 

  
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 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 Administrative Agent and the Required Lenders, provided that any Fundamental Amendment shall require the written consent of all 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 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)

  
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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 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
Administrative 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 Administrative Agent). 

  
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 (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 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 (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 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 Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Administrative 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 Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative 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 Funding Effective 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 or the Administrative Agent), deliver to the Borrower
and the Administrative 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

  
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(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 Administrative Agent), deliver to the Borrower and the Administrative 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 Administrative 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 Administrative 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(g) 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 Administrative 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 

  
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exemption from withholding under FATCA and shall provide any other documentation reasonably requested by the Borrower or the Administrative Agent sufficient for the Administrative 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 Administrative 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 Chapman and Cutler LLP, counsel to the Administrative Agent and the Lenders, and any auditors, accountants, consultants or appraisers or other professional advisors and
agents engaged by the Administrative 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 Administrative Agent) incurred by the
Administrative 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 Administrative 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
Administrative 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 Administrative 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 Administrative 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 Administrative Agent. Without prejudice to its rights hereunder, the expenses and the
compensation for the services of the Administrative 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,

  
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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; 
 (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 Administrative Agent (for the benefit of the Secured Parties) a first priority perfected
security interest in all of the Collateral free and clear of all 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 Administrative 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; 

  
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 (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; 

provided, that the Borrower shall not be liable under this Section 12.04 (A) for any Liability or losses arising due to the deterioration in the
credit quality or market value of the Collateral Loans or other Collateral hereunder to the extent that such credit quality or market value was not misrepresented in any material respect by the Borrower or any of its Affiliates, (B) 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 (C) 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; Electronic Signatures. 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. The parties hereto agree that “execution,”
“signed,” “signature,” and words of like import in this Agreement shall be deemed to include electronic signatures, authentication, or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based record keeping system, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, the Electronic Signatures in
Global and National Commerce Act, the Uniform Electronic Transactions Act as in effect in any state, the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), the Illinois
Electronic Commerce Security Act (5 ILCS 175/1-101 et seq.), or the Uniform Commercial Code, and the parties hereto hereby waive any objection to the contrary. 

  
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 Section 12.06 Assignability. 

(a) Each Lender may, with the consent of the Administrative 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 Administrative 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 Administrative 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
Administrative Agent and the Lenders. 
 (c)          (i) 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 Administrative Agent and the other Lenders shall continue to deal
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. 
 (ii)
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 

  
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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 Administrative 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 Administrative 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 Administrative 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 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. 

  
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 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. 

Each Lender and the Administrative 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 Administrative 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 Administrative

  
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Agents and the Lenders, respectively, shall promptly notify the Borrower of any breach of the Privacy Requirements. Furthermore, the Administrative 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 Administrative 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; 
 (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; 

  
 -97- 

 (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 Administrative 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. 
 Section 12.17 No Fiduciary
Duty. The Administrative 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

  
 -98- 

 
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, neither the Administrative Agent nor 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, (c) and 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 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. 

  
 -99- 

 
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. 

ARTICLE XIII 
 REAFFIRMATION 

Section 13.01 No Novation and Reaffirmation of Facility Documents. This Agreement constitutes an amendment
and restatement of and supersedes the Original Credit Agreement and does not extinguish the obligations for the payment of money outstanding under the Original Credit Agreement or discharge or release the Obligations under, and as defined in, the
Original Credit Agreement or the Lien or priority of any collateral assignment, mortgage, pledge, security agreement or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the Obligations
outstanding under, and as defined in, the Original Credit Agreement or any of the instruments securing the same, which shall remain in full force and effect, except as expressly modified hereby or by instruments or documents executed concurrently
herewith. The Lien and priority of any pledge, collateral assignment, security agreement or any other security for the Obligations under the Original Credit Agreement are expressly reaffirmed as set forth herein. In addition, this Agreement does not
terminate any rights or remedies of the Administrative Agent under the Borrower Trust Agreement, which are also hereby expressly reaffirmed. Except for the Original Credit Agreement, the Original Administrative Agent Fee Letter and the Original
Sponsor Indemnity Agreement, which are amended and restated upon the Closing Date, all the other Facility Documents, including, but not limited to, the UNI Credit Agreement, the Servicing Agreement, the Account Control Agreement, the Verification
Agent Agreement and the Custody Agreement, shall remain in full force and effect. Nothing expressed or implied in this Agreement shall be construed as a release or other discharge of any of the obligations and liabilities of the Borrower, the
Servicer, the Sponsor, the Original Seller, the Backup Servicer, the Account Bank or the Custodian’s under any of the Facility Documents or the Constituent Documents, including, but not limited to, the Servicing Agreement, the Loan Sale
Agreement, the Backup Servicing Agreement, the Account Control Agreement, the Verification Agent Agreement, the Custody Agreement and Borrower Trust Agreement. The Borrower, the Servicer and the Sponsor hereby (a) confirm and agree that each
Facility Document to which it is a party shall continue to be in full force and effect and is hereby ratified and confirmed in all respects and (b) confirm and agree that to the extent that any Facility Document purports to assign or pledge to
the Administrative Agent or the Lenders a security interest in or Lien on, any Collateral as security for the Obligations of the Borrower from time to time existing in respect of the Original Credit Agreement and the Facility Documents, such pledge,
assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects. Notwithstanding the foregoing, the Administrative Agent, the Lenders, the Borrower, the 

  
 -100- 

 
Owner Trustee, the Servicer and the Sponsor hereby confirm and agree that all references in any Facility Document or in any Constituent Document to (A) the “Credit Agreement,”
“thereto,” “thereof,” “thereunder” or words of like import referring to the Original Credit Agreement shall mean the Original Credit Agreement as amended and restated by this Agreement and (B) all references in any
other Facility Document or in any Constituent Document to the “Closing Date” or references of like import referring to the Original Closing Date shall mean the Original Closing Date as defined in this Agreement. 

[Signature Pages Follow] 

  
 -101- 

 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 LOAN TRUST, as Borrower
		
	By:	 	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: Assistant Vice President                              
              

  

  
 SIGNATURE PAGE 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

 
			
	 GOLDMAN SACHS BANK USA,
 as
Administrative Agent

		
	By:	 	/s/ Jeff Hartwick
		 	
Name: Jeff Hartwick                     
                                       

		 	
Title: Authorized Signatory                    
                             

  

			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	/s/ Jeff Hartwick
		 	Name: Jeff Hartwick                                 
                           
		 	Title: Authorized Signatory                               
                  

  

  
 SIGNATURE PAGE 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

 
			
	 Acknowledged and agreed solely with respect to Section 7.01 and
13.01:

	
	 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: Assistant Vice President                  
                          

  

  
 SIGNATURE PAGE 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

 
			
	 Acknowledged and Agreed:

	
	 UPSTART NETWORK, INC., as the Servicer

		
	 By:
	 	 /s/ Sanjay Datta

		 	
Name: Sanjay Datta              
                                         
     

		 	
Title: Chief Financial Officer           
                                  

  

  
 SIGNATURE PAGE 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

 
			
	 Acknowledged and Agreed:

	
	 UPSTART HOLDINGS, INC.,as the Sponsor

		
	 By:
	 	 /s/ Sanjay Datta

		 	
Name: Sanjay Datta              
                                         
     

		 	
Title: Chief Financial Officer           
                                  

  
 SIGNATURE PAGE 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

 
			
	 Acknowledged and Agreed by the lender under the UNI Credit Agreement for purposes of
Section 13.01:

	
	 UPSTART NETWORK, INC.

		
	 By:
	 	 /s/ Sanjay Datta

		 	
Name: Sanjay Datta              
                                         
     

		 	
Title: Chief Financial Officer           
                                  

  
 SIGNATURE PAGE 

AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT 

 SCHEDULE 1 

INITIAL LENDERS 
  

			
	 Lender
	  	Percentage
	 Goldman Sachs Bank USA
	  	100.0%
	 Total Percentage:
	  	100.0%

 SCHEDULE 2 

FORM OF MONTHLY REPORT 
 (See
attached) 

 SCHEDULE 3 

NOTICE INFORMATION 
  

			
		
	 If to the Administrative Agent or any Lender:
	  	 Goldman Sachs Bank USA

200 West Street

New York, NY 10282

Attention: IBD Structured Finance Group
and Warehouse Finance Group

Telephone No.: ***

Email: ***

		
	 with copies to:
	  	 Goldman Sachs Warehouse Lending

2001 Ross Avenue, Suite 2800

Dallas, TX 75201

Attention: Andrew Bain

Telephone No.: ***

Fax No.: ***

Email: ***
  

Brad Razzano 

2001 Ross Avenue, Suite 2800

Dallas, TX 75201

Telephone No.: ***

Email: ***

		
	 If to the Borrower:
	  	 Upstart Loan Trust

c/o Upstart Network, Inc.

2950 S. Delaware St., Suite 300

San Mateo, CA 94403

Attention: General Counsel

Telephone No.: ***

Email: ***

 SCHEDULE 4 

COLLECTION ACCOUNT AND CLEARING ACCOUNT DETAILS 
  

			
		
	 Collection Account
	  	 Bank: Wells Fargo Bank,

National Association Bank Address:

420 Montgomery Street

San Francisco, CA 94104

		
	 Clearing Account
	  	 Bank: Wells Fargo Bank,

National Association Bank Address:

420 Montgomery Street

San Francisco, CA 94104

 SCHEDULE 5 

LIST OF CLOSING DOCUMENTS 

Attached 

 SCHEDULE 6 

APPROVED CODE ACADEMIES 
 “Code Fellows”

 “Coder Camps” 
 “Coding Campus” 

“Coding Dojo” 
 “Data Incubator” 

“Dev Bootcamp” 
 “DevMountain” 

“Epicodus” 
 “Fullstack Academy” 

“GSchool” 
 “General Assembly” 

“Hack Reactor” 
 “Hackbright Academy” 

“Launch Academy” 
 “Metis” 

“RefactorU” 
 “Software Craftsmanship Guild”

 “The Iron Yard” 
 “The MakerSquare” 

“Turing” 

 EXHIBIT A 

FORM OF NOTICE OF BORROWING 
 [Date] 

Goldman Sachs Bank USA, as Administrative Agent 
 200 West Street

 New York, NY 10282 
 Attn: IBD Structured Finance Group 

Ref: [____________] 
 This Notice of
Borrowing is made pursuant to Section 2.02 of that certain Amended and Restated Revolving Credit and Security Agreement (the “Credit Agreement”), dated as of May 22, 2020, by and among Upstart Loan Trust, a Delaware
statutory trust, as borrower (the “Borrower”), the Lenders from time to time party thereto and Goldman Sachs Bank USA, as administrative agent. Capitalized terms used but not otherwise defined herein shall have the respective
meanings assigned to such terms in the Credit Agreement. 
 1. The Borrower hereby requests that on ______________, 20___
(the “Borrowing Date”) it receives Borrowings under the Credit Agreement in an aggregate principal amount of ______________ Dollars ($______________) (the “Requested Amount”). 

2. The Borrower hereby gives notice of its request for Advances in an aggregate principal amount equal to the Requested Amount
to the Administrative Agent (who shall forward such request to the Lenders) pursuant to Section 2.02 of the Credit Agreement and requests that the Lenders remit, or cause to be remitted, the proceeds thereof less the Up-Front Fees to the Funding Account in the respective pro rata amounts in accordance with the following wiring instructions: 
  

			
		 	 
		 	 
		 	 
		 	 

 3. The Borrower certifies that immediately after giving effect to the proposed Borrowing on the
Borrowing Date each of the applicable conditions precedent set forth in Section 3.02 of the Credit Agreement is satisfied, including: 

(1) immediately after the making of such Advance on the Borrowing Date, the Maximum Advance Rate Test shall be satisfied (as
demonstrated on the Maximum Advance Rate Test Calculation Statement attached hereto); 

 (2) each of the representations and warranties of the Borrower contained in
Article IV of the Credit Agreement is 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 are true and correct in all material respects as of such earlier date); 

(3) no Unmatured Event of Default or Event of Default shall have occurred and be continuing at the time of the making of such
Advance or shall result upon the making of such Advance; 
 (4) the Borrower is the owner of the Collateral free and clear of
any liens, claims or encumbrances of any nature whatsoever except for (A) those which are being released on the related Borrowing Date and (B) Permitted Liens; 

(5) the Borrower has acquired its ownership in the Collateral in good faith without notice of any adverse claim, except as
described in clause (4) above; 
 (6) the Borrower has not assigned, pledged or otherwise encumbered any interest in the
Collateral (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests granted pursuant to the Credit Agreement; 

(7) the Borrower has full right to grant a security interest in and assign and pledge the Collateral to the Administrative
Agent; and 
 (8) upon grant by the Borrower, the Administrative Agent has a first priority perfected security interest in
the Collateral, except as otherwise permitted by the Credit Agreement. 
 4. Attached hereto as Schedule II is the schedule
of Loans that will be included in the Borrowing Base in connection with such Borrowing requested hereunder. Attached hereto as Schedule III is an aggregate schedule of Collateral Loans (after giving effect to the Borrowing requested hereunder). 

[Signature Page to Follow] 

  
 - 2 - 

 This Notice of Borrowing is made this ____ day of ______________, 20___. 

 

					
	UPSTART LOAN TRUST, as Borrower
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 SIGNATURE PAGE 

NOTICE OF BORROWING 

 SCHEDULE I 

MAXIMUM ADVANCE RATE TEST CALCULATION STATEMENT 

(see attached) 

 SCHEDULE II 

BORROWING REQUEST LOAN SCHEDULE 

(see attached) 

 SCHEDULE III 

AGGREGATE COLLATERAL LOAN SCHEDULE 

(see attached) 

 EXHIBIT B 

FORM OF NOTICE OF PREPAYMENT 

[DATE] 
 Goldman Sachs Bank USA, 

as Administrative Agent 
 200 West Street 

New York, NY 10282 
 Attn: IBD Structured Finance Group 

Ref:
[                            ] 

This Notice of Prepayment is made pursuant to Section 2.05 of that certain Amended and Restated Revolving Credit and Security Agreement
(the “Credit Agreement”), dated as May 22, 2020, by and among Upstart Loan Trust, a Delaware statutory trust, as borrower (the “Borrower”), the Lenders from time to time party thereto and Goldman Sachs Bank
USA, as administrative agent. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit Agreement. 

1. The Borrower hereby gives notice that on
                , 20         (the “Prepayment Date”) it will make a prepayment under the Credit
Agreement in the principal amount of                              Dollars
($                ) (the “Prepayment Amount”). 

2. The Borrower hereby gives notice of intent to prepay an aggregate principal amount equal to the Prepayment Amount to the
Administrative Agent pursuant to Section 2.05 of the Credit Agreement and will remit, or cause to be remitted, the proceeds thereof to the account of each Lender as directed by each Lender. The calculation of the Maximum Advance Rate Test after
giving effect to such prepayment is set forth in Schedule I hereto. 
 [Signature Page to Follow] 

 WITNESS my hand on this ____ day of ______________, 20___. 

 

					
	 UPSTART LOAN TRUST,
 as
Borrower

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 SIGNATURE PAGE 

NOTICE OF PREPAYMENT 

 SCHEDULE I 

MAXIMUM ADVANCE RATE TEST CALCULATION STATEMENT 

(see attached) 

 EXHIBIT C 

FORM OF ASSIGNMENT AND ACCEPTANCE 

Reference is made to that certain Amended and Restated Revolving Credit and Security Agreement (the “Credit Agreement”),
dated as May 22, 2020, by and among Upstart Loan Trust, a Delaware statutory trust, as borrower (the “Borrower”), the Lenders from time to time party thereto and Goldman Sachs Bank USA, as administrative agent. Capitalized
terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Credit Agreement. 
 The
Assignor and the “Assignee” referred to on Schedule I hereto agree as follows: 
 1. As of the Effective Date (as
defined below), the Assignor hereby absolutely and unconditionally sells and assigns, without recourse, to the Assignee, and the Assignee hereby purchases and assumes, without recourse to or representation of any kind (except as set forth below)
from Assignor, an interest in and to the Assignor’s rights and obligations under the Credit Agreement and under the other Facility Documents equal to the percentage interest specified on Schedule I hereto, including the Assignor’s
percentage interest specified on Schedule I hereto of the outstanding principal amount of the Advances to the Borrower (such rights and obligations assigned hereby being the “Assigned Interests”). After giving effect to such sale,
assignment and assumption, the Assignee’s “Percentage” will be as set forth on Schedule I hereto. 
 2. The
Assignor (i) represents and warrants that immediately prior to the Effective Date it is the legal and beneficial owner of the Assigned Interest free and clear of any Lien created by the Assignor; (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 Assigned Interest, 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
Administrative 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. 

3. The Assignee (i) confirms that it has received a copy of the Credit Agreement and the other Facility Documents, and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees that it will, independently and without reliance upon the Administrative
Agent, the Assignor, 

 
or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under or in
connection with any of the Facility Documents; (iii) appoints and authorizes the Administrative 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
Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (iv) 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. 
 4. The Assignee, by checking the box below,
(i) acknowledges that it is required to be a Qualified Purchaser for purposes of the Investment Company Act at the time it becomes a Lender and on each date on which an Advance is made under the Credit Agreement and (ii) represents and
warrants to the Assignor, the Borrower and the Administrative Agent that the Assignee is a Qualified Purchaser: 
 By checking this box, the Assignee
represents and warrants that it is a Qualified Purchaser. 
 5. Following the execution of this Assignment and Acceptance, it
will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by the
Administrative Agent, unless a later effective date is specified on Schedule I hereto. 
 6. Upon such acceptance and
recording by the Administrative Agent, as of the Effective Date, (i) the Assignee shall be a party to and bound by the provisions of the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and
obligations of a Lender thereunder and under any other Facility Document,(ii) without limiting the generality of the foregoing, the Assignee expressly acknowledges and agrees to its obligations of indemnification to the Administrative Agent
pursuant to and as provided in Section 12.04 thereof, and (iii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement and under
any other Facility Document. 
 7. Upon such acceptance and recording by the Administrative Agent, from and after the
Effective Date, the Borrower shall make all payments under the Credit Agreement in respect of the Assigned Interest to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement and the
Assigned Interests for periods prior to the Effective Date directly between themselves. 
 8. This Assignment and Acceptance
shall be governed by, and construed in accordance with, the internal laws of the State of New York. 

  
 -2- 

 9. This Assignment and Acceptance 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 taken together shall constitute one and the same agreement. Delivery of an executed counterpart
of Schedule I to this Assignment and Acceptance by electronic means shall be effective as a delivery of a manually executed counterpart of this Assignment and Acceptance. 

IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule I to this Assignment and Acceptance to be executed by their officers
thereunto duly authorized as of the date specified thereon. 

  
 -3- 

 SCHEDULE I 

Percentage interest transferred by Assignor:
                % 
  

			
	ASSIGNOR:
	
	 [INSERT NAME OF ASSIGNOR],

as Assignor

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 ASSIGNEE:

	
	 [INSERT NAME OF ASSIGNEE],

as Assignee

		
	By:	 	 
		 	Name:
		 	Title:

 Accepted this ___ day of _____________, 20___ 
  

			
	 GOLDMAN SACHS BANK USA,
 as
Administrative Agent

		
	By:	 	 
	Name:	 	
	Title:	 	 Authorized Signatory

 EXHIBIT D 

[RESERVED] 

 EXHIBIT E 

UNDERWRITING GUIDELINES 
 (see
attached) 

 EXHIBIT F 

CREDIT AND SERVICING POLICIES 

(see attached) 

 EXHIBIT G 

[RESERVED] 

 EXHIBIT H 

LOAN MODIFICATION POLICY 
 (see
attached) 

 EXHIBIT I 

[RESERVED] 

 EXHIBIT J 

FORM OF PERMITTED SALE RELEASE 

Reference is hereby made to the Amended and Restated Revolving Credit and Security Agreement, dated as of May 22, 2020 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Upstart Loan Trust, a Delaware statutory trust, as borrower (the “Borrower”), the Lenders from time to time party thereto and
Goldman Sachs Bank USA, as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms not defined herein shall have the meaning given such terms in the Credit Agreement. 

The Borrower and the Borrower hereby represent and warrant that each condition in the Credit Agreement and each other Facility Document, to
the consummation of the Permitted Sale to which this Permitted Sale Release relates, has been satisfied, including but not limited to delivery of (i) the executed Permitted Sale Date Certificate, in substantially the form attached hereto as
Annex 1 and (i) the executed notice, in substantially the form attached hereto as Annex 2. 
 Upon deposit in the Collection Account of
$_____________ in accordance with Section 2.14(a)(iv) in immediately available funds, the Administrative Agent hereby releases all of its right, title and interest, including its Lien, in and to the following: 

(a) the Collateral Loans to be transferred by the Borrower in the related Permitted Sale and described in Schedule I hereto
(the “Sold Assets” and such Schedule, the “Schedule of Sold Assets”), together with the Loan Notes, whether now existing or hereafter acquired, and any accounts or obligations evidenced thereby, any guarantee thereof, all
Collections related thereto, and all monies due (including any payments made under any guarantee or similar credit enhancement with respect to any such Sold Assets) or to become due or received by any Person in payment of any of the foregoing on or
after the related Permitted Sale Date; 
 (b) all Related Documents and the Schedule of Sold Assets, relating to the Sold
Assets, whether now existing or hereafter acquired, and all right, title and interest of the Borrower in and to the documents, agreements and instruments included in the such Related Documents, including rights of recourse of the Borrower against
the related Obligor; 
 (c) all of the Borrower’s interest in all rights to payment under all service contracts and
other contracts and agreements associated with the Sold Assets; 
 (d) Liens, guaranties and other encumbrances in favor of
or assigned or transferred to the Borrower in and to the Sold Assets, whether now existing or hereafter acquired; 

 (e) all monies, deposits, funds, accounts and instruments relating to the
foregoing; 
 (f) all of the Borrower’s right, title and interest in and to the Loan Sale Agreement (including each
Assignment), relating to the Sold Assets and remedies thereunder and the assignment to the Administrative Agent of all UCC financing statements filed by the Borrower against the Seller under or in connection with the Loan Sale Agreement and relating
to such Sold Assets; and 
 (g) all income and proceeds of the foregoing. 

  
 2 

 Executed as of _____________, 20___. 

 

					
	 UPSTART LOAN TRUST,
 as
Borrower

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

					
	 GOLDMAN SACHS BANK USA, as Administrative Agent

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 SIGNATURE PAGE 

NOTICE OF PREPAYMENT 

 ANNEX 1 

UPSTART LOAN TRUST 
 PERMITTED
SALE DATE CERTIFICATE 
 PURSUANT TO SECTION 2.14(a) 

OF THE CREDIT AGREEMENT 
 Upstart
Loan Trust, as borrower (the “Borrower”), delivers this certificate pursuant to Section 2.14(a) of the Credit Agreement, dated as of November 20, 2015 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among the Borrower, the Lenders from time to time party thereto and the Administrative Agent, and hereby certifies, as of the date hereof, the following: 

(a) the Borrower has sufficient funds on the related Permitted Sale Date to effect the Permitted Sale in accordance with the
Credit Agreement (taking into account, to the extent necessary, the proceeds of sales of the Collateral in the Permitted Sale); 

(b) after giving effect of the Permitted Sale, the release by the Administrative Agent of the related Collateral Loans on the
Permitted Sale Date and the transfer by the Borrower of the related Collateral Loans on the Permitted Sale Date, (A) the representations and warranties contained in Section 4.01 of the Credit Agreement continue to be true and correct in
all material respects, except to the extent relating to an earlier date and (B) no Unmatured Servicer Event of Default, Servicer Event of Default, Unmatured Event of Default or Event of Default have resulted; 

(c) 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; and 
 (d) the Maximum Advance Rate Test shall have been
satisfied 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 the Maximum Advance Rate Test shall not be satisfied on such Determination
Date. 
 Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement. 

 IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf
this day of _____________, 20___. 
  

					
	 UPSTART LOAN TRUST,
 as
Borrower

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 ANNEX 2 

FORM OF NOTICE 
 [NAME OF
BORROWER] 
 [Address] 

_____________, 20___ 
 Goldman Sachs Bank USA, as
Administrative Agent 
 200 West Street 
 New York, NY 10282

 Attention: IBD Structured Finance Group and Warehouse Finance 
  

	 	Re:	 Upstart Loan Trust – Credit Agreement 

Ladies and Gentlemen: 
 Reference is made to the
Amended and Restated Revolving Credit and Security Agreement, dated as of May 22, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Upstart Loan Trust, a Delaware
statutory trust, as borrower (the “Borrower”), the Lenders from time to time party thereto, the Committed Lenders from time to time party thereto, the Lender Group Agents from time to and Goldman Sachs Bank USA, as administrative agent (in
such capacity, the “Administrative Agent”). 
 Pursuant to Section 2.14(a)(i) of the Credit Agreement, the Borrower gives
notice of its intent to effect a Permitted Sale on or about , 20___ (which date is no fewer than 5 Business Days after the date of delivery of this notice to the Administrative Agent). 

Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement. 

 

					
	Very truly yours,
	
	 UPSTART LOAN TRUST

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 SCHEDULE I 

PERMITTED SALE RELEASE 
 SCHEDULE
OF SOLD ASSETS 
 (see attached)

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