Document:

Sale and Servicing Agreement

 EXHIBIT 10.120 
  
 EXECUTION COPY 

  
 SALE AND SERVICING 
 AGREEMENT 
  
 among 
  
 UPFC AUTO RECEIVABLES TRUST 2004-A, 

 
 Issuer, 
  
 ACE SECURITIES CORP., 
  
 Seller, 
  
 UNITED AUTO CREDIT CORPORATION, 
  
 Servicer, 
  
 DEUTSCHE BANK TRUST
COMPANY AMERICAS, 
  
 Trust Collateral Agent, Custodian and Backup
Servicer 
  
 and 
  
 CENTERONE FINANCIAL SERVICES LLC, 
  
 Designated Backup Subservicer 
  
 Dated as of August 31, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 Trust Collateral Agent, Custodian and Backup Servicer
	  	 
		
	 and
	  	 
		
	 CENTERONE FINANCIAL SERVICES LLC,
	  	 
		
	 ARTICLE I Definitions
	  	1
	 SECTION 1.1.
	  	 Definitions
	  	1
	 SECTION 1.2.
	  	 Other Definitional Provisions
	  	18
		
	 ARTICLE II Conveyance of Receivables
	  	19
	 SECTION 2.1.
	  	 Conveyance of Receivables
	  	19
	 SECTION 2.2.
	  	 [Reserved]
	  	20
	 SECTION 2.3.
	  	 Further Encumbrance of Trust Property
	  	20
		
	 ARTICLE III The Receivables
	  	20
	 SECTION 3.1.
	  	 Representations and Warranties with Respect to the Receivables
	  	20
	 SECTION 3.2.
	  	 Repurchase Upon Breach
	  	21
	 SECTION 3.3.
	  	 Custodian Of Receivable Files
	  	21
	 SECTION 3.4.
	  	 Rights and Duties of the Custodian
	  	24
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	25
	 SECTION 4.1.
	  	 Duties of the Servicer
	  	25
	 SECTION 4.2.
	  	 Collection of Receivable Payments; Modifications of Receivables
	  	26
	 SECTION 4.3.
	  	 Realization upon Receivables
	  	27
	 SECTION 4.4.
	  	 Insurance
	  	30
	 SECTION 4.5.
	  	 Maintenance of Security Interests in Vehicles
	  	30
	 SECTION 4.6.
	  	 Covenants, Representations, and Warranties of Servicer
	  	32
	 SECTION 4.7.
	  	 Purchase of Receivables Upon Breach of Covenant
	  	32
	 SECTION 4.8.
	  	 Total Servicing Fee; Payment of Certain Expenses by Servicer
	  	33
	 SECTION 4.9.
	  	 Preliminary Servicer’s Certificate and Servicer’s Certificate
	  	34
	 SECTION 4.10.
	  	 Annual Statement as to Compliance, Notice of Servicer Termination Event
	  	34
	 SECTION 4.11.
	  	 Annual Independent Accountants’ Report
	  	35
	 SECTION 4.12.
	  	 Access to Certain Documentation and Information Regarding Receivables
	  	36
	 SECTION 4.13.
	  	 Monthly Tape
	  	36
	 SECTION 4.14.
	  	 [Reserved]
	  	38
	 SECTION 4.15.
	  	 Fidelity Bond and Errors and Omissions Policy
	  	38
		
	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	38
	 SECTION 5.1.
	  	 Establishment of Trust Accounts
	  	38

  

 i 

					
	 SECTION 5.2.
	  	 [Reserved]
	  	41
	 SECTION 5.3.
	  	 Certain Reimbursements to the Servicer
	  	41
	 SECTION 5.4.
	  	 Application of Collections
	  	41
	 SECTION 5.5.
	  	 Withdrawals from Spread Account
	  	41
	 SECTION 5.6.
	  	 Additional Deposits
	  	42
	 SECTION 5.7.
	  	 Distributions
	  	42
	 SECTION 5.8.
	  	 Note Distribution Account
	  	44
	 SECTION 5.9.
	  	 [Reserved]
	  	45
	 SECTION 5.10.
	  	 Statements to Noteholders
	  	45
	 SECTION 5.11.
	  	 Optional Deposits by the Insurer
	  	47
		
	 ARTICLE VI The Note Policy
	  	47
	 SECTION 6.1.
	  	 Claims Under Note Policy
	  	47
	 SECTION 6.2.
	  	 Preference Claims Under Note Policy
	  	48
	 SECTION 6.3.
	  	 Surrender of Note Policy
	  	49
		
	 ARTICLE VII The Seller
	  	49
	 SECTION 7.1.
	  	 Representations of Seller
	  	49
	 SECTION 7.2.
	  	 Corporate Existence
	  	51
	 SECTION 7.3.
	  	 Liability of UACC; Indemnities
	  	51
	 SECTION 7.4.
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	53
	 SECTION 7.5.
	  	 Limitation on Liability of Seller and Others
	  	53
	 SECTION 7.6.
	  	 Ownership of the Certificates or Notes
	  	53
		
	 ARTICLE VIII The Servicer
	  	54
	 SECTION 8.1.
	  	 Representations of Servicer
	  	54
	 SECTION 8.2.
	  	 Liability of Servicer, Backup Servicer and Designated Backup Subservicer; Indemnities
	  	55
	 SECTION 8.3.
	  	 Merger or Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer or Backup
Servicer
	  	57
	 SECTION 8.4.
	  	 Limitation on Liability of Servicer, Designated Backup Subservicer, Backup Servicer and Others
	  	58
	 SECTION 8.5.
	  	 Delegation of Duties
	  	60
	 SECTION 8.6.
	  	 Servicer, the Designated Backup Subservicer and Backup Servicer Not to Resign
	  	61
		
	 ARTICLE IX Default
	  	61
	 SECTION 9.1.
	  	 Servicer Termination Event
	  	61
	 SECTION 9.2.
	  	 Consequences of a Servicer Termination Event
	  	63
	 SECTION 9.3.
	  	 Appointment of Successor
	  	64
	 SECTION 9.4.
	  	 Notification to Noteholders
	  	65
	 SECTION 9.5.
	  	 Waiver of Past Defaults
	  	65
		
	 ARTICLE X Termination
	  	66
	 SECTION 10.1.
	  	 Optional Purchase of All Receivables
	  	66

  

 ii 

					
	 ARTICLE XI Administrative Duties of the Servicer
	  	67
	 SECTION 11.1.
	  	 Administrative Duties
	  	67
	 SECTION 11.2.
	  	 Records
	  	69
	 SECTION 11.3.
	  	 Additional Information to be Furnished to the Issuer
	  	69
	 SECTION 11.4.
	  	 Reporting Requirements of the Commission and Indemnification
	  	69
		
	 ARTICLE XII Miscellaneous Provisions
	  	70
	 SECTION 12.1.
	  	 Amendment
	  	70
	 SECTION 12.2.
	  	 Protection of Title to Trust
	  	72
	 SECTION 12.3.
	  	 Notices
	  	73
	 SECTION 12.4.
	  	 Assignment
	  	74
	 SECTION 12.5.
	  	 Limitations on Rights of Others
	  	75
	 SECTION 12.6.
	  	 Severability
	  	75
	 SECTION 12.7.
	  	 Separate Counterparts
	  	75
	 SECTION 12.8.
	  	 Headings
	  	75
	 SECTION 12.9.
	  	 Governing Law
	  	75
	 SECTION 12.10.
	  	 Assignment to Trustee
	  	75
	 SECTION 12.11.
	  	 Nonpetition Covenants
	  	75
	 SECTION 12.12.
	  	 Limitation of Liability of Owner Trustee and Trustee
	  	76
	 SECTION 12.13.
	  	 Independence of the Servicer
	  	76
	 SECTION 12.14.
	  	 No Joint Venture
	  	77
	 SECTION 12.15.
	  	 Benefits of Sale and Servicing Agreement
	  	77
	 SECTION 12.16.
	  	 State Business Licenses
	  	77
			
	 SCHEDULES
	  	 	  	 
	 Schedule A
	  	Schedule of Receivables	  	 
	 Schedule B
	  	Location of Receivables	  	 
	 Schedule C
	  	Schedule of Servicer’s Representations	  	 
	 Schedule D
	  	Terms and Conditions of Designated Backup Subservicer	  	 
			
	 EXHIBITS
	  	 	  	 
	 Exhibit A
	  	[Reserved]	  	 
	 Exhibit B
	  	Form of Servicer’s Certificate	  	 
	 Exhibit C
	  	Form of Preliminary Servicer’s Certificate	  	 

  

 iii 

 SALE AND SERVICING AGREEMENT dated as of August 31, 2004, among UPFC AUTO RECEIVABLES TRUST 2004-A, a
Delaware statutory trust (the “Issuer”), ACE SECURITIES CORP., a Delaware corporation (the “Seller”), UNITED AUTO CREDIT CORPORATION, a California corporation (the “Servicer”) DEUTSCHE BANK TRUST
COMPANY AMERICAS, a banking corporation organized under the laws of the State of New York, in its capacity as trust collateral agent (the “Trust Collateral Agent”, in its capacity as custodian, the “Custodian” and in its capacity
as backup servicer, the “Backup Servicer”) and CENTERONE FINANCIAL SERVICES LLC, a Delaware limited liability company (the “Designated Backup Subservicer”). 
  
 WHEREAS the Issuer desires to purchase a portfolio of receivables arising in connection with motor vehicle retail
installment sale contracts made by United Auto Credit Corporation or acquired by United Auto Credit Corporation through motor vehicle dealers; 
  
 WHEREAS the Seller has purchased such receivables from UPFC Auto Receivables Corp. and is willing to sell such receivables to the Issuer; 
  
 WHEREAS the Servicer is willing to service all such receivables; 

 
 WHEREAS the Backup Servicer is willing to provide backup servicing for all
such receivables; 
  
 WHEREAS the Designated Backup Subservicer is
willing to provide backup subservicing for all such receivables 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings: 
  
 “Accountants’ Report” means the report of a firm of nationally recognized independent accountants described in Section 4.11.

  
 “Accounting Date” means, with respect to any
Collection Period the last day of such Collection Period. 
  
 “Additional Funds Available” means, with respect to any Distribution Date, the sum of (i) the Spread Account Claim Amount, if any, received by the Trust Collateral Agent with respect to such Distribution Date plus (ii) the
Insurer Optional Deposit, if any, received by the Trust Collateral Agent with respect to such Distribution Date. 
  

 “Affiliate” means, with respect to any specified Person, any other Person controlling or
controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Aggregate Principal Balance” means, with respect to any
date of determination, the sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased
Receivable prior to the end of the related Collection Period) as of the date of determination. 
  
 “Agreement” means this Sale and Servicing Agreement, as the same may be amended and supplemented from time to time. 
  
 “Amount Financed” means, with respect to a Receivable, the aggregate amount advanced under such Receivable
toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and warranty contracts, other items customarily financed as part of retail automobile
installment sale contracts or promissory notes, and related costs. 
  
 “Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of finance charges or service charges, as stated in the related Contract. 
  
 “Available Funds” means, with respect to any Distribution
Date, the sum of (i) the Collected Funds for the related Collection Period, (ii) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture
since the preceding Distribution Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (iii) the proceeds of any purchase or sale of the assets of the Trust described in
Section 10.1 hereof, (iv) Investment Earnings with respect to the Trust Accounts for the related Collection Period and (vi) excess amounts released from the Spread Account. 
  
 “Backup Servicer” means the Trust Collateral Agent in its capacity as backup servicer. 
  
 “Base Servicing Fee” means, with respect to any Collection
Period, the fee payable to the Servicer for services rendered during such Collection Period, which shall be equal to the product of the Servicing Fee Rate times the product of (i) the aggregate Principal Balance of the Receivables as of the opening
of business on the first day of such Collection Period multiplied by (ii) one twelfth. 
  
 “Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Indenture, the Spread Account Agreement, the Insurance Agreement, the Sale Agreement, the Purchase Agreement
and other documents and certificates delivered in connection therewith. 
  

 2 

 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which
the Insurer is closed or (c) a day on which banking institutions in New York City, Newport Beach, California, Wilmington, Delaware or in the city in which the corporate trust office of the Trustee under the Indenture or the Owner Trustee under the
Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
  
 “CenterOne” mean CenterOne Financial Services LLC, a Delaware limited liability company. 
  
 “Certificate” means the trust certificate evidencing the beneficial interest of the Certificateholder in the Trust. 
  
 “Certificateholder” means the Person in whose name the
Certificate is registered. 
  
 “Class” means the
Class A-1 Notes, the Class A-2 Notes or the Class A-3 Notes, as the context requires. 
  
 “Class A-1 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class A-2 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class A-3 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Closing Date” means September 22, 2004. 
  
 “Collateral Agent” means Deutsche Bank Trust Company
Americas, in its capacity as Collateral Agent under the Spread Account Agreement. 
  
 “Collateral Insurance” shall have the meaning set forth in Section 4.4(a). 
  
 “Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on
the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period and any Purchase Amounts deposited in the Collection Account with respect to such Collection Period. 
  
 “Collection Account” means the account designated as such,
established and maintained pursuant to Section 5.1. 
  
 “Collection Period” means, with respect to the first Distribution Date, the period beginning on the close of business on August 31, 2004 and ending on the close of business on September 30, 2004. With respect to each
subsequent Distribution Date, “Collection Period” means the immediately preceding calendar month. 
  
 “Collection Records” means all manually prepared or computer generated records relating to collection efforts or payment histories with
respect to the Receivables. 
  
 “Commission”
means the United States Securities and Exchange Commission. 
  

 3 

 “Computer Tape” means the computer tapes or other electronic media furnished by the
Servicer to the Issuer and the Insurer and its assigns describing certain characteristics of the Receivables as of the Cutoff Date. 
  
 “Contract” means a motor vehicle retail installment sale contract or promissory note. 
  
 “Controlling Party” means the Insurer, so long as no Insurer
Default shall have occurred and be continuing and the Trust Collateral Agent for the benefit of the Noteholders, in the event an Insurer Default shall have occurred and be continuing. 
  
 “Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal corporate trust office
of the Owner Trustee, which at the time of execution of this agreement is 919 Market Street, Suite 700, Wilmington, Delaware 19801, Attention: Corporate Trust Administration, (ii) with respect to the Trustee, the Trust Collateral Agent and the
Collateral Agent, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 60 Wall Street, 26th Floor, New York, New York 10005, Attention: Trust Securities Services/Structured Finance Services and (iii) with respect to the Custodian, the principal
office at which any particular time its custodial business shall be administered, which at the time of execution of this agreement is 1761 East St. Andrew Place, Santa Ana, California 92705. 
  
 “Cram Down Loss” means, with respect to a Receivable that
has not become a Liquidated Receivable, if a court of appropriate jurisdiction in a proceeding related to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled
Receivables Payments to be made on a Receivable in a manner that reduces the total principal payable by the obligor, an amount equal to the excess of the principal balance of such Receivable immediately prior to such order over the principal balance
of such Receivable as so reduced. A “Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order. 
  
 “Custodian” means the Trust Collateral Agent in its capacity as custodian of the Receivable File. 
  
 “Cutoff Date” means August 31, 2004. 
  
 “Dealer” means a dealer who sold a Financed Vehicle and who
originated and assigned the respective Receivable to UACC under a Dealer Agreement or pursuant to a Dealer Assignment. 
  
 “Dealer Agreement” means any agreement between a Dealer and UACC relating to the acquisition of Receivables from a Dealer by UACC.

  
 “Dealer Assignment” means, with respect to a
Receivable, the executed assignment executed by a Dealer conveying such Receivable to UACC. 
  
 “Deficiency Notice” shall have the meaning set forth in Section 5.5. 
  

 4 

 “Delivery” when used with respect to Trust Account Property means: 
  
 (a) with respect to bankers’ acceptances, commercial
paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust Collateral Agent or
its nominee or custodian by physical delivery to the Trust Collateral Agent or its nominee or custodian endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank, and, with respect to a
certificated security (as defined in Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank to
a financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Trust Collateral Agent or its nominee or
custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Trust Collateral Agent or its nominee or custodian, or (ii) by delivery thereof to a “clearing corporation” (as
defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of a financial
intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial intermediary, the maintenance of such certificated securities
by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s exclusive control, the sending of a confirmation by the financial
intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the
Trust Collateral Agent or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Trust Collateral Agent or its nominee or
custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with
changes in applicable law or regulations or the interpretation thereof; 
  
 (b) with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve
System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to
an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or
other written confirmation of such book-entry registration to the Trust Collateral Agent or its nominee or custodian of the purchase by the Trust Collateral Agent or its nominee or custodian of such book-entry securities; the 

  

 5 

 
making by such financial intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve System
pursuant to Federal book-entry regulations as belonging to the Trust Collateral Agent or its nominee or custodian and indicating that such custodian holds such Trust Account Property solely as agent for the Trust Collateral Agent or its nominee or
custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with
changes in applicable law or regulations or the interpretation thereof; and 
  
 (c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer
thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such uncertificated security, the making by such financial
intermediary of entries on its books and records identifying such uncertificated certificates as belonging to the Trust Collateral Agent or its nominee or custodian. 
  
 “Depositor” shall mean the Seller in its capacity as Depositor under the Trust Agreement. 
  
 “Designated Backup Subservicer” mean the designated backup
subservicer appointed by the Backup Servicer pursuant to Section 8.5(c), initially CenterOne. 
  
 “Determination Date” means, with respect to any Collection Period the third Business Day preceding the Distribution Date in the next calendar month and with respect to the first Distribution Date,
October 12, 2004. 
  
 “Distribution Date” means,
with respect to each Collection Period, the 15th day of the following calendar month, or, if such day is not a
Business Day, the immediately following Business Day, commencing October 15, 2004. 
  
 “Draw Date” means, with respect to any Distribution Date, the second Business Day immediately preceding such Distribution Date. 
  
 “Electronic Ledger” means the electronic master record of the retail installment sales contracts or
installment loans of the Servicer. 
  
 “Eligible Deposit
Account” means a segregated trust account with the corporate trust department of a depository institution acceptable to the Insurer 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), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution have a credit rating from each Rating
Agency in one of its generic rating categories which signifies investment grade. 
  

 6 

 “Eligible Investments” mean book-entry securities, negotiable instruments or securities
represented by instruments in bearer or registered form which evidence: 
  
 (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America; 
  
 (b) demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws
of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities (including
depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the benefit of the holders of such depository receipts); provided,
however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution Date), the commercial paper or other short-term senior
unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository institution or trust company shall have a credit rating from
Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
  
 (c) commercial paper and demand notes investing solely in commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of A-1+ and from
Moody’s of Prime-1; 
  
 (d) investments in
money market funds (including funds for which the Trust Collateral Agent or the Owner Trustee in each of their individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from
Standard & Poor’s of AAA-m or AAAm-G and from Moody’s of Aaa and having been approved by the Insurer, which approval shall not be unreasonably withheld; 
  
 (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause
(b) above; 
  
 (f) repurchase obligations with
respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America,
in either case entered into with a depository institution or trust company (acting as principal) referred to in clause (b) above; 
  
 (g) any other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities and which,
so long as no Insurer Default shall have occurred and be continuing, has been approved by the Insurer, which approval shall not be unreasonably withheld, or any other investment that by its terms converts to cash within a finite period, if the
Rating Agency Condition is satisfied with respect thereto; and 
  
 (h) cash denominated in United States dollars. 
  

 7 

 Any of the foregoing Eligible Investments may be purchased by or through the Owner Trustee or the Trust
Collateral Agent or any of their respective Affiliates. 
  
 “Eligible Servicer” means, UACC, Deutsche Bank Trust Company Americas, as Backup Servicer, CenterOne Financial Services, LLC, as Designated Backup Subservicer, or another Person which at the time of its appointment as
Servicer or Backup Servicer, (i) is servicing a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle installment loan contracts, (ii) is legally qualified and has the capacity to service the Receivables, (iii) has
demonstrated the ability professionally and competently to service a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle installment loan contracts similar to the Receivables with reasonable skill and care and (iv) is
qualified and entitled to use, pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities under this Agreement
or otherwise has available software which is adequate to perform its duties and responsibilities under this Agreement. 
  
 “FDIC” means the Federal Deposit Insurance Corporation. 
  
 “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the September 15, 2005
Distribution Date, (ii) the Class A-2 Notes, the June 15, 2007 Distribution Date and (iii) the Class A-3 Notes, the September 15, 2010 Distribution Date. 
  
 “Financed Vehicle” means an automobile or light-duty truck, van or minivan, together with all accessions thereto, securing an
Obligor’s indebtedness under the respective Receivable. 
  
 “Indenture” means the Indenture dated as of August 31, 2004, between the Issuer and Deutsche Bank Trust Company Americas, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time.

  
 “Insolvency Event” means, with respect to a
specified Person, (a) the filing of a petition against such Person or the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case
under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation or such Person’s affairs, and such petition, decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such
Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such
Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
  

 8 

 “Insurance Agreement” means the Insurance Agreement, dated as of September 22, 2004,
among the Insurer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Trust, the Seller, the Transferor, the Servicer and the Backup Servicer, as the same may be amended or supplemented from time to time. 
  
 “Insurance Agreement Event of Default” means an
“Insurance Agreement Event of Default” as defined in the Insurance Agreement. 
  
 “Insurance Policy” means, with respect to a Receivable, any insurance policy (including the insurance policies described in Section 4.4 hereof) benefiting the holder of the Receivable providing loss
or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or the Obligor. 
  
 “Insurer” means Ambac Assurance Corporation, or any successor thereto, as issuer of the Note Policy. 
  
 “Insurer Default” means the occurrence and continuance of
any of the following events: 
  
 (a) the Insurer
shall have failed to make a payment required under the Note Policy in accordance with its terms; 
  
 (b) the Insurer shall have (i) filed a petition or commenced any case or proceeding under any provision or chapter of the United States
Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its creditors, or (iii) had an order for relief entered
against it under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and nonappealable; or 
  
 (c) a court of competent jurisdiction, the Wisconsin
Department of Insurance or other competent regulatory authority shall have entered a final and nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for the Insurer or for all or any material portion of its
property or (ii) authorizing the taking of possession by a custodian, trustee, agent or receiver of the Insurer (or the taking of possession of all or any material portion of the property of the Insurer). 
  
 “Insurer Optional Deposit” means, with respect to any
Distribution Date, an amount delivered by the Insurer pursuant to Section 5.11, at its sole option, other than amounts in respect of an Insured Payment (as defined in the Note Policy), to the Trust Collateral Agent for deposit into the Collection
Account for any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date; or (ii) to include such amount as part of the Additional
Funds Available for such Distribution Date to the extent that without such amount a draw would be required to be made on the Note Policy. 
  

 9 

 “Interest Period” means with respect to any Distribution Date (i) for the Class A-1
Notes, from and including the prior Distribution Date (or in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the current Distribution Date, and (ii) with respect to the Class A-2 Notes and the Class
A-3 Notes, from and including the 15th day of the preceding calendar month (or, in the case of the first
Distribution Date, from and including the Closing Date) to, but excluding, the 15th day of the month of the current
Distribution Date. 
  
 “Interest Rate” means,
with respect to (i) the Class A-1 Notes, 1.93903% per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period), (ii) the Class A-2 Notes, 2.56% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months), and (iii) the Class A-3 Notes, 3.27% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
  
 “Investment Earnings” means, with respect to any date of determination and Trust Account, the investment
earnings on amounts on deposit in such Trust Account on such date. 
  
 “Issuer” means UPFC Auto Receivables Trust 2004-A. 
  
 “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by
operation of law as a result of any act or omission by the related Obligor. 
  
 “Lien Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a
secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the
term “Lien Certificate” shall mean only a certificate or notification issued to a secured party. 
  
 “Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, as of the last day of the Collection
Period, (i) 90 days have elapsed since the Servicer repossessed the Financed Vehicle provided, however, that in no case shall 5% or more of a Scheduled Receivables Payment have become 210 or more days delinquent in the case of a repossessed Financed
Vehicle and which is not a Sold Receivable, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received and which is not a Sold Receivable, (iii) 5% or more of a Scheduled Receivables Payment shall have
become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, and which is not a Sold Receivable or (iv) that is a Sold Receivable. 
  

“Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable (other
than amounts withdrawn from the Spread Account and drawings under the Note Policy), and, with respect to a Sold Receivable, the related Sale Amount. 
  
 “Minimum Sale Price” means (i) with respect to a Receivable (x) that has become 60 to 210 days delinquent or (y) that has become greater
than 210 days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer and has not 

  

 10 

 
yet been sold at auction, the greater of (A) 55% multiplied by the Principal Balance of such Receivable and (B) the product of the three month rolling
average recovery rate (expressed as a percentage) for the Servicer in its liquidation of all receivables for which it acts as servicer, either pursuant to this Agreement or otherwise, multiplied by the Principal Balance of such Receivable or (ii)
with respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been sold at auction and the net Liquidation Proceeds for which have been deposited in the Collection Account, or (y)
that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has not been repossessed by the Servicer despite the Servicer’s diligent efforts, consistent with its servicing obligations, to repossess
the Financed Vehicle, $1. 
  
 “Monthly Extension
Rate” means, with respect to any Accounting Date, the fraction, expressed as a percentage, the numerator of which is the aggregate Principal Balance of Receivables whose payments are extended during the related Collection Period and the
denominator of which is the aggregate Principal Balance of Receivables as of the immediately preceding Accounting Date. 
  
 “Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables, including the following with
respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term; Annual Percentage Rate; current Principal
Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days currently delinquent; number of contract
extensions (months) to date; amount of Scheduled Receivables Payment; current Insurance Policy expiration date; and past due late charges. 
  
 “Moody’s” means Moody’s Investors Service, or its successor. 
  
 “Net Liquidation Proceeds” means, with respect to a Liquidated Receivable Liquidation Proceeds net of (i)
reasonable out-of-pocket expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such
Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
  
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1. 
  
 “Note Majority” means a majority by principal amount of the
Noteholders. 
  
 “Note Policy” means the
financial guaranty insurance policy issued by the Insurer to the Trustee, for the benefit of the Noteholders. 
  
 “Note Pool Factor” for each Class of Notes as of the close of business on any date of determination means a seven-digit decimal figure
equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 
  

 11 

 “Noteholders’ First Principal Distributable Amount” means, for any Distribution
Date, an amount equal to the sum of: 
  
 (1) the greater of (i)
zero and (ii) (a) the outstanding principal balance of the Notes immediately preceding such Distribution Date; less (b) the Pool Balance as of the end of the preceding calendar month; and 
  
 (2) (a) in the case of the Final Scheduled Distribution Date for a Class of Notes, the excess of the outstanding principal
balance of that Class of Notes, if any, over the amounts described in clause (1), and (b) in the case of the acceleration of the Notes under the Indenture, the excess of the outstanding principal balance of all classes of the Notes then outstanding
over the amount described in clause (1). 
  
 “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any portion of the Noteholders’ Monthly Interest Distributable Amount for that Class for the
immediately preceding Distribution Date and any outstanding Noteholders’ Interest Carryover Amount on such immediately preceding Distribution Date, any of which remains unpaid as of such date of determination, plus interest on such unpaid
amount, to the extent permitted by law, at the respective Interest Rate borne by each Class of Notes from such immediately preceding Distribution Date to but excluding the related Distribution Date. 
  
 “Noteholders’ Interest Distributable Amount” means,
with respect to any Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date and Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such
Distribution Date and such Class. 
  
 “Noteholders’
Monthly Interest Distributable Amount” means, with respect to any Distribution Date and any Class of Notes, interest accrued at the related Interest Rate during the applicable Interest Period on the principal amount of the Notes of such
Class outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date). 
  
 “Noteholders’ Second Principal Distributable Amount” means for a Distribution Date, an amount equal to the lesser of: 
  
 (1) the excess, if any, of the amount of Available Funds and Additional Funds
Available on the Distribution Date over the amounts payable on the Distribution Date under Section 5.7(b)(i) through (vi); and 
  
 (2) the amount necessary to reduce the principal balance of the notes to the Targeted Note Balance. 
  
 “Obligor” on a Receivable means the purchaser or
co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable. 
  

 12 

 “Officers’ Certificate” means a certificate signed by the chairman of the board,
the president, any executive vice president, senior vice president or any vice president, any treasurer, assistant treasurer, secretary or assistant secretary of the Seller or the Servicer, as appropriate. 
  
 “Opinion of Counsel” means a written opinion of counsel
reasonably acceptable to the Insurer, which opinion is satisfactory in form and substance to the Trust Collateral Agent and, if such opinion or a copy thereof is required by the provisions of this Agreement to be delivered to the Insurer, to the
Insurer. 
  
 “Original Pool Balance” means the
Pool Balance as of the Cutoff Date. 
  
 “Other Conveyed
Property” means all property conveyed by the Seller to the Trust pursuant to Section 2.1(b) through (j) of this Agreement. 
  
 “Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement. 
  
 “Owner Trustee” means Wells Fargo Delaware Trust Company,
not in its individual capacity but solely as Owner Trustee, acting on behalf of the Issuer, under the Trust Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement. 
  
 “Person” means any individual, corporation, estate,
partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Physical Property” has the meaning assigned to such term in
the definition of “Delivery” above. 
  
 “Pool
Balance” means, as of any date of determination, the aggregate Principal Balance of the Receivables (excluding Purchased Receivables and Liquidated Receivables). 
  
 “Policy Claim Amount” means, (i) with respect to each Distribution Date, the excess, if any, without
duplication, of (a) the Scheduled Payments minus (b) the sum of, without duplication: (w) all amounts of Available Funds for the related Collection Period, (x) Additional Funds Available, if any, for such Distribution Date, (y) all other funds on
deposit in the Collection Account, the Note Distribution Account and the Spread Account available for payment of Scheduled Payments on the Notes on such Distribution Date and (z) any other amounts available pursuant to the Basic Documents to pay the
Scheduled Payments on such Distribution Date, in each case to the extent available in accordance with the priorities set forth in Indenture and Section 5.7 of this Agreement, and (ii) with respect to any preference payment date, Preference Amounts
as defined in the Insurance Agreement; provided, however, that the aggregate amount of all such Preference Amounts will be subject to the limitations in such definition; provided, further, that in no event will the aggregate amount payable by the
Insurer under the Policy exceed the Maximum Insured Amount as defined in the Insurance Agreement. 
  

 13 

 “Preliminary Servicer’s Certificate” means an Officers’ Certificate of the
Servicer delivered pursuant to Section 4.9(a), substantially in the form of Exhibit C. 
  
 “Principal Balance” means, with respect to any Receivable, as of any date of determination, the Amount Financed minus (i) that portion of all amounts received on or prior to such date and allocable to
principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss accounted for as of such date in respect of such Receivable. 
  
 “Purchase Agreement” means the Purchase Agreement between the Seller and the Transferor, dated as of August 31, 2004, pursuant to which
the Seller acquired the Receivables, as such Agreement may be amended from time to time. 
  
 “Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the Purchased Receivable, after giving effect to the receipt of any moneys
collected (from whatever source) on such Purchased Receivable, if any as of the date of purchase. 
  
 “Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer
pursuant to Sections 4.2 or 4.7 or repurchased by the Transferor or the Servicer pursuant to Section 3.2 or Section 10.1(a). 
  
 “Rating Agency” means Moody’s and Standard & Poor’s. If no such organization or successor maintains a rating on the
Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Seller and acceptable to the Insurer (so long as an Insurer Default shall not have occurred
and be continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
  
 “Rating Agency Condition” means, with respect to any action, that each Rating Agency shall have been given 10 days’ (or such shorter
period as shall be acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall have notified the Seller, the Servicer, the Insurer, the Owner Trustee and the Trust Collateral Agent in writing that such action will not
result in a reduction or withdrawal of the then current rating of any Class of Notes, without taking into account the presence of the Note Policy. 
  
 “Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance of such
Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 
  
 “Receivables” means the contracts transferred to the Trust pursuant to this Agreement as listed on Schedule A attached hereto (which Schedule may be in the form of microfiche or a disk). 

 
 “Receivable Files” means the documents specified in
Section 3.3. 
  
 “Record Date” means, with
respect to each Distribution Date, the Business Day immediately preceding such Distribution Date, unless otherwise specified in the Agreement. 
  

 14 

 “Registrar of Titles” means, with respect to any state, the governmental agency or body
responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 
  
 “Requisite Amount” has the meaning specified in the Spread Account Agreement. 
  
 “Sale Agreement” means the means the Sale Agreement between
UACC, as seller and the Transferor, as purchaser dated as of August 31, 2004, pursuant to which the Transferor acquired the Receivables, as such Agreement may be amended from time to time. 
  
 “Sale Amount” means, with respect to any Sold Receivable,
the amount received from the related third-party purchaser as payment for such Sold Receivable. 
  
 “Schedule of Receivables” means the schedule of all Receivables originally held as part of the Trust, which schedule is attached as
Schedule A, (which Schedule may be in the form of microfiche or a disk). 
  
 “Schedule of Representations” means the Schedule of Representations and Warranties attached hereto as Schedule C. 
  
 “Scheduled Payments” means, with respect to any Distribution Date, an amount equal to the sum of the
Noteholders’ Interest Distributable Amount (net of interest shortfalls resulting from the application of Relief Act Shortfalls) and the Noteholders’ First Principal Distributable Amount (other than the amount specified in clause (2)(b) of
the definition thereof) for the related Distribution Date; provided that Scheduled Payments will not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest Carryover Amount due to Noteholders
because the notice in proper form was not timely received by the Insurer or (y) any portion of a Noteholders’ Interest Distributable Amount due to registered owners of notes representing interest on any Noteholders’ Monthly Interest
Distributable Amount. 
  
 “Scheduled Receivables
Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation
under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the
Servicemembers Civil Relief Act or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with
respect to such Collection Period as so modified. 
  
 “Seller” means ACE Securities Corp., a Delaware corporation, and its successors in interest to the extent permitted hereunder. 
  
 “Service Contract” means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides
for the repair of such Financed Vehicle. 
  

 15 

 “Servicer” means United Auto Credit Corporation, as the servicer of the Receivables, and
each replacement Servicer pursuant to Section 9.3. 
  
 “Servicer Termination Event” means an event specified in Section 9.1. 
  
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.9(b), substantially in
the form of Exhibit B. 
  
 “Servicing Fee”
has the meaning specified in Section 4.8. 
  
 “Servicing
Fee Rate” means 3.00% per annum. 
  
 “Simple
Interest Method” means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of
interest on such obligation multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was
made. 
  
 “Sold Receivable” means a Receivable
that was more than 60 days delinquent and was sold to an unaffiliated third party by the Issuer, at the Servicer’s direction, as of the close of business on the last day of a collection period and in accordance with the provisions of Section
4.3(c) hereof. 
  
 “Spread Account” means the
account designated as such, established and maintained pursuant to the Spread Account Agreement. 
  
 “Spread Account Agreement” means the Spread Account Agreement dated as of September 22, 2004, among the Insurer, the Issuer, the Trustee,
the Trust Collateral Agent and the Collateral Agent, as the same may be modified, supplemented or otherwise amended in accordance with the terms thereof. 
  
 “Spread Account Claim Amount” means with respect to any Determination Date, after taking into account the application on the related
Distribution Date of the Available Funds for the related Collection Period, an amount equal to any shortfall in the payment of the full amounts described in clauses (i) through (v) of Section 5.7(b) herein. 
  
 “Spread Account Claim Date” means, with respect to any
Distribution Date, the third Business Day immediately preceding such Distribution Date. 
  
 “Spread Account Initial Deposit” means an amount equal to $9,333,333. 
  
 “Standard & Poor’s” means Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc., or its successor.

  
 “Supplemental Servicing Fee” means, with
respect to any Collection Period, all administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees, 

  

 16 

 
prepayment fees and liquidation fees collected on the Receivables during such Collection Period but excluding any fees or expenses related to extensions.

  
 “Targeted Note Balance” means, for any
Distribution Date, the product of 82.50% and the Pool Balance as of the last day of the preceding calendar month. The Insurer may, in its discretion, permit the Targeted Note Balance to increase. 
  
 “Transferor” means UPFC Auto Receivables Corp. 

 
 “Trigger Event” has the meaning assigned thereto in the
Spread Account Agreement. 
  
 “Trust” means the
Issuer. 
  
 “Trust Account Property” means the
Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

  
 “Trust Accounts” has the meaning assigned
thereto in Section 5.1. 
  
 “Trust Agreement”
means the Trust Agreement dated as of July 20, 2004, between the Seller and the Owner Trustee, as amended and restated as of September 22, 2004, as the same may be amended and supplemented from time to time. 
  
 “Trust Collateral Agent” means the Person acting as Trust
Collateral Agent hereunder, its successors in interest and any successor Trust Collateral Agent hereunder. 
  
 “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of directors, any
managing director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer or any other officer of the Trust Collateral Agent customarily performing functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the
corporate trust office of the Owner Trustee or any agent of the Owner Trustee under a power of attorney (including the Servicer) with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner
Trustee. 
  
 “Trust Property” means the property
and proceeds conveyed pursuant to Section 2.1, together with certain monies paid on or after the Cutoff Date, the Note Policy, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Note Distribution
Account, the Spread Account and certain other rights under this Agreement. 
  

 17 

 “Trustee” means the Person acting as Trustee under the Indenture, its successors in
interest and any successor trustee under the Indenture. 
  
 “UACC” means United Auto Credit Corporation, the initial servicer hereunder. 
  
 “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction on the date of the Agreement. 
  
 “Underwriter’s Information” means solely the
information set forth in the table following the second paragraph of text, and the third, fourth, fifth and sixth paragraphs of text under the heading “Underwriting” in the Prospectus Supplement. 
  
 SECTION 1.2. Other Definitional Provisions. Capitalized terms used
herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement. 
  
 (b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate
or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (c) As used in this Agreement, in any instrument governed hereby and in any certificate or other document made or delivered pursuant
hereto or thereto, accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such instrument, certificate or other document to the extent
not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other document, as applicable. To the extent that the
definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement
or in any such instrument, certificate or other document shall control. 
  
 (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including”
shall mean “including without limitation.” 
  
 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (f) Any agreement, instrument or statute defined or referred
to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to
all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
  

 18 

 ARTICLE II 
  
 Conveyance of Receivables 
  
 SECTION 2.1. Conveyance of Receivables. In consideration of the Issuer’s delivery to or upon the order of the Seller on the Closing Date of
the net proceeds from the sale of the Notes and the other amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the
Issuer, without recourse (subject to the obligations set forth herein), all right, title and interest of the Seller in and to: 
  
 (a) the Receivables and all moneys received thereon after the Cutoff Date; 
  
 (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any
other interest of the Seller in such Financed Vehicles; 
  
 (c) any proceeds and the right to receive proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any
proceeds from the liquidation of the Receivables; 
  
 (d) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result of a breach of representation or warranty in the related Dealer Agreement; 
  
 (e) all rights under any Service Contracts on the related
Financed Vehicles; 
  
 (f) the related Receivable
Files; 
  
 (g) all of the Seller’s right,
title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement; 
  
 (h) the proceeds of any and all of the foregoing; 
  
 (i) all of the Seller’s (a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General
Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (h); and 
  
 (j) all proceeds and investments with respect to items (a) through (i). 
  
 It is the intention of the Seller that the transfer and assignment contemplated by this Agreement shall
constitute a sale of the Receivables and Other Conveyed Property from the Seller to the Issuer and the beneficial interest in and title to the Receivables and the Other Conveyed Property shall not be part of the Seller’s estate in the event of
the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. In the event that, notwithstanding the intent of the Seller, the transfer and assignment contemplated hereby is held by a court of competent jurisdiction not to
be a sale, this Agreement shall constitute a grant of a 

  

 19 

 
security interest in the property referred to in this Section for the benefit of the Noteholders and the Insurer. 
  
 SECTION 2.2. [Reserved]. 
  
 SECTION 2.3. Further Encumbrance of Trust Property. 
  
 (a) Immediately upon the conveyance to the Trust by the
Seller of any item of the Trust Property pursuant to Section 2.1, all right, title and interest of the Seller in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with
the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the Trust Agreement). 
  
 (b) Immediately upon the vesting of the Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber,
such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent securing the repayment of the Notes and the Issuer’s obligations to the Insurer. The Certificates
shall represent the beneficial ownership interest in the Trust Property, and the Certificateholders shall be entitled to receive distributions with respect thereto as set forth herein. 
  
 (c) Following the payment in full of the Notes and the release and discharge of the Indenture, all covenants
of the Issuer under Article III of the Indenture shall, until payment in full of the Certificates, remain as covenants of the Issuer for the benefit of the Certificateholders, enforceable by the Certificateholders to the same extent as such
covenants were enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in Certificateholders. 
  
 (d) The Trust Collateral Agent shall, at such time as there
are no Notes or Certificates outstanding and all sums due to (i) the Trustee pursuant to the Indenture, (ii) the Insurer pursuant to the Insurance Agreement and (iii) the Trust Collateral Agent pursuant to this Agreement, have been paid, release any
remaining portion of the Trust Property to the Certificateholder. 
  
 ARTICLE III 
  
 The Receivables 
  
 SECTION 3.1. Representations and Warranties with Respect to the
Receivables. The Transferor has made the representations and warranties set forth in Section 3.3 of the Purchase Agreement, and has consented to the assignment by Seller to Issuer of Seller’s rights with respect thereto. Pursuant to Section
2.1 of this Agreement, Seller has transferred to Issuer all of Seller’s right, title and interest, but none of its obligations or burdens, in, to and under the Purchase Agreement, including the representations and warranties of the Transferor
therein and all of Transferor’s right, title and interest, but none of its obligations or burdens, in, to and under the Sale Agreement and the representations and warranties of UACC therein, and all of UACC’s 

  

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right, title and interest, but none of its obligations or burdens, in, to and under each Dealer Agreement, including the representations and warranties of
the Obligors therein, upon which Issuer relies in accepting the Receivables, together with all rights of Seller with respect to any breach thereof, including the right to require the Transferor to purchase Receivables in accordance with the Purchase
Agreement and the right to require UACC to purchase Receivables in accordance with the Sale Agreement. 
  
 SECTION 3.2. Repurchase Upon Breach. 
  
 (a) Transferor, Seller, Servicer, Backup Servicer, the Designated Backup Subservicer or Trust Collateral Agent, as the case may be, shall
inform the other parties to this Agreement promptly, in writing, upon actual knowledge of any breach or failure to be true of the representations or warranties made by (i) the Transferor in Section 3.3 of the Purchase Agreement or (ii) UACC in
Section 3.3 of the Sale Agreement, either of which materially and adversely affects the interests of Issuer and the Noteholders in any Receivable; provided that the failure to give such notice shall not affect any obligation of the Transferor
or UACC; and, provided, further, that the Designated Backup Subservicer, so long as it has not been appointed Servicer or subservicer, shall have no liability for a failure to give such notice. In consideration of the repurchase of a
Receivable hereunder by (i) the Transferor under Section 3.4 of the Purchase Agreement or (ii) UACC under Section 3.4 of the Sale Agreement, the Transferor or UACC, as applicable, shall remit the Purchase Amount of such Receivable, no later than the
close of business on the next Determination Date, in the manner specified in Section 5.6. 
  
 (b) With respect to all Receivables repurchased pursuant to this Section 3.2, Issuer shall assign to the Transferor or the Seller, as
applicable, without recourse, all of Issuer’s right, title and interest in and to such Receivables and all other Trust Property, security and documents, relating solely to such Receivable. 
  
 (c) In addition to the foregoing and notwithstanding whether
the related Receivable shall have been purchased by the Transferor, the Transferor shall indemnify the Trust, the Trustee, the Seller, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, Collateral Agent and the
officers, directors, agents and employees thereof, the Insurer, and the Noteholders against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by
any of them as a result of third party claims arising out of the events or facts giving rise to such breach. 
  
 SECTION 3.3. Custodian Of Receivable Files. 
  
 (a) CUSTODY. To assure uniform quality in servicing the Receivables and to reduce administrative costs, Issuer, upon the execution
and delivery of this Agreement, revocably appoints the Custodian, as agent, and the Custodian accepts such appointment, to act as agent on behalf of the Trustee (or if no Notes are outstanding, Issuer) to maintain custody of the following documents
or instruments, which are hereby constructively delivered to Issuer with respect to each Receivable (with respect to each Receivable, a “Receivable File”): 
  

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 (i) copies of (A) the original certificate of title, lien card or application of title,
as used in the applicable jurisdiction and/or (B) if the security interest of the applicable Obligor is evidenced with respect to a Financed Vehicle under the Uniform Commercial Code of a state and the Custodian is given notice of such security
interest, the UCC-1 financing statements evidencing the applicable Obligor’s security interest; 
  
 (ii) the fully executed original counterpart of the (a) installment sale contract or (b) note and the security agreement, as applicable
relating to each Receivable and, in the case of promissory notes, endorsements of such notes in blank; 
  
 (iii) a copy of the credit application of the Obligor; and 
  
 (iv) such other documents that the Servicer causes to be delivered to the Custodian. 
  
 The Custodian makes no representations as to and shall not be responsible to verify (A) the
validity, legality, enforceability, due authorization, recordability, sufficiency or genuineness of any of the documents contained in each Receivable File or (B) the collectability, insurability, effectiveness, perfection, priority or suitability of
any such Receivable. 
  
 (b) SAFEKEEPING.
The Custodian shall hold the applicable Receivable Files as agent on behalf of Issuer and maintain accurate and complete records and computer systems pertaining to each Receivable in accordance with the terms of this Agreement. In performing its
duties as Custodian hereunder, Custodian shall act with reasonable care, exercising the degree of skill, attention and care that Custodian exercises with respect to receivable files relating to other similar motor vehicle loans which are held by
Custodian and that is consistent with industry standards. In accordance with its customary practice with respect to its custody files, Custodian shall maintain the Receivable Files in such a manner as shall enable the Issuer, the Insurer, the Trust
Collateral Agent and the Trustee to verify, if the Issuer, the Insurer, the Trust Collateral Agent or Trustee so elects, the accuracy of the record keeping of Custodian. Custodian shall promptly report to the Issuer any failure on its part to hold
the Receivable Files and maintain its records and computer systems as herein provided, and promptly take appropriate action to remedy any such failure. Custodian hereby acknowledges receipt of the Receivable File for each Receivable listed on the
Schedule of Receivables, except as it may report to the Issuer in writing. Nothing herein shall be deemed to require Issuer, Owner Trustee or Trustee to verify the accuracy of the record keeping of the Custodian. 
  
 (c) MAINTENANCE OF AND ACCESS TO RECORDS. Custodian
shall maintain each Receivable File at the locations specified in Schedule B to this Agreement, or at such other offices of Custodian or its Affiliates within the United States (or, in the case of any successor Custodian, within the state in which
its principal place of business is located) as shall be specified to the Issuer by 30 days’ prior written notice. Custodian shall make available to the Issuer, the Trust Collateral Agent, Trustee, Insurer and their respective agents (or, when
requested in writing by the Issuer or Trustee, their respective attorneys or auditors) the Receivable Files and the related records maintained by Custodian at such times as the Issuer, Trustee or Insurer shall instruct for purposes of inspecting,
auditing or making copies of abstracts 

  

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of the same, but only upon two (2) Business Days prior notice and during the normal business hours at the respective offices of Custodian.

  
 (d) RELEASE OF
DOCUMENTS. Upon written instructions from Trustee (or, if no Notes are then Outstanding, the Issuer), Custodian shall release any document in the Receivable Files to Trustee or the Issuer or its respective agent or designee, as the case may be,
at such place or places as Trustee or the Issuer may designate, as soon thereafter as is practicable. Any document so released shall be handled by Trustee or the Issuer with due care and returned to Custodian for safekeeping as soon as Trustee or
the Issuer or its respective agent or designee, as the case may be, shall have no further need therefor. 
  
 (e) TITLE TO RECEIVABLES. Custodian agrees that, in respect of any Receivable File held by Custodian hereunder, Custodian shall not
at any time have or in any way attempt to assert any interest in such Receivable File or the related Receivable, other than solely as Trust Collateral Agent for the purpose of collecting or enforcing the Receivable for the benefit of Issuer and that
the entire equitable interest in such Receivable and the related Receivable File shall at all times be vested in Issuer. 
  
 (f) INSTRUCTIONS; AUTHORITY TO ACT. Custodian shall be deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by an Authorized Officer of the Trust Collateral Agent or the Issuer, as applicable. A certified copy of excerpts of certain resolutions of the Board of Directors of the Trust Collateral Agent
shall constitute conclusive evidence of the authority of any such Trust Officer to act and shall be considered in full force and effect until receipt by Custodian of written notice to the contrary given by the Issuer or the Trust Collateral Agent,
as applicable. 
  
 (g) CUSTODIAN’S
INDEMNIFICATION. In the event that the Custodian fails to produce an original note or installment contract that was in its possession pursuant to Section 3.3 within five (5) Business Days after required or requested by the Trustee or Issuer
under Section 3.3(e), and provided that (i) the Custodian previously notified the Issuer that it was in possession of such document; (ii) such document is not outstanding pursuant to a request for release of documents under Section 3.3(e); and (iii)
such document was held by the Custodian on behalf of the Issuer (a “Custodian Delivery Failure”), then the Custodian shall indemnify the Issuer, Insurer and Trustee in accordance with the succeeding sentence of this Section 3.3(g).
The Custodian shall indemnify and hold harmless Issuer, Insurer and Trustee (individually and in its capacity as such), and each of their respective officers, directors, employees and agents from and against any and all direct liabilities,
obligations, losses, payments, costs or expenses (including reasonable legal fees and expenses, if any) of any kind whatsoever that may be imposed on, incurred or asserted against Issuer, Trustee, Insurer or the Holders as the result of such
Custodian Delivery Failure. Indemnification under this Subsection (g) shall survive termination of this Agreement and the resignation or removal of the Trustee, as the case may be. If Custodian shall have made any indemnity payments to Trustee or
Insurer pursuant to this Section and Trustee or Insurer thereafter shall collect any of such amounts from Persons other than Custodian, Issuer, Trustee or Insurer, as the case may be, shall, as soon as practicable following such receipt thereof,
repay such amounts to Custodian, without interest. 
  

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 (h) EFFECTIVE PERIOD AND TERMINATION. Trust Collateral Agent’s appointment as
Custodian shall become effective as of the date of delivery of the Receivable Files (which shall be a date on or before the Closing Date) and shall continue in full force and effect until terminated pursuant to this Subsection (h). If Backup
Servicer shall resign as Backup Servicer in accordance with Section 8.6, the Custodian hereunder may be terminated by the Insurer (so long as an Insurer Default has not occurred and is continuing), the Owner Trustee, Trustee or by the Holders of
Notes evidencing greater than 25% of the aggregate outstanding principal amount of the Notes (or, if no Notes are then Outstanding, the Holders of Certificates representing greater than 50% of the outstanding percentage interest of the
Certificates), upon the prior written consent of the Insurer (so long as no Insurer Default shall have occurred and be continuing) in each case in the same manner as the Issuer, Trustee or such Holders may terminate the rights and obligations of
Backup Servicer under Section 9.1. The Trustee, or, if no Notes are then outstanding, the Owner Trustee at the direction of Holders of Certificates evidencing greater than 50% of the outstanding principal interest of the Certificates, may terminate
Trust Collateral Agent’s appointment as Custodian hereunder at any time with cause. As soon as practicable after any termination of such appointment, Trust Collateral Agent shall deliver, or cause to be delivered, the Receivable Files to
Trustee or Owner Trustee, as applicable, or its respective agent or designee at such place or places as Trustee or Owner Trustee, as applicable, may reasonably designate. Notwithstanding any termination of Trust Collateral Agent as Custodian
hereunder, from and after the date of such termination, and for so long as Trust Collateral Agent is acting as such pursuant to this Agreement, Trustee shall provide, or cause the successor Custodian to provide, access to the Receivable Files to
Trust Collateral Agent, at such times as Trust Collateral Agent shall reasonably request, for the purpose of carrying out its duties and responsibilities with respect to the servicing of the Receivables hereunder. 
  
 (i) DELEGATION. Custodian may, at any time without
notice or consent, delegate any or all of its duties under this Agreement to any Affiliate; provided that no such delegation shall relieve Custodian of its responsibility with respect to such duties and Custodian shall remain obligated and liable to
Issuer, Insurer and the Holders for its duties hereunder as if Custodian alone were performing such duties. 
  
 (j) LEVEL 2 TRIGGER EVENT. Upon the occurrence of a Level 2 Trigger Event (as defined in the Spread Account Agreement), the
Servicer shall within 30 days transfer custody of the original certificates of title to the Custodian. On and after such transfer, the original certificates of title will constitute part of the Receivable File, and will be held by the Custodian in
the manner described hereunder. 
  
 SECTION 3.4. Rights and
Duties of the Custodian. 
  
 (a) The
Custodian shall have no duties or responsibilities with respect to the contents of the Receivables Files except as specifically set forth herein. 
  
 (b) The Custodian shall neither be responsible for or under, nor chargeable with knowledge of the terms and conditions of, any other
agreement, instrument or document in connection herewith. 
  

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 (c) The Custodian may conclusively rely upon, and shall be fully protected from all
liability, loss, cost, damage or expense in acting or omitting to act pursuant to any written notice, instrument, request, consent, certificate, document, letter, telegram, opinion, order resolution or other writing hereunder which it reasonably
believes to be authentic without being required to determine the authenticity of such document, the correctness of any fact stated therein, the propriety of the service thereof of the capacity, identity or authority of any party purporting to sign
or deliver such document. 
  
 (d) This Agreement
expressly sets forth all the duties and obligations of the Custodian with respect to any and all matters pertinent thereto. No implied duties or obligations of the Custodian shall be read into this Agreement. 
  
 (e) No provision of this Agreement shall require the
Custodian to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
  
 ARTICLE IV 
  
 Administration and Servicing of Receivables 
  
 SECTION 4.1. Duties of the Servicer. 
  
 The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make collections on the
Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of institutions which service
motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables that it services for itself
or others. In performing such duties, so long as UACC is the Servicer, it shall substantially comply with the policies and procedures generally used to service motor vehicle loans. The Servicer’s duties shall include, without limitation,
collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting any required tax information to Obligors, monitoring the collateral,
accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent, the Trustee and the Insurer with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and
performing the other duties specified herein. 
  
 The Servicer, or
if UACC is no longer the Servicer, UACC at the request of the Servicer, shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements (and shall maintain possession of the
Dealer Agreements, to the extent it is necessary to do so), the Dealer Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Dealer Assignments and Insurance Policies 

  

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relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required
hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it
may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation,
or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not,
except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor except in accordance
with the Servicer’s customary practices. 
  
 The Servicer is
hereby authorized, but not required, to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without
limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have
automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the
Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any
limited powers of attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to
carry out its servicing and administrative duties under this Agreement. 
  
 SECTION 4.2. Collection of Receivable Payments; Modifications of Receivables. 
  
 (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to
collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services
for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer,
maximize the amount to be received by the Trust with respect thereto, including directing the Issuer to sell the Receivables pursuant to Section 4.3(c) hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late payment
charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 
  
 (b) The Servicer may (A) at any time agree to a modification or amendment of a Receivable in order to (i) change on one or more occasions
the Obligor’s regular monthly 

  

 26 

	 	 
due date to a date that shall in no event be later than 30 days in total after the original monthly due date of that Receivable or (ii) re-amortize the
Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with its customary procedures or (B) may direct the Issuer to sell the Receivables pursuant to Section 4.3 hereof if the Servicer believes in
good faith that such extension, modification, amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the
Trust. 

  
 (c) The Servicer may
grant payment extensions on, or other modifications or amendments to, a Receivable (in addition to those modifications permitted by Section 4.2(b)) hereof, in accordance with its customary procedures if the Servicer believes in good faith that such
extension, modification, amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust;
provided, however, that: 
  
 (i)
The aggregate period of all extensions on a Receivable shall not exceed eight months; 
  
 (ii) In no event may a Receivable be extended beyond the Collection Period immediately preceding the latest Final Scheduled Distribution
Date; 
  
 (iii) The average Monthly Extension
Rate for (A) any three consecutive calendar months, other than the months of December, January and February, shall not exceed 2.5% and (B) for the calendar months of December, January and February, shall not exceed 3.0%; and 
  
 (iv) So long as an Insurer Default shall not have occurred
and be continuing, the Servicer shall not amend or modify a Receivable (except as provided in Section 4.2(b) and this Section 4.2(c)) without the consent of the Insurer or a Note Majority (if an Insurer Default shall have occurred and be
continuing). 
  
 With respect to clause (iii) of
this Section 4.2(c), in the event the average of the Monthly Extension Rates calculated with respect to three consecutive calendar months exceeds 2.5% (which information shall be set forth in the related Servicer’s Certificate), the Servicer
shall, on the third such Accounting Date, purchase from the Trust the Receivables with respect to which payment had been extended (starting with the Receivables most recently so extended) in an aggregate Principal Balance equal to the product of (i)
the difference between such average of Monthly Extension Rates and 2.5% and (ii) the Aggregate Principal Balance, and pay the related Purchase Amount on the related Determination Date; provided, however, that in the event the Backup
Servicer shall be acting as Servicer hereunder, the foregoing sentence shall apply only in respect of Receivables as to which payments had been extended by such Backup Servicer. 
  
 SECTION 4.3. Realization upon Receivables. 
  
 (a) In addition to the Servicer’s ability to direct the Issuer to sell Receivables pursuant to Section
4.3(c) hereof, and consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise 

  

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comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments
thereunder are not likely to be resumed, as soon as is practicable after default on such Receivable but in no event later than the date on which all or any portion of a Scheduled Receivables Payment has become 91 days delinquent; provided,
however, that the Servicer may elect not to repossess a Financed Vehicle within such time period if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by
forbearance or if it instead elects to direct the Issuer to sell the Receivables pursuant to Section 4.3(c). The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the
standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an
Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds
in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount
greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Collection Account without deposit into any intervening account as soon as practicable, but in no
event later than the Business Day after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds, including costs to repair
the Financed Vehicle, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer, which amounts in reimbursement may be retained by the Servicer (and shall not
be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to
reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 

  
 (b) If the Servicer, or if UACC is no longer the Servicer, UACC at the request of the Servicer, elects to commence a legal proceeding to
enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to UACC at the request of the Servicer, of the rights under such Dealer Agreement or Dealer
Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer or UACC, as appropriate, may not enforce a Dealer Agreement or Dealer Assignment on the grounds that it is not a real
party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee, at UACC’s expense or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to
enforce the Dealer Agreement or Dealer Assignment, including bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. All amounts recovered shall
be remitted directly by the Servicer as provided in Section 4.2(e). 
  
 (c) Consistent with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to locate a third party purchaser that is not 

  

 28 

	 	 
affiliated with the Servicer, the Transferor, the Seller or the Issuer to purchase from the Issuer any Receivable that has become more than 60 days
delinquent, and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no more than 20% of the number of Receivables in the pool as of the Closing Date may be sold by the Issuer
pursuant to this Section 4.3(c) in the aggregate; provided further, that the Servicer may elect to not direct the Issuer to sell a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer
determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer shall use
commercially reasonable efforts to locate purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be sold to third party purchasers which is materially adverse to the
interest of the Noteholders or the Insurer. The Issuer shall sell each Sold Receivable for the greatest market price possible; provided, however, that aggregate Sale Amounts received by the Issuer for all Receivables sold to a single
third-party purchaser on a single date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party purchaser to remit all sale proceeds from the sale of Receivables
directly to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. 

  
 (d) Upon the occurrence of a Level 3 Trigger Event (as
defined in the Spread Account Agreement), the Servicer shall within 30 days send notice to the Obligors that payments must be mailed to the Servicer’s service provider. 
  

 29 

 SECTION 4.4. Insurance. 
  
 (a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that
each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph (cc) of Section 3.3 to the Purchase Agreement and shall monitor the status of such physical loss and damage insurance coverage thereafter,
in accordance with its customary servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming the Transferor and its successors and assigns as additional insureds, and permits the holder of
such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage
Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in clause (i)(a) of such Paragraph (cc) of Section 3.3 to the Purchase Agreement (including, without limitation, during the repossession of such Financed
Vehicle) the Servicer may, but is not required to, enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies
and procedures. The Servicer may, but is not required to, maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by
its terms insure against physical loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. All policies of Collateral Insurance shall be endorsed with clauses
providing for loss payable to the Servicer. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 
  
 (b) [Reserved]. 
  
 (c) [Reserved]. 
  
 (d) The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Trust. If the
Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Insurance Policy to the Servicer for purposes of collection
only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Owner
Trustee and/or the Trust Collateral Agent, at the Servicer’s expense shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust and the Owner Trustee
and/or the Trust Collateral Agent for the benefit of the Noteholders. 
  
 (e) The Servicer will cause itself and may cause the Trust Collateral Agent to be named as named insured under all policies of Collateral Insurance. 
  
 SECTION 4.5. Maintenance of Security Interests in Vehicles. 
  
 (a) Consistent with the policies and procedures required by
this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but 

  

 30 

 
not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, re-filing, and re-registering of all security
agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer
agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the
Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect
a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the Transferor’s designation as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust.

  
 (b) Upon the occurrence of an Insurance
Agreement Event of Default, the Insurer may (so long as an Insurer Default shall not have occurred and be continuing) instruct the Servicer to take or cause to be taken, or, if an Insurer Default shall have occurred, upon the occurrence of a
Servicer Termination Event, the Servicer shall take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the
Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent. 
  
 The Transferor and UACC hereby agree to pay all expenses
related to such perfection or reperfection and to take all action necessary therefor. In addition, prior to the occurrence of an Insurance Agreement Event of Default, the Controlling Party may instruct the Servicer to take or cause to be taken such
action as may, in the opinion of counsel to the Controlling Party, be necessary to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Trust, including by amending the title documents of
such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent; provided, however, that if the Controlling Party requests that the title documents be amended
prior to the occurrence of an Insurance Agreement Event of Default, the out-of-pocket expenses of the Servicer in connection with such action shall be reimbursed to the Servicer by the Controlling Party. The Transferor hereby appoints the Servicer
as its attorney-in-fact to take any and all steps required to be performed by the Transferor pursuant to this Section 4.5(b) (it being understood that and agreed that the Servicer shall have no obligation to take such steps with respect to all
perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and to which the Transferor has paid all expenses), including execution of certificates of title or any other documents in the name and stead of the
Transferor and the Trust Collateral Agent hereby accepts such appointment. 
  

 31 

 SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By its execution and delivery
of this Agreement, the Servicer makes the following representations, warranties and covenants on which the Trust Collateral Agent relies in accepting the Receivables, on which the Trustee relies in authenticating the Notes and on which the Insurer
relies in issuing the Note Policy. 
  
 (a) The
Servicer covenants as follows: 
  
 (i) Liens
in Force. The Financed Vehicle securing each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein;

  
 (ii) No Impairment. The Servicer shall
do nothing to impair the rights of the Trust or the Noteholders in the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein; 
  
 (iii) No Amendments. The Servicer shall not extend or
otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and 
  
 (iv) Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to
exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Trust
Collateral Agent for the benefit of the Noteholders and Insurer, the Lien imposed by the Spread Account Agreement in favor of the Collateral Agent for the benefit of the Trust Collateral Agent and Insurer, and the restrictions on transferability
imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Transferor or the Servicer as a debtor, or sign any security agreement authorizing any secured party
thereunder to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the Noteholders and the
Insurer. 
  
 (b) UACC represents, warrants and
covenants as of the Closing Date as to itself that the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule C are true and correct. 
  
 SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Servicer, the Insurer, a
Responsible Officer of the Trust Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup Servicer, a Responsible Officer of the Designated Backup Subservicer or a Responsible Officer of the Trustee of a breach of any of the
covenants set forth in Subsections (a), (b), (c) and (j) of Section 3.4 or in Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall give prompt written notice to the others; provided, however, that the failure to give
any such notice shall not affect any obligation of UACC as Servicer under this Section; provided, further, that the Designated Backup Subservicer, 

  

 32 

 
so long as it has not been appointed Servicer or subservicer, shall have no liability for a failure to give such notice. As of the second Accounting Date
following its discovery or receipt of notice of any breach of any covenant set forth in Sections 4.5(a) or 4.6(a) which materially and adversely affects the interests of the Noteholders or the Insurer in any Receivable (including any Liquidated
Receivable) (or, at UACC’s election, the first Accounting Date so following) or the related Financed Vehicle, UACC shall, unless such breach shall have been cured in all material respects, purchase from the Trust the Receivable affected by such
breach and, on the related Determination Date, UACC shall pay the related Purchase Amount. It is understood and agreed that the obligation of UACC to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach
has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against UACC for such breach available to the Insurer, the Noteholders, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer or
the Trust Collateral Agent; provided, however, that UACC shall indemnify the Trust, the Backup Servicer, the Designated Backup Subservicer, the Collateral Agent, the Custodian, the Insurer, the Owner Trustee, the Trust Collateral
Agent, the Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third
party claims arising out of the events or facts giving rise to such breach. Notwithstanding anything to the contrary contained herein, UACC will not be required to repurchase Receivables due solely to the Servicer’s not having received Lien
Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with Principal Balances which
total more than 0.25% of the Aggregate Principal Balance as of the 180th day after the Closing Date, in which case
UACC shall be required to repurchase a sufficient number of such Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been received to be no greater than 0.25% of the
Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as of the 240th day after the Closing Date. This section shall survive the termination of this Agreement and the earlier removal or resignation of the Trustee and/or the Trust Collateral Agent and/or the Backup Servicer and/or the Collateral Agent
and/or the Custodian and/or the Designated Backup Subservicer. 
  
 SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee
for the related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes
imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to Noteholders or the Insurer and all other fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the
Designated Backup Subservicer, the Trust Collateral Agent, the Custodian or the Trustee, except taxes levied or assessed against the Trust, and claims against the Trust in respect of indemnification, which taxes and claims in respect of
indemnification against the Trust are expressly stated to be for the account of UACC). The Servicer shall be liable for the fees and expenses of the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent,
the Trustee, the Custodian, the Collateral Agent and the Independent Accountants. Notwithstanding the foregoing, if the 

  

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Servicer shall not be UACC, a successor to UACC as Servicer including the Backup Servicer or the Designated Backup Subservicer permitted by Section 9.3 shall
not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 
  
 SECTION 4.9. Preliminary Servicer’s Certificate and Servicer’s Certificate. 
  
 (a) No later than 10:00 a.m. Eastern time on each
Determination Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and each
Rating Agency a Preliminary Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among other things, all information necessary to enable the Trust Collateral Agent to make the distributions required by Section
5.7(b). 
  
 (b) No later than 10:00 a.m. Eastern
time on each Determination Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the
Insurer and each Rating Agency a Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among other things, (i) all information necessary to enable the Trust Collateral Agent to make any withdrawal and deposit
required by Section 5.5 and to make the distributions required by Section 5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the
Receivables so purchased by the Servicer or sold by the Issuer, (iii) all information necessary to enable the Backup Servicer (or the Designated Backup Subservicer, as the case may be) to verify the items specified in Section 4.13(a)(iii), (iv) all
information necessary to enable the Trust Collateral Agent to send the statements to Noteholders and the Insurer required by Section 5.10, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate cash flows,
the Collection Account for the related Collection Period and Distribution Date, including the accounting required by Section 5.10. Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became
a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables). In addition to the information set forth in the preceding sentence, the
Servicer’s Certificate shall also contain the following information: (a) the Delinquency Ratio, Monthly Extension Rate and Cumulative Net Loss Ratio (as such terms are defined herein or in the Spread Account Agreement) for the related
Collection Period; (b) whether any Trigger Event has occurred as of such Determination Date; (c) whether any Trigger Event that may have occurred as of a prior Determination Date is deemed cured as of such Determination Date; and (d) whether to the
knowledge of the Servicer an Insurance Agreement Event of Default has occurred. 
  
 SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event. 
  
 (a) The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup
Subservicer, the Insurer and the 

  

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Rating Agencies, on or before February 28 of each year, beginning on February 28, 2005, an officer’s certificate signed by any Responsible Officer of
the Servicer, dated as of December 31 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding 12-month period (or such other period as shall have elapsed from the Closing Date to the
date of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations
under this Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. 
  
 (b) The Servicer shall deliver to the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Collateral Agent and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days
thereafter, written notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under Section 9.1(a). The Servicer shall deliver to the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Collateral Agent, the Seller and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two (2)
Business Days thereafter, written notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any other clause of Section 9.1. 
  
 SECTION 4.11. Annual Independent Accountants’ Report. The
Servicer shall cause a firm of nationally recognized independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and each Rating Agency, on or before February 28 of each year, beginning on February 28, 2005, with respect to the twelve months ended the
immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate), a statement (the “Accountants’ Report”) addressed to the Board of
Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and to the Insurer, to the effect that such firm has audited the books and records of the Servicer and
that (1) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the
firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to three
randomly selected Servicer’s Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found. 
  
 In the event such independent public accountants require the Trust Collateral
Agent, Trustee, Backup Servicer or Designated Backup Subservicer to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 4.11, the Servicer shall direct the Trust Collateral
Agent, Trustee, Backup Servicer and 

  

 35 

 
Designated Backup Subservicer in writing to so agree; it being understood and agreed that the Trust Collateral Agent, Trustee, Backup Servicer and Designated
Backup Subservicer will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Trust Collateral Agent, Trustee, Backup Servicer and Designated Backup Subservicer have not made any independent inquiry or
investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 
  
 SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to representatives of the Trustee,
the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and the Insurer reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but
only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the
Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
  
 SECTION 4.13. Monthly Tape. (a) On or before the Distribution Date, but in no event later than the seventh calendar day, of each month, the
Servicer will deliver to the Trust Collateral Agent, the Insurer, the Backup Servicer and the Designated Backup Subservicer a computer tape and a diskette (or any other electronic transmission acceptable to the Trust Collateral Agent, the Insurer
and the Backup Servicer) in a format acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the
Servicer’s Certificate relating to the immediately preceding Determination Date and necessary to review the application of collections as provided in Section 5.4 (the “Monthly Tape”). The Backup Servicer shall cause the
Designated Backup Subservicer to use such tape or diskette (or other electronic transmission acceptable to the Trust Collateral Agent and the Backup Servicer) to (i) confirm that the Servicer’s Certificate is complete on its face or note
discrepancies, (ii) confirm or note discrepancies that such tape, diskette or other electronic transmission is in readable form, (iii) calculate and confirm or note discrepancies (A) the aggregate amount distributable as principal on the related
Distribution Date to each Class of Notes; (B) the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes; (C) any amounts distributable on the related Distribution Date which are to be paid with funds (y)
withdrawn from the Spread Account, or (z) drawn under the Note Policy; (D) the outstanding principal amount of each Class of Notes after giving effect to all distributions made pursuant to clause (A), above; (E) the Note Pool Factor for each Class
of Notes after giving effect to all distributions made pursuant to clause (A), above; (F) the aggregate Noteholders’ Interest Carryover Amount on such Distribution Date after giving effect to all distributions made pursuant to clause (B) above;
(G) the Monthly Extension Rate; (H) the Delinquency Ratio; and (I) the Cumulative Net Loss Ratio. The Backup Servicer shall cause the Designated Backup Subservicer to provide a letter to the Controlling Party and to the Trustee that it has verified
the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Controlling Party of any discrepancies, in each case, on or before the fifth Business Day following the Distribution Date. In the event that the
Designated Backup Subservicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution 

  

 36 

 
Date, but in the absence of a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to
the next succeeding Distribution Date. In the event that the Designated Backup Subservicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer
shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the
discrepancies. The effect, if any, of such reconciliation shall be reflected in the Preliminary Servicer’s Certificate for the next succeeding Distribution Date, and/or the Servicer’s Certificate for such next succeeding Determination
Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any replacement Servicer its Collection Records and its Monthly Records within 15
days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Receivables. Other than the duties
specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no
liability for any actions taken or omitted by the Servicer. 
  
 The Designated Backup Subservicer shall have no liability for the failure to perform any duty if such failure results from its failure to receive in a timely manner the Monthly Tape or any other information reasonably required by it to
perform its obligations, and the Designated Backup Subservicer shall have no liability for any error or omission in the Preliminary Servicer’s Certificate, the Servicer’s Certificate or any other data confirmed by it, such certificates and
data being the sole responsibility of the Servicer or the other Person supplying such data. 
  
 (b) The Servicer shall deliver to the Designated Backup Subservicer the Monthly Tape on or before each Distribution Date, but in no event
later than the seventh calendar day of each month. The Backup Servicer shall cause such Designated Backup Subservicer to load such Monthly Tapes into its computer system in the format in which they were received (it being understood that such
loading shall not include boarding or other manipulation of the data) and to certify to the Trust Collateral Agent that (i) it can access and read the data and (ii) the summary totals for each category of information provided in such computer tapes
conforms with the summary totals for such categories of information as reflected in the books and records of the Servicer. Other than the duties specifically set forth in this Agreement, the Designated Backup Subservicer shall have no obligations
hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Designated Backup Subservicer shall have no liability for any actions taken or omitted by the Servicer. 
  

 37 

 SECTION 4.14. [Reserved]. 
  
 SECTION 4.15. Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to
maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables. 
  
 ARTICLE V 
  
 Trust Accounts; Distributions; 
 Statements to Noteholders 
  
 SECTION 5.1. Establishment of Trust Accounts. 
  
 (a) (i) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Deposit Account (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent, in trust, on behalf of the Noteholders and the Insurer. The Collection Account shall initially be established with the Trust
Collateral Agent. 
  
 (ii) The Trust Collateral
Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for
the benefit of the Trust Collateral Agent, in trust, on behalf of the Noteholders and the Insurer. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 
  
 (b) Funds on deposit in the Collection Account and the Note
Distribution Account (collectively, the “Trust Accounts”) shall be invested by the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the
Servicer (pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Trust Collateral Agent for the benefit of the Noteholders and the Insurer, as applicable. Other than as permitted by the
Rating Agencies and the Insurer, funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following
Distribution Date. Funds deposited in a Trust Account on the day immediately preceding a Distribution Date upon the maturity of any Eligible Investments are required to be invested overnight. All Eligible Investments will be held to maturity.

  
 (c) All investment earnings of moneys
deposited in the Trust Accounts shall be deposited (or caused to be deposited), pursuant to the monthly Servicer’s Certificate, on each Distribution Date by the Trust Collateral Agent in the Collection Account, and any loss resulting from such
investments shall be charged to such account. The Servicer will not direct the Trust Collateral Agent to make any investment of any funds held in any of the Trust Accounts unless the security interest granted and perfected in such account will
continue to be perfected in such investment, in either case without any further action by any Person, and, in connection with any 

  

 38 

 
direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust
Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect. 
  
 (d) The Trust Collateral Agent shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting
from any loss on any Eligible Investment included therein except for losses attributable to the Trust Collateral Agent’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Trust Collateral Agent,
in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
  
 (e) If (i) the Servicer shall have failed to give investment directions in writing for any funds on deposit in the Trust Accounts to the
Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and Trust Collateral Agent) on any Business Day; or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or receivable from the Trust Property are being applied as if there had not
been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in the investment described in clause (d) of the definition of Eligible Investments; provided that the
Trust Collateral Agent shall not be liable for any loss or absence of income resulting from such investments. 
  
 (f) (i) The Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust
Accounts and in all proceeds thereof for the benefit of the Noteholders and the Insurer and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be
under the sole dominion and control of the Trust Collateral Agent for the benefit of the Noteholders, as the case may be, and the Insurer. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Trust Collateral
Agent (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency and the Insurer may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or
any investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Trust Collateral Agent, the Servicer shall notify the Trust Collateral Agent
in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account. 
  
 (ii) With respect to the Trust Account Property: 
  

(A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and, except as
otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust Collateral Agent shall have sole signature authority with respect thereto; 

 

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 (B) any Trust Account Property that constitutes Physical Property shall be delivered to
the Trust Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a financial intermediary (as such term is
defined in Section 8-313(4) of the UCC) acting solely for the Trust Collateral Agent; 
  
 (C) any Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry
regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued book-entry registration of
such Trust Account Property as described in such paragraph; and 
  
 (D) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by clause (C) above shall be delivered to the Trust Collateral Agent in
accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust Collateral Agent’s (or its
nominee’s) ownership of such security. 
  

 40 

 SECTION 5.2. [Reserved]. 
  
 SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on
deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for
insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the
Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such
mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall
have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7,
or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. 
  
 SECTION 5.4. Application of Collections. All collections for the
Collection Period shall be applied by the Servicer as follows: 
  
 With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent
collected) shall be applied to interest and principal in accordance with the method applicable to the Receivable. 
  
 All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection
Account and paid to the Servicer in accordance with Section 5.7(b). 
  
 SECTION 5.5. Withdrawals from Spread Account. 
  
 (a) In the event that the Servicer’s Certificate with respect to any Determination Date shall state that there is a Spread Account Claim Amount then on the Spread Account Claim Date immediately preceding the
related Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, a written notice (a “Deficiency
Notice”) specifying the Spread Account Claim Amount for such Distribution Date and the Spread Account Claim Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Spread Account Claim Amount (to the extent of
the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent for deposit in the Collection Account on the related Distribution Date. 
  
 Any Deficiency Notice shall be delivered by 12:00 noon, Eastern time, on the second Business Day preceding
such Distribution Date. 
  

 41 

 (b) [Reserved]. 
  
 (c) The amounts distributed by the Collateral Agent to the Trust Collateral Agent pursuant to a Deficiency
Notice shall be deposited by the Trust Collateral Agent into the Collection Account pursuant to Section 5.6. 
  
 SECTION 5.6. Additional Deposits. 
  
 (a) The Servicer or the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date
on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. On the Business Day prior to each Distribution Date, the Trust Collateral Agent
shall remit to the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral Agent. 
  
 (b) The proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof shall be deposited in the Collection
Account. 
  
 SECTION 5.7. Distributions. 
  
 (a) [Reserved]. 
  
 (b) On each Distribution Date, the Trust Collateral Agent
shall (based solely on the information contained in the Preliminary Servicer’s Certificate delivered with respect to the related Determination Date) distribute the following amounts from the Collection Account unless otherwise specified, to the
extent of the sources of funds stated to be available therefor, and in the following order of priority: 
  
 (i) from the Available Funds, to the Servicer (or, if the Designated Backup Subservicer shall be appointed successor servicer or
subservicer to the Servicer), the Base Servicing Fee for the related Collection Period and, to any successor Servicer (or, if the Designated Backup Subservicer shall be appointed successor servicer or subservicer to the Servicer), transition fees
not to exceed $500,000 (including boarding fees) in the aggregate; 
  
 (ii) from the Available Funds, to each of the Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Custodian and the Owner Trustee, their respective accrued and unpaid fees
and out-of-pocket expenses and any accrued and unpaid fees and out-of-pocket expenses of the Trust Collateral Agent, including the fees and expenses of its counsel (in each case, to the extent such fees or expenses have not been previously paid by
the Servicer and provided that such fees and expenses shall not exceed (w) $100,000 in the aggregate in any calendar year to the Owner Trustee, (x) $175,000 in the aggregate in any calendar year to the Trust Collateral Agent, the Backup Servicer,
the Custodian and the Trustee, collectively and (y) $75,000 in the aggregate in any calendar year to the Designated Backup Subservicer); 
  

 42 

 (iii) from the Available Funds to the Note Distribution Account, the Noteholders’
Interest Distributable Amount; 
  
 (iv) from the
Available Funds to the Note Distribution Account, the Noteholders’ First Principal Distributable Amount; 
  
 (v) from the Available Funds, to the Insurer, the Premium (as defined in the Insurance Agreement) and, so long as no Insurer Default has
occurred and is continuing, to the extent of any amounts owing to the Insurer under the Insurance Agreement and not paid; 
  
 (vi) from the Available Funds, to the Spread Account, an amount, if necessary, required to increase the amount therein to the Spread
Account Initial Deposit; 
  
 (vii) from the
Available Funds to the Note Distribution Account, the Noteholders’ Second Principal Distributable Amount; 
  
 (viii) from Available Funds, to the Insurer, so long as an Insurer Default has occurred and is continuing, the amounts described in clause
(v) above, excluding the Premium, as defined in the Insurance Agreement; 
  
 (ix) from the Available Funds, to the Spread Account, an amount, if necessary, required to increase the amount therein to the Requisite Amount; 
  
 (x) from the Available Funds, to each of the Trustee, the Trust Collateral Agent, the Backup Servicer, the
Designated Backup Subservicer and the Owner Trustee, their respective accrued and unpaid fees and expenses and any accrued and unpaid fees and expenses of the Trust Collateral Agent (in each case, to the extent such fees or expenses have not been
previously paid pursuant to clauses (i) and (ii) above) and any additional fees of a successor servicer; 
  
 (xi) to the Class A-3 Notes, additional amounts as described in Section 10.1 herein; and 
  
 (xii) from Available Funds, any remaining Available Funds to
the Collateral Agent for deposit in the Spread Account; 
  
 provided,
however, that, (A) following an acceleration of the Notes pursuant to the Indenture or, (B) if an Insurer Default shall have occurred and be continuing and an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of
the Indenture shall have occurred and be continuing, or (C) the receipt of Insolvency Proceeds pursuant to Section 10.1(b), amounts deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders,
pursuant to Section 5.6 of the Indenture. 
  
 (c)
On each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Servicer’s Certificate delivered with respect to the related Determination Date, unless the Insurer shall have notified the Trust
Collateral Agent in writing 

  

 43 

 
of any errors or deficiencies with respect thereto) distribute from the Collection Account the Additional Funds Available in accordance with the priorities
set forth in Section 5.7(b) or as may be directed by the Insurer in writing on the Business Day prior to such Distribution Date with respect to that portion of the Additional Funds Available constituting Insurer Optional Deposits and the Trustee
shall deposit in the Note Distribution Account any Insured Payments (as defined in the Note Policy) due on such Distribution Date, which amount shall be applied solely to the payment of amounts then due and unpaid on the Notes in accordance with the
priorities set forth in Section 5.8(a) hereof or Section 5.6 of the Indenture, as applicable. 
  
 (d) In the event that the Collection Account is not able to be held with the Trust Collateral Agent, the Servicer or the Trust Collateral
Agent shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(b) and 5.7(c) on the related Distribution Date. 
  

SECTION 5.8. Note Distribution Account. 
  
 (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) the Trust
Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the
following order of priority: 
  
 (i) accrued and
unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution
Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes; 
  
 (ii) The Noteholders’ First Principal Distributable Amount and the Noteholders’ Second Principal
Distributable Amount shall be distributed as follows: 
  
 (1) to the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-1 Notes has been reduced to zero; 
  
 (2) to the Holders of the Class A-2 Notes with the total
amount paid out on each Distribution Date until the outstanding principal amount of the Class A-2 Notes has been reduced to zero; 
  
 (3) to the Holders of the Class A-3 Notes, with the total amount paid out on each Distribution Date until the outstanding principal
amount of the Class A-3 Notes has been reduced to zero. 
  
 (b) On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral Agent by the Servicer pursuant to Section 5.10 hereof on such Distribution Date.

  

 44 

 (c) In the event that any withholding tax is imposed on the Trust’s payment (or
allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise
distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and withholding
payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the
Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Trust Collateral Agent may in its sole discretion
withhold such amounts in accordance with this clause (c). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with such Noteholder in making such claim so
long as such Noteholder agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees and expenses) incurred. 
  
 (d) Distributions required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding
Record Date either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate
written instructions at least five Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate evidence a denomination of not less than $1,000,000 or (ii) by check mailed to such Noteholder at the address of such
holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at
the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 
  
 (e) Subject to Section 5.1 and this section, monies received by the Trust Collateral Agent hereunder need not be segregated in any manner
except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest thereon. 
  
 SECTION 5.9. [Reserved]. 
  
 SECTION 5.10. Statements to Noteholders. 
  
 (a) On or prior to each Distribution Date, the Trust
Collateral Agent shall provide each Noteholder of record (with a copy to the Insurer and the Rating Agencies) a copy of the Servicer’s Certificate which shall contain the following information as to the Notes to the extent applicable:

  
 (i) the amount of such distribution allocable
to principal of each Class of Notes; 
  

 45 

 (ii) the amount of such distribution allocable to interest on or with respect to each
Class of Notes; 
  
 (iii) the amount of such
distribution payable out of amounts withdrawn from the Spread Account or pursuant to a claim on the Note Policy; 
  
 (iv) the Pool Balance as of the close of business on the last day of the preceding Collection Period; 
  
 (v) the aggregate outstanding principal amount of each Class
of the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal reported under (i) above; 
  
 (vi) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect
to such Collection Period or prior Collection Periods, as the case may be; 
  
 (vii) the Noteholders’ Interest Carryover Amount; 
  
 (viii) the amount of the aggregate Realized Losses, if any, for the second preceding Collection Period; 
  
 (ix) the aggregate Purchase Amounts for Receivables, if any,
that were repurchased by the Servicer in such period; and 
  
 (x) the aggregate Sale Amounts for Sold Receivables, if any, that were sold by the Issuer in such period. 
  
 Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be expressed as a dollar amount per $1,000 of the initial principal balance of
the Notes (or Class thereof). 
  
 (b) The Trust
Collateral Agent will make available each month to each Noteholder the statements referred to in Section 5.10(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via
the Trust Collateral Agent’s internet website with the use of a password provided by the Trust Collateral Agent. The Trust Collateral Agent’s internet website will be located at www.tss.db.com/invr or at such other address as the Trust
Collateral Agent shall notify the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Trust Collateral Agent’s Corporate Trust Office at (800) 735-7777. The Trust Collateral Agent shall have the
right to change the way the statements referred to in Section 5.10(a) above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements. The Trust Collateral Agent
shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3 hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 
  

 46 

 SECTION 5.11. Optional Deposits by the Insurer. The Insurer shall at any time, and from time to
time, with respect to a Distribution Date, have the option (but shall not be required, except in accordance with the terms of the Note Policy) to deliver amounts no later than 12:00 noon Eastern time on such Distribution Date to the Trust Collateral
Agent for deposit into the Collection Account for any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date, or (ii) to include
such amount to the extent that without such amount a draw would be required to be made on the Note Policy. 
  
 ARTICLE VI 
  
 The Note Policy 
  
 SECTION 6.1. Claims Under
Note Policy. 
  
 (a) In the event that the
Trust Collateral Agent has delivered a Deficiency Notice with respect to any Determination Date pursuant to Section 5.5 hereof, the Trust Collateral Agent shall on the related Draw Date determine the Policy Claim Amount for the related Distribution
Date. If the Policy Claim Amount for such Distribution Date is greater than zero, the Trustee shall, to the extent it has received sufficient information to make such determinations, furnish to the Insurer no later than 12:00 noon Eastern time on
the related Draw Date a completed Notice of Claim (as defined in (b) below) in the amount of the Policy Claim Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section shall be deposited by the Trustee into the Note
Distribution Account for payment to Noteholders on the related Distribution Date. 
  
 (b) Any notice delivered by the Trustee to the Insurer in the form attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a)
shall specify the Policy Claim Amount claimed under the Note Policy and shall constitute a “Notice of Claim” under the Note Policy. In accordance with the provisions of the Note Policy, the Insurer is required to pay to the Trustee
the Policy Claim Amount properly claimed thereunder by 12:00 noon., New York time, on the later of (i) the second Business Day following receipt on a Business Day of the Notice of Claim, and (ii) the applicable Distribution Date. Any payment made by
the Insurer under the Note Policy shall be applied solely to the payment of the Notes, and for no other purpose. 
  
 (c) The Trustee shall (i) receive as attorney-in-fact of each Noteholder any Policy Claim Amount from the Insurer and (ii) deposit the
same in the Note Distribution Account for distribution to Noteholders. Any and all Policy Claim Amounts disbursed by the Trustee or the Trust Collateral Agent from claims made under the Note Policy shall not be considered payment by the Trust or
from the Spread Account with respect to such Notes, and shall not discharge the obligations of the Trust with respect thereto. The Insurer shall, to the extent it makes any payment with respect to the Notes, become subrogated to the rights of the
recipients of such payments to the extent of such payments. Subject to and conditioned upon any payment with respect to the Notes by or on behalf of the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or
principal with respect to the Notes which are then 

  

 47 

 
due for payment to the extent of all payments made by the Insurer, and the Insurer may exercise any option, vote, right, power or the like with respect to
the Notes to the extent that it has made payment pursuant to the Note Policy. To evidence such subrogation, the Note Registrar shall note the Insurer’s rights as subrogee upon the register of Noteholders. The foregoing subrogation shall in all
cases be subject to the rights of the Noteholders to receive all Insured Payments (as defined in the Note Policy) in respect of the Notes. 
  
 (d) The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Trustee on behalf
of the Insurer into the Note Distribution Account with respect to the Note Policy and the allocation of such funds to payment of interest on and principal paid in respect of any Note. The Insurer shall have the right to inspect such records at
reasonable times upon seven Business Day’s prior notice to the Trust Collateral Agent or the Trustee. 
  
 (e) The Trustee shall be entitled to enforce on behalf of the Noteholders the obligations of the Insurer under the Note Policy.
Notwithstanding any other provision of this Agreement or any Basic Document, the Noteholders are not entitled to institute proceedings directly against the Insurer. 
  
 SECTION 6.2. Preference Claims Under Note Policy. 
  
 (a) In the event that the Trustee has received a certified copy of a final, non-appealable order of the
appropriate court that any payment paid on a Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law pursuant to a final nonappealable order of a court having competent jurisdiction, the Trustee shall so
notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that
any Noteholder’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent and the Trustee shall furnish to the Insurer its records evidencing the payments of
principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent or the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the
Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the order and not to the Trust Collateral Agent, the Trustee or any Noteholder directly (unless a
Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trustee for distribution to such Noteholder upon proof of such payment
reasonably satisfactory to the Insurer). 
  
 (b)
The Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any proceeding or the institution of any action (of which a Responsible Officer of the Trust Collateral Agent has actual knowledge) seeking the avoidance as a
preferential transfer under applicable bankruptcy, insolvency, receivership, rehabilitation or similar law of any distribution made with respect to the Notes (a “Note Preference Claim”). Each Noteholder, by its purchase of Notes,
the Trustee and the Trust Collateral Agent hereby agree that so long as an Insurer 

  

 48 

 
Default shall not have occurred and be continuing, the Insurer may at any time during the continuation of any proceeding relating to a Note Preference Claim
direct all matters relating to such Note Preference Claim, including, without limitation, (i) the direction of any appeal of any order relating to any Note Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending
any such appeal at the expense of the Insurer, but subject to reimbursement as provided in the Insurance Agreement. In addition, and without limitation of the foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to, and each
Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest extent permitted by law, the rights of the Trustee and each Noteholder in the conduct of any proceeding with respect to a Note Preference Claim,
including, without limitation, all rights of any party to an adversary proceeding action with respect to any court order issued in connection with any such Note Preference Claim. 
  
 SECTION 6.3. Surrender of Note Policy. The Trustee shall surrender the Note Policy to the Insurer for cancellation
upon payment in full of the Notes. 
  
 ARTICLE VII 
  
 The Seller 
  
 SECTION 7.1. Representations of Seller. The Seller makes the following
representations on which the Insurer shall be deemed to have relied in executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee, Collateral Agent, Trust
Collateral Agent and Backup Servicer, the Designated Backup Subservicer may rely. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of Receivables, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  
 (a) [Reserved]. 
  
 (b) Organization and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing
under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power,
authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 
  
 (c) Due Qualification. The Seller is duly qualified to do business as a foreign corporation in good standing and has obtained all
necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement, or the
validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents. 
  

 49 

 (d) Power and Authority. The Seller has the power and authority to execute and
deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and
deposited with the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly
authorized by the Seller by all necessary corporate action. 
  
 (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller and creditors of and
purchasers from the Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of
whether such enforceability is considered in a proceeding in equity or at law. 
  
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment
of the terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation
or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 
  
 (g) No Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the
Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents,
(B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect the
performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the
Notes. 
  
 (h) True Sale. The Receivables
are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
  

 50 

 (i) Chief Executive Office. The chief executive office of the Seller is at 6525
Morison Boulevard, Suite 318, Charlotte, North Carolina 28211. 
  
 SECTION 7.2. Corporate Existence. 
  
 During the
term of this Agreement, the Seller will keep in full force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this
Agreement and the transactions contemplated hereby. 
  
 SECTION
7.3. Liability of UACC; Indemnities. UACC shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by UACC under this Agreement. 
  
 (a) UACC shall pay any and all taxes levied or assessed upon the Issuer or upon all or any part of the
Collateral. 
  
 (b) UACC shall indemnify, defend
and hold harmless the Issuer, the Owner Trustee, Trustee, Seller, Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, Collateral Agent, Insurer, Custodian and Trust
Collateral Agent and the officers, directors, employees and agents thereof and the Noteholders from and against any loss, liability or expense incurred by reason of (i) UACC’s willful misfeasance, bad faith or negligence in the performance of
its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) UACC’s or the Issuer’s violation of federal or state securities laws in connection with the offering and sale
of the Notes. 
  
 (c) UACC shall indemnify,
defend and hold harmless the Owner Trustee, Trustee, Seller, Trust Collateral Agent, Collateral Agent, Custodian, Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, and
the officers, directors, employees and agents thereof from and against any and all costs, expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the acceptance or performance of the trusts and duties set
forth herein and in the Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee, Trustee,
Seller, Trust Collateral Agent, Collateral Agent, Custodian, Backup Servicer and Designated Backup Subservicer, respectively. 
  
 Indemnification under this Section shall survive the resignation or removal of the Owner Trustee, the Trustee, the Seller, the Custodian, the Backup
Servicer, the Designated Backup Subservicer, the Collateral Agent or the Trust Collateral Agent and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and expenses of counsel
and other expenses of litigation. If UACC shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom 

  

 51 

 
such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to UACC, without interest.

  

 52 

 SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person
(a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a whole, which
Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or any further
act by any of the parties to this Agreement; provided, however, that (i) the Seller shall have received the written consent of the Insurer prior to entering into any such transaction, (ii) the Seller shall have delivered to the Owner
Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with
this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the
Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation
statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Trust Collateral Agent, the Owner Trustee and the Trustee, respectively, in the Receivables and reciting the details
of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and
(iv) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above. 
  
 SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and any director, officer or employee or agent of the Seller may rely in good
faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any Basic Document. The Seller shall not be under any obligation to appear in, prosecute or
defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
  
 SECTION 7.6. Ownership of the Certificates or Notes. The Seller and any Affiliate thereof may in its individual or
any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so
owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; provided, however,
that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents and will not be entitled to
the benefits of the Note Policy. The Seller shall notify the Owner Trustee, the Trustee, the Trust Collateral Agent and the Insurer with respect to any other transfer of any Certificate. 
  

 53 

 ARTICLE VIII 
  
 The Servicer 
  
 SECTION 8.1. Representations of Servicer. The Servicer makes the following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of the
Receivables, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  
 (a) [Reserved]; 
  
 (b) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the
laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now
has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
  
 (c) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such
qualification; 
  
 (d) Power and
Authority. The Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the
Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action; 
  
 (e) Binding Obligation. This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding
obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally
and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
  
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the
Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice
or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation
or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to 

  

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the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over
the Servicer or any of its properties; 
  
 (g)
No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the Basic Documents, or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this
Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 
  

(h) No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval or
authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 

 
 SECTION 8.2. Liability of Servicer, Backup Servicer and Designated
Backup Subservicer; Indemnities. 
  
 (a) The
Servicer (in its capacity as such) shall be liable hereunder only to the extent of the obligations in this Agreement specifically undertaken by the Servicer and the representations made by the Servicer. 
  
 (b) The Servicer shall defend, indemnify and hold harmless
the Trust, the Trustee, the Seller, the Trust Collateral Agent, the Owner Trustee, the Custodian, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the
Collateral Agent, the Insurer, their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel
and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle; 
  

(c) The Servicer (when the Servicer is UACC) shall indemnify, defend and hold harmless the Trust, the Trustee, the Seller, the Trust
Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective
officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any
sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables
and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; 
  

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 The Servicer (when the Servicer is not UACC) shall indemnify, defend and hold harmless
the Trust, the Trustee, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent,
the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of
such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other
income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending
against the same; and 
  
 (d) The Servicer shall
indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to
the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost,
expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated Backup Subservicer, the Collateral Agent, the
Insurer or the Noteholders by reason of the breach of this Agreement by the Servicer, the negligence, willful misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement. 
  
 (e) UACC shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Custodian, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer
or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any loss, liability or expense incurred by reason of the violation by Servicer,
Seller or Trust of federal or state securities laws in connection with the registration or the sale of the Notes; provided, that UACC shall not indemnify the Insurer for the disclosure under the captions “The Insurer” and “The
Policy” in the Prospectus Supplement; provided, further, that UACC shall not indemnify the Underwriter for the Underwriter’s Information in the Prospectus Supplement. This section shall survive the termination of this
Agreement, or the earlier removal or resignation of the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated Backup Subservicer or the Collateral Agent. 
  
 (f) UACC shall indemnify the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Custodian, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, and the Collateral Agent, and the respective officers, directors,
agents and employees thereof against any and all loss, liability or expense, (other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection with the acceptance or administration of the Trust and
the performance of their duties under the Basic Documents other than if such loss, 

  

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liability or expense was incurred by the Trustee, the Owner Trustee, the Custodian, the Backup Servicer or the Trust Collateral Agent or the Designated
Backup Subservicer as a result of any such entity’s willful misfeasance, bad faith or negligence. 
  
 (g) Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest.
Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup Servicer or the Designated Backup Subservicer, to the extent not paid by the Servicer, shall be paid solely from the Spread Account
in accordance with the terms of the Spread Account Agreement. 
  
 (h) When the Trustee, the Trust Collateral Agent, the Custodian, the Collateral Agent, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, or the
Backup Servicer incurs expenses after the occurrence of a Servicer Termination Event specified in Section 9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United
States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
  
 The provisions of this Section 8.2 shall survive the resignation of the Trustee, Trust Collateral Agent, Collateral Agent, Custodian,
Owner Trustee, Backup Servicer and Designated Backup Subservicer and the termination of this Agreement. 
  
 SECTION 8.3. Merger or Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer or Backup Servicer.

  
 (a) UACC shall not merge or consolidate with
any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to UACC’s business unless, after the merger, consolidation, conveyance, transfer,
lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of UACC contained in this Agreement and shall be acceptable to the Controlling Party, and, if an Insurer Default shall have occurred and be continuing,
shall be an Eligible Servicer. Any corporation (i) into which UACC may be merged or consolidated, (ii) resulting from any merger or consolidation to which UACC shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially
all of the assets of UACC, or (iv) succeeding to the business of UACC, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of UACC under this Agreement and, whether or not such assumption agreement is
executed, shall be the successor to UACC under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding;
provided, however, that nothing contained herein shall be deemed to release UACC from any obligation. UACC shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Trust
Collateral Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding the foregoing, UACC shall not merge or consolidate with any other Person or permit any other Person to become a successor to UACC’s business, unless (x)
immediately after 

  

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giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such
representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an Insurance Agreement Event of Default shall have occurred and be continuing,
(y) UACC shall have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, Backup Servicer, the Designated Backup Subservicer and Collateral Agent, the Rating Agencies and the Insurer an Officer’s Certificate and an Opinion of
Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied
with, and (z) UACC shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Trustee, the Collateral Agent, the Rating Agencies and the Insurer an Opinion of Counsel, stating in the opinion of such counsel, either (A) all financing
statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the Receivables and the Other Conveyed Property and reciting the details of the
filings or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (b) Any corporation (i) into which the Backup Servicer or the Designated Backup Subservicer, as the case may be, may be merged or
consolidated, (ii) resulting from any merger or consolidation to which the Backup Servicer or the Designated Backup Subservicer respectively shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of
the Backup Servicer or the Designated Backup Subservicer, respectively, or (iv) succeeding to the business of the Backup Servicer or the Designated Backup Subservicer, respectively, in any of the foregoing cases shall execute an agreement of
assumption to perform every obligation of the Backup Servicer or the Designated Backup Subservicer, as the case may be, under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Backup Servicer or
the Designated Backup Subservicer, respectively, under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding;
provided, however, that nothing contained herein shall be deemed to release the Backup Servicer or the Designated Backup Subservicer from any obligation. 
  
 SECTION 8.4. Limitation on Liability of Servicer, Designated Backup Subservicer, Backup Servicer and Others. 
  
 (a) None of UACC, the Designated Backup Subservicer,
including in its capacity as successor Servicer or as subservicer to the Servicer, the Backup Servicer nor any of the directors or officers or employees or agents of UACC, the Designated Backup Subservicer or the Backup Servicer shall be under any
liability to the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect
UACC, the Designated Backup Subservicer, the Backup Servicer or any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in
judgment) in the performance of duties; provided further that this provision shall not affect any liability to indemnify the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian, and the Owner Trustee for costs, taxes, 

  

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expenses, claims, liabilities, losses or damages paid by the Trustee, the Trust Collateral Agent, the Collateral Agent, the Custodian and the Owner Trustee,
in their individual capacities. UACC, the Designated Backup Subservicer, the Backup Servicer and any director, officer, employee or agent of UACC, the Designated Backup Subservicer or Backup Servicer may rely in good faith on the written advice of
counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
  
 (b) Unless acting as Servicer hereunder, the Backup Servicer shall not be liable for any obligation of the Servicer contained in this
Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its obligations hereunder, and
the Owner Trustee, the Trustee, the Trust Collateral Agent, the Custodian, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Seller and the Insurer and the Noteholders shall look only to the Servicer to perform such
obligations. Unless acting as Servicer hereunder, the Designated Backup Subservicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any error of the Servicer contained in any computer tape, certificate or
other data or document delivered in connection with the Basic Documents, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Custodian, the Collateral Agent, the Backup Servicer, the Seller, the Insurer and the Noteholders shall look
only to the Servicer to perform such obligations. The Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, Trust Collateral Agent, the Collateral Agent, the Trustee, the
Owner Trustee and the Custodian shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their respective duties under this Agreement if such
failure or delay results from the Backup Servicer or the Designated Backup Subservicer acting in accordance with information prepared or supplied by a Person other than itself (or contractual agents) or the failure of any such other Person to
prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the
Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice or communication received by the Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable
under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer. The Designated Backup Subservicer shall have no responsibility,
shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer (other than when CenterOne is the Servicer), the Backup Servicer, or the
Controlling Party, (ii) any inaccuracy or omission in a notice, certificate or communication received by the Designated Backup Subservicer from any third party (whether or not the Designated Backup Subservicer has confirmed, verified or otherwise
reviewed such data), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable or the Servicer (other than when CenterOne is
the Servicer), or (v) the acts or omissions of any other Designated Backup Subservicer. 
  

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 SECTION 8.5. Delegation of Duties. (a) The Servicer, including the Designated Backup Subservicer
as successor Servicer or as subservicer to the Servicer, may delegate duties under this Agreement to an Affiliate with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral
Agent, the Owner Trustee, the Designated Backup Subservicer and the Backup Servicer. The Servicer, including the Designated Backup Subservicer as successor Servicer or as subservicer to the Servicer, also may at any time perform through
sub-contractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles’ insurance and (iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the
consent of the Insurer and may perform other specific duties through such sub-contractors in accordance with Servicer’s customary servicing policies and procedures, with the prior consent of the Insurer; provided, however, that no
such delegation or sub-contracting duties by the Servicer shall relieve the Servicer of its responsibility with respect to such duties. So long as no Insurer Default shall have occurred and be continuing neither UACC or any party acting as Servicer
hereunder shall appoint any subservicer hereunder without the prior written consent of the Insurer, the Trustee, the Designated Backup Subservicer and the Backup Servicer. 
  
 (b) If an UACC is not the Servicer, such Servicer may delegate any of its duties and obligations hereunder
to the Designated Backup Subservicer or one or more other subservicers pursuant to a sub-servicing agreement in form and substance approved by the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent,
the Issuer and the Backup Servicer. Notwithstanding the foregoing, the Servicer shall be liable for the fees and expenses of its delegates (other than the fees and expenses of the Designated Backup Subservicer which are paid under Section
5.7(b)(ii)) and remain primarily liable for the performance of the duties and obligations so delegated and each of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent, the Owner Trustee and the
Backup Servicer shall have the right to look solely to the Servicer for performance. 
  
 (c) The Backup Servicer may delegate duties under this Agreement to one or more Designated Backup Subservicers with the prior written
consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent and the Issuer. The Backup Servicer hereby appoints CenterOne as the initial Designated Backup Subservicer, CenterOne hereby accepts
such appointment and each of Insurer, the Trust Collateral Agent, the Issuer and the Backup Servicer hereby consents to such appointment. Each of the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Trust Collateral Agent and the
Issuer acknowledge that in the event that the Backup Servicer becomes the Servicer hereunder, the Backup Servicer may appoint the Designated Backup Subservicer as its subservicer under this Agreement to service the Receivables and the Designated
Backup Subservicer shall service the Receivables, subject to the terms, conditions and modifications contained in Schedule D, and in that event, the rights, duties, obligations and liabilities of the Designated Backup Subservicer as subservicer or
Servicer under this Agreement shall be modified as provided in Schedule D. The Backup Servicer may terminate the appointment of any Designated Backup Subservicer only upon the prior written consent of the Insurer (unless an Insurer Default shall
have occurred and be continuing), the Trust Collateral Agent and the Issuer. 
  

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 SECTION 8.6. Servicer, the Designated Backup Subservicer and Backup Servicer Not to Resign.
Subject to the provisions of Section 8.3, neither the Servicer nor the Backup Servicer shall resign from the obligations and duties imposed on it by this Agreement as Servicer, the Designated Backup Subservicer or Backup Servicer except upon a
determination that by reason of a change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer,
the Designated Backup Subservicer or the Backup Servicer, as the case may be, and the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default shall have occurred and be continuing)
does not elect to waive the obligations of the Servicer, the Designated Backup Subservicer or the Backup Servicer, as the case may be, to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any
such determination permitting the resignation of the Servicer, the Designated Backup Subservicer or Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Trust Collateral Agent, the Owner Trustee
and the Insurer (unless an Insurer Default shall have occurred and be continuing). No resignation of the Servicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing, the Backup Servicer or an entity
acceptable to the Insurer shall have assumed the responsibilities and obligations of the Servicer or, if an Insurer Default shall have occurred and be continuing, the Backup Servicer or a replacement Servicer that is an Eligible Servicer shall have
assumed the responsibilities and obligations of the Servicer. No resignation of the Backup Servicer or the Designated Backup Subservicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing, an entity
acceptable to the Insurer shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated Backup Subservicer or, if an Insurer Default shall have occurred and be continuing, a Person that is an Eligible Servicer
shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated Backup Subservicer; provided, however, that (i) in the event a successor Backup Servicer or Designated Backup Subservicer as the case may
be is not appointed within 60 days after the Backup Servicer or the Designated Backup Subservicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section, the Backup Servicer or the Designated Backup
Subservicer as the case may be may petition a court for its removal, and (ii) the Backup Servicer or the Designated Backup Subservicer may resign with the written consent of the Insurer; provided, however, that, with regard to clause
(i) above, the Designated Backup Subservicer, acting solely in its capacity as Designated Backup Subservicer under this Agreement and prior to its being appointed subservicer or Servicer under this Agreement, may resign as Designated Backup
Subservicer rather than petitioning the court for its removal. 
  
 ARTICLE IX 
  
 Default 
  
 SECTION 9.1. Servicer Termination Event. For purposes of this
Agreement, each of the following shall constitute a “Servicer Termination Event”: 
  

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 (a) Any failure by the Servicer to deposit to the Collection Account any amount required
to be deposited therein or to purchase any Receivable required to be purchased by it. 
  
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be
continuing) the Insurer the Servicer’s Certificate by the Determination Date; 
  
 (c) Failure on the part of the Servicer or the Transferor duly to observe or perform any other covenants or agreements of the Servicer or
Transferor, as applicable, set forth in this Agreement or under any other Basic Documents to which it is a party, which failure (i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds
under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a period of 30 days after the earlier of (x) knowledge thereof by the Servicer or the Transferor, as
applicable, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer or the Transferor by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have
occurred and be continuing, by any Noteholder); 
  
 (d) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer, the Transferor or United Pan Am Financial Corp. in an involuntary case under the federal bankruptcy laws, as
now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer, the Transferor or
United Pan Am Financial Corp. or of any substantial part of its property or ordering the winding up or liquidation of the affairs of the Servicer, the Transferor or United Pan Am Financial Corp. and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar
law and such case is not dismissed within 60 days; or 
  
 (e) The commencement by the Servicer or United Pan Am Financial Corp. of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar
law, or the consent by the Servicer or United Pan Am Financial Corp. to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial
part of its property or the making by the Servicer or United Pan Am Financial Corp. of an assignment for the benefit of creditors or the failure by the Servicer or United Pan Am Financial Corp. generally to pay its debts as such debts become due or
the taking of corporate action by the Servicer or United Pan Am Financial Corp. in furtherance of any of the foregoing; or 
  
 (f) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered
pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the 

  

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Trust, the Insurer or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to
the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in respect of which such representation, warranty or statement was incorrect
shall not have been eliminated or otherwise cured; or 
  
 (g) So long as an Insurer Default shall not have occurred and be continuing, an Insurance Agreement Event of Default occurs; 
  
 (h) A claim is made under the Note Policy; 
  
 (i) Any failure by the Servicer to deliver to the Trustee for distribution to Noteholders any proceeds or payment required to be so
delivered that continues unremedied for a period of two Business Days (or one Business Day with respect to Purchase Amounts) after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trustee
or the Insurer; or 
  
 (j) The occurrence of a
Level 4 Trigger Event, as defined in the Spread Account Agreement. 
  
 SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer Termination Event shall occur and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing either the Trust Collateral Agent
(to the extent it has knowledge thereof) or a Note Majority), by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Insurer or the Noteholders) may terminate all of the rights and obligations of the Servicer
under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect
to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of the Backup Servicer, which shall cause the Designated Backup Subservicer to assume
the duties pursuant to Section 8.5(c), (or such other replacement Servicer appointed by the Controlling Party); provided, however, that the replacement Servicer shall have no liability with respect to any obligation which was required
to be performed by the terminated Servicer prior to the date that the replacement Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The replacement Servicer is authorized
and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien
Certificates, or otherwise. The terminated Servicer agrees to cooperate with the Controlling Party and the replacement Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement,
including, without limitation, the transfer to the replacement Servicer for administration by it of all cash amounts that shall at the time be held by 

  

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the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the
Receivables and the delivery to the replacement Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the
replacement Servicer or a replacement Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer shall grant the Trust Collateral Agent, the replacement Servicer and the Controlling Party reasonable access to the
terminated Servicer’s premises at the terminated Servicer’s expense. 
  
 SECTION 9.3. Appointment of Successor. 
  
 (a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.6; (i) the Backup Servicer (unless the Controlling Party
shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate replacement Servicer) shall be the successor in all respects to the Servicer, in its capacity as servicer under this Agreement and the Insurance Agreement and the
transactions set forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of
this Agreement or the Insurance Agreement except as otherwise stated herein. The Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a
replacement Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 
  
 (b) The Controlling Party may exercise at any time its right
to appoint as Backup Servicer or Designated Backup Subservicer or as successor to the Servicer a Person other than the Person serving as Backup Servicer or the Designated Backup Subservicer at the time, and (without limiting its obligations under
the Note Policy) shall have no liability to the Trust Collateral Agent, the Servicer, the Seller, the Person then serving as Backup Servicer, the Designated Backup Subservicer, any Noteholders or any other Person if it does so; provided, however,
that at the time of such transfer, the outstanding fees, expenses and indemnities of the current Backup Servicer and the Designated Backup Subservicer shall be paid in full. Notwithstanding the above, if the Backup Servicer or the Designated Backup
Subservicer shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall have occurred and be continuing, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent or a Note Majority may petition a
court of competent jurisdiction to appoint any Eligible Servicer as the successor to the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as replacement Servicer unless it is legally unable to do so, in
which event the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. Subject to Section 8.6, no provision of this Agreement shall be construed as relieving the Backup Servicer of its
obligation to succeed as replacement Servicer upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6. If upon the termination of the Servicer pursuant to Section 9.2 or the resignation
of the Servicer pursuant to Section 8.6, the Controlling Party appoints a replacement Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. 
  

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 (c) Any replacement Servicer shall be entitled to such compensation (whether payable out
of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as agreed to by the Insurer in writing. If any
replacement Servicer is appointed as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as Servicer although it is legally able to do so, the Insurer and such replacement Servicer may agree on reasonable
additional compensation to be paid to such replacement Servicer; provided, however, it being understood and agreed that the Insurer shall give prior notice to the Backup Servicer with respect to the appointment of such successor and
the payment of additional compensation, if any. If, any replacement Servicer is appointed for any reason other than the Backup Servicer’s refusal to act as Servicer although legally able to do so, the Backup Servicer shall not be liable for any
Servicing Fee, additional compensation or other amounts to be paid to such replacement Servicer in connection with its assumption and performance of the servicing duties described herein. 
  
 (d) Notwithstanding anything contained in this Agreement to
the contrary, the Backup Servicer is authorized to accept and rely on all of the accounting records (including computer records) and work of the prior Servicer relating to the Receivables (collectively, the “Predecessor Servicer Work
Product”) without any audit or other examination thereof, and the Backup Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior Servicer. If any error, inaccuracy, omission or incorrect or
non-standard practice or procedure (collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the Backup Servicer making
or continuing any Errors (collectively, “Continuing Errors”), the Backup Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors; provided, however, that the Backup Servicer agrees to
use its best efforts to prevent further Continuing Errors. In the event that the Backup Servicer becomes aware of Errors or Continuing Errors, it shall, with the prior consent of the Controlling Party use its best efforts to reconstruct and
reconcile such data as is commercially reasonable to correct such Errors and Continuing Errors and to prevent future Continuing Errors. The Backup Servicer shall be entitled to recover its costs thereby expended in accordance with Section 3.03 of
the Spread Account Agreement. 
  
 SECTION 9.4. Notification to
Noteholders. Upon any termination of, or appointment of a successor to, the Servicer, the Designated Backup Subservicer or the Backup Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder and to the
Rating Agencies. 
  
 SECTION 9.5. Waiver of Past Defaults.
So long as no Insurer Default shall have occurred and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing, the Note Majority) may, on behalf of all Noteholders, waive any default by the Servicer, the
Designated Backup Subservicer or the Backup Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising
therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Basic Documents. 

  

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No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
  
 ARTICLE X 
  
 Termination 
  
 SECTION 10.1. Optional Purchase of All Receivables. 
  
 (a) On the last day of any Collection Period as of which the Pool Balance shall be less than or equal to 10% of the Original Pool Balance,
the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts (with the consent of the Insurer if such purchase would result in a claim on the Note Policy or would result in any amount owing to the Insurer
under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay the full amount of principal and interest then due and
payable on the Class A-3 Notes then outstanding, and amounts due and unpaid to the Insurer under the Insurance Agreement and amounts due to the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Custodian, the
Designated Backup Subservicer and the Owner Trustee hereunder or under the Trust Agreement. To exercise such option, the Servicer shall deposit pursuant to Section 5.6 in the Collection Account an amount equal to the aggregate Purchase Amount for
the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, such value to be determined by an appraiser mutually agreed upon by the Servicer, the Insurer (as the Controlling Party) and the
Trust Collateral Agent or such amount as the Servicer, Insurer and Trust Collateral Agent may mutually agree, and shall succeed to all interests in and to the Trust. 
  
 If the Servicer does not exercise its rights with respect to the optional purchase on the first Distribution Date that the
optional purchase is permitted, the Class A-3 Notes will be paid additional amounts on future Distribution Dates, equal to the product of (i) one twelfth, (ii) 0.50% and (iii) the outstanding principal balance on the Class A-3 Notes as of such
Distribution Date pursuant to clause (xi) under Section 5.7 herein. The Policy does not guarantee payment of any additional amounts that become due to the Class A-3 Notes pursuant to the immediately preceding sentence. 
  
 (b) Upon any sale of the assets of the Trust pursuant to
Section 8.1 of the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency
Proceeds”) in the Collection Account. 
  
 (c) Notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee, the Trustee, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent, the Collateral Agent, the Custodian, the
Insurer and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
  

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 (d) Following the satisfaction and discharge of the Indenture and the payment in full of
the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder. 
  
 ARTICLE XI 
  
 Administrative Duties of the Servicer 
  
 SECTION 11.1. Administrative Duties. 
  
 (a) Duties with Respect to the Indenture. The Servicer shall perform all its duties and the duties of the Issuer under the
Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor the performance of the Issuer and shall advise the Owner
Trustee when action is necessary to comply with the Issuer’s duties under the Indenture. The Servicer shall prepare for execution by the Issuer or shall cause the preparation by other appropriate Persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Issuer to take
pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of the Indenture. 
  
 (b) Duties with Respect to the Issuer. 
  
 (i) In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the
Servicer shall perform such calculations and shall prepare for execution or shall cause the timely preparation by other appropriate Persons and it shall execute all such documents, reports, filings, instruments, certificates and opinions as it shall
be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act
of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer to take pursuant to this Agreement or any of the Basic Documents, including,
without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Issuer or the Owner Trustee, the Servicer shall administer, perform or supervise the performance of such other activities in
connection with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Issuer or the Owner Trustee and are reasonably within the capability of the Servicer.

  
 (ii) Notwithstanding anything in this
Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is imposed on the Issuer’s payments (or
allocations of income) to an Owner (as defined in the Trust Agreement) as contemplated by this Agreement. Any such notice shall be in 

  

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writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision.

  
 (iii) Notwithstanding anything in this
Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Issuer set forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things, accounting and reports to
Owners (as defined in the Trust Agreement); provided, however, that once prepared by the Servicer the Owner Trustee shall retain responsibility for the distribution of the Schedule K-1s necessary to enable the Certificateholder to
prepare its federal and state income tax returns. 
  
 (iv) The Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required
to be performed by the Servicer under this Agreement or any of the Basic Documents. 
  
 (v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Servicer may enter into transactions
with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Servicer’s opinion,
no less favorable to the Issuer in any material respect. 
  
 (c) Tax Matters. The Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by
the Issuer as are necessary for preparation of tax reports, including without limitation forms 1099. All tax returns will be signed by the Seller. 
  
 (d) Non-Ministerial Matters. With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the
Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such action, the Servicer shall have notified the Owner Trustee, the Trustee and the Insurer of the proposed action and the Owner
Trustee and, with respect to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include:

  
 (A) the amendment of or any supplement to
the Indenture; 
  
 (B) the initiation of any
claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the Receivables); 
  
 (C) the amendment, change or modification of this Agreement or any of the Basic Documents; 
  
 (D) the appointment of successor Note Registrars, successor
Paying Agents and successor Trustees pursuant to the Indenture or the appointment of replacement Servicers or the consent to the assignment by 

  

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the Note Registrar, Paying Agent or Trustee of its obligations under the Indenture; and 
  
 (E) the removal of the Trustee or the Trust Collateral Agent. 
  
 (e) Exceptions. Notwithstanding anything to the
contrary in this Agreement, except as expressly provided herein or in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or Certificateholders under
the Basic Documents, (2) sell the Trust Estate pursuant to Section 5.5 of the Indenture, (3) take any other action that the Issuer directs the Servicer not to take on its behalf or (4) in connection with its duties hereunder assume any
indemnification obligation of any other Person. Notwithstanding that UACC may no longer be the Servicer hereunder, UACC shall continue to perform the duties and obligations of the Servicer under this Section 11.1. 
  
 (f) The Backup Servicer, the Designated Backup Subservicer
(including in its capacity as successor Servicer or subservicer) or any replacement Servicer shall not be responsible for any obligations or duties of the servicer under this Section 11.1. 
  
 SECTION 11.2. Records. The Servicer shall maintain appropriate books
of account and records relating to services performed under this Agreement, which books of account and records shall be accessible for inspection by the Issuer and the Insurer at any time during normal business hours. 
  
 SECTION 11.3. Additional Information to be Furnished to the Issuer.
The Servicer shall furnish to the Issuer and the Insurer from time to time such additional information regarding the Collateral as the Issuer and the Insurer shall reasonably request. 
  
 SECTION 11.4. Reporting Requirements of the Commission and Indemnification. 
  
 (a) In order to comply with any rules adopted by the
Securities and Exchange Commission, notwithstanding any other provision of this Agreement, the Servicer shall (i) agree to such modifications and enter into such amendments to this Agreement as may be necessary, in the judgment of the Seller and its
counsel, to comply with any rules promulgated by the Commission and any interpretations thereof by the staff of the Commission (collectively, “SEC Rules”) and (ii) promptly upon request provide to the Seller for inclusion in any periodic
report required to be filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) such items of information regarding this Agreement and matters related to the Servicer, including as applicable (by way of example and
not limitation), a description of any material litigation or governmental action or proceeding involving the Servicer or its affiliates (collectively, the “Servicer Information”), provided, that such information shall be required to be
provided by the Servicer only to the extent that such shall be determined by the Seller and its counsel to be necessary to comply with any SEC Rules. 
  
 (b) The Servicer hereby agrees to indemnify and hold harmless the Seller, its respective officers and directors and each person, if any,
who controls the Seller within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Act”), or Section 20 of the Exchange Act, from and against any and all losses, claims, expenses, damages or liabilities to 

  

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which the Seller, its respective officers or directors and any such controlling person may become subject under the Act or otherwise, as and when such
losses, claims, expenses, damages or liabilities are incurred, insofar as such losses, claims, expenses, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any
material fact contained in the Servicer Information or arise out of, or are based upon, the omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and will reimburse the Seller, its respective officers and directors and any such controlling person for any legal or other expenses reasonably incurred by it or any of them in connection
with investigating or defending any such loss, claim, expense, damage, liability or action, as and when incurred; provided, however, that the Servicer shall be liable only insofar as such untrue statement or alleged untrue statement or omission or
alleged omission relates solely to the information in the Servicer Information furnished to the Seller by or on behalf of the Servicer specifically in connection with this Agreement. 
  
 (c) The Servicer (for so long as UACC is the Servicer) shall, at its expense, timely execute and cause to be
prepared and filed with the Commission all periodic reports required to be filed with respect to the Issuer under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. The Seller shall cooperate in any
reasonable request made by the Servicer in connection with such filings. 
  
 ARTICLE XII 
  
 Miscellaneous Provisions

  
 SECTION 12.1. Amendment. 
  
 (a) This Agreement may be amended from time to time by the
parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), with the prior written consent of the Insurer (so long as no Insurer Default has occurred and is continuing) but without the consent of any of the
Noteholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not
be inconsistent with the provisions of this Agreement or the Insurance Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to Owner Trustee, the Insurer and the Trustee, adversely
affect in any material respect the interests of any Noteholder; provided further that if an Insurer Default has occurred and is continuing, such action shall not materially adversely affect the interests of the Insurer. 
  
 This Agreement may also be amended from time to time by the
parties hereto, with the consent of the Insurer, the consent of the Trustee, and with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (a) increase or reduce in any manner the

  

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amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of
the Noteholders or (b) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each
class affected thereby; provided, further, that if an Insurer Default has not occurred and is continuing, such action shall not materially adversely affect the interest of the Insurer. 
  
 In order to comply with any rules adopted by the Commission,
this Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee and the Insurer, so long as an Insurer Default has not occurred and is occurring (which consent may not be unreasonably withheld), without the
consent of any of the Noteholders, as may be necessary, in the judgment of the Seller and its counsel, pursuant to Section 11.4, to comply with any rules promulgated by the Commission and any interpretations thereof by the staff of the Commission.

  
 Promptly after the execution of any such
amendment or consent, the Trust Collateral Agent shall furnish written notification of the substance of such amendment or consent to each Noteholder and the Rating Agencies. No such amendment will be permitted if, as a result, any Rating Agency
would lower its issued rating on any class of the Notes then outstanding. 
  
 It shall not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the
Trustee or the Owner Trustee, as applicable, may prescribe. 
  
 Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee, Trust Collateral Agent, Collateral Agent, Designated Backup Subservicer and Backup Servicer shall be entitled to receive
and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1) has been delivered. The Owner Trustee, the Trust
Collateral Agent, the Designated Backup Subservicer, the Backup Servicer and the Trustee may, but shall not be obligated to, enter into any such amendment which affects the Issuer’s, the Owner Trustee’s, the Trust Collateral Agent’s,
the Designated Backup Subservicer’s, the Backup Servicer’s or the Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise. 
  
 (b) Notwithstanding anything to the contrary contained in Section 12.1(a) above, the provisions of the
Agreement relating to (i) the Spread Account Agreement, the Spread Account, the Specified Spread Account Requirement, a Trigger Event or any component definition of a Trigger Event and (ii) any additional sources of funds which may be added to the
Spread Account or uses of funds on deposit in the Spread Account may be amended in any respect by the Servicer, the Insurer and the Collateral Agent (the consent of which shall not be 

  

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withheld or delayed with respect to any amendment that does not adversely affect the Collateral Agent) without the consent of, or notice to, the Noteholders.

  
 SECTION 12.2. Protection of Title to Trust. 

 
 (a) The Seller shall execute and file such financing
statements and cause to be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the interests of the Trust Collateral
Agent in the Receivables and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Insurer, the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing. 
  
 (b) Neither the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above
seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Insurer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee at least five days’ prior written notice thereof and shall
have promptly filed appropriate amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance
reasonably satisfactory to the Insurer, stating either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in
the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (c) Each of the Seller and the Servicer shall have an
obligation to give the Insurer, the Owner Trustee, the Trust Collateral Agent and the Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such
relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing
statement. The Servicer shall at all times maintain (i) each office from which it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America. 
  
 (d) The Servicer shall maintain accounts and records as to
each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation
between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
  
 (e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this
Agreement of the Receivables to the Issuer, the Servicer’s master 

  

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computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and that such
Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or
repurchased. 
  
 (f) If at any time the Seller or
the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or
other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the
Trust. 
  
 (g) Upon request, the Servicer shall
furnish to the Insurer, the Owner Trustee or to the Trustee, within five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of
Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Trust. 
  
 (h) UACC shall deliver to the Insurer, the Backup Servicer, the Owner Trustee and the Trustee: 
  
 (1) promptly after the execution and delivery of this
Agreement and, if required pursuant to Section 12.1, of each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer, either (A) all financing statements and
continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in
which such details are given, or (B) no such action shall be necessary to preserve and protect such interest; and 
  
 (2) within 90 days after the beginning of each calendar year beginning with the first calendar year beginning more than three months after
the Cutoff Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully
to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to
preserve and protect such interest. 
  
 Each
Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest. 
  
 SECTION 12.3. Notices. All demands, notices and communications upon or
to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating Agencies under this Agreement shall be in writing, personally delivered, or mailed by certified mail, return receipt 

  

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requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon receipt 
  
 (a) in the case of the Seller to ACE Securities Corp., 6525
Morrison Boulevard, Suite 318, Charlotte, North Carolina 28211; 
  
 (b) in the case of the Servicer to United Auto Credit Corporation, 3990 Westerly Place, Suite 200, Newport Beach, California 92660, Attention: Garland Koch; 
  
 (c) in the case of the Issuer or the Owner Trustee, at the
Corporate Trust Office of the Owner Trustee; 
  
 (d) in the case of the Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent, at the Corporate Trust Office; 
  
 (e) in the case of the Designated Backup Subservicer, CentreOne Financial Services LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida
33442, Attention: President; 
  
 (f) in the case
of the Insurer, Ambac Assurance Corporation, One State Street Plaza, New York, New York 10004, Attention: Structured Finance Department - ABS (in each case in which notice or other communication to the Insurer refers to a claim on the Note Policy, a
Deficiency Notice pursuant to Section 5.5 of this Agreement or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be
sent to the attention of each of the General Counsel and shall be marked to indicate “URGENT MATERIAL ENCLOSED”); 
  
 (g) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007; and 
  
 (h) in the case of Standard &
Poor’s, to Standard & Poor’s Ratings Group, 55 Water Street, New York, New York 10041, Attention: Asset Backed Transaction Oversight Department. 
  

Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Note
Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
  
 SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.4 and as provided in the provisions of this Agreement concerning the resignation of the Servicer,
this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trustee and the Insurer (or if an
Insurer Default shall have 

  

 74 

 
occurred and be continuing the Holders of Notes evidencing not less than 66-2/3% of the principal amount of the outstanding Notes). 
  
 SECTION 12.5. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the parties hereto, the Trustee, the Insurer and the Noteholders, as third-party beneficiaries. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this
Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Agreement so long as no Insurer Default shall have occurred and be continuing. Except as expressly stated otherwise herein, any right of the Insurer to
direct, appoint, consent to, approve of, or take any action under this Agreement, shall be a right exercised by the Insurer in its sole and absolute discretion. The Insurer may disclaim any of its rights and powers under this Agreement (but not its
duties and obligations under the Note Policy) upon delivery of a written notice to the Owner Trustee. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim
in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  
 SECTION 12.6. Severability. Any provision of this Agreement that 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, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. 
  
 SECTION 12.7. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

  
 SECTION 12.8. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN
ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 SECTION 12.10. Assignment to Trustee. The Seller hereby acknowledges
and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and
under the Receivables listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Trust Collateral Agent. 
  
 SECTION 12.11. Nonpetition Covenants. (a) Notwithstanding any prior termination of this Agreement, the Servicer,
Backup Servicer, Designated Backup Subservicer 

  

 75 

 
and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce,
petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 
  
 (b) Notwithstanding any prior termination of this Agreement,
the Servicer, Backup Servicer, Designated Backup Subservicer shall not, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller
to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator, or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
  
 SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee. 
  
 (a) Notwithstanding anything contained herein to the
contrary, this Agreement has been countersigned by Wells Fargo Delaware Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wells Fargo Delaware Trust Company Americas in its
individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 
  
 (b) Notwithstanding anything contained herein to the
contrary, this Agreement has been executed and delivered by Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Trust Collateral Agent, Custodian and Backup Servicer and in no event shall Deutsche Bank Trust Company
Americas, have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the Issuer. 
  
 (c)
In no event shall Deutsche Bank Trust Company Americas, in any of its capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
  
 SECTION 12.13. Independence of the Servicer. For all purposes of this
Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Trust Collateral Agent, Designated Backup Subservicer and 

  

 76 

 
Backup Servicer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly
authorized by this Agreement or the Trust Agreement, the Servicer shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 

 
 SECTION 12.14. No Joint Venture. Nothing contained in this
Agreement (i) shall constitute the Servicer and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any
liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
  
 SECTION 12.15. Benefits of Sale and Servicing Agreement. The Insurer and its successors and assigns shall be a
third-party beneficiary to the provisions of this Sale and Servicing Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Sale and Servicing Agreement so long as no Insurer Default shall have occurred and be
continuing. 
  
 SECTION 12.16. State Business Licenses. The
Servicer or the Certificateholder shall prepare and instruct the Trust to file each state business license (and any renewal thereof) required to be filed under applicable state law without further consent or instruction from the Instructing Party
(as defined in the Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the
Maryland Department of Labor, Licensing and Regulation. 
  
 SECTION 12.17. Additional Liability. In no event shall the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer
of the Servicer, be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee, the Trust Collateral Agent, the Custodian, the Backup Servicer
and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, have been advised of the likelihood of such loss or damage and regardless of the form of action. 
  
 In no event shall the Trustee, the Trust Collateral Agent, the Custodian, the
Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond
its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay,
restrict or prohibit the providing of the services contemplated by this Agreement. 
  
 [Remainder of page intentionally left blank.] 
  

 77 

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

			
	UPFC AUTO RECEIVABLES TRUST 2004-A
		
	 By:
	 	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	 By:
	 	 /s/ Ann Roberts Dukart

	 	 	 Name: Ann Roberts Dukart

	 	 	 Title: Vice President

	
	ACE SECURITIES CORP., Seller,
		
	 By:
	 	 /s/ Douglas K. Johnson

	 	 	 Name: Douglas K. Johnson

	 	 	 Title: President

	
	 UNITED AUTO CREDIT CORPORATION,
 Servicer,

		
	 By:
	 	 /s/ Mario Radrigan

	 	 	 Name: Mario Radrigan

	 	 	 Title: Executive Vice President

	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	
	 not in its individual capacity but solely as Trust
 Collateral Agent, Custodian and Backup Servicer

		
	 By:
	 	 /s/ Tara Richards

	 	 	 Name: Tara Richards

	 	 	 Title: Associate

  

			
	 CENTERONE FINANCIAL SERVICES LLC,
 Designated
Backup Subservicer,

		
	 By:
	 	 /s/ Edward J. Brown, Jr.

	 	 	 Name: Edward J. Brown, Jr.

	 	 	 Title: Executive Vice President

  

			
	 Acknowledged and agreed
 with respect to
Section 3.2 and Section 4.6(b)

	
	UPFC AUTO RECEIVABLES CORP.
		
	 By:
	 	 /s/ Garland Koch

	 	 	 Name: Garland Koch

	 	 	 Title: Senior Vice President

  
 [Sale and Servicing
Agreement] 
  

 SCHEDULE A 
  

SCHEDULE OF RECEIVABLES 
  

 Sch-A-1 

 SCHEDULE B 
  

Location of Receivables Files 
  

  
 The Receivables are located at the offices of the
Custodian listed below. 
  
 1761 East St. Andrew Place 

Santa Ana, California 92705 
  

 Sch-B-1 

 SCHEDULE C 
  

Schedule of Servicer’s Representations 
  
 Representations and Warranties Regarding the Receivables: 
  
 1. Security Interest in Financed Vehicle. This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the
Receivables in favor of the Trust Collateral Agent, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Issuer owns and has good and marketable title to the
Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person. 
  
 2. All Filings Made. The Issuer has taken all steps necessary to perfect the Trust Collateral Agent’s security interest in the property
securing the Receivables, provided that, if not done as of the Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the State of Delaware under
applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent hereunder. 
  
 3. No Impairment. The Issuer has not done anything to convey any right to any Person that would result in such Person having a right to payments
due under the Receivable or otherwise to impair the rights of the Security Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Trust
Collateral Agent pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not aware of any financing
statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been terminated. The
Issuer is not aware of any judgment or tax lien filings against it. 
  
 4. Chattel Paper. The Receivables constitute chattel paper within the meaning of the UCC as in effect in the States of California, Florida, New York, Delaware, Nevada and Minnesota. 
  
 5. Good Title. Immediately prior to the pledge of the Receivables to
the Trust Collateral Agent pursuant to this Indenture, the Issuer was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible
title to and will be the sole owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Issuer has not 

  

 Sch-C-1 

 
taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies
or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
  
 6. Possession of Original Copies. The Servicer, as custodian on behalf of the Issuer, has in its possession all
original copies of the contracts that constitute or evidence the Receivable. 
  

 Sch-C-2 

 SCHEDULE D 
  

TERMS AND CONDITIONS OF 
 DESIGNATED
BACKUP SUBSERVICER 
  
 In the event that the Backup Servicer shall be
appointed the successor Servicer or CenterOne shall be appointed the successor Servicer or as subservicer of the Servicer, the following terms, conditions, and modifications to the Sale and Servicing Agreement shall apply; provided, that all
modifications made to the Sale and Servicing Agreement on behalf of CenterOne shall apply to the Backup Servicer unless otherwise noted: 
  
 Upon the notice to CenterOne that it shall be appointed as Servicer or subservicer, CenterOne shall develop a reasonable transition plan and shall be
granted a reasonable period of time, which shall not exceed 90 days, to implement such plan and assume the obligations of the Servicer and the servicing of the Receivables in accordance with its customary servicing procedures, including a reasonable
period of time to hire required personnel, load and configure the necessary information onto its computer systems, establish necessary cash management procedures, locate and contact the obligors to redirect payments, and any other transition related
item required or reasonably necessary to perform its obligations as Servicer or subservicer. 
  
 CenterOne shall service the Receivables in its own name from centralized locations using its own personnel and properties and shall have no liability arising from or responsibility for the personnel or properties of
any other or predecessor Servicer. All powers, rights and authorities granted to the Servicer are hereby granted to CenterOne and each of its Affiliates and agents as are necessary, appropriate or convenient to perform its functions as Servicer or
subservicer. If CenterOne shall be a subservicer, the Servicer shall deliver to CenterOne copies of all information delivered to or by it in its capacity as Servicer, and CenterOne’s obligations and liabilities shall be solely to the Servicer
and not to any other party or Person. Any provision requiring CenterOne to use best efforts shall require only reasonable efforts with respect thereto. 
  
 The level of servicing performance provided by CenterOne is based on and subject to CenterOne maintaining an average of not less than 375 accounts per
dedicated full-time equivalent servicing associate, together with attendant supervisory personnel ratios in accordance with CenterOne’s customary servicing policies. In the event that the Controlling Party desires to decrease the minimum
average number of accounts per dedicated full-time equivalent servicing associate, the Base Servicing Fee and Supplemental Servicing Fee or other compensation to CenterOne will be adjusted by the mutual agreement of CenterOne and the Controlling
Party. In the event that CenterOne is appointed Servicer or subservicer to the Servicer, its obligations under the Agreement as Designated Backup Subservicer shall terminate. 
  
 “Base Servicing Fee” means, with respect to CenterOne as Servicer or subservicer, with respect to any Collection
Period, the sum of (1) the aggregate for each Receivable of the greater of (a) the Servicing Fee Rate times the Principal Balance of that Receivable as of the opening of business on the first day of such Collection Period times one twelfth and (b)
$15.00 and (2) the expenses of CenterOne incurred in that Collection Period. 
  

 “Supplemental Servicing Fee” means, the excess, if any, of the Base Servicing Fee calculated
using $20.00 in clause (b) of the definition thereof over the Base Servicing Fee calculated using $15.00 in clause (b) thereof. The Supplemental Servicing Fee will be paid pursuant to clause (x) of Section 5.7(b) of the Agreement. 
  
 Notwithstanding Section 4.1, CenterOne shall not be required to service the
Receivables in accordance with the second sentence of Section 4.1, but rather CenterOne shall service the Receivables with reasonable care, using that degree of skill and attention that CenterOne exercises with respect to all comparable automobile
receivables that it services for itself and others. CenterOne shall have no obligation to monitor the status of any Insurance Policy. 
  
 Notwithstanding Section 4.2(a) or any other provision of the Basic Documents, CenterOne shall have no responsibility or obligation with respect to any
Dealer Agreement or Dealer Assignment, and shall have no obligation to enforce any provisions of those agreements. 
  
 CenterOne shall have no obligation or purchase any Receivables pursuant to Section 4.2(c) or any other provision of the Basic Documents; provided,
however, that CenterOne shall indemnify the Trust in an amount equal to the outstanding principal balance of the applicable Receivable or Receivables plus accrued and unpaid interest thereon which would have otherwise been repurchased
pursuant to Section 4.2(c); provided, further, that any future payments made on such Receivable or Receivables and any proceeds with respect to such Receivables, including any Liquidation Proceeds with respect to the related Financed
Vehicles, shall be used to reimburse CenterOne for any such indemnities paid pursuant to this clause. 
  
 Notwithstanding Section 4.3(a) or any other provision of the Basic Documents, CenterOne shall have no obligation to pursue any Dealer to realize upon a
Receivable, and the reimbursement of CenterOne’s fees and expenses incurred in repossessing, liquidating or repairing a Financed Vehicle will not be limited to the cash proceeds of such Financed Vehicle and shall be reimbursed on a monthly
basis similar to other expenses of CenterOne. In the event that CenterOne shall pay any personal property taxes assessed on repossessed Financed Vehicles, it shall be entitled to reimbursement of such amount on a monthly basis similar to other
expenses of CenterOne. Notwithstanding the foregoing, reimbursements under this paragraph shall be limited to Liquidation Proceeds received in the aggregate. 
  
 Section 4.3(b) and (c) shall not apply to CenterOne. 
  
 Section 4.4(a) and (e) shall not apply to CenterOne. Notwithstanding Section 4.4(d), in the event that CenterOne shall sue to enforce or collect upon any
Insurance Policy and it is held that CenterOne may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, any action taken by the Owner Trustee, the Trust
Collateral Agent or any other person to enforce such Insurance Policy shall be the expense of the Trust and not the expense of CenterOne, CenterOne being entitled to reimbursement for any such expenses. 
  
 Section 4.5(b) shall not apply to CenterOne. 
  

 Section 4.6(b) shall not apply to CenterOne. 
  
 Notwithstanding Section 4.8 or any other provision of the Basic Documents,
CenterOne shall be entitled to reimbursement for the expense incurred by it in connection with its activities under the Sale and Servicing Agreement, including taxes (other than taxes on its own income) and expenses incurred in connection with
distributions and reports made by the Servicer as described in Exhibit A to this Schedule D. CenterOne shall not be liable for any of the fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Designated Backup
Subservicer, the Trust Collateral Agent, the Trustee, the Custodian, the Collateral Agent, any Independent Accountant or any other Person other than its personnel. 
  
 With respect to the annual independent accountants report pursuant to Section 4.11, the report (A) shall relate only to the
Receivables and CenterOne’s servicing of those Receivables, (B) the fees and expenses related thereto shall be reimbursable expenses of CenterOne, and (C) the independence of the accountants will be with respect to only CenterOne and its
affiliates, not the Seller or UACC. 
  
 Notwithstanding Section
5.1 or any other provision of the Basic Documents, CenterOne shall have no obligation or liability for failure to direct the form of investment in any account, establish any new Trust Account or notify any party if a Trust Account shall not be an
Eligible Trust Account. 
  
 Section 5.7(d) shall not apply to
CenterOne. 
  
 CenterOne hereby makes the representation and
warranty in Section 8.1(b); provided, that such representation and warranty in Section 8.1(b) shall be limited to those licenses and approvals the failure of which to maintain would have a material adverse effect on the ability of CenterOne to
perform its obligations under the Agreement, and representation and warranty contained in Section 8.1(g)(D) shall not apply to CenterOne. 
  
 CenterOne shall have no obligation or liability under Section 8.2(c). 
  
 Notwithstanding Section 8.6, in the event that (a) CenterOne is removed as Servicer or subservicer of the Servicer unless a
Servicer Termination Event with respect to CenterOne has occurred and is continuing or (b) all or substantially all of the Receivables are sold by the trust in connection with an Event of Default, CenterOne shall be entitled to a termination fee,
immediately payable in cash as part of the Base Servicing Fee, in an amount equal to six times the average monthly fee of CenterOne over the preceding four Collection Periods. 
  
 Notwithstanding Section 9.1, in the event that CenterOne shall be appointed the successor Servicer or subservicer of the
Servicer, each of the following shall constitute a “Servicer Termination Event” with respect to CenterOne: 
  

	 	1.	 Any failure by CenterOne to deposit to the Collection Account any amount required to be deposited therein that continues unremedied for a period of two Business
Days after knowledge thereof by CenterOne 

  

	 	 
or after written notice thereof shall have been given to CenterOne by the Trustee or the Insurer. 

  

	 	2.	Failure by CenterOne to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s
Certificate by the Determination Date that continues unremedied for a period of two Business Days; 

  

	 	3.	Failure on the part of CenterOne duly to observe or perform any other covenants or agreements of CenterOne set forth in this Agreement which failure (i) materially and adversely
affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a period of 30
days after the earlier of (x) knowledge thereof by CenterOne, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to CenterOne by the Trust Collateral Agent or the Insurer (or, if an
Insurer Default shall have occurred and be continuing, by any Noteholder); 

  

	 	4.	The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of CenterOne in an involuntary case under the federal bankruptcy laws, as
now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of CenterOne or of any substantial
part of its property or ordering the winding up or liquidation of the affairs of CenterOne and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under
the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; 

  

	 	5.	The commencement by CenterOne of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy,
insolvency or similar law, or the consent by CenterOne to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of CenterOne or of any substantial part of its property
or the making by CenterOne of an assignment for the benefit of creditors or the failure by CenterOne generally to pay its debts as such debts become due or the taking of corporate action by CenterOne in furtherance of any of the foregoing; or

  

	 	6.	Any representation, warranty or statement of CenterOne made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in
any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust, the Insurer or the Noteholders and, within 30 days after
knowledge thereof by CenterOne or after written notice thereof shall have been given to CenterOne by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or
condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured in all material respects. 

  
 Article X shall not apply to CenterOne. 
  
 Section 11.4(a) shall not apply to CenterOne; provided, however, that CenterOne shall provide any information or
certificates to the Seller which the Seller is required to provide to the Commission. 
  

 EXHIBIT A 
  

[RESERVED] 
  

 EXHIBIT B 
  

SERVICER’S CERTIFICATE 
  

 EXHIBIT C 
  

PRELIMINARY SERVICER’S CERTIFICATECredit Agreement, dated as of 26 October, 2004,

 EXHIBIT 10.1 
  
 CREDIT AGREEMENT 
  
 Dated as of October 26, 2004 
  
 among 
  
 7-ELEVEN, INC., 
  
 as Borrower 
  
 THE FINANCIAL
INSTITUTIONS PARTY HERETO 
  
 as Lenders or Issuing Banks,

  
 CITIBANK, N.A., 
  
 as Administrative Agent, 
  
 SUMITOMO MITSUI BANKING CORPORATION, 
  
 as Syndication Agent, 
  
 THE BANK OF TOKYO-MITSUBISHI, LTD. 
  
 and 
  
 WELLS FARGO BANK, N.A., 
  
 as Co-Documentation Agents 
  
 and 
  
 CITIGROUP GLOBAL MARKETS INC., 
  
 as Sole Lead Arranger 

 TABLE OF CONTENTS 
  

					
	ARTICLE I
	DEFINITIONS
			
	 1.01
	  	Certain Defined Terms	  	1
	 1.02
	  	References to this Agreement	  	17
	 1.03
	  	Computation Of Time Periods	  	17
	 1.04
	  	Accounting Terms	  	17
	 1.05
	  	Miscellaneous Terms	  	17
	 1.06
	  	Other Defined Terms	  	17
	 1.07
	  	Schedules and Exhibits	  	17
	
	ARTICLE II
	AMOUNTS AND TERMS OF LOANS
			
	 2.01
	  	Loans	  	18
	 2.02
	  	Use of Proceeds of Loans	  	21
	 2.03
	  	Interest on the Loans	  	21
	 2.04
	  	Fees	  	23
	 2.05
	  	Prepayments of Loans; Reductions and Termination of Aggregate Commitment; Increases in Aggregate Commitment	  	23
	 2.06
	  	Payments	  	26
	 2.07
	  	Special Provisions Governing Eurodollar Rate Loans	  	29
	 2.08
	  	Increased Costs	  	32
	 2.09
	  	Taxes	  	33
	 2.10
	  	Mitigation Obligations; Replacement of Lenders	  	34
	 2.11
	  	Authorized Officers and Agents	  	35
	
	ARTICLE III
	LETTERS OF CREDIT
			
	 3.01
	  	Obligation to Issue	  	36
	 3.02
	  	Types and Amounts	  	36
	 3.03
	  	Conditions	  	37
	 3.04
	  	Issuance of Facility Letters of Credit	  	37
	 3.05
	  	Reimbursement Obligations; Duties of Issuing Banks	  	37
	 3.06
	  	Participations	  	38
	 3.07
	  	Payment of Reimbursement Obligations	  	40
	 3.08
	  	Compensation for Facility Letters of Credit	  	40
	 3.09
	  	Issuing Bank Reporting Requirements	  	41
	 3.10
	  	Indemnification; Exoneration	  	41
	 3.11
	  	Transitional Provisions	  	42
	 3.12
	  	Amount of Letter of Credit Obligations; Increase, Termination and Reduction of Letter of Credit Commitments	  	42
	 3.13
	  	Obligations Several	  	43

  

 i 

					
	 ARTICLE IV

	 CONDITIONS TO LOANS AND FACILITY LETTERS OF CREDIT

			
	 4.01
	  	Conditions Precedent to Initial Loans and Facility Letters of Credit	  	43
	 4.02
	  	Conditions Precedent to All Subsequent Loans and Facility Letters of Credit	  	45
	
	 ARTICLE V

	 REPRESENTATIONS AND WARRANTIES

			
	 5.01
	  	Representations and Warranties	  	45
	
	 ARTICLE VI

	 REPORTING COVENANTS

			
	 6.01
	  	Financial Statements	  	48
	 6.02
	  	Environmental Notices	  	51
	 6.03
	  	Other Reports	  	51
	
	 ARTICLE VII

	 AFFIRMATIVE COVENANTS

			
	 7.01
	  	Corporate Existence, etc	  	51
	 7.02
	  	Compliance with Laws	  	51
	 7.03
	  	Payment of Taxes and Claims	  	51
	 7.04
	  	Maintenance of Properties; Insurance	  	52
	 7.05
	  	Inspection of Property; Books and Records; Discussions	  	52
	
	 ARTICLE VIII

	 NEGATIVE COVENANTS

			
	 8.01
	  	Material Subsidiary Indebtedness and Accommodation Obligations	  	52
	 8.02
	  	Dispositions of Assets; Liens	  	53
	 8.03
	  	Securities Activities	  	54
	 8.04
	  	Transactions with Shareholders and Affiliates	  	54
	 8.05
	  	Restriction on Fundamental Changes; Conduct of Business	  	54
	 8.06
	  	Commercial Paper Facility	  	54
	 8.07
	  	Subordinated Indebtedness	  	55
	 8.08
	  	Notice under QUIDS Subordinated Note Indenture	  	55
	
	 ARTICLE IX

	 FINANCIAL COVENANTS

			
	 9.01
	  	Consolidated Total Indebtedness Ratio	  	56
	 9.02
	  	Minimum Interest and Rent Coverage Ratio	  	56
	
	 ARTICLE X

	 EVENTS OF DEFAULT; RIGHTS AND REMEDIES

			
	 10.01
	  	Events of Default	  	56
	 10.02
	  	Rights and Remedies	  	58

  

 ii 

					
	 ARTICLE XI

	 THE ADMINISTRATIVE AGENT; THE SYNDICATION AGENT; the lead arranger

			
	 11.01
	  	Appointment	  	59
	 11.02
	  	Nature of Duties	  	60
	 11.03
	  	Exculpatory Provisions	  	60
	 11.04
	  	Reliance	  	61
	 11.05
	  	Delegation of Duties	  	61
	 11.06
	  	Indemnification	  	61
	 11.07
	  	The Administrative Agent Individually	  	62
	 11.08
	  	Successor Administrative Agent; Resignation of Agent	  	62
	 11.09
	  	Non-Reliance on Administrative Agent, Other Lenders and Other Issuing Banks	  	63
	 11.10
	  	The Lead Arranger, the Syndication Agent and the Co-Documentation Agents	  	63
	
	 ARTICLE XII

	 MISCELLANEOUS

			
	 12.01
	  	Successors and Assigns	  	63
	 12.02
	  	Expenses	  	65
	 12.03
	  	Indemnity	  	66
	 12.04
	  	Change in Accounting Principles	  	66
	 12.05
	  	Set-Off	  	67
	 12.06
	  	Ratable Sharing	  	67
	 12.07
	  	Amendments and Waivers	  	67
	 12.08
	  	Independence of Covenants	  	68
	 12.09
	  	Notices	  	68
	 12.10
	  	Survival of Agreements	  	69
	 12.11
	  	Failure or Indulgence Not Waiver; Remedies Cumulative	  	69
	 12.12
	  	Advice of Counsel	  	69
	 12.13
	  	Severability	  	70
	 12.14
	  	Headings	  	70
	 12.15
	  	Governing Law	  	70
	 12.16
	  	Limitation of Liability	  	70
	 12.17
	  	Consent to Jurisdiction and Service of Process	  	70
	 12.18
	  	Counterparts; Integration; Effectiveness; Electronic Execution	  	71
	 12.19
	  	JURY TRIAL WAIVER	  	71
	 12.20
	  	Performance of Obligations	  	71
	 12.21
	  	Limitation on Agreements	  	71
	 12.22
	  	Construction	  	72
	 12.23
	  	Confidentiality	  	72
	 12.24
	  	USA PATRIOT Act	  	73

  

					
	 EXHIBITS

			
	 Exhibit 1
	  	-        	  	Form of Assignment and Acceptance
	 Exhibit 2
	  	-	  	Terms of Commercial Paper
	 Exhibit 3
	  	-	  	Form of Commitment and Acceptance
	 Exhibit 4
	  	-	  	Form of Compliance Certificate
	 Exhibit 5
	  	-	  	Form of Notice of Borrowing
	 Exhibit 6
	  	-	  	Form of Notice of Conversion/Continuation
	 Exhibit 7
	  	-	  	Form of Note

  

 iii 

					
	 Exhibit 8-A
	  	-        	  	Form of Opinion of Bryan F. Smith
	 Exhibit 8-B
	  	-	  	Form of Opinion of Shearman & Sterling LLP
	 Exhibit 9
	  	-	  	Form of Officer’s No Default Certificate
	
	SCHEDULES
			
	 Schedule 3.11
	  	-	  	Existing Letters of Credit
	 Schedule 5.01(h)
	  	-	  	Pending Litigation
	 Schedule 5.01(m)
	  	-	  	Negative Pledges
	 Schedule 8.01
	  	-	  	Existing Subsidiary Indebtedness

  

 iv 

 CREDIT AGREEMENT 
  
 THIS CREDIT AGREEMENT dated as of October 26, 2004 (as amended, restated, supplemented or otherwise modified from time to
time, the “Agreement”) is entered into by and among 7-ELEVEN, INC., a Texas corporation (the “Company”), the FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO AS “LENDERS” OR “ISSUING BANKS”
(each as defined below), CITIBANK, N.A. (“Citibank”), in its separate capacity as Administrative Agent for the Lenders and the Issuing Banks hereunder (in such capacity, together with any successor administrative agent appointed
pursuant to Section 11.08, the “Administrative Agent”), SUMITOMO MITSUI BANKING CORPORATION, as Syndication Agent (in such capacity, the “Syndication Agent”), THE BANK OF TOKYO-MITSUBISHI, LTD. and WELLS
FARGO BANK, N.A., as Co-Documentation Agents (in such capacity, the “Co-Documentation Agents”) and CITIGROUP GLOBAL MARKETS INC., as Sole Lead Arranger (in such capacity, the “Lead Arranger”). 
  
 DEFINITIONS 
  
 Certain Defined Terms. The following terms used in this Agreement shall have
the following meanings (such meanings to be applicable both to the singular and the plural forms of the terms defined): 
  
 “Accommodation Obligation”, as applied to any Person, shall mean any Contractual Obligation, contingent or otherwise, of that Person with
respect to any Indebtedness or other obligation or liability of another, including any such Indebtedness, obligation or liability directly or indirectly guaranteed, endorsed (otherwise than for collection or deposit in the ordinary course of
business), co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable, including Contractual Obligations (contingent or otherwise) arising through any agreement to
purchase, repurchase, or otherwise acquire such Indebtedness, obligation or liability or any security therefor, or to provide funds for the payment or discharge thereof (whether in the form of loans, advances, stock purchases, capital contributions
or otherwise), or to maintain solvency, assets, level of income, or other financial condition, or to make payment other than for value received. 
  
 “Administrative Agent” shall have the meaning ascribed to it in the preamble hereto. 
  
 “Administrative Questionnaire” shall mean an administrative
questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate”, as applied to any Person, shall mean any other Person directly or indirectly Controlling, Controlled by, or under common Control with, that Person. 
  
 “Aggregate Commitment” shall mean the aggregate of the Commitments of all Lenders, as reduced or increased
from time to time pursuant to the terms of this Agreement. The Aggregate Commitment on the Effective Date is $200,000,000. 
  
 “Agreement” shall have the meaning ascribed to it in the preamble hereto. 

 “Applicable Eurodollar Rate Margin”, “Applicable Facility Fee Rate” and
“Applicable Utilization Fee Rate” shall mean, the applicable per annum rate set forth below under the caption “Applicable Eurodollar Rate Margin,” “Applicable Facility Fee Rate” and “Applicable Utilization
Fee Rate”, as the case may be, based upon the ratings established by S&P and Moody’s for the Index Debt as of the most recent determination date: 
  

										
	 Pricing Level

	  	Applicable
Eurodollar
Rate Margin

	 	 	Applicable
Facility Fee
Rate

	 	 	Applicable
Utilization
Fee Rate

	 
	 Level I: If the Index Debt is rated A- or better by S&P or A3 or better by Moody’s
	  	0.30	%	 	0.10	%	 	0.10	%
	 Level II: If Level I does not apply and the Index Debt is rated BBB+ or better by S&P or Baa1 or better by
Moody’s
	  	0.375	%	 	0.125	%	 	0.125	%
	 Level III: If Level II does not apply and the Index Debt is rated BBB or better by S&P or Baa2 or better by
Moody’s
	  	0.475	%	 	0.15	%	 	0.125	%
	 Level IV: If Level III does not apply and the Index Debt is rated BBB- or better by S&P or Baa3 or better by
Moody’s
	  	0.55	%	 	0.20	%	 	0.25	%
	 Level V: If Index Debt is rated lower than Level IV
	  	0.825	%	 	0.30	%	 	0.375	%

  
 For purposes of the foregoing, the
applicable Pricing Level shall change on the date of any relevant change in the rating of the Index Debt by S&P or Moody’s (or, if neither S&P nor Moody’s shall then be rating the Index Debt, any other Applicable Rating Agency or
Agencies). In the case of split ratings from the Applicable Rating Agencies, (x) if the ratings are two levels apart, the applicable Pricing Level will be based on the average of the two ratings (e.g., BBB/Ba1 results in Pricing Level IV) and
(y) if the ratings are one level apart, the applicable Pricing Level will be based on the higher of the two ratings (e.g., BBB-/Ba1 results in Pricing Level IV). If no Applicable Rating Agency shall have established ratings for the Index
Debt, or if an Event of Default shall have occurred and be continuing, the ratings shall be deemed to be in Level V. If the rating system of Moody’s or S&P (or any other Applicable Rating Agency) shall change, or if either of them shall
cease rating the Index Debt (other than by reason of any action or nonaction by the Company following or in anticipation of a ratings downgrade), the parties hereto shall negotiate in good faith to amend the references to specific ratings in this
definition to reflect such changed rating system, the nonavailability of ratings from such rating agency and/or the replacement of such rating agency with another Applicable Rating Agency, and pending agreement on such amendment, the rating in
effect immediately prior to such change or cessation will apply. If any Applicable Rating Agency shall not have a rating in effect by reason of any action or nonaction by the Company following or in anticipation of a ratings downgrade, then such
Applicable Rating Agency shall be deemed to have established a rating in Level V. 
  
 “Applicable Rating Agency” shall mean S&P, Moody’s or any other nationally recognized rating service(s) acceptable to the Administrative Agent which is (are) used, as of any date of
determination, for purposes of determining the applicable “Pricing Level” under the definitions of “Applicable Eurodollar Rate Margin”, “Applicable Facility Fee Rate” and “Applicable Utilization
Fee Rate”. 
  
 “Approved Fund” shall
mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender. 
  

 2 

 “Assignment and Acceptance” shall mean an Assignment and Acceptance entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 12.01), and accepted by the Administrative Agent, in substantially the form of Exhibit 1 or any other form approved by the
Administrative Agent. 
  
 “Base Rate” shall mean,
for any period, a fluctuating interest rate per annum as shall be in effect from time to time, which rate per annum shall at all times be equal to the highest of: 
  
 (i) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as
Citibank’s base rate; 
  
 (ii) the sum
(adjusted to the nearest one-quarter of one percent (1/4 of 1%) or, if there is no nearest one-quarter of one percent (1/4 of 1%), to the next higher one-quarter of one percent (1/4 of 1%)) of (A) one-half of one percent (1/2 of 1%) per annum
plus (B) the latest three-week moving average of secondary market morning offering rates in the United States for three-month certificates of deposit of major United States money market banks, such three-week moving average (adjusted to the
basis of a year of 365 days) being determined weekly by Citibank on the basis of such rates reported by certificate of deposit dealers to, and published by, the Federal Reserve Bank of New York, or, if such publication shall be suspended or
terminated, on the basis of quotations for such rates received by Citibank from three New York certificate of deposit dealers of recognized standing selected by Citibank; and 
  
 (iii) the sum of (A) one-half of one percent (0.50%) per annum plus (B) the Federal Funds Rate in
effect from time to time during such period. 
  
 “Base
Rate Loans” shall mean all Loans outstanding which bear interest at a rate determined by reference to the Base Rate as provided in Section 2.03(a)(i). 
  
 “Benefit Plan” shall mean any employee benefit plan defined in Section 3(3) of ERISA, other than a
Multiemployer Plan, in respect of which the Company, any Subsidiary of the Company or any ERISA Affiliate is an “employer” as defined in Section 3(5) of ERISA. 
  
 “Board” or “Board of Directors” shall mean either the board of directors of the Company or
any Subsidiary of the Company or, in connection with any particular matter for which this Agreement does not specifically require the approval of the board of directors of the Company or the applicable Subsidiary of the Company, any committee of the
board of directors of such Person duly authorized to execute the powers of that board with respect thereto. 
  
 “Borrowing” shall mean, except as otherwise provided in Section 2.07(e)(ii), a borrowing consisting of Loans of the same Type made
on the same day by the Lenders. 
  
 “Business
Day” shall mean (i) for all purposes other than as covered by clause (ii) below, any day excluding Saturday, Sunday, and any day which is a legal holiday under the law of the State of New York or the State of Texas, or is a day on
which banking institutions located in either such state are required or authorized by law or other governmental action to close and (ii) with respect to all notices, determinations, fundings and payments in connection with the Eurodollar Rate, any
day which is a Business Day described in clause (i) and which is also a day for trading by and between banks in the London interbank Eurodollar market. 
  

“Capital Lease”, as applied to any Person, shall mean any lease of any property (whether real, personal, or mixed) by that Person as
lessee which, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of that Person. 
  

 3 

 “Capitalized Lease Obligation” shall mean, with respect to any Person for any period, an
obligation of such Person to pay rent or other amounts under a Capital Lease and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP. 
  
 “Capital Stock” of any Person shall mean any and all shares, interests, participations or other equivalents
(however designated) of corporate stock and any and all forms of partnership interests or other equity interests in a Person, including but not limited to any type of preference stock which for other purposes may not be treated as equity.

  
 “CERCLA” shall mean the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C., §§ 9601 et seq., any amendments thereto, any successor statutes and any regulations or guidance promulgated thereunder. 
  
 “Change in Law” shall mean the occurrence, after the date of
this Agreement, of any of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any
Governmental Authority or (iii) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
  
 “Change of Control” shall mean the occurrence of either of the following: 
  
 (i) the Majority Owners shall cease to be the direct or
indirect owners, or shall cease to direct the voting and disposition, of (A) at least 50%, in the aggregate, of the outstanding shares of Common Stock and (B) Securities of the Company (or other Securities convertible into such Securities)
representing at least 50%, in the aggregate, of the combined voting power of all Securities of the Company entitled to vote in the election of directors (other than Securities having such power only by reason of the happening of a contingency); or

  
 (ii) the Majority Owners shall cease to have
the power, in the aggregate, to elect at least a majority of the directors on the Board of Directors of the Company, or at any time, the Majority Owners shall not have voted in favor of the election of directors constituting at least a majority of
the Board of Directors of the Company. 
  
 “Citibank” shall have the meaning ascribed to it in the preamble hereto. 
  
 “Citigroup Parties” shall mean the Administrative Agent and its Related Parties. 
  
 “Co-Documentation Agents” shall have the meaning ascribed to
it in the preamble hereto. 
  
 “Commercial Letter of
Credit” shall mean any documentary Letter of Credit which is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Company in the ordinary course of its business. 
  
 “Commercial Paper” shall mean (i) commercial paper issued by
the Company (A) which is unsecured, (B) which qualifies for the exemption from registration under Section 3(a)(3) or 4(2) of the Securities Act, (C) direct payment of which is fully and unconditionally guaranteed by Ito-Yokado and (D) which is
otherwise issued and outstanding on substantially the terms set forth in Exhibit 2, together with such other or different terms, and governed by such documents, as are permitted by Section 8.06 or otherwise acceptable to the Requisite
Lenders and (ii) unsecured Indebtedness for money borrowed (to be used as a backup line for the commercial paper described in clause (i) above) (A) which is subject to terms, conditions and documentation satisfactory in form and substance to
the Requisite Lenders, (B) resulting from advances (if any) which are applied to repay the commercial paper described in clause (i) above at the maturity thereof and (C) direct payment of which is fully and unconditionally guaranteed by
Ito-Yokado. 
  

 4 

 “Commission” shall mean the Securities and Exchange Commission or any Person succeeding
to the functions thereof. 
  
 “Commitment” shall
mean, with respect to any Lender, the obligation of such Lender to make Loans and to participate in Facility Letters of Credit pursuant to the terms and conditions of this Agreement, in an aggregate amount at any time outstanding which shall not
exceed the principal amount set forth opposite such Lender’s name under the heading “Commitment” on the signature pages hereof or contained in the Assignment and Acceptance or the Commitment and Acceptance by which it became a Lender,
as modified from time to time pursuant to the terms of this Agreement or to give effect to any applicable Assignment and Acceptance or any applicable Commitment and Acceptance. 
  
 “Commitment and Acceptance” shall mean a Commitment and Acceptance entered into by the Company and a Lender
or an Eligible Assignee (with the consent of any party whose consent is required by Section 2.05(e)(i)), and accepted by the Administrative Agent, in substantially the form of Exhibit 3 or any other form approved by the Administrative
Agent. 
  
 “Commitment Increase Notice” shall
have the meaning ascribed to it in Section 2.05(e)(i)). 
  
 “Commitment Termination Date” shall mean the earlier of (i) the fifth anniversary of the Effective Date and (ii) the date of termination of the Aggregate Commitment pursuant to Section 10.02(a). 
  
 “Communications” shall have the meaning ascribed to it in
Section 12.09(b). 
  
 “Common Stock” shall
mean the common stock of the Company, $.0001 par value per share. 
  
 “Company” shall have the meaning ascribed to it in the preamble hereto. 
  
 “Compliance Certificate” shall mean a certificate substantially in the form of Exhibit 4 delivered to the Lenders by the Company
pursuant to Section 6.01(c)(ii). 
  
 “Consolidated
Cash Interest Expense” shall mean, for any period, total interest expense, whether paid or accrued (including the interest component of Capitalized Lease Obligations), of the Company and its Subsidiaries for such period, determined on a
consolidated basis, including Facility Letter of Credit fees of the nature described in Section 3.08(a) and net costs under Interest Hedging Obligations, but excluding, however, interest expenses not payable in cash (including amortization of
discount), all as determined in conformity with GAAP. 
  
 “Consolidated Net Income” shall mean, for any period, the net earnings (or loss) after taxes of the Company and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in
conformity with GAAP. 
  
 “Consolidated Net
Worth” means at any time the stockholders’ equity of the Company and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP. 
  
 “Consolidated Total Indebtedness” shall mean, at any time, the sum of the amounts (without duplication) at
such time of (i) consolidated total Indebtedness of the Company and its Subsidiaries, to the extent required, in conformity with GAAP, to be reflected on a balance sheet of the Company and its Subsidiaries at that time, plus (ii) the maximum
amount available to be drawn under outstanding letters of credit at that time, minus (iii) all outstanding Indebtedness in respect of the QUIDS Subordinated Notes. 
  
 “Contractual Obligation”, as applied to any Person, shall mean any provision of any Securities issued by
that Person or any indenture, mortgage, deed of trust, contract, undertaking, document, instrument or other agreement or instrument to which that Person is a party or by which it or any of its properties is bound, or to which it or any of its
properties is subject (including any restrictive covenant affecting such Person or any of its properties). 
  

 5 

 “Control” shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

  
 “CP Reimbursement Indebtedness” shall have
the meaning ascribed to it in Section 8.06(b). 
  
 “Cure Loans” shall have the meaning ascribed to it in Section 2.06(b)(iii)(C). 
  
 “Currency Agreement” of any Person shall mean any foreign exchange contract, currency swap agreement, option or futures contract or other
similar agreement or arrangement entered into to hedge payments owed to or by such Person or any of its Subsidiaries against fluctuations in currency values. 
  
 “Customary Permitted Liens” shall mean 
  
 Liens (other than any Lien imposed under ERISA that would result in an Event of Default) for taxes, assessments or charges of any Governmental Authority
or claims not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with the provisions of GAAP; 
  
 statutory Liens of landlords and Liens of carriers, warehousemen, mechanics,
materialmen and other Liens, other than any Lien imposed under ERISA that would result in an Event of Default, imposed by law created in the ordinary course of business for amounts not yet due or which are being contested in good faith by
appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with the provisions of GAAP; 
  
 Liens (other than any Lien imposed under ERISA that would result in an Event of Default) incurred or deposits made in the
ordinary course of business (including surety bonds and appeal bonds) in connection with workers’ compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, leases, contracts
(other than for the repayment of Indebtedness), statutory obligations and other similar obligations or arising as a result of progress payments under government contracts; 
  
 easements (including reciprocal easement agreements and utility agreements), rights-of-way, covenants, consents,
reservations, encroachments, variations and other restrictions, charges or encumbrances (whether or not recorded), which do not interfere materially with the ordinary conduct of the business of the Company or its Subsidiaries and which do not
materially detract from the value of the property to which they attach or impair the use thereof to the Company or its Subsidiaries; 
  
 rights of tenants, subtenants, franchisees or parties in possession (other than a debtor in possession, trustee in bankruptcy or receiver in respect of
the Company or any Subsidiary Guarantor), or options or rights of first refusal, whether pursuant to leases, subleases, franchise agreements, other occupancy agreements or otherwise, if such rights were vested on the Effective Date or created
thereafter in the ordinary course of business in transactions permitted under this Agreement; and 
  
 building restrictions, zoning laws and other statutes, laws, rules, regulations, ordinances and restrictions, and any amendments thereto, now or at any
time hereafter adopted by any governmental or quasi-Governmental Authority having jurisdiction. 
  
 “Defaulting L/C Participant” shall have the meaning ascribed to it in Section 3.06(b)(ii). 
  
 “Defined Benefit Plan” shall mean any employee benefit plan
defined in Section 3(3) of ERISA, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA and which is, or was at any time during the then five (5) preceding years, maintained for employees of the Company, any
Subsidiary of the Company or any ERISA Affiliate. 
  

 6 

 “Disqualified Equity” of any Person shall mean any Capital Stock of such Person which,
by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable
at the option of the holder thereof, or which is otherwise required to be repurchased or retired, in whole or in part, on or prior to the Commitment Termination Date. 
  
 “Dollars” and “$” shall mean the lawful money of the United States of America. 

 
 “EBITDA” shall mean, for any period, the sum of the
amounts for such period of (i) Consolidated Net Income, plus (ii) depreciation and amortization expense, plus (iii) interest expense, plus (iv) federal, state and foreign income taxes, plus (v) extraordinary losses (and
any non-cash unusual losses of $5,000,000 or more arising in or outside of the ordinary course of business not included in the extraordinary losses determined in accordance with GAAP which have been included in the determination of Consolidated Net
Income), minus (vi) extraordinary gains (and any non-cash unusual gains of $5,000,000 or more arising in or outside of the ordinary course of business not included in extraordinary gains determined in accordance with GAAP which have been
included in the determination of Consolidated Net Income). 
  
 “EBITDAR” shall mean, for any period, the sum of the amounts for such period of (i) EBITDA for such period, plus (ii) the amount of the interest component of total rent expense of the Company and its Subsidiaries on
operating leases, including contingent rent, minus (iii) the interest component of sublease rent income of the Company and its Subsidiaries from property subject to operating leases, all such income and expense accounted for on a consolidated
basis pursuant to GAAP. 
  
 “Effective Commitment
Amount” shall have the meaning ascribed to it in Section 2.05(e)(i). 
  
 “Effective Date” shall mean the date when all of the conditions set forth in Section 4.01 shall have been satisfied or waived. 
  
 “Eligible Assignee” shall mean (i) a Lender, (ii) an Affiliate of a Lender, (iii) an Approved Fund, and
(iv) any other Person (other than a natural person) approved by (A) the Administrative Agent, (B) in the case of any increase in a Commitment pursuant to Section 2.05(e) or any assignment of a Commitment pursuant to Section 12.01, each
Issuing Bank, and (C) unless an Event of Default has occurred and is continuing, the Company (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not
include the Company or any of the Company’s Affiliates or Subsidiaries. 
  
 “Environmental Lien” shall mean a Lien in favor of any Governmental Authority for (i) any liability under federal or state environmental laws or regulations, or (ii) damages arising from or costs
incurred by such Governmental Authority in response to a release or threatened release of a hazardous or toxic waste, substance or constituent, or other substance into the environment. 
  
 “Equity Interests” shall mean Capital Stock or warrants, options or other rights to acquire Capital Stock
(but excluding any debt security which is convertible into, or exchangeable for, Capital Stock). 
  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, any amendments thereto, any successor statutes and any
regulations or guidance promulgated thereunder. 
  
 “ERISA
Affiliate” shall mean any trade or business (whether or not incorporated) which is under common control with the Company within the meaning of Section 414(b) or (c) of the Internal Revenue Code. 
  
 “Eurodollar Affiliate” shall mean, with respect to each
Lender, the Affiliate of such Lender set forth below such Lender’s name under the heading “Eurodollar Affiliate” on the signature pages of this Agreement or of the Assignment and Acceptance or the Commitment and Acceptance pursuant to
which such Person became a Lender under this Agreement or as otherwise set forth in a written notice to the Company and the Administrative Agent in accordance with Section 12.09. 
  

 7 

 “Eurodollar Interest Payment Date” shall mean, with respect to any Eurodollar Rate Loan,
the last day of each Eurodollar Interest Period applicable to such Loan and, in the case of a Eurodollar Interest Period in excess of three months applicable to a Borrowing of Eurodollar Rate Loans, the corresponding date at the end of each three
month period after the commencement date of such Eurodollar Interest Period and the last day of such Eurodollar Interest Period. 
  
 “Eurodollar Interest Period” shall have the meaning ascribed to it in Section 2.07(b). 
  
 “Eurodollar Interest Rate Determination Date” shall mean the
date on which the Administrative Agent determines the Eurodollar Rate applicable to a Borrowing, continuation or conversion of Eurodollar Rate Loans. The Eurodollar Interest Rate Determination Date shall be the second Business Day prior to the first
day of the Eurodollar Interest Period applicable to such Borrowing, continuation or conversion. 
  
 “Eurodollar Rate” shall mean, with respect to any Eurodollar Interest Period applicable to a Borrowing of Eurodollar Rate Loans, an
interest rate per annum obtained by dividing (i) the rate of interest per annum (rounded upward to the nearest whole multiple of 1/100 of 1% per annum if such average is not such a multiple) appearing on Moneyline Telerate Markets Page 3750 (or any
successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London Time) two Business Days prior to the first day of such Eurodollar Interest Period for a term comparable to such Eurodollar Interest
Period or, if for any reason such rate is not available, the average (rounded upward to the nearest whole multiple of 1/100 of 1% per annum if such average is not such a multiple) of the rate per annum at which deposits in Dollars are offered by the
principal office of each of the Reference Banks in London, England to prime banks in the London interbank market at 11:00 a.m. (London time) two Business Days before on the first day of such Eurodollar Interest Period in an amount substantially
equal to the amount that would be the Reference Banks’ respective ratable shares of such Eurodollar Rate Loan if such Eurodollar Rate Loan were to be outstanding during such Eurodollar Interest Period and for a period equal to such Eurodollar
Interest Period by (ii) a percentage equal to 100% minus the Eurodollar Reserve Percentage for such Eurodollar Interest Period. The Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Eurodollar
Reserve Percentage. 
  
 “Eurodollar Rate Loans”
shall mean those Loans outstanding which bear interest at a rate determined by reference to the Eurodollar Rate as provided in Section 2.03(a)(ii). 
  
 “Eurodollar Reserve Percentage” shall mean for any date that percentage (expressed as a decimal) which is in effect on such date, as
prescribed by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with deposits
exceeding five billion Dollars in respect of “Eurocurrency liabilities” having a term equal to the applicable Eurodollar Interest Period (or in respect of any other category of liabilities which includes deposits by reference to which the
interest rate on Eurodollar Rate Loans is determined or any category of extensions of credit or other assets which includes loans by a non-United States office of any bank to United States residents). 
  
 “Event of Default” shall mean any of the occurrences set
forth in Section 10.01 after the expiration of any applicable grace period expressly provided therein. 
  
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment
to be made by or on account of any obligation of the Company hereunder, (i) income or franchise taxes (however denominated) imposed on (or measured by) its overall net income or overall gross income by the United States of America (or any political
subdivision thereof) or by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office or other fixed place of business is located and in the case of any Lender, in
which its applicable lending office is located, (ii) any branch profits taxes 
  

 8 

 imposed by the United States of America or any similar tax imposed by any other jurisdiction described in clause (i)
above and (iii) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.10(b)), any withholding tax that (A) is in effect and would apply to amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party hereto (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to
receive additional amounts from the Company with respect to such withholding tax pursuant to Section 2.09(a) or (B) is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law occurring prior
to the date on which such compliance is required) to comply with Section 2.09(f). 
  
 “Existing Credit Agreement” shall mean that certain Credit Agreement dated as of January 25, 2001, as amended through the Effective Date, among the Company, the financial institutions from time to
time party thereto as “Senior Lenders” or “Issuing Banks” (each as defined therein), Citibank, in its separate capacity as “Administrative Agent” (as defined therein), Sumitomo Mitsui Banking Corporation, as successor
to The Sakura Bank, Limited, New York Branch, as “Syndication Agent” (as defined therein), and Citigroup Global Markets Inc., as successor to Salomon Smith Barney Inc., as Sole Lead Arranger and Sole Book Manager. 
  
 “Facility Letter of Credit” shall mean any Commercial Letter
of Credit or any Standby Letter of Credit issued by an Issuing Bank for the account of the Company pursuant to Article III. 
  
 “Facility Letter of Credit Obligations” shall mean, at any particular time, the sum of (i) the aggregate Reimbursement Obligations at
such time, plus (ii) the aggregate maximum amount available for drawing under the Facility Letters of Credit at such time. 
  
 “FDIC” shall mean the Federal Deposit Insurance Corporation or any Person succeeding to the functions thereof. 
  
 “Federal Funds Rate” shall mean, 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 immediately 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 the Administrative Agent. 
  
 “Federal Reserve Board” shall mean the Board of Governors of the Federal Reserve System or any Person succeeding to the functions
thereof. 
  
 “Fee Letter” shall mean the letter
agreement dated September 20, 2004 among the Administrative Agent, the Lead Arranger and the Company. 
  
 “Fiscal Year” shall mean the fiscal year of the Company, which shall be the twelve (12) month period ending on December 31 in each year
or such other period as the Company may designate and the Requisite Lenders may approve in writing. 
  
 “Fixed    Income    Direct” shall mean the internet website located at
https:\\fidirect.citigroup.com, the primary web portal of the Citigroup Parties. 
  
 “Foreign Lender” shall mean any Lender that is not organized under the laws of the United States of America, any State thereof or the District of Columbia. 
  
 “Fund” shall mean any Person (other than a natural person)
that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
  

 9 

 “Funding Date” shall mean, with respect to any Loan, the date of the funding of that
Loan. 
  
 “GAAP” shall mean generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and 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 entity as may be in general use by significant segments of the accounting profession, which are applicable to the circumstances as of the date of determination. 
  
 “Government Acts” shall have the meaning ascribed to it in
Section 3.10(a). 
  
 “Governmental
Authority” shall mean 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, 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).

  
 “Holders” shall mean the holders of the
Obligations and shall refer to (i) each Lender in respect of its Loans and as holder of its Notes, (ii) each Issuing Bank in respect of Reimbursement Obligations owed to it, (iii) the Administrative Agent, Lenders and Issuing Banks in respect of all
other present and future obligations and liabilities of the Company or any Subsidiary Guarantor of every type and description arising under or in connection with this Agreement or any other Loan Document, (iv) each other Person entitled to
indemnification pursuant to Section 12.03, in respect of the obligations and liabilities of the Company to such Person thereunder and (v) their respective successors, transferees and assigns (to the extent permitted by the terms of the Loan
Documents). 
  
 “Indebtedness” shall mean, with
respect to any Person as of any date of determination, without duplication, (i) all indebtedness, obligations and other liabilities (contingent or otherwise) of such Person for borrowed money (whether or not the recourse of the lender is to the
whole of the assets of such Person or only to a portion thereof), (ii) all obligations and other liabilities (contingent or otherwise) of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations and other
liabilities (contingent or otherwise) of such Person in respect of letters of credit or other similar instruments (and reimbursement obligations with respect thereto), (iv) all obligations and other liabilities (contingent or otherwise) of such
Person to pay the deferred and unpaid purchase price of property or services (other than any such obligations that represent trade payables or accrued expenses incurred in the ordinary course of business), (v) all Capitalized Lease Obligations of
such Person, (vi) all Indebtedness of others secured by a Lien on any asset or assets of such Person, whether or not such Indebtedness is assumed by such Person (and, if not assumed, such Indebtedness shall be limited to the fair market value of
such asset or assets as of such date), (vii) all Accommodation Obligations of such Person, (viii) net obligations in respect of Currency Agreements and Interest Hedging Obligations, and (ix) the maximum fixed repurchase price of any Disqualified
Equity. For purposes of the preceding sentence, the maximum fixed repurchase price of any Disqualified Equity which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Equity as if such
Disqualified Equity were repurchased on any date on which Indebtedness shall be required to be determined; provided, however, that, if such Disqualified Equity is not then permitted to be repurchased, the repurchase price shall be the
book value of such Disqualified Equity. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability of such Person for any such
contingent obligations at such date. A change in GAAP that results in an obligation of the Company or any Subsidiary of the Company existing at the time of such change becoming Indebtedness shall not be deemed an incurrence of such Indebtedness.

  
 “Indemnified Taxes” shall mean Taxes other
than Excluded Taxes. 
  
 “Index Debt” shall mean
the Company’s senior unsecured non-credit-enhanced long-term Indebtedness. 
  

 10 

 “Interest Hedging Obligation” shall mean any obligation of any Person pursuant to any
arrangement with any other Person whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a fixed or floating rate of interest on a stated notional amount in exchange for
periodic payments made by such Person calculated by applying a fixed or floating rate of interest on the same notional amount; provided that the term “Interest Hedging Obligation” shall also include interest rate exchange,
collar, cap, swap, options or similar agreements providing interest rate protection. 
  
 “Internal Revenue Code” shall mean the Internal Revenue Code of 1986, any amendments thereto, any successor statutes and any regulations or guidance promulgated thereunder. 
  
 “Issuing Banks” shall mean Citibank, Wells Fargo Bank, N.A.,
any other Lender which has issued a Letter of Credit listed in Schedule 3.11 (with respect to that Letter of Credit) and any other Lender (or its Affiliate) which agrees (with the consent of the Company and the Administrative Agent) to become
an Issuing Bank for the purpose of issuing Facility Letters of Credit pursuant to Article III. When a Lender is referred to in its capacity as an Issuing Bank hereunder, such reference to an Issuing Bank shall be interpreted to refer to such
Lender solely in its capacity as an Issuing Bank. 
  
 “Ito-Yokado” shall mean Ito-Yokado Co., Ltd., a Japanese corporation. 
  
 “Ito-Yokado CP Letter Agreement” shall have the meaning ascribed to it in Section 4.01(a)(vi). 
  
 “Knowledge”, when used in respect of a natural person, shall
mean actual knowledge of that person and shall mean, when used in respect of a corporate Person, the actual knowledge of any executive officer of such Person. 
  

“Lead Arranger” shall have the meaning ascribed to it in the preamble hereto. 
  
 “Lender” shall mean, at any particular time, any Person who
holds a Commitment at such time, whether as a signatory to this Agreement, pursuant to an Assignment and Acceptance or pursuant to a Commitment and Acceptance. 
  

“Lender Increase Notice” shall have the meaning ascribed to it in Section 2.05(e)(i). 
  
 “Letter of Credit” shall mean each letter of credit issued
by any Person for the account of the Company or any of its Subsidiaries. 
  
 “Letter of Credit Commitment” shall mean, with respect to any Issuing Bank, such Issuing Bank’s commitment to issue Facility Letters of Credit, in an amount (which, together with the Letter of
Credit Commitments of all other Issuing Banks, shall not exceed the then amount of the Aggregate Commitment) agreed upon among the Company, such Issuing Bank and the Administrative Agent, as such amount may be modified from time to time pursuant to
Section 2.05(c), 2.05(d), 3.12 or 10.02(a). 
  
 “Letter of Credit Reimbursement Agreement” shall mean, with respect to a Facility Letter of Credit, such form of application therefor and form of reimbursement agreement therefor (whether in a single or several documents,
taken together) as the Issuing Bank from which the Facility Letter of Credit is requested may employ in the ordinary course of business for its own account, whether or not providing for collateral security, with such modifications thereto as may be
agreed upon by such Issuing Bank and the Company and as are not materially adverse to the interest of the Lenders; provided, however, in the event of any conflict between the terms of any Letter of Credit Reimbursement Agreement and
this Agreement, the terms of this Agreement shall control and no event (other than failure to pay Reimbursement Obligations) which constitutes a default under a Letter of Credit Reimbursement Agreement shall constitute an Event of Default solely by
reason of any default provisions contained in such Letter of Credit Reimbursement Agreement. 
  

 11 

 “Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment,
deposit arrangement, security interest, encumbrance (including, but not limited to, easements, rights of way, zoning restrictions and the like), lien (statutory or other), preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever, including any conditional sale or other title retention agreement, the interest of a lessor under a Capital Lease, any financing lease having substantially the same economic effect as any of the foregoing and the
filing of any financing statement (other than a financing statement filed by a “true” lessor pursuant to § 9-408 of the Uniform Commercial Code) naming the owner of the asset to which such Lien relates as debtor, under the Uniform
Commercial Code or other comparable law of any jurisdiction. 
  
 “Loan” shall have the meaning ascribed to it in Section 2.01(a)(i). 
  
 “Loan Availability” shall have the meaning ascribed to it in Section 2.01(a)(i). 
  
 “Loan Documents” shall mean this Agreement, the Notes, the
Letter of Credit Reimbursement Agreements, the Fee Letter, any guaranty executed by a Subsidiary Guarantor and all other agreements, instruments and written indicia of Contractual Obligations between the Company or any Subsidiary Guarantor and the
Administrative Agent, the Syndication Agent, any Co-Documentation Agent, any Lender, any Issuing Bank or any successor in interest to any of them, delivered to the Administrative Agent, the Syndication Agent, any Co-Documentation Agent, Lender,
Issuing Bank or such successor in interest by or on behalf of the Company or any Subsidiary Guarantor pursuant to or in connection with the transactions contemplated hereby. 
  
 “Majority Owners” shall mean, collectively, Ito-Yokado, Seven-Eleven Japan or any Subsidiary of either of
them, all of whose Capital Stock is owned by either Ito-Yokado or Seven-Eleven Japan. 
  
 “Margin Stock” shall have the meaning ascribed to it in Regulation U. 
  
 “Material Adverse Change” shall mean any material adverse change in the business, condition (financial or otherwise) or operations of the
Company and its Subsidiaries, taken as a whole. 
  
 “Material Adverse Effect” shall mean a material adverse effect on (i) the business, condition (financial or otherwise) or operations of the Company and its Subsidiaries, taken as a whole; (ii) the ability of the Company or
any Subsidiary Guarantor to perform its Obligations under the Loan Documents; or (iii) the ability of the Lenders, the Issuing Banks or the Administrative Agent to enforce any of the Loan Documents. 
  
 “Material Indebtedness” means any Indebtedness in an
outstanding principal amount of $25,000,000 or more in the aggregate (or the equivalent thereof in any currency other than Dollars). 
  
 “Material Subsidiary” shall mean, as of any date of determination, any Subsidiary of the Company which either (i) owns ten percent (10%)
or more of the assets of the Company and its Subsidiaries on a consolidated basis or (ii) contributed, as of the end of the then most recently ended fiscal year, ten percent (10%) or more of the consolidated EBITDA of the Company and its
Subsidiaries. 
  
 “Moody’s” shall mean
Moody’s Investors Service, Inc. or any successor thereto. 
  
 “Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Company, any Subsidiary of the Company or any ERISA Affiliate makes or is obligated to make (or in the
five preceding years, made or was obligated to make) contributions to on behalf of employees of the Company, any Subsidiary of the Company or any ERISA Affiliate. 
  
 “Non Pro Rata Loan” shall have the meaning ascribed to it in Section 2.06(b)(iii). 
  
 “Note” shall have the meaning ascribed to it in Section
2.01(d). 
  
 “Notice of Borrowing” shall
mean, with respect to a proposed Borrowing pursuant to Section 2.01(b), a notice in substantially the form of Exhibit 5. 
  

 12 

 “Notice of Conversion/Continuation” shall mean, with respect to a proposed conversion or
continuation of a Loan pursuant to Section 2.03(c), notice substantially in the form of Exhibit 6. 
  
 “Obligations” shall mean all present and future obligations and liabilities of the Company and each Subsidiary Guarantor of every type
and description arising under or in connection with this Agreement or any other Loan Document, due or to become due to the Administrative Agent, the Syndication Agent, any Co-Documentation Agent, any Lender, any Issuing Bank or any Person entitled
to indemnification pursuant to Section 12.03, or any of their respective successors, transferees or assigns, and shall include, without limitation, (i) all liability of the Company for principal of and interest on the Loans or under the
Notes, (ii) all Reimbursement Obligations of the Company to any Issuing Bank, (iii) all liability of each Subsidiary Guarantor under any guaranty of the Obligations to which it is a party and (iv) all liability of the Company and each Subsidiary
Guarantor under the Loan Documents for any fees, expense reimbursements and indemnifications. 
  
 “Officer’s Certificate” shall mean, as to a corporation, a certificate executed on behalf of such corporation by its chairman or vice-chairman of the board (if an officer), its chief executive
officer, its president, any of its vice-presidents, its principal financial officer, its controller or its treasurer. 
  
 “Other Taxes” shall mean all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 
  
 “Participant” shall have the meaning ascribed to it in
Section 12.01(d). 
  
 “Payoff Letter”
shall mean a letter dated the Effective Date or as of a recent date prior to the Effective Date, in form and substance satisfactory to the Administrative Agent and the Lenders, addressed to the Administrative Agent, the Syndication Agent and the
Lenders and executed by the “Administrative Agent” and each of the “Senior Lenders” and “Issuing Banks” under (and in each case defined in) the Existing Credit Agreement stating that the Existing Credit Agreement has
been terminated (other than provisions which, by their terms, survive the termination of the Existing Credit Agreement) and that all outstanding indebtedness and obligations thereunder or with respect thereto have been repaid in full in cash and
discharged. 
  
 “PBGC” shall mean the Pension
Benefit Guaranty Corporation or any Person succeeding to the functions thereof. 
  
 “Person” shall mean any natural person, corporation, limited partnership, limited liability company, general partnership, joint stock company, joint venture, association, company, trust, bank, trust
company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 
  
 “Platform” shall have the meaning ascribed to it in Section 12.09(b). 
  
 “Potential Event of Default” shall mean an event which, with
the giving of notice or the lapse of time, or both, would constitute an Event of Default. 
  
 “Proposed New Lender” shall have the meaning ascribed to it in Section 2.05(e)(i). 
  
 “Pro Rata Share” shall mean, with respect to any Lender, a fraction (expressed as a percentage), the numerator of which shall be the
amount of such Lender’s Commitment and the denominator of which shall be the Aggregate Commitment then in effect, as adjusted from time to time in accordance with the provisions of this Agreement; provided, however, that, in the
event that the Aggregate Commitment has been terminated pursuant to the terms hereof, the Pro Rata Share shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 
  

 13 

 “Quarterly Determination Date” shall mean each March 31, June 30, September 30 and
December 31 during the term of this Agreement. 
  
 “QUIDS
Subordinated Notes” shall mean the Quarterly Income Debt Securities Due 2010 dated November 22, 1995 issued by the Company to Ito-Yokado and Seven-Eleven Japan in the aggregate principal amount of $300,000,000 (the “1995 QUIDS
Subordinated Notes”) and any promissory notes issued pursuant to an indenture, in substantially the form of the indenture attached as Exhibit A to the 1995 QUIDS Subordinated Notes, upon the exercise by any holder thereof of its rights
under that certain Registration Rights Agreement dated as of November 22, 1995 among the Company, Ito-Yokado and Seven-Eleven Japan. 
  
 “Reference Banks” shall mean Citibank and one or more Lenders (or Affiliates thereof) requested by the Company to act in such capacity
and approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed). 
  
 “Regulation U” shall mean Regulation U of the Federal Reserve Board as in effect from time to time. 
  
 “Regulation X” shall mean Regulation X of the Federal
Reserve Board as in effect from time to time. 
  
 “Reimbursement Obligations” shall mean the reimbursement or repayment obligations of the Company to the Issuing Banks pursuant to Letter of Credit Reimbursement Agreements with respect to Facility Letters of Credit, for
amounts paid out thereunder. 
  
 “Related
Parties” shall mean, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, advisors and representatives of such Person and of such Person’s Affiliates. 
  
 “Rent Expense on Operating Leases,” as applied to the
Company and its Subsidiaries, shall mean, for any period, the amount for such period of (i) total rent expense on operating leases, including contingent rent expense, minus (ii) sublease rent income from property subject to operating leases,
all such income and expense accounted for on a consolidated basis pursuant to GAAP. 
  
 “Reportable Event” shall mean with respect to any Benefit Plan any event described in Section 4043(c) of ERISA other than any such event as to which the requirement of thirty (30) days’ notice to
the PBGC contained in Section 4043(a) of ERISA is waived under applicable regulations. 
  
 “Requirements of Law” shall mean, as to any Person, the charter and by-laws or other organizational or governing documents of such Person, and any law, 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, including ERISA, the Securities Act, the Securities
Exchange Act, the applicable rules and regulations thereunder, state Securities laws and “Blue Sky” laws, the Sarbanes-Oxley Act of 2002, Regulations U and X, and any certificate of occupancy, zoning ordinance, building, environmental or
land use requirement or permit or occupational safety or health law, rule or regulation. 
  
 “Requisite Lenders” shall mean Lenders whose Pro Rata Shares, in the aggregate, are more than fifty percent (50%). 
  
 “Revolving Credit Obligations” shall mean, at any particular time, the sum of (i) the outstanding principal
amount of the Loans at such time, plus (ii) the Facility Letter of Credit Obligations at such time. 
  
 “S&P” shall mean Standard & Poor’s Rating Group, a division of McGraw Hill, Inc., or any successor thereto. 
  
 “Securities” shall mean any stock, shares, voting trust
certificates, limited partnership certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities”,
including any “security” as such term is defined in § 8-102 of the Uniform Commercial Code, or any certificates of 
  

 14 

 interest, shares, or participations in temporary or interim certificates for the purchase or acquisition of, or any right
to subscribe to, purchase or acquire any of the foregoing, but shall not include the Notes or any other evidence of the Obligations. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended to the date hereof and from time to time hereafter, and any successor
statute. 
  
 “Securities Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter, and any successor statute. 
  
 “SEJ Subordinated Notes” shall mean the Senior Subordinated Notes Due 2010 issued by the Company to Seven-Eleven Japan in the aggregate
principal amount of $400,000,000 pursuant to the SEJ Subordinated Note Purchase Agreement. 
  
 “SEJ Subordinated Note Purchase Agreement” shall mean the Note Purchase Agreement dated as of January 6, 2003 between the Company and Seven-Eleven Japan. 
  
 “7-Eleven Canada” shall mean 7-Eleven Canada, Inc., a
corporation organized under the laws of Canada and a wholly-owned Subsidiary of the Company. 
  
 “Seven-Eleven Japan” shall mean Seven-Eleven Japan Co., Ltd., a Japanese corporation. 
  
 “Standby Letter of Credit” shall mean any Letter of Credit which is not a Commercial Letter of Credit. 
  
 “Subordinated Indebtedness” shall mean the Indebtedness
evidenced by, or in respect of, (i) the SEJ Subordinated Notes and the SEJ Subordinated Note Purchase Agreement, (ii) the QUIDS Subordinated Notes and any indenture related thereto and (iii) any additional Indebtedness subordinated in right of
payment to the Obligations. 
  
 “Subsidiary” of a
Person shall mean any corporation, limited liability company, general or limited partnership, or other entity of which Securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other
managers of such entity are at the time directly or indirectly owned or Controlled by, or the management of which is otherwise Controlled directly or indirectly through one or more intermediaries, or both, by such Person, one or more subsidiaries of
such Person or any combination thereof. 
  
 “Subsidiary
Guarantor” shall mean, as of any date of determination, each Subsidiary of the Company that is required to execute a guaranty of the Obligations in accordance with Section 8.01. 
  
 “Syndication Agent” shall have the meaning ascribed to it in
the preamble hereto. 
  
 “Taxes” shall mean all
present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
  
 “Termination Event” shall mean (i) a Reportable Event with
respect to a Defined Benefit Plan, (ii) the withdrawal of the Company, any Subsidiary of the Company or any ERISA Affiliate from a Defined Benefit Plan during a plan year in which it is a “substantial employer” as defined in Section
4001(a)(2) of ERISA, (iii) the filing under Section 4041 of ERISA of a notice of intent to terminate a Defined Benefit Plan, (iv) the treatment of a Defined Benefit Plan amendment as a termination under Section 4041 of ERISA, (v) the institution of
proceedings by the PBGC under Section 4042 of ERISA to terminate a Defined Benefit Plan, (vi) any other event or condition which would constitute ground under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Defined Benefit Plan, under Section 4042 of ERISA, or (vii) the partial or complete withdrawal of the Company or any ERISA Affiliate from a Multiemployer Plan if the amount of the withdrawal liability assessed by the plan sponsor
against the Company or any such ERISA Affiliate would have a Material Adverse Effect. 
  

 15 

 “Transaction Costs” shall mean the fees, costs and expenses payable by the Company
pursuant hereto or in connection herewith or in respect hereof. 
  
 “Type” shall mean, with respect to any Loan, a Base Rate Loan or a Eurodollar Rate Loan. 
  
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as enacted in the State of New York, as in effect from time to time.

  
 “Unreimbursed Issuing Bank” shall have the
meaning ascribed to it in Section 3.06(b)(ii). 
  
 “USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001), as amended. 

 
 “VCOM” means VCOM Financial Services, Inc., a Texas
corporation. 
  
 “VCOM Lease” means that certain
Lease and Security Agreement, dated as of November 27, 2002, by and between SMBC Leasing and Finance, Inc. and 7-Eleven, Inc., as amended from time to time. 
  
 “Yen Royalty Financing Agreement” shall mean, collectively, (i) the Credit Agreement dated as of March 21, 1988 among the Company, the
Yen Royalty Lender and Citicorp International Limited, (ii) the Credit Agreement dated as of April 21, 1998 among the Company, the Yen Royalty Lender and Citibank, N.A., as Administrative Agent, and (iii) the Yen Loan Agreement dated as of December
21, 2001 among the Company and the Yen Royalty Lender, in each case as any Yen Royalty Financing Agreement may be amended, supplemented or otherwise modified from time to time, provided that no amendment, supplement or other modification to
any Yen Royalty Financing Agreement pertaining to the Yen Royalty Financing Collateral or the recourse of the Yen Royalty Lender (or any other creditor under a Yen Royalty Financing Agreement) thereto shall adversely affect the Administrative Agent,
the Lenders or the Issuing Banks without the prior written consent of the Requisite Lenders. 
  
 “Yen Royalty Financing Collateral” shall mean, as applicable, the “Collateral” as defined in (i) the Assignment and Security Agreement dated as of March 21, 1988 between the Company and the
Yen Royalty Lender entered into in connection the credit agreement described in clause (i) of the definition of “Yen Royalty Financing Agreement”, (ii) the Assignment and Security Agreement dated as of April 21, 1998 between the
Company and the Yen Royalty Lender entered into in connection with the credit agreement described in clause (ii) of the definition of “Yen Royalty Financing Agreement” and (iii) the Assignment and Security Agreement dated as of
December 21, 2001 between the Company and the Yen Royalty Lender entered into in connection with the loan agreement described in clause (iii) of the definition of “Yen Royalty Financing Agreement”. 
  
 “Yen Royalty Financing Indebtedness” shall mean Indebtedness
of the Company to the Yen Royalty Lender under the Yen Royalty Financing Agreement in an aggregate principal amount which shall not exceed Japanese Yen 35,000,000,000 plus the amount of all interest and yield protection costs capitalized in
connection therewith pursuant to the terms of the Yen Royalty Financing Agreement. 
  
 “Yen Royalty Lender” shall mean, as applicable, (i) with respect to clause (i) of the definition of “Yen Royalty Financing Agreement”, Citibank (Channel Islands) Limited, (ii) with
respect to clause (ii) of the definition of “Yen Royalty Financing Agreement”, the financial institutions from time to time party to the Credit Agreement described in such clause (b) and (iii) with respect to clause
(iii) of the definition of “Yen Royalty Financing Agreement”, CS Funding Company. 
  

 16 

 References to this Agreement. The words “hereof”, “herein”, “hereunder” and
similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, clause, schedule and exhibit references herein are references to articles,
sections, subsections, clauses, schedules and exhibits to this Agreement unless otherwise specified. 
  
 Computation Of Time Periods. In this Agreement, in the computation of periods of time from a specified date to a later specified date, the word
“from” shall mean “from and including” and the words “to” and “until” each mean “to but excluding”. Periods of days referred to in this Agreement shall be counted in calendar days unless Business
Days are expressly prescribed. Any period determined hereunder by reference to a month or months or year or years shall end on the day in the relevant calendar month in the relevant year, if applicable, immediately preceding the date numerically
corresponding to the first day of such period, provided that if such period commences on the last day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month during which such period is to
end), such period shall, unless otherwise expressly required by the other provisions of this Agreement, end on the last day of the calendar month. 
  
 Accounting Terms. Subject to Section 12.04, for purposes of this Agreement, all accounting terms not otherwise defined herein shall have the
meanings assigned to them in conformity with GAAP. 
  
 Miscellaneous Terms. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the
word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (c) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and (d) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  
 Other Defined Terms. All other terms contained in this Agreement shall, unless the context indicates otherwise, have the
meanings assigned to such terms by the Uniform Commercial Code to the extent the same are defined therein. 
  
 Schedules and Exhibits. The schedules and exhibits to this Agreement, either as originally existing or as the same may from time to time be supplemented,
modified or amended, are incorporated herein and shall be considered a part of this Agreement for the purposes stated herein. 
  

 17 

 AMOUNTS AND TERMS OF LOANS 
  
 Loans. 
  
 Availability. 
  
 Subject to the terms and conditions set forth in this Agreement, each Lender hereby severally and not jointly agrees to make to the Company from time to
time on any Business Day during the period from the Effective Date through and including the Business Day immediately preceding the Commitment Termination Date revolving loans (each individually, a “Loan” and collectively, the
“Loans”), in an amount which shall not exceed, in the aggregate at any time outstanding, such Lender’s Pro Rata Share of an amount equal to (A) the Aggregate Commitment at such time, minus (B) the aggregate Facility
Letter of Credit Obligations at such time (the “Loan Availability” at such time). 
  
 All Loans under this Agreement shall be made by the Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood
that no Lender shall be responsible for any failure by any other Lender to perform its obligation to make a Loan hereunder nor shall the Commitment of any Lender be increased or decreased as a result of the failure by any other Lender to perform its
obligation to make a Loan. 
  
 Within the limits and on the
conditions set forth in this Agreement, the Company may from time to time borrow and repay Loans under this Section 2.01, prepay Loans pursuant to Section 2.05(a) and reborrow Loans under this Section 2.01. 
  
 Notice of Borrowing. 
  
 Whenever the Company desires to borrow under this Section 2.01, it
shall deliver to the Administrative Agent a Notice of Borrowing, signed by it, (A) on or before the Effective Date, in the case of a Borrowing of Loans on the Effective Date and (B) no later than 11:00 a.m. (New York time) (I) on the proposed
Funding Date in the case of a Borrowing of Base Rate Loans and (II) no later than 11:00 a.m. (New York time) at least three (3) Business Days in advance of the proposed Funding Date in the case of a Borrowing of Eurodollar Rate Loans. 
  
 Each Notice of Borrowing for Loans shall specify (A) the Funding Date (which
shall be a Business Day) in respect of such Loans, (B) the amount of the proposed Borrowing (which (I) shall be in an aggregate amount not less than $5,000,000 or an integral multiple of $1,000,000 in excess of that amount and (II) after giving
effect to such Borrowing and all other Loans and Facility Letters of Credit requested to be made or issued on the same Funding Date, shall not exceed the Loan Availability as of such Funding Date), (C) whether the proposed Borrowing will be of Base
Rate Loans or Eurodollar Rate Loans, (D) in the case of Eurodollar Rate Loans, the requested Eurodollar Interest Period and (E) instructions for the disbursement of the proceeds of the Loans. The Loans made on the Effective Date shall initially be
Base Rate Loans and thereafter may be continued as Base Rate Loans or converted into Eurodollar Rate Loans, in the manner provided in Section 2.03(c) and subject to the conditions therein set forth and in Section 2.07. 
  
 In lieu of delivering the above-described Notice of Borrowing, the Company
may give the Administrative Agent telephonic notice of any proposed Borrowing by the time required under this Section 2.01(b); provided, that such notice shall be confirmed in writing by delivery to the Administrative Agent promptly
(but in no event later than the Funding Date of the requested Loan) of a Notice of Borrowing. 
  

 18 

 Any Notice of Borrowing (or telephone notice in lieu thereof) pursuant to this Section 2.01(b)
shall be irrevocable. 
  
 Making of Loans. 
  
 On the Effective Date, each Lender which is also a Lender under (and as
defined in) the Existing Credit Agreement shall be deemed to have advanced funds to the Company in respect of the Loans in an amount equal to the Lender’s Pro Rata Share (as defined in the Existing Credit Agreement) of the aggregate principal
amount of the outstanding Loans under (and as defined in) the Existing Credit Agreement. The Company and such Lender acknowledge and agree that, upon the effectiveness of this Agreement and the payment by such Lender of the amounts described in
Section 2.01(c)(ii) to be paid on the Effective Date with respect to such Lender’s Loans under this Agreement, the aggregate principal amount of such Lender’s Loans outstanding under the Existing Credit Agreement shall have been
paid in full, and such Lender shall be deemed to have advanced the full amount of its Pro Rata Share of Loans to be made on the Effective Date. 
  
 Promptly after receipt of a Notice of Borrowing under Section 2.01(b) (or telephonic notice in lieu thereof) in respect of Loans, the
Administrative Agent shall notify each Lender of the proposed Borrowing. Each Lender shall make available to the Administrative Agent in Dollars and in immediately available funds, to such bank and account, in New York, New York, as the
Administrative Agent may designate, not later than 11:00 a.m. (New York time) with respect to any Eurodollar Rate Loans and not later than 1:00 p.m. (New York time) with respect to any Base Rate Loans, (A) on the Effective Date, the excess of (1)
the amount of such Lender’s Loan to be made on the Effective Date over (2) the aggregate principal amount of such Lender’s Loans deemed made pursuant to Section 2.01(c)(i) and (B) on each Funding Date other than the Effective Date,
the amount of such Lender’s Loan to be made on that Funding Date. Subject to the fulfillment of the conditions precedent set forth in Section 4.01 or 4.02, as applicable, after the Administrative Agent’s receipt of the
proceeds of such Loans the Administrative Agent shall make the proceeds of such Loans available to the Company in New York, New York, on such Funding Date and shall disburse such funds in Dollars and in immediately available funds in accordance with
the Company’s disbursement instructions set forth in the Notice of Borrowing. 
  
 The failure of any Lender to deposit with the Administrative Agent the amount described in Section 2.01(c)(ii) on any Funding Date shall not relieve any other Lender of its obligations hereunder to make its
Loan on any such date. In the event the conditions precedent set forth in Section 4.01 or 4.02, as applicable, are not fulfilled or duly waived as of the applicable Funding Date, the Administrative Agent shall promptly return, by wire
transfer of immediately available funds, the amount deposited hereunder by each Lender to such Lender. 
  
 Unless the Administrative Agent shall have been notified by any Lender prior to any Funding Date in respect of any Borrowing of Loans that such Lender
does not intend to make available to the Administrative Agent such Lender’s Loan on such Funding Date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such Funding Date and the
Administrative Agent in its sole discretion may, but shall not be obligated to, make available to the Company a corresponding amount on such Funding Date. If such corresponding amount is not in fact made available to the Administrative Agent by such
Lender on or prior to a Funding Date, such Lender agrees to pay and the Company agrees to repay severally to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such
amount is made available to the Company until the date such amount is paid or repaid to the Administrative Agent, at (A) in the case of the Company, the interest rate applicable at the time to a Borrowing of Base Rate Loans made on such Funding Date
and (B) in the case of such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with 
  

 19 

 banking industry rules on interbank compensation. If such Lender shall pay to the Administrative Agent such corresponding
amount, such amount so paid shall constitute such Lender’s Loan, and if both such Lender and the Company shall have paid and repaid such corresponding amount, the Administrative Agent shall promptly return to the Company such corresponding
amount in same day funds. Nothing in this Section 2.01(c) shall be deemed to relieve any Lender of its obligation hereunder to make its Loan on any Funding Date. 
  
 Notes; Maturity of Obligations. (d) The Company hereby unconditionally promises to pay to the Administrative Agent
for the account of each Lender all Revolving Credit Obligations on the Commitment Termination Date. 
  
 Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Company to such Lender
resulting from each Loan (and participation in a Facility Letter of Credit) made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Loan made hereunder and each Facility Letter of Credit issued hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from the Company 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. 
  
 The entries made in the accounts maintained pursuant to clause (i) or (ii) of this paragraph (d) shall be prima facie evidence of the existence and
amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Company to repay the Revolving
Credit Obligations in accordance with the terms of this Agreement. 
  
 Any Lender may request that its Commitment be evidenced by a promissory note. 
  
 The Company shall execute and deliver to each Lender upon request a promissory note, in substantially the form of Exhibit 7 and otherwise in form and substance satisfactory to the Lenders, in the principal
amount of that Lender’s Commitment (each individually, a “Note” and collectively, the “Notes”). The Note delivered to each Lender shall mature, and all Revolving Credit Obligations evidenced thereby shall be
paid in full on the Commitment Termination Date; provided, however, that in the case of unmatured Facility Letter of Credit Obligations, no later than three (3) Business Days in advance of the Commitment Termination Date, the Company
shall deposit with the Administrative Agent an amount equal to 103% of the greatest amount for which all outstanding Facility Letters of Credit may be drawn or make other arrangements satisfactory to the Administrative Agent, the Issuing Banks and
the Requisite Lenders. Such deposit shall be held by the Administrative Agent for the benefit of the Lenders and the Issuing Banks as security for, and to provide for the payment of, the Reimbursement Obligations. Upon the drawing of any such
Facility Letter of Credit, to the extent such funds are on deposit with the Administrative Agent, such funds shall be applied to reimburse the Issuing Banks to the extent permitted by applicable law, and if so applied, then such reimbursement shall
be deemed a repayment by the Company of the corresponding Reimbursement Obligation. Upon the expiration of any Facility Letter of Credit that has not been drawn and so long as no Default or Event of Default has occurred and is continuing, an amount
in cash equal to the difference between (x) the amount on deposit with the Administrative Agent and (y) 103% of the greatest amount for which all outstanding Facility Letters of Credit may be drawn shall be paid to the Company by the Administrative
Agent. All funds on deposit to secure Facility Letters of Credit pursuant to any provision of this Agreement shall be held in an interest bearing account and such interest shall be payable to the Company at the time, if any, such funds are remitted
to the Company in accordance with the terms hereof. 
  

 20 

 Use of Proceeds of Loans. The proceeds of the Loans made (or deemed to have been made) on the Effective
Date shall be used (i) to repay in full all outstanding obligations of the Company under the Existing Credit Agreement, (ii) to pay the Transactions Costs and (iii) for the purposes described in the following sentence. Subject to Section
8.03, the proceeds of all other Loans shall be used for working capital in the ordinary course of business and for other lawful and permitted general corporate purposes of the Company. 
  
 Interest on the Loans. 
  
 Rate of Interest. All Loans shall bear interest on the unpaid
principal amount thereof from the date made until paid in full. The applicable basis for determining the rate of interest shall be selected by the Company at the time a Notice of Borrowing is given by the Company pursuant to Section 2.02(b)
or, in the case of all Base Rate Loans or Eurodollar Rate Loans, at the time a Notice of Conversion/Continuation is delivered by the Company pursuant to Section 2.03(c); provided, however, that (x) the Company may not select the
Eurodollar Rate as the applicable basis for determining the rate of interest on a Loan if at the time of such selection an Event of Default or a Potential Event of Default has occurred and is continuing and (y) all Loans made on the Effective Date
shall be Base Rate Loans. If on any day any Loan is outstanding with respect to which notice has not been delivered to the Administrative Agent in accordance with the terms of this Agreement specifying the basis for determining the rate of interest,
then for that day that Loan shall be a Base Rate Loan. The Loans and other Obligations shall bear interest, subject to Sections 2.03(d) and 12.21, as follows: 
  
 If a Base Rate Loan or such other Obligation, then at a rate per annum equal to the Base Rate then in effect; or

  
 If a Eurodollar Rate Loan, then at a rate per annum equal to
the sum of (A) the Eurodollar Rate determined for the applicable Eurodollar Interest Period, plus (B) the Applicable Eurodollar Rate Margin then in effect. 
  
 Interest Payments. Subject to Sections 2.03(d) and 12.21, interest accrued on all Base Rate Loans in
any calendar quarter shall be payable in arrears (i) on the first Business Day of the immediately succeeding calendar quarter, commencing on the first such day following the making of each such Base Rate Loan, (ii) upon the prepayment thereof in
full or in part and (iii) on the Commitment Termination Date. Interest accrued on each Eurodollar Rate Loan shall be payable in arrears (x) on each Eurodollar Interest Payment Date applicable to that Loan, (y) upon the prepayment thereof in full or
in part (together with payment of the amounts described in Section 2.07(f)) and (z) on the Commitment Termination Date. 
  
 Conversion or Continuation. Subject to the provisions of Section 2.07, the Company shall have the option (i) to convert at any time all or
any part of outstanding Loans which comprise part of the same Borrowing and which, in the aggregate, equal $5,000,000 or an integral multiple of $1,000,000 in excess of that amount from Base Rate Loans to Eurodollar Rate Loans; or (ii) to convert
all or any part of outstanding Loans which comprise part of the same Borrowing and which, in the aggregate, equal $5,000,000 or an integral multiple of $1,000,000 in excess of that amount from Eurodollar Rate Loans to Base Rate Loans on the
expiration date of any Eurodollar Interest Period applicable thereto; or (iii) upon the expiration of any Eurodollar Interest Period applicable to Borrowing of Eurodollar Rate Loans, to continue all or any portion of such Loans equal to $5,000,000
or an integral multiple of $1,000,000 in excess of that amount as Eurodollar Rate Loans of the same type, and the succeeding Eurodollar Interest 
  

 21 

 Period of such continued Loans shall commence on the expiration date of the Eurodollar Interest Period applicable
thereto; provided, that no outstanding Loan may be continued as, or be converted into, a Eurodollar Rate Loan when any Event or Default or Potential Event of Default has occurred and is continuing. 
  
 In the event the Company shall elect to convert or continue a Loan under this
Section 2.03(c), the Company shall deliver a Notice of Conversion/Continuation to the Administrative Agent no later than 11:00 a.m. (New York time) on the proposed conversion date in the case of a conversion to a Base Rate Loan, and not later
than 11:00 a.m. (New York time) at least three (3) Business Days in advance of the proposed conversion/continuation date in the case of a conversion to, or a continuation of, a Eurodollar Rate Loan. A Notice of Conversion/ Continuation shall specify
(i) the proposed conversion/continuation date (which shall be a Business Day), (ii) the amount of the Loan to be converted/continued, (iii) the nature of the proposed conversion/continuation, and (iv) in the case of a conversion to, or continuation
of, a Eurodollar Rate Loan, the requested Eurodollar Interest Period. In lieu of delivering the above-described Notice of Conversion/Continuation, the Company may give the Administrative Agent telephonic notice of any proposed
conversion/continuation by the time required under this Section 2.03(c); provided, that such notice shall be confirmed in writing by delivery to the Administrative Agent promptly (but in no event later than the proposed
conversion/continuation under this Section 2.03(c). Promptly after receipt of a Notice of Conversion/Continuation under this Section 2.03(c) (or telephonic notice in lieu thereof), the Administrative Agent shall notify each Lender by
telex, telecopy, telegram, telephone or other similar form of transmission, of the proposed conversion/continuation. 
  
 Any Notice of Conversion/Continuation for conversion to, or continuation of, a Loan (or telephonic notice in lieu thereof) shall be irrevocable and the
Company shall be bound to convert or continue such Loan in accordance therewith. 
  
 Default Interest. Notwithstanding the rates of interest specified in Section 2.03(a), effective upon notice from the Administrative Agent or the Requisite Lenders at any time after (i) the occurrence of
an Event of Default under Section 10.01(a) or (ii) the date of acceleration of the maturity of the Obligations pursuant to Section 10.02(a) and for as long thereafter as such Event of Default shall be continuing or until such
acceleration has been rescinded pursuant to Section 10.02(c) (as applicable), the principal balance of all Loans and other Obligations then outstanding shall bear interest payable upon demand at a rate which is two percent (2%) per annum in
excess of the rate of interest otherwise payable under this Agreement, but not to exceed the maximum rate permitted by applicable law. 
  
 Computation of Interest. Interest on Base Rate Loans and Eurodollar Rate Loans shall be computed on the basis of the actual number of days elapsed
in the period during which interest accrues and (i) with respect to Base Rate Loans, a year of 365 or 366 days, as applicable, and (ii) with respect to Eurodollar Rate Loans, a year of 360 days (in each case subject to the provisions of this
Agreement and the Notes limiting the rate of interest to that permitted by applicable law). In computing interest on any Loan, the date of the making of the Loan or the first day of a Eurodollar Interest Period, as the case may be, shall be
excluded; provided that if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan. 
  
 Reference Banks. Each Reference Bank which is also a Lender agrees to furnish to the Administrative Agent timely information for the purpose of
determining each Eurodollar Rate. Upon the reasonable request of the Company from time to time, the Administrative Agent shall promptly provide to the Company such information with respect to the applicable Eurodollar Rate as may be reasonably
required by the Company, and each Reference Bank which is also a Lender agrees to furnish to the Administrative Agent such information as may be required in connection therewith. 
  

 22 

 Fees. 
  
 Fee Letter. The Company shall pay to the Administrative Agent and to the Lead Arranger, the fees payable to the Administrative Agent or the Lead
Arranger, respectively, as specified in the Fee Letter and on the dates specified therein. No Person other than the Administrative Agent, the Lead Arranger or any other Person specified in the Fee Letter shall have any interest in these fees.

  
 Facility Fee. The Company shall pay to the
Administrative Agent, for the account of each Lender, a fee in an amount equal to (i) the Applicable Facility Fee Rate then in effect multiplied by (ii) the Commitment of such Lender in effect from day to day during any calendar quarter (or,
if the Aggregate Commitment has then been terminated, the amount of the outstanding Revolving Credit Obligations owing to such Lender), payable quarterly in arrears on the first Business Day of the immediately succeeding calendar quarter and on the
Commitment Termination Date (and, if applicable, thereafter on demand). 
  
 Utilization Fee. The Company shall pay to the Administrative Agent, for the account of each Lender in accordance with its Pro Rata Share, a fee in an amount equal to (i) the Applicable Utilization Fee Rate then in effect
multiplied by (ii) the aggregate outstanding principal amount of the Loans and Reimbursement Obligations for each day that the aggregate outstanding principal amount of the Loans and Reimbursement Obligations exceeds fifty percent (50%) of
the Aggregate Commitment then in effect (or, if the Aggregate Commitment has then been terminated, the amount of the Aggregate Commitment in effect immediately prior to such termination), payable on each day that interest is payable pursuant to
Section 2.03(b) and on the Commitment Termination Date (and, if applicable, thereafter on demand). 
  
 Letter of Credit Fees. The Company shall pay to the Administrative Agent, for the account of the Lenders or the Issuing Banks, as applicable, the
fee for Facility Letters of Credit, determined as set forth in Sections 3.08(a) and 3.08(b). 
  
 Calculation and Payment of Fees. All of the above fees that are based on a per annum rate shall be calculated on the basis of the actual number of
days elapsed in a 360-day year. The fees described in this Section 2.04 represent compensation for services rendered and to be rendered separate and apart from the lending of money or the provision of credit and do not constitute compensation
for the use, detention or forbearance of money, and the obligation of the Company to pay each fee described herein shall be in addition to, and not in lieu of, the obligation of the Company to pay interest, other fees described herein or in the Fee
Letter and expenses, indemnifications and other Obligations otherwise described in this Agreement. Fees shall be payable when due in New York, New York in immediately available funds. All fees shall be fully earned when due and non-refundable when
paid. All fees specified or referred to in this Agreement due to a Lender, including those referred to in this Section 2.04, shall bear interest, if not paid when due, at the rate then applicable to past due Base Rate Loans (but not to exceed
the maximum rate permitted by law) and shall constitute Obligations. 
  
 Prepayments of Loans; Reductions and Termination of Aggregate Commitment; Increases in Aggregate Commitment. 
  
 Voluntary Prepayments of Loans. The Company may, upon prior written or telephonic notice confirmed promptly in writing to the Administrative Agent
(which notice the Administrative Agent shall promptly transmit by telegram, telex or telephone to each Lender), at any time and from time to time, prepay any Base Rate Loans in whole or in part, without premium or penalty, in an aggregate minimum
amount of $5,000,000 or an integral multiple of $1,000,000 in excess of that amount, provided, however, that the Company may prepay such Loans in full without regard to such minimum amount. The 
  

 23 

 Company may, upon not less than two (2) Business Days’ prior written or telephonic notice confirmed promptly in
writing to the Administrative Agent (which notice the Administrative Agent shall promptly transmit by telegram, telex or telephone to each Lender), prepay Eurodollar Rate Loans in whole or in part, without premium or penalty, on the expiration date
of the Eurodollar Interest Period applicable thereto and otherwise only upon payment of the amounts described in Section 2.07(f). Any notice of prepayment given to the Administrative Agent under this Section 2.05(a) shall specify the
date of prepayment, the aggregate principal amount of the prepayment and the allocation of such amount among Base Rate Loans and Eurodollar Rate Loans. Notice of prepayment having been delivered as provided herein, the principal amount of the Loans
specified in such notice shall become due and payable on the prepayment date. 
  
 Mandatory Prepayment of Loans. The Company shall make prepayments of Loans to the extent necessary to assure that the Revolving Credit Obligations at any time do not exceed the Aggregate Commitment at such
time. 
  
 Voluntary Reduction and Termination of Aggregate
Commitment. The Company shall have the right, at any time and from time to time, to terminate in whole or permanently reduce in part, without premium or penalty, the Aggregate Commitment; provided, however, that (A) the Aggregate
Commitment shall not be reduced to an amount which is less than the Facility Letter of Credit Obligations at such time, (B) each partial reduction shall be in an aggregate amount of $10,000,000 and integral multiples of $1,000,000 in excess of that
amount and (C) the Company shall have made whatever payment may be required to reduce the Revolving Credit Obligations to an amount less than or equal to the Aggregate Commitment as reduced or terminated. The Company shall give not less than three
(3) Business Days’ prior written notice to the Administrative Agent designating the date (which shall be a Business Day) of such termination or reduction of the Aggregate Commitment and, in the case of a partial reduction, the amount of such
reduction. Promptly after receipt of a notice of such termination or reduction, the Administrative Agent shall notify each Lender of the proposed termination or reduction. Such termination or reduction of the Aggregate Commitment shall be effective
on the date specified in the Company’s notice and shall terminate or permanently reduce the Commitment of each Lender proportionately in accordance with its Pro Rata Share. 
  
 Mandatory Termination of Aggregate Commitment. Each Lender’s Commitment shall expire without further action on
the part of the Administrative Agent, any Lender or the Company on the Commitment Termination Date. 
  
 Increase in Aggregate Commitment. 
  
 At any time prior to the Commitment Termination Date, the Company may, not more than once in any period of twelve consecutive calendar months, request
that the Aggregate Commitment be increased; provided, that without the prior written consent of all of the Lenders, (A) the Aggregate Commitment shall at no time exceed $300,000,000 and (B) each such request shall be in a minimum amount of at
least $25,000,000. Each request shall be made in a written notice given to the Administrative Agent and the Lenders by the Company not less than twenty (20) Business Days prior to the proposed effective date of such increase, which notice (a
“Commitment Increase Notice”) shall specify the amount of the proposed increase in the Aggregate Commitment and the proposed effective date of such increase. In the event of delivery of such a Commitment Increase Notice, each of the
Lenders shall be given the opportunity to participate in the requested increase ratably. On or prior to the date that is fifteen (15) Business Days after receipt of the Commitment Increase Notice, each Lender shall submit to the Administrative Agent
a notice indicating the maximum amount by which it is willing to increase its Commitment in connection with such Commitment Increase Notice (any such notice to the Administrative Agent being herein a “Lender Increase Notice”). Any
Lender which does not submit a 
  

 24 

 Lender Increase Notice to the Administrative Agent prior to the expiration of such fifteen (15) Business Day period shall
be deemed to have denied any increase in its Commitment. In the event that the increases of Commitments set forth in the Lender Increase Notices exceed the amount requested by the Company in the Commitment Increase Notice, the Administrative Agent
shall allocate the amount of increases based on the ratio of each Lender’s maximum Commitment as set forth in such Lender’s Lender Increase Notice to the aggregate of the maximum aggregate Commitments set forth in all Lender Increase
Notices. In the event that the Lender Increase Notices are less than the amount requested by the Commitment Increase Notice, not later than three (3) Business Days prior to the proposed effective date of the requested increase, the Company may
notify the Administrative Agent of any Eligible Assignee that shall have agreed to become a Lender (a “Proposed New Lender”) in connection with the Commitment Increase Notice. Any Proposed New Lender shall be subject to the approval
of the Administrative Agent and the Issuing Banks (which approval shall not be unreasonably withheld or delayed) (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee) and shall have agreed to a Commitment of not less
than $10,000,000. If no Proposed New Lender(s) shall have committed to the shortfall from the Lender Increase Notices, then the Company shall be deemed to have reduced the amount of the Commitment Increase Notice to the aggregate amount set forth in
the Lender Increase Notices. Based upon the Lender Increase Notices, any allocations made in connection therewith and any notice regarding any Proposed New Lender, if applicable, the Administrative Agent shall notify the Company and the Lenders on
or before the Business Day immediately prior to the proposed effective date of the amount of each Lender’s and Proposed New Lenders’ Commitment (the “Effective Commitment Amount”) and the amount of the Aggregate
Commitment, which amounts shall be effective on the following Business Day. Any increase in the Aggregate Commitment shall be subject to the following conditions precedent: (I) as of the date of the Commitment Increase Notice and as of the proposed
effective date of the increase in the Aggregate Commitment, no event shall have occurred and then be continuing which constitutes an Event of Default or a Potential Event of Default, (II) at the time and after giving effect to any such increase, the
Index Debt shall be rated BBB- or better by S&P and Baa3 or better by Moody’s (or, if neither S&P nor Moody’s shall then be rating the Index Debt, an equivalent rating from any other Applicable Rating Agency or Agencies), (III) the
Company, the Administrative Agent and each Proposed New Lender or Lender that shall have agreed to provide a Commitment in support of such increase in the Aggregate Commitment shall have executed and delivered a Commitment and Acceptance, (IV) the
Company and each Proposed New Lender shall otherwise have executed and/or delivered such other instruments and documents as the Administrative Agent shall have reasonably requested in connection with such increase and (V) the Company shall have paid
any fees charged by the Lenders providing Lender Increase Notices and the Proposed New Lenders. Upon satisfaction of the conditions precedent to any increase in the Aggregate Commitment, the Administrative Agent shall promptly advise the Company and
each Lender of the effective date of such increase. Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.01(c), from and after the effective date of any increase in the Aggregate Commitment that is
accepted by a Proposed New Lender, such Proposed New Lender shall be a party to this Agreement and, to the extent of its Commitment, have the rights and obligations of a Lender under this Agreement. Nothing contained herein shall constitute, or
otherwise be deemed to be (x) a commitment on the part of any Lender to increase its Commitment hereunder at any time or (y) a commitment by the Administrative Agent or any of its Affiliates to find Proposed New Lenders to satisfy requested
increases in the Aggregate Commitment hereunder. 
  
 For purposes
of this clause (ii), (A) the term “Buying Lender(s)” shall mean (I) each Lender the Effective Commitment Amount of which is greater than its Commitment prior to the effective date of any increase in the Aggregate Commitment
and (II) each Proposed New Lender that is allocated an Effective Commitment Amount in connection with any Commitment Increase Notice and (B) the term “Selling Lender(s)” shall mean each Lender whose Commitment is not being increased
from that in effect prior to such increase in the Aggregate Commitment. Effective on the effective date of any 
  

 25 

 increase in the Aggregate Commitment pursuant to clause (i) above, each Selling Lender hereby sells, grants,
assigns and conveys to each Buying Lender, without recourse, warranty, or representation of any kind, except as specifically provided herein, an undivided percentage in such Selling Lender’s right, title and interest in and to the sum of (x)
the aggregate principal amount of its Loans outstanding at such time, plus (y) an amount equal to its participation interest in outstanding Letters of Credit and Reimbursement Obligations at such time (“Outstanding Credit
Exposure”) in the respective amounts and percentages necessary so that, from and after such sale, each such Selling Lender’s Outstanding Credit Exposure shall equal such Selling Lender’s Pro Rata Share (calculated based upon the
Effective Commitment Amounts) of the aggregate of the Outstanding Credit Exposure of all the Lenders (“Aggregate Outstanding Credit Exposure”). Effective on the effective date of the increase in the Aggregate Commitment pursuant to
clause (i) above, each Buying Lender hereby purchases and accepts such grant, assignment and conveyance from the Selling Lenders. Each Buying Lender hereby agrees that its respective purchase price for the portion of the Aggregate Outstanding
Credit Exposure purchased hereby shall equal the respective amount necessary so that, from and after such payments, each Buying Lender’s Outstanding Credit Exposure shall equal such Buying Lender’s Pro Rata Share (calculated based upon the
Effective Commitment Amounts) of the Aggregate Outstanding Credit Exposure. Such amount shall be payable on the effective date of the increase in the Aggregate Commitment by wire transfer of immediately available funds to the Administrative Agent.
The Administrative Agent, in turn, shall wire transfer any such funds received to the Selling Lenders, in same day funds, for the sole account of the Selling Lenders. Each Selling Lender hereby represents and warrants to each Buying Lender that such
Selling Lender owns the Outstanding Credit Exposure being sold and assigned hereby for its own account and has not sold, transferred or encumbered any or all of its interest in such Outstanding Credit Exposure, except for participations which will
be extinguished upon payment to such Selling Lender of an amount equal to the portion of the Aggregate Outstanding Credit Exposure being sold by such Selling Lender. Each Buying Lender hereby acknowledges and agrees that, except for each Selling
Lender’s representations and warranties contained in the foregoing sentence, each such Buying Lender has entered into its Commitment and Acceptance with respect to such increase on the basis of its own independent investigation and has not
relied upon, and will not rely upon, any explicit or implicit written or oral representation, warranty or other statement of the Lenders or the Administrative Agent concerning the authorization, execution, legality, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or the other Loan Documents. The Company hereby agrees to compensate each Selling Lender for all losses, expenses and liabilities incurred by such Selling Lender in connection with the
sale and assignment of any Eurodollar Rate Loan hereunder on the terms and in the manner as set forth in Section 2.07(f). 
  
 Payments. 
  
 Manner and Time of Payment. All payments of principal, interest, Reimbursement Obligations and fees hereunder and under the Notes or a Facility
Letter of Credit payable to the Lenders or any Issuing Bank shall be made without condition or reservation of right or deduction for any counterclaim, defense, recoupment or setoff, in Dollars and in immediately available funds, delivered to the
Administrative Agent not later than 11:00 a.m. (New York time) on the date due, to such account of the Administrative Agent in New York, New York, as the Administrative Agent may designate, for the account of the Lenders or such Issuing Bank, as the
case may be, and funds received by the Administrative Agent after that time, shall be deemed to have been paid on the next succeeding Business Day. Payments actually received by the Administrative Agent for the account of the Lenders or the Issuing
Banks, or any of them, shall be paid to them promptly after receipt thereof by the Administrative Agent, provided, that the Administrative Agent shall pay to such Lenders or Issuing Banks interest thereon, at the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, from the Business Day following receipt of such funds by the Administrative Agent until such funds are paid to such Lenders
and Issuing Banks. 
  

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 Apportionment of Payments. 
  
 Subject to the provisions of Sections 2.04, 2.05, 2.06(b)(ii), 2.06(b)(iii), 2.08,
2.09, 3.05 and Section 3.06(b)(ii), all payments of principal and interest in respect of outstanding Loans, all payments in respect of Reimbursement Obligations, all payments of fees and all other payments in respect of any
other Obligations, shall be allocated among such of the Lenders and Issuing Banks as are entitled thereto, in proportion to their respective Pro Rata Shares or otherwise as provided herein. Except as provided in Section 2.06(b)(ii) with
respect to payments received after the occurrence of an Event of Default, all such payments and any other amounts received by the Administrative Agent from or for the benefit of the Company shall be allocated among such of the Lenders as are
entitled thereto, in proportion to their respective Pro Rata Shares, or otherwise as provided herein. All such principal and interest payments in respect of Loans shall be applied to pay interest due in respect of the Loans and then to repay the
principal amount of the Loans. All principal payments in respect of Loans shall be applied to repay outstanding Base Rate Loans and then to repay outstanding Eurodollar Rate Loans with those Eurodollar Rate Loans which have earlier expiring
Eurodollar Interest Periods being repaid prior to those which have later expiring Eurodollar Interest Periods. 
  
 After the occurrence of an Event of Default and while the same is continuing, the Administrative Agent shall apply all payments in respect of any
Obligations in the following order: 
  
 first, to pay Obligations in respect of any fees, expense reimbursements or indemnities then due to the Administrative Agent from the Company or any Subsidiary Guarantor; 
  
 second, to pay Obligations in respect of any fees and indemnities then due to the Lenders from the
Company or any Subsidiary Guarantor; 
  
 third, to pay interest due in respect of Loans and other Obligations; provided, that if sufficient funds are not available to fund all payments to be made to the Holders in respect of the Obligations described in this
clause (C), the available funds shall be allocated to the payment of such Obligations ratably, based on the proportion of the amount of interest due each Holder; 
  
 fourth, to pay or prepay principal of Loans and Reimbursement Obligations and to pay (or, to the
extent such Obligations are contingent, prepay or provide cash collateral in respect of) Facility Letter of Credit Obligations; provided, that if sufficient funds are not available to fund all payments to be made to the Holders in respect of
the Obligations described in this clause (D), the available funds shall be allocated to the payment of such Obligations ratably, based on the proportion of each Holder’s interest in the aggregate outstanding Loans, Reimbursement
Obligations and other Facility Letter of Credit Obligations (in each instance whether or not due); 
  
 fifth, to the ratable payment of all other Obligations then due and payable for expense reimbursements; and 
  
 sixth, to the ratable payment of all other
Obligations due to any and all Holders. 
  

 27 

 Subject to Section 2.06(b)(iii) and Section 3.06(b)(ii), the Administrative Agent shall promptly distribute
to each Lender and Issuing Bank at its primary address set forth on the appropriate signature page hereof, or the signature page to the Assignment and Acceptance or the Commitment and Acceptance by which such Person became a Lender or Issuing Bank,
or at such other address as a Lender, an Issuing Bank or Holder may request in writing, such funds as it may be entitled to receive, subject to the provisions of Article XI and provided that the Administrative Agent shall in any event
not be bound to inquire into or determine the validity, scope or priority of any interest or entitlement of any Holder and may suspend all payments or seek appropriate relief (including instructions from the Requisite Lenders or an action in the
nature of interpleader) in the event of any doubt or dispute as to any apportionment or distribution contemplated hereby. The order of priority herein is set forth solely to determine the rights and priorities of the Lenders and other Holders as
among themselves and may at any time or from time to time be changed by the Lenders as they may elect, in writing in accordance with Section 12.07, without necessity of notice to or consent of or approval by the Company or any other Person.

  
 In the event that any Lender fails to fund its Pro Rata Share
of any Loan requested by the Company which such Lender is obligated to fund under the terms of this Agreement (the funded portion of such Borrowing of Loans being hereinafter referred to as a “Non Pro Rata Loan”), until the earlier
of such Lender’s cure of such failure and the termination of the Aggregate Commitment, the proceeds of all amounts thereafter repaid to the Administrative Agent by the Company and otherwise required to be applied to such Lender’s share of
all other Obligations pursuant to the terms of this Agreement shall be advanced to the Company by the Administrative Agent on behalf of such Lender to cure, in full or in part, such failure by such Lender, but shall nevertheless be deemed to have
been paid to such Lender in satisfaction of such other Obligations. Notwithstanding anything in this Agreement to the contrary: 
  
 the foregoing provisions of this Section 2.06(b)(iii) shall apply only with respect to the proceeds of payments of Obligations and
shall not affect the conversion or continuation of Loans pursuant to Section 2.03(c); 
  
 a Lender shall be deemed to have cured its failure to fund its Pro Rata Share of any Loan at such time as an amount equal to such
Lender’s original Pro Rata Share of the requested principal portion of such Loan is fully funded to the Company, whether made by such Lender itself or by operation of the terms of this Section 2.06(b)(iii), and whether or not the Non Pro
Rata Loan with respect thereto has been repaid, converted or continued; 
  
 amounts advanced to the Company to cure, in full or in part, any such Lender’s failure to fund its Pro Rata Share of any Loan (“Cure Loans”) shall bear interest at the rate in effect from time to
time pursuant to Section 2.03(a)(i) and for all other purposes of this Agreement shall be treated as if they were Base Rate Loans; and 
  
 regardless of whether or not an Event of Default has occurred or is continuing, and notwithstanding the instructions of the Company as to
its desired application, all repayments of principal which, in accordance with the other terms of this Section 2.06, would be applied to the outstanding Loans which are Base Rate Loans shall be applied first, ratably to all such Base
Rate Loans constituting Non Pro Rata Loans, second, ratably to such Base Rate Loans other than those constituting Non Pro Rata Loans or Cure Loans and third, ratably to such Base Rate Loans constituting Cure Loans. 
  
 Payments by the Company; Presumptions by Administrative Agent. Unless
the Administrative Agent shall have received notice from the Company prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Company will not make such payment,
the Administrative Agent may assume that the Company 
  

 28 

 has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the
Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Company has not in fact made such payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
  
 Payments on Non-Business Days. Whenever any payment to be made by the Company hereunder or under the Notes shall be
stated to be due on a day which is not a Business Day, payments shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or under the Notes and of any of
the fees specified in Section 2.04, as the case may be. 
  
 Administrative Agent’s, Issuing Bank’s or Lender’s Accounting. Any accounting as to Loans, fees or Facility Letters of Credit which any of the Administrative Agent, any Issuing Bank or any of the Lenders at its option
may provide to the Company, including any periodic statement of account, will be presumed, rebuttably, to be correct. 
  
 Special Provisions Governing Eurodollar Rate Loans. Notwithstanding other provisions of this Agreement, the following provisions shall govern with respect
to Eurodollar Rate Loans as to the matters covered: 
  
 Amount
of Eurodollar Rate Loans. Each Eurodollar Rate Loan shall be in a minimum amount of $5,000,000 and in integral multiples of $1,000,000 in excess of that amount. 
  
 Determination of Eurodollar Interest Period. By giving notice as set forth in Section 2.01(b) (with respect to
a Borrowing of Eurodollar Rate Loans after the Effective Date) or Section 2.03(c) (with respect to a conversion into or continuation of Eurodollar Rate Loans), the Company shall have the option, subject to the other provisions of this
Section 2.07, to specify an interest period (each a “Eurodollar Interest Period”) to apply to the Borrowing of Eurodollar Rate Loans described in such notice, which Eurodollar Interest Period shall be a period of either one,
two, three, six or, if available to each of the Lenders, nine or twelve months. The determination of Eurodollar Interest Periods shall be subject to the following provisions: 
  
 In the case of immediately successive Eurodollar Interest Period applicable to a Borrowing of Eurodollar Rate Loans, each
successive Eurodollar Interest Period shall commence on the day on which the immediately preceding Eurodollar Interest Period expires; 
  
 If any Eurodollar Interest Period would otherwise expire on a day which is not a Business Day, the Eurodollar Interest Period shall be extended to expire
on the next succeeding Business Day; provided, that if any such Eurodollar Interest Period applicable to a Borrowing of Eurodollar Rate Loans would otherwise expire on a day which is not a Business Day but is a day of the month after which no
further Business Day occurs in that month, that Eurodollar Interest Period shall expire on the immediately preceding Business Day; 
  
 The Company may not select a Eurodollar Interest Period for any Borrowing of Loans which terminates later than the Commitment Termination Date;

  

 29 

 The Company may not select a Eurodollar Interest Period with respect to any portion of principal of a
Eurodollar Rate Loan which extends beyond a date on which the Company is required to make a scheduled payment of that portion of principal, it being understood and agreed that any Eurodollar Rate Loan whose Eurodollar Interest Period ends less than
one month prior to such date shall be deemed converted to a Base Rate Loan as of the last day of such Eurodollar Interest Period for purposes of determining whether any portion of principal of any Eurodollar Rate Loan is required in order to make a
mandatory payment of principal; and 
  
 There shall be no more
than ten (10) Eurodollar Interest Periods in effect at any one time. 
  
 Determination of Interest Rate. As soon as practicable after 11:00 a.m. (New York time) on the Eurodollar Interest Rate Determination Date, the Administrative Agent shall determine (which determination shall, absent manifest error,
be presumptively correct, subject, however, to the provisions of Section 12.21) the interest rate which shall apply to the Eurodollar Rate Loans for which an interest rate is then being determined for the applicable Eurodollar Interest Period
and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Company and to each Lender. 
  
 Interest Rate Unascertainable, Inadequate or Unfair. If with respect to any Eurodollar Interest Period: 
  
 the Administrative Agent is advised by any Reference Bank that deposits in
Dollars (in the applicable amounts) are not being offered by such Reference Bank in the relevant market for such Eurodollar Interest Period; or 
  
 Requisite Lenders advise the Administrative Agent that the Eurodollar Rate as determined by the Administrative Agent is less than the cost to such
Lenders of obtaining funds in the London interbank Eurodollar market in the amount substantially equal to such Lenders’ Eurodollar Rate Loans and for a period equal to such Eurodollar Interest Period; 
  
 the Administrative Agent shall forthwith give notice thereof to the Company, whereupon until
the Administrative Agent notifies the Company that the circumstances giving rise to such suspension no longer exist, the right of the Company to elect to have the Loans bear interest based on the Eurodollar Rate shall be suspended, and each
outstanding Eurodollar Rate Loan made by the Lenders shall be converted into a Base Rate Loan on the last day of the then current Eurodollar Interest Period therefor, notwithstanding any prior election by the Company to the contrary. 
  
 Illegality. 
  
 In the event that on any date any Lender shall have determined (which
determination shall, absent manifest error, be final and conclusive and binding upon all parties) that the making or continuation of any Eurodollar Rate Loan has become unlawful by compliance by that Lender in good faith with any law, governmental
rule, regulation or order of any Governmental Authority (whether or not having the force of law and whether or not failure to comply therewith would be unlawful), then, and in any such event, that Lender shall promptly give notice (by telephone
promptly confirmed in writing) to the Company and the Administrative Agent (which notice the Administrative Agent shall promptly transmit to each Lender) of that determination. 
  
 Upon the giving of the notice referred to in Section 2.07(e)(i), (A) the Company’s right to request and such
Lender’s obligation to make Eurodollar Rate Loans shall be immediately suspended, and such Lender shall make a Loan, as part of any requested Borrowing of Eurodollar Rate Loans, as a Base Rate Loan, which Base Rate Loan shall, for all purposes,
be considered 
  

 30 

 a part of such Borrowing, and (B) if the affected Eurodollar Rate Loan(s) are then outstanding, the Company shall
immediately, or if permitted by applicable law, no later than the date permitted thereby, upon at least one (1) Business Day’s written notice to the Administrative Agent and the affected Lender, convert each such Eurodollar Rate Loan into a
Base Rate Loan. 
  
 In the event that such Lender determines at
any time following its giving of the notice referred to in Section 2.07(e)(i) that such Lender may lawfully make Eurodollar Rate Loans of the type referred to in such notice, such Lender shall promptly give notice (by telephone confirmed in
writing) to the Company and the Administrative Agent (which notice the Administrative Agent shall promptly transmit to each Lender) of that determination, whereupon the Company’s right to request and such Lender’s obligation to make
Eurodollar Rate Loans of such type(s) shall be restored. 
  
 Compensation. In addition to such amounts as are required to be paid by the Company pursuant to Sections 2.03(a), 2.03(d), 2.08 and 2.09, the Company shall compensate each Lender, upon written request by
that Lender (which request shall set forth in reasonable detail the basis for requesting such amounts), for all losses, expenses and liabilities, including any loss or expense incurred by reason of the liquidation or reemployment of deposits or
other funds acquired by that Lender to fund or maintain that Lender’s Eurodollar Rate Loans to the Company which that Lender may sustain (i) if for any reason a Borrowing, conversion or continuation of Eurodollar Rate Loans does not occur on a
date specified therefor in a Notice of Borrowing or a Notice of Conversion/Continuation or in a telephonic request for borrowing or conversion/continuation or a successive Eurodollar Interest Period does not commence after notice therefor is given
pursuant to Section 2.03(c), (ii) if any prepayment of any Eurodollar Rate Loan (including without limitation, any prepayments pursuant to Section 2.05) occurs for any reason on a date which is not the last day of the applicable
Eurodollar Interest Period, (iii) as a consequence of any required conversion of a Eurodollar Rate Loan to a Base Rate Loan as a result of any of the events indicated on Section 2.07(e), or (iv) as a consequence of any other default by the
Company to repay Eurodollar Rate Loans when required by the terms of this Agreement. The Company shall pay such Lender the amount shown as due on any such request within 10 days after receipt thereof (other than in connection with a termination of
the Aggregate Commitment in which case such amounts shall be paid on the effective date of such termination). 
  
 Quotation of Eurodollar Rate. If on any Eurodollar Interest Rate Determination Date any of the Reference Banks shall have failed to provide offered
quotations to the Administrative Agent in accordance with the definition of “Eurodollar Rate” the Administrative Agent shall determine the Eurodollar Rate using the quotation of the other Reference Banks. 
  
 Booking of Eurodollar Rate Loans. Any Lender may make, carry or
transfer Eurodollar Rate Loans at, to, or for the account of, any of its branch offices or the office of an Affiliate of that Lender; provided, however, no such Lender shall be entitled to receive any greater amount under Section
2.08 or 2.09 as a result of the transfer of any such Eurodollar Rate Loan than such Lender would be entitled to immediately prior thereto unless (A) such transfer occurred at a time when circumstances giving rise to the claim for such
greater amount did not exist and (B) such claim would have arisen even if such transfer had not occurred. 
  
 Affiliates Not Obligated. No Eurodollar Affiliate or other Affiliate of any Lender shall be deemed a party to this Agreement or shall have any
rights, liability or obligation under this Agreement. 
  

 31 

 Increased Costs. 
  
 Increased Costs Generally. If any Change in Law shall: 
  
 impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate) or any Issuing Bank; 
  
 subject any Lender or any Issuing Bank to any tax of any kind whatsoever
with respect to this Agreement, any Facility Letter of Credit, any participation in a Facility Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender or such Issuing Bank in respect
thereof (except for Indemnified Taxes or Other Taxes as to which Section 2.09 shall apply and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or such Issuing Bank); or 
  
 impose on any Lender or any Issuing Bank or the London interbank market any
other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Facility Letter of Credit or participation therein; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Rate Loan (or of
maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such Issuing Bank of participating in, issuing or maintaining any Facility Letter of Credit (or of maintaining its obligation to participate in or to issue
any Facility Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or such Issuing Bank, the
Company will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.

  
 Capital Requirements. If any Lender or any Issuing Bank
determines that any Change in Law affecting such Lender or such Issuing Bank or any lending office of such Lender or such Lender’s or such Issuing Bank’s holding company, if any, regarding capital requirements has or would have the effect
of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender,
the Letter of Credit Commitments of such Issuing Bank or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing
Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such
Issuing Bank’s holding company with respect to capital adequacy), then from time to time the Company will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such
Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 
  
 Certificates for Reimbursement. A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such
Lender or such Issuing Bank or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section 2.08 (and setting forth in reasonable detail the basis for requesting such amounts) and delivered to
the Company shall be conclusive absent manifest error. The Company shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 Delay in Requests. Failure or delay on the part of any Lender or any
Issuing Bank to demand compensation pursuant to this Section 2.08 shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation, provided that the Company shall not be required to
compensate a Lender or an Issuing Bank pursuant to this Section 2.08 for any increased costs incurred or 
  

 32 

 reductions suffered more than nine (9) months prior to the date that such Lender or such Issuing Bank, as the case may
be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
  
 Taxes. 
  
 Payments Free of Taxes. Any and all payments by or on account of any obligation of the Company hereunder or under any other Loan Document shall be
made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the Company shall be required by applicable law to deduct any Indemnified Taxes or Other Taxes from such payments, then (i)
the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.09) the Administrative Agent, Lender or Issuing Bank, as the case
may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Company shall make such deductions and (iii) the Company shall timely pay the full amount deducted to the relevant Governmental Authority
in accordance with applicable law. 
  
 Payment of Other Taxes
by the Company. Without limiting the provisions of subsection (a) above, the Company shall pay any Other Taxes to the relevant Governmental Authority when due in accordance with applicable law. 
  
 Indemnification by the Company. The Company shall indemnify the
Administrative Agent, each Lender and each Issuing Bank, within 20 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section 2.09) paid by the Administrative Agent, such Lender or such Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other 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 the Company by a Lender or an Issuing Bank (with a
copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be conclusive absent manifest error. 
  
 Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Company to
a Governmental Authority, the Company shall deliver to the Administrative Agent 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 the Administrative Agent. 
  
 Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction in the rate of United States Federal withholding tax with respect to payments hereunder or under any other Loan Document
shall deliver to the Company (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation
prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Company or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. 
  

 33 

 Foreign Lender Certifications. Without limiting the generality of the Section 2.09(e), each
Foreign Lender shall deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the request of the Company or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
  
 duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to
which the United States of America is a party, 
  
 duly completed
copies of Internal Revenue Service Form W-8ECI, 
  
 in the case
of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (A) a certificate to the effect that such Foreign Lender is not (I) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (II) a “10 percent shareholder” of the Company within the meaning of section 881(c)(3)(B) of the Code, or (III) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (B) duly completed
copies of Internal Revenue Service Form W-8BEN, or 
  
 any other
form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the
Company to determine the withholding or deduction required to be made. 
  
 Treatment of Certain Refunds. If the Administrative Agent, a Lender or an Issuing Bank determines, in its reasonable discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the
Company or with respect to which the Company has paid additional amounts pursuant to this Section 2.09, it shall pay to the Company an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid,
by the Company under this Section 2.09 with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent, such Lender or such Issuing Bank, as the case may be, and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Company, upon the request of the Administrative Agent, such Lender or such Issuing Bank, agrees to repay the
amount paid over to the Company (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or such Issuing Bank in the event the Administrative Agent, such Lender or such
Issuing Bank is required to repay such refund to such Governmental Authority. This subsection (g) shall not be construed to require the Administrative Agent, any Lender or any Issuing Bank to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to the Company or any other Person. 
  
 Mitigation Obligations; Replacement of Lenders. 
  
 Designation of a Different Lending Office. If any Lender requests compensation under Section 2.08, or requires the Company to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.09, then such Lender shall, to the extent not inconsistent with such Lender’s internal policies and applicable legal and
regulatory restrictions, use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.08 or 2.09, as the case may be, in the future and (ii) would not subject such Lender to any
unreimbursed or unindemnified cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

  

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 Replacement of Lenders. If any Lender requests compensation under Section 2.08, or if the
Company is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.09, or if any Lender defaults on its obligation to fund Loans hereunder, or if any Lender gives
notice pursuant to Section 2.07(e) requiring a conversion of such Lender’s Eurodollar Rate Loans to Base Rate Loans or suspending such Lender’s obligation to make Loans as, or to convert or continue Loans into or as, Eurodollar Rate
Loans, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and
consents required by, Section 12.01), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment), provided that: 
  
 no Event of
Default or Potential Event of Default shall have occurred and be continuing at the time of such assignment; 
  
 the Company shall have paid to the Administrative Agent the assignment fee specified in Section 12.01(b)(iv); 
  
 such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in Facility Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section
2.07(f)) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts); 
  
 if such Lender or its Affiliate is an Issuing Bank hereunder, such Lender or such Affiliate shall have received from the Company an amount equal to 103%
of the greatest amount for which all outstanding Facility Letters of Credit issued by such Issuing Bank may be drawn; 
  
 in the case of any such assignment resulting from a claim for compensation under Section 2.08 or payments required to be made pursuant to
Section 2.09, such assignment will result in a reduction in such compensation or payments thereafter; and 
  
 such assignment does not conflict with applicable law. 
  
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender, the taking of any
mitigating actions described in Section 2.09(a) or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 
  
 Authorized Officers and Agents. The Company shall notify the Administrative Agent in writing of the names of the officers
and employees authorized to request Loans on behalf of the Company and shall provide the Administrative Agent with a specimen signature of each such officer or employee. The officers and employees of the Company authorized to request a Loan on
behalf of the Company shall also be authorized to request a conversion/continuation of any Loan on behalf of the Company. The Administrative Agent shall be entitled to rely conclusively on such officer’s or employee’s authority to request,
convert or continue a Loan on behalf of the Company until the Administrative Agent receives written notice to the contrary. The Administrative Agent shall have no duty to verify the authenticity of the signature appearing on any written Notice of
Borrowing or Notice of Conversion/Continuation and, with respect to an oral request for a Loan or a conversion or continuation thereof, the Administrative Agent shall have no duty to verify the identity of any person representing himself as one of
the officers or 
  

 35 

 employees authorized to make such request on behalf of the Company. Neither the Administrative Agent nor any Lender shall
incur any liability to the Company in acting upon any telephonic notice referred to above which the Administrative Agent believes in good faith to have been given by a duly authorized officer or other person authorized to borrow on behalf of the
Company or for otherwise acting in good faith under this Agreement. 
  
 LETTERS OF CREDIT 
  
 Obligation
to Issue. Subject to the terms and conditions set forth in this Agreement, each Issuing Bank hereby severally agrees to issue for the account of the Company one or more Facility Letters of Credit, up to an aggregate face amount at any one time
outstanding equal to its Letter of Credit Commitment, from time to time through the earlier of (i) the expiration of such Issuing Bank’s Letter of Credit Commitment or (ii) the tenth Business Day immediately preceding the Commitment Termination
Date. 
  
 Types and Amounts. 
  
 An Issuing Bank shall not have any obligation to issue, amend or extend, and
shall not issue, amend or extend, any Facility Letter of Credit at any time: 
  
 if the aggregate maximum amount then available for drawing under Facility Letters of Credit issued by such Issuing Bank after giving effect to the Facility Letter of Credit requested hereunder, shall exceed any limit
imposed by law or regulation upon such Issuing Bank; 
  
 if,
immediately after the issuance of such Facility Letter of Credit, the aggregate principal amount of Facility Letter of Credit Obligations then existing with respect to Facility Letters of Credit issued by that Issuing Bank (which amount shall be
calculated without giving effect to the participation of the Lenders pursuant to Section 3.06) would exceed such Issuing Bank’s then effective Letter of Credit Commitment; 
  
 if such Issuing Bank receives written notice from the Administrative Agent or the Requisite Lenders at or before 11:00 a.m.
(New York time) on the date of the proposed issuance, amendment or extension of such Facility Letter of Credit that (A) immediately after the issuance, amendment or extension of such Facility Letter of Credit, the Revolving Credit Obligations at
such time would exceed the Aggregate Commitment then in effect, or (B) one or more of the conditions precedent contained in Section 4.01 or 4.02, as applicable, will not on such date be satisfied, unless such conditions are thereafter
satisfied or waived and notice of such satisfaction or waiver is given to the Issuing Bank by the Administrative Agent or the Requisite Lenders (and an Issuing Bank shall not otherwise be required to determine that, or take notice whether, the
conditions precedent set forth in Section 4.01 or 4.02, as applicable, have been satisfied); or 
  
 which has an expiration date later than the earlier of (A) the date one (1) year after the date of issuance or extension thereof or (B) the fifth
Business Day preceding the Commitment Termination Date. 
  
 Any
Lender may, in its discretion, issue or extend Letters of Credit that do not result in an Event of Default without regard to the terms and provisions of this Article III, and no other Lender will have any obligation to purchase any
participation or any other interest in such Letters of Credit pursuant to Section 3.06. 
  

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 Conditions. In addition to being subject to the satisfaction of the conditions precedent contained in
Section 4.01 or 4.02, as applicable, the obligation of an Issuing Bank to issue any Facility Letter of Credit is subject to the satisfaction in full of the following conditions: 
  
 The Company shall have delivered to that Issuing Bank, at such times and in
such manner as that Issuing Bank may prescribe, a Letter of Credit Reimbursement Agreement and such other documents and materials as may be required pursuant to the terms thereof and the terms of the proposed Facility Letter of Credit shall be
satisfactory to that Issuing Bank; and 
  
 As of the date of
issuance no order, judgment or decree of any court, arbitrator or Governmental Authority shall purport by its terms to enjoin or restrain that Issuing Bank from issuing the Facility Letter of Credit and no law, rule or regulation applicable to that
Issuing Bank and no request or directive (whether or not having the force of law and whether or not the failure to comply therewith would be unlawful) from any Governmental Authority with jurisdiction over that Issuing Bank shall prohibit or request
that such Issuing Bank refrain from the issuance of Letters of Credit generally or the issuance of that Facility Letter of Credit. 
  
 Issuance of Facility Letters of Credit. 
  
 The Company shall give an Issuing Bank and the Administrative Agent written notice that it has selected that Issuing Bank to issue a Facility Letter of
Credit not later than 11:00 a.m. (New York time) on the fifth (5th) Business Day preceding the requested issuance thereof under this Agreement, or such shorter notice as may be acceptable to such Issuing Bank and the Administrative Agent. Such
notice shall be irrevocable and shall specify (i) the stated amount of the Facility Letter of Credit requested, (ii) the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, (iii) the date on
which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the expiration date permitted by Section 3.02(a)(iv)), (iv) the Person for whose benefit the requested
Facility Letter of Credit is to be issued, and (v) the amount of then outstanding Facility Letter of Credit Obligations in respect of Facility Letters of Credit issued by that Issuing Bank. 
  
 An Issuing Bank shall not extend or amend any Facility Letter of Credit if
the issuance of a new Facility Letter of Credit having the same terms as such Facility Letter of Credit as so extended or amended would be prohibited by Section 3.02(a). 
  
 Reimbursement Obligations; Duties of Issuing Banks. 
  
 Notwithstanding any provisions to the contrary in any Letter of Credit Reimbursement Agreement: 
  
 The Company shall reimburse an Issuing Bank for drawings under a Facility
Letter of Credit used by it no later than the earlier of (a) the time specified in such Letter of Credit Reimbursement Agreement, and (b) three (3) Business Days after the payment by that Issuing Bank; and 
  
 any Reimbursement Obligation with respect to any Facility Letter of Credit
shall bear interest from the date of the relevant drawing under the pertinent Facility Letter of Credit at the interest rate applicable to Base Rate Loans for three (3) Business Days after such date and thereafter at the interest rate for past due
Base Rate Loans in accordance with Section 2.03(d). 
  
 No
action taken or omitted to be taken by an Issuing Bank under or in connection with any Facility Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct, 
  

 37 

 shall put that Issuing Bank under any resulting liability to any Lender or, subject to Section 3.02, relieve that
Lender of its obligations hereunder to that Issuing Bank. In determining whether to pay under any Facility Letter of Credit, an Issuing Bank shall have no obligation to the Lenders other than to confirm that any documents required to be delivered
under such Facility Letter of Credit appear to have been delivered and that they appear on their face to comply with the requirements of such Facility Letter of Credit. 
  
 Each Issuing Bank shall give the Administrative Agent written notice, or telephonic notice confirmed promptly thereafter in
writing, of all drawings under a Facility Letter of Credit and the payment (or the failure to pay when due) by the Company on account of a Reimbursement Obligation. 
  
 Participations. 
  
 Immediately upon issuance by an Issuing Bank of any Facility Letter of Credit in accordance with the procedures set forth in this Article III and
immediately upon conversion of a Letter of Credit of an Issuing Bank to a Facility Letter of Credit pursuant to Section 3.11, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from such Issuing Bank,
without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Pro Rata Share in such Facility Letter of Credit (including all obligations of the Company with respect thereto other than amounts owing to
such Issuing Bank under Sections 2.08 and 3.08(b)) and any security therefor or guaranty pertaining thereto. 
  
 (e) If any Issuing Bank makes any payment under any Facility Letter of Credit and the Company does not repay such amount to such Issuing Bank pursuant to
Section 3.05(a) or 3.07, such Issuing Bank shall promptly notify the Administrative Agent, which shall promptly notify each Lender of such failure, and each Lender shall promptly and unconditionally pay to the Administrative Agent for
the account of such Issuing Bank the amount of such Lender’s Pro Rata Share of such payment, in Dollars and in same day funds, and the Administrative Agent shall promptly pay such amount, and any other amounts received by the Administrative
Agent for such Issuing Bank’s account pursuant to this Section 3.06(b)(i), to such Issuing Bank. If the Administrative Agent so notifies such Lender prior to 11:00 a.m. (New York time) on any Business Day, such Lender shall make
available to the Administrative Agent for the account of such Issuing Bank its Pro Rata Share of the amount of such payment on such Business Day in immediately available funds in New York, New York. In the event such payments are made by such
Lenders, such payments shall constitute Loans made to the Company pursuant to Section 2.01 (irrespective of the satisfaction of the conditions in Section 4.02). 
  
 If and to the extent such Lender shall not have so made its Pro Rata Share of the amount of such payment available to the
Administrative Agent for the account of such Issuing Bank, (A) such Lender agrees to pay to the Administrative Agent for the account of such Issuing Bank forthwith on demand such amount together with interest thereon, for each day from the date such
payment was first due until the date such amount is paid to the Administrative Agent for the account of such Issuing Bank, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation, (B) with respect to any Lender which is also an Issuing Bank hereunder or whose Affiliate is an Issuing Bank hereunder and, in either case, such Issuing Bank has not received a requested reimbursement under
Section 3.06(b)(i) in respect of a payment made by such Issuing Bank under a Facility Letter of Credit (an “Unreimbursed Issuing Bank”), the obligations of such Lender under Section 3.06(b)(i) shall be suspended solely
as to any Issuing Bank with respect to which such Issuing Bank (in its capacity as a Lender) or the Affiliate of such Issuing Bank which is a Lender has failed to reimburse such Unreimbursed Issuing Bank (a “Defaulting L/C
Participant”), until the amount of such reimbursement is paid in full and (C) until the earlier of such Defaulting L/C Participant’s cure of such failure to reimburse such Unreimbursed Issuing Bank, the proceeds of all 
  

 38 

 amounts thereafter repaid to the Administrative Agent by the Company and otherwise required to be applied to such
Defaulting L/C Participant’s share of all other Obligations pursuant to the terms of this Agreement shall be advanced to the Unreimbursed Issuing Bank by the Administrative Agent on behalf of such Defaulting L/C Participant to cure, in full or
in part, such failure by such Defaulting L/C Participant, but shall nevertheless be deemed to have been paid to such Defaulting L/C Participant in satisfaction of such other Obligations. Notwithstanding anything in this Agreement to the contrary, a
Defaulting L/C Participant shall be deemed to have cured its failure to fund its Pro Rata Share of any reimbursement requested under Section 3.06(b)(i) at such time as an amount equal to such Defaulting L/C Participant’s original Pro
Rata Share of the requested principal portion of such reimbursement is fully funded to the Unreimbursed Issuing Bank, whether made by such Defaulting L/C Participant itself or by operation of the terms of this Section 3.06(b)(ii). 

 
 The failure of any Lender to make available to the Administrative Agent
for the account of any Issuing Bank its Pro Rata Share of any such payment shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent for the account of such Issuing Bank its Pro Rata Share of any
payment on the date such payment is to be made. 
  
 Whenever an
Issuing Bank receives a payment on account of a Reimbursement Obligation, including any interest thereon, as to which the Administrative Agent has previously received payments from any or all of the Lenders for the account of such Issuing Bank
pursuant to this Section 3.06, such Issuing Bank shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly pay to each Lender which has funded its participating interest therein, in New York, New York, in
Dollars and in the kind of funds so received, an amount equal to (i) the amount paid by such Issuing Bank, multiplied by (ii) a fraction, the numerator or which shall be the amount funded by such Lender in respect of its participating
interest and the denominator of which shall be the amount funded by all of the Lenders in respect of their respective participating interests. Each such payment shall be made by such Issuing Bank or the Administrative Agent, as the case may be, on
the Business Day on which such Person receives the funds paid to such Person pursuant to the preceding sentence, if received prior to 11:00 a.m. (New York time) on such Business Day, and otherwise on the next succeeding Business Day. 
  
 Upon the request of the Administrative Agent or any Lender, an Issuing Bank
shall furnish to the Administrative Agent or such Lender copies of any Facility Letter of Credit or Letter of Credit Reimbursement Agreement to which that Issuing Bank is party and such other documentation as may reasonably be requested by the
Administrative Agent or such Lender. 
  
 The obligations of a
Lender to make payments to the Administrative Agent for the account of each Issuing Bank with respect to a Facility Letter of Credit issued by such Issuing Bank shall be irrevocable, shall not be subject to any qualification or exception whatsoever,
and shall be honored in accordance with the terms and conditions of this Agreement under all circumstances (subject to Section 3.02), including any of the following circumstances: 
  
 any lack of validity or enforceability of this Agreement or any of the other Loan Documents; 
  
 the existence of any claim, set-off, defense or other right which the
Company may have at any time against a beneficiary named in a Facility Letter of Credit or any transferee of any Facility Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, such Issuing Bank, any
Lender, or any other Person, whether in connection with this Agreement, any Facility Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transactions between the account party and the
beneficiary named in any Facility Letter of Credit); 
  

 39 

 any draft, certificate of any other document presented under the Facility Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
  
 any failure by the Administrative Agent or that Issuing Bank to make any reports required pursuant to Section 3.09 or the inaccuracy of any such
report; 
  
 the occurrence of any Event of Default or Potential
Event of Default; or 
  
 the occurrence of the Commitment
Termination Date (unless the deposit required by Section 2.01(d) or 10.02(b) shall have been delivered). 
  
 Payment of Reimbursement Obligations. 
  
 The Company agrees to pay to each Issuing Bank the amount of all Reimbursement Obligations, interest and other amounts payable to such issuing Bank under
or in connection with any Facility Letter of Credit immediately when due; irrespective of any claim, setoff, defense or other right which the Company may have at any time against any Issuing Bank or any other Person. 
  
 In the event any payment by the Company received by an Issuing Bank with
respect to a Facility Letter of Credit and distributed by the Administrative Agent to the Lenders on account of their participations is thereafter set aside, avoided or recovered from that Issuing Bank in connection with any receivership,
liquidation or bankruptcy proceeding, each Lender which received such distribution shall, upon demand by that Issuing Bank, contribute such Lender’s Pro Rata Share of the amount set aside, avoided or recovered together with interest at the rate
required to be paid by that Issuing Bank upon the amount required to be repaid by it. 
  
 Compensation for Facility Letters of Credit. 
  
 Facility Letter of Credit Fees. The Company shall pay quarterly in arrears, on the tenth (10th) Business Day of each calendar quarter in respect of the previous calendar quarter and promptly upon receipt of
each quarterly report referred to in Section 3.09, in the case of each Facility Letter of Credit covered by such quarterly report, a per annum fee equal to the Applicable Eurodollar Rate Margin then in effect applied (on the basis of actual
days elapsed in a 360 day year) to the maximum amount available to be drawn under such Facility Letter of Credit from day to day during the previous calendar quarter; provided, however, that, effective upon notice from the
Administrative Agent or the Requisite Lenders at any time after (i) the occurrence of an Event of Default under Section 10.01(a) or (ii) the date of acceleration of the maturity of the Obligations pursuant to Section 10.02(a) and for
as long thereafter as such Event of Default shall be continuing or until such acceleration has been rescinded pursuant to Section 10.02(c) (as applicable), the fee payable pursuant to this Section 3.08(a) shall accrue at a rate equal
to the Applicable Eurodollar Rate Margin then in effect plus two percent (2%) per annum (on the basis of actual days elapsed in a 360 day year) and shall be payable upon demand. This fee shall be paid to the Administrative Agent for the
account of the Lenders in proportion to their respective Pro Rata Shares. 
  
 Issuing Bank Charges. The Company shall pay to each Issuing Bank, solely for the account of such Issuing Bank, (i) on the date of issuance of any Facility Letter of Credit by such Issuing Bank, a fee equal to
one-tenth of one percent (0.10%) of the face amount of such Facility Letter of Credit (calculated on the basis of a 360 day year), and (ii) upon such Issuing Bank’s demand therefor, the standard charges assessed by such Issuing Bank in
connection with the issuance, administration, amendment and payment or cancellation of each Facility Letter of Credit issued by such Issuing Bank. 
  

 40 

 Issuing Bank Reporting Requirements. Each Issuing Bank shall, no later than the tenth Business Day
following the last day of each calendar quarter, provide to the Administrative Agent and the Company separate schedules for Commercial Letters of Credit and Standby Letters of Credit issued as Facility Letters of Credit, in form and substance
reasonably satisfactory to the Administrative Agent, showing the date of issue, account party, amount, expiration date and the reference number of each Facility Letter of Credit issued by it outstanding at any time during such calendar quarter and
the aggregate amount paid by the Company during the calendar quarter pursuant to Section 3.07. Copies of such reports shall be provided promptly to each Lender by the Administrative Agent. 
  
 Indemnification; Exoneration. 
  
 In addition to amounts payable as elsewhere provided in this Article
III, the Company hereby agrees to defend, indemnify, pay and save the Administrative Agent, each Issuing Bank and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses
(including reasonable attorneys’ fees) which the Administrative Agent or such Issuing Bank or Lender may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Facility Letter of Credit other than, in the case
of an Issuing Bank, as a result of its gross negligence, willful misconduct or breach in bad faith of its obligations hereunder, as determined by a court of competent jurisdiction or (ii) the failure of such Issuing Bank issuing a Facility Letter of
Credit to honor a drawing under such Facility Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority (all such acts or omissions herein
called “Government Acts”). 
  
 As between the
Company, the Lenders and each Issuing Bank issuing a Facility Letter of Credit, the Company assumes all risks of the acts and omissions of, or misuse of such Facility Letters of Credit by, the respective beneficiaries of the Facility Letters of
Credit. In furtherance and not in limitation of the foregoing, subject to the provisions of the Facility Letter of Credit applications, the Issuing Banks and the Lenders shall not be responsible: (i) for the form, validity, sufficiency, accuracy,
genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of the Facility Letters of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Facility Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part,
which may prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary of a Facility Letter of Credit to comply duly with conditions required in order to draw upon such Facility Letter of Credit; (iv) for errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under any Facility Letter of Credit or of the proceeds thereof; (vii) for the misapplication by the beneficiary of a Facility Letter of Credit of the proceeds of any
drawing under such Facility Letter of Credit; and (viii) for any consequences arising from causes beyond the control of the Administrative Agent, Issuing Banks and Lenders including any Government Acts. None of the above shall affect, impair, or
prevent the vesting of any Issuing Bank’s rights or powers under this Section 3.10. 
  
 In furtherance and extension and not in limitation of the specific provisions hereinabove set forth, any action taken or omitted by an Issuing Bank under
or in connection with the Facility Letters of Credit or any related certificates, if taken or omitted in good faith, shall not put such Issuing Bank, the Administrative Agent or any Lender under any resulting liability to the Company or relieve the
Company of any of its obligations hereunder to any such Person. 
  

 41 

 Notwithstanding anything to the contrary contained in this Section 3.10, the Company shall have no
obligation to indemnify an Issuing Bank under this Section 3.10 in respect of any liability incurred by such Issuing Bank arising out of such Issuing Bank’s gross negligence, willful misconduct or breach in bad faith of its obligations
hereunder, as determined by a court of competent jurisdiction. 
  
 Transitional Provisions. Schedule 3.11 contains a schedule of certain Letters of Credit issued for the account of the Company outstanding as of the Effective Date by one or more of the Issuing Banks. Subject to the satisfaction of
the conditions precedent contained in Article IV, on the Effective Date (i) such Letters of Credit, to the extent still outstanding, shall be deemed to be converted into Facility Letters of Credit issued pursuant to Section 3.04 and
subject to the provisions of this Agreement, and for this purpose the fees specified in Section 3.08 shall be payable as if such Letters of Credit had been issued on the Effective Date, (ii) the face amount of such Letters of Credit shall be
included in the calculation of Facility Letter of Credit Obligations and Revolving Credit Obligations which when, aggregated with all other Revolving Credit Obligations outstanding as of the Effective Date, shall not exceed the Aggregate Commitment,
and (iii) all liabilities of the Company with respect to such Letters of Credit shall constitute Obligations. 
  
 Amount of Letter of Credit Obligations; Increase, Termination and Reduction of Letter of Credit Commitments. 
  
 The maximum amount available of issuances of Facility Letters of Credit
hereunder shall not exceed the Aggregate Commitment, whether or not the aggregate of all of the Issuing Banks’ then effective Letter of Credit Commitments shall exceed the amount of the Aggregate Commitment then in effect. 
  
 An Issuing Bank’s Letter of Credit Commitment shall terminate (i) upon
the termination of the Aggregate Commitment pursuant to Section 2.05 or (ii) upon the termination of the Commitment of such Issuing Bank’s Commitment (in its capacity as a Lender) or the Commitment of such Issuing Bank’s Affiliate
which is a Lender. In the event that Facility Letters of Credit issued by such Issuing Bank remain outstanding, the Company shall immediately deliver to such Issuing Bank an amount equal to 103% of the greatest amount for which all such outstanding
Facility Letters of Credit issued by such Issuing Bank may be drawn. 
  
 Upon five (5) Business Days’ prior written notice thereof to the Administrative Agent and each Issuing Bank, or upon such other prior written notice as the Administrative Agent may elect to accept in any particular instance, the
Company may: 
  
 with the written consent of such Lender (or
Affiliate thereof) and the Administrative Agent, designate as an Issuing Bank any Lender (or Affiliate thereof) which is not then an Issuing Bank and the Letter of Credit Commitment of such newly-designated Issuing Bank; and 
  
 whether or not in connection with the addition of an Issuing Bank pursuant
to this Section 3.12(c), reduce or (with the consent of such Issuing Bank) increase any Issuing Bank’s Letter of Credit Commitment, subject to Section 3.12(d) below. 
  
 The appointment of additional Issuing Banks pursuant to Section 3.12(c)(i) and the reduction or increase of any
Issuing Bank’s Letter of Credit Commitment pursuant to Section 3.12(c)(ii) shall at all times be subject to the qualifications and restrictions that (i) at no time shall any Issuing Bank’s Letter of Credit Commitment exceed the
amount agreed to by such Issuing Bank and (ii) the Company shall not reduce any Issuing Bank’s Letter of Credit Commitment to an amount less than the amount of all of the then existing Facility Letter of Credit Obligations in respect of
Facility Letters of Credit issued by such Issuing Bank. 
  

 42 

 Obligations Several. The obligation of each Issuing Bank and each Lender under this Article III is
several and not joint, and no Issuing Bank or Lender shall be responsible for the Letter of Credit Commitment or participation obligation hereunder, respectively, of any other Issuing Bank or Lender. 
  
 CONDITIONS TO LOANS AND FACILITY LETTERS OF CREDIT

  
 Conditions Precedent to Initial Loans and Facility Letters of
Credit. The obligation of each Lender on the Effective Date to make any Loan requested to be made by it, and the agreement of each Issuing Bank on the Effective Date to issue Facility Letters of Credit, shall be subject to the satisfaction of all of
the following conditions precedent: 
  
 Documents. The
Administrative Agent shall have received on or before the Effective Date all of the following, each of which shall be duly executed, completed and acknowledged where appropriate and in form and substance satisfactory to the Company, the
Administrative Agent and the Lenders: 
  
 this Agreement,
together with all Schedules hereto which shall be in each case true, complete and correct in all material respects as of the Effective Date; 
  
 for the benefit of each Lender, a Note dated the Effective Date and made payable to the order of such Lender requesting a Note prior to the Effective
Date; 
  
 a Notice of Borrowing completed in accordance with the
provisions of Section 2.01(b); 
  
 a certified copy of the
resolutions of the Company’s Board of Directors designating this Agreement as the “Credit Agreement” under the documents governing the QUIDS Subordinated Notes and the SEJ Subordinated Notes; 
  
 the Payoff Letter; 
  
 a letter agreement from Ito-Yokado to the Administrative Agent, the Lenders
and the Issuing Banks, pursuant to which Ito-Yokado confirms its agreements with respect to (A) Ito-Yokado’s guarantee of the Commercial Paper, (B) permitted payments by the Company to Ito-Yokado in respect of CP Reimbursement Indebtedness, (C)
amendments to the documents entered into in connection with the Commercial Paper and (D) the certain other matters (the “Ito-Yokado CP Letter Agreement”); 
  
 a copy of the letter agreement from Ito-Yokado to the Company extending its guarantee of the Commercial Paper through
December 31, 2005; 
  
 an amendment to the VCOM Lease providing
that the financial covenants applicable to the VCOM Lease and the defined terms relating thereto shall be identical to the financial covenants set forth in Article IX of this Agreement and the defined terms used herein, as this Agreement may
be amended, restated, supplemented, modified, replaced or refinanced from time to time; 
  

 43 

 favorable legal opinions, each dated the Effective Date and otherwise in form and substance satisfactory
to the Administrative Agent, addressed to the Administrative Agent, the Lenders and the Issuing Banks from: 
  
 Bryan F. Smith, Jr., Executive Vice President, General Counsel and Secretary of the Company, in substantially the form of Exhibit 8-A
attached hereto; and 
  
 Shearman &
Sterling LLP, New York counsel to the Company, in substantially the form of Exhibit 8-C attached hereto; 
  
 the Company hereby directs its counsel to prepare and deliver to the Administrative Agent, the Lenders and the Issuing Banks the respective opinions described in
clauses (A) through (C) above; 
  
 a favorable
legal opinion from Sidley Austin Brown & Wood LLP, counsel to the Administrative Agent, dated the Effective Date and otherwise in form and substance satisfactory to the Administrative Agent, addressed to the Administrative Agent; 
  
 the Company’s Articles of Incorporation, as amended, modified or
supplemented through the Effective Date, certified to be true, correct and complete by the Secretary of State of the State of Texas as of a recent date prior to the Effective Date, together with good standing certificates from the Secretaries of
State of such States in which the Company is qualified to do business as the Administrative Agent may request, each to be dated a recent date prior to the Effective Date; 
  
 a certificate of the Secretary or Assistant Secretary of the Company, in each case dated the Effective Date, certifying (A)
the names and true signatures of the incumbent officers of the Company authorized to sign the Loan Documents, (B) the By-Laws of the Company as in effect on the date of such certification, (C) the resolutions of the Company’s Board of Directors
approving and authorizing the execution, delivery and performance of the Loan Documents executed by such Person, and (D) that the Company’s Articles of Incorporation have not been amended, supplemented or otherwise modified since the date of
certification from the Secretary of State of Texas under Section 4.01(a)(xi) and that such Articles of Incorporation are in full force and effect; 
  
 the financial statements and materials referred to in Section 5.01(f), in form and substance satisfactory to the Administrative Agent; 

 
 a certificate signed by the principal financial officer or treasurer of
the Company certifying that all conditions precedent set forth in this Agreement have been met and no Potential Event of Default or Event of Default has occurred or is continuing; and 
  
 such additional documentation as the Administrative Agent may reasonably request. 
  
 Fees and Expenses Paid. The Company shall have paid to the
Administrative Agent, for the benefit of the Persons entitled thereto, all fees and expenses due and payable on or before the Effective Date to the extent invoiced prior to the Effective Date. 
  
 Representations and Warranties. All of the representations and
warranties of the Company and each Subsidiary Guarantor contained in Section 5.01 and in any other Loan Documents (other than representations and warranties which expressly speak only as of a different date) shall be true and correct in all
material respects on and as of the Effective Date as though made on and as of that date. 
  

 44 

 No Default. No Event of Default or Potential Event of Default shall have occurred and be
continuing or would result from the effectiveness of this Agreement, the making of the Loans requested or deemed to be made on the Effective Date or the issuance of or participation in the Facility Letters of Credit requested to be issued or
converted on the Effective Date. 
  
 No Legal Impediments.
No law, regulation, order, judgment or decree of any Governmental Authority shall, and the Administrative Agent shall not have received any notice that litigation is pending or threatened which seeks to enjoin, prohibit or restrain the making of the
Loans requested or deemed to be made on the Effective Date or the issuance of or participation in the Facility Letters of Credit requested to be issued or converted on the Effective Date. 
  
 No Notice from Lenders. The Administrative Agent shall not have received any notification from the Requisite Lenders
that any condition precedent set forth in this Section 4.01 has not then been satisfied. 
  
 Conditions Precedent to All Subsequent Loans and Facility Letters of Credit. The obligation of each Lender to make any Loan requested to be made by it and
the agreement of each Issuing Bank to issue any Facility Letter of Credit pursuant to Article III, on any date after the Effective Date, is subject to the following conditions precedent as of such date: 
  
 Notice of Borrowing. With respect to a request for a Loan, the
Administrative Agent shall have received in accordance with the provisions of Section 2.01(b), on or before any Funding Date, an original and duly executed Notice of Borrowing. 
  
 Additional Matters. As of the Funding Date for any Loan and the date of issuance of any Facility Letter of Credit:

  
 All of the representations and warranties of the Company and
each Subsidiary Guarantor contained in Section 5.01 (other than the representations and warranties contained in Sections 5.01(h) and 5.01(i)) and in any other Loan Document (in each case, other than representations and
warranties which expressly speak only as of a different date) shall be true and correct in all material respects on and as of that Funding Date or issuance date, as though made on and as of that date; and 
  
 No Event of Default or Potential Event of Default shall have occurred and be
continuing or would result from the making of the requested Loan or issuance of the requested Facility Letter of Credit. 
  
 Each submission by the Company to the Administrative Agent of a Notice of Borrowing with respect to a Loan and the acceptance by the Company of the
proceeds of each such Loan made hereunder, or submission to an Issuing Bank of a request for the issuance of a Facility Letter of Credit and the issuance of such Facility Letter of Credit, shall constitute a representation and warranty by the
Company as of the Funding Date in respect of such Loan or the issuance of such Facility Letter of Credit that all the conditions contained in this Section 4.02 have been satisfied. 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Representations and Warranties. In order to induce the Lenders and the Issuing Banks to enter into this Agreement and to
make the Loans and the other financial accommodations to the Company and to issue the Facility Letters of Credit described herein, the Company hereby represents and warrants to each Lender, each Issuing Bank and the Administrative Agent that the
following statements are true, correct and complete: 
  
 Organization; Corporate Powers. The Company and each Subsidiary of the Company (i) is a corporation or limited liability company duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, (ii) is duly qualified to do business as a foreign corporation or limited liability company and in good standing under the laws of each jurisdiction in which it owns or leases real property or in which failure to be so qualified and in
good standing would be reasonably likely to have a Material Adverse Effect, and (iii) has all requisite corporate power and authority to own, operate and encumber its property and assets and to conduct its business as presently conducted.

  

 45 

 Authority. 
  
 The Company has the requisite corporate power and authority to execute, deliver and perform each of the Loan Documents
executed by it, or to be executed by it. 
  
 The execution,
delivery and performance of each of the Loan Documents to which it is party and the consummation of the transactions contemplated thereby, have been duly approved by the Board of Directors of the Company and no other corporate proceedings on the
part of the Company are necessary to consummate such transactions. 
  
 Each of the Loan Documents to which it is party has been duly executed and delivered by the Company and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable
bankruptcy, insolvency and other similar laws affecting creditors’ rights generally and to general equitable principles, is in full force and effect and no material term or condition thereof has been amended, modified or waived from the terms
and conditions contained in the Loan Documents without the prior written consent of the Administrative Agent, and no material default by any such party exists thereunder. 
  
 No Conflict. The execution, delivery and performance of each Loan Document to which it is party by the Company do not
and will not (i) constitute a tortious interference with any Contractual Obligation of the Company or any of its Subsidiaries or (ii) conflict with, result in a breach of or constitute (with or without notice or lapse of time or both) a default
under any Requirement of Law or Contractual Obligation of the Company, or require termination of any Contractual Obligation, the consequences of which violation, breach or default or termination, singly or in the aggregate, are reasonably likely to
have a Material Adverse Effect or (iii) result in or require the creation or imposition of any Lien whatsoever upon any of the properties or assets of the Company, or (iv) require any approval of stockholders. 
  
 Government Consents. The execution, delivery and performance of each
Loan Document to which it is party by the Company do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by any Governmental Authority, except filings, consents or notices which have
been, or will in due course, be made, obtained or given (or the failure to obtain which will not reasonably be likely to have a Material Adverse Effect), and except any consents, approval or filings required as to a Lender because of a regulatory
requirement applicable to it in its capacity as a bank or a commercial lender. 
  
 Governmental Regulation. The Company is not subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act, the Interstate Commerce Act, the Investment Company Act of 1940 or
any other federal or state statute or regulation such that its ability to incur indebtedness is limited or its ability to consummate the transactions contemplated hereby is materially impaired. 
  

 46 

 Financial Position. Complete and accurate copies of the following financial statements and
materials have been delivered to each of the Lenders: the Annual Reports of the Company on Form 10-K for each of the Fiscal Years ended during 2002 and 2003 (including audited financial statements) and the Quarterly Report on Form 10-Q for the first
two fiscal quarters of 2004. All financial statements included in such materials were prepared in conformity with GAAP, except as otherwise noted therein, and fairly present the consolidated financial position of the Company and its Subsidiaries as
at the respective dates thereof and the consolidated results of operations and changes in the financial position of the Company and its Subsidiaries for each of the periods covered thereby, subject, in the case of any unaudited interim financial
statements, to changes resulting from audit and normal year-end adjustments. 
  
 Fundamental Changes. Since December 31, 2003, the Company has not entered into any agreement with respect to a merger or consolidation or adopted a plan of recapitalization or liquidation, except as permitted
by this Agreement. 
  
 Litigation; Adverse Effects. Except
as set forth in Schedule 5.01(h) hereto, there is no action, suit, proceeding, governmental investigation or arbitration, at law or in equity, before or by any federal, state, municipal or other governmental department, commission, board,
bureau, agency or instrumentality, domestic or foreign, pending, or to the Knowledge of the Company, probable of assertion against the Company or any of the Subsidiaries of the Company or any property of any of them (A) which could reasonably be
expected to have a Material Adverse Effect or (B) challenging the validity or the enforceability of any of the Loan Documents. Neither the Company nor any of the Company’s Subsidiaries is (x) in violation of any applicable law which violation
has or is reasonably likely to have a Material Adverse Effect, or (y) subject to or in default with respect to any final judgment, writ, injunction, decree, rule or regulation of any court or Governmental Authority which has or is reasonably likely
to have a Material Adverse Effect. 
  
 No Material Adverse
Change. Since December 31, 2003, no Material Adverse Change has occurred. 
  
 Securities Activities. Neither the Company nor any Subsidiary of the Company is engaged principally in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. 
  
 Disclosure. The representations and warranties of the Company made to
the Lenders contained in the Loan Documents, and all certificates and other documents delivered to the Administrative Agent in connection therewith, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements contained herein or therein, in light of the circumstances under which they were made, not misleading. The Company has not withheld any fact from the Lenders in regard to any matter with respect to
which the Company has Knowledge or reasonably should have Knowledge and which has or is reasonably likely to have a Material Adverse Effect. 
  
 Consents and Authorizations. The Company has obtained all consents and authorizations required pursuant to any of its material Contractual
Obligations with any other Person and shall have obtained all consents and authorizations of, and effected all notices to and filings with, any Governmental Authority, as may be necessary to allow the Company, lawfully to execute, deliver and
perform its obligations under the Loan Documents and each other agreement or instrument to be executed and delivered by it pursuant thereto or in connection therewith, except where the failure to obtain any such consent or authorization would not
have a Material Adverse Effect. 
  

 47 

 No Negative Pledges. Except for (i) this Agreement, (ii) the documents evidencing the VCOM Lease
and other Capital Lease Obligations, (iii) restrictions with respect to assets which are permitted to be subject to Liens pursuant to Section 8.02(b)(iii), (iv) restrictions with respect the assets set forth on Schedule 5.01(m), (v)
restrictions with respect to purchase money Indebtedness in an aggregate principal amount not to exceed $25,000,000 at any time outstanding solely to the extent that the agreement or instrument governing such Indebtedness prohibits a Lien on the
property acquired with the proceeds of such Indebtedness, (vi) restrictions in any agreement setting forth customary restrictions on the subletting, assignment or transfer of any property or asset that is the subject of a lease, license or
conveyance of such property or assets provided such restrictions relate only to such property or asset, and (vii) to restrictions with respect to other assets with an aggregate net book value not to exceed $100,000,000, no Contractual Obligation to
which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or any of their respective properties is bound or to which the Company or any of its Subsidiaries or any of their respective properties is
subject restricts the Company or any of its Subsidiaries from granting security interests or liens in its real or personal property to the Administrative Agent, the Lenders and the Issuing Banks (other than any provision in a contract to which the
Company or any of its Subsidiaries is a party that purports to restrict the assignment of such contract). 
  
 Obligations Constitute Senior Indebtedness. The obligations of the Company for principal of and interest on all Loans, Reimbursement Obligations
and other extensions of credit under this Agreement and all fees, expenses, reimbursements, indemnities and other amounts owing by the Company pursuant to this Agreement to the Administrative Agent, any Lender or Issuing Bank (whether or not such
Person then is acting in its capacity as a Lender or Issuing Bank) and all other Obligations, and any renewals, extensions, modifications or refinancings thereof, constitute “Senior Indebtedness” within the meanings ascribed to such term
(or any comparable term) in the QUIDS Subordinated Notes, the SEJ Subordinated Note Purchase Agreement and all other agreements documents and instruments evidencing Subordinated Indebtedness. 
  
 REPORTING COVENANTS 
  
 The Company covenants and agrees that so long as any Lender shall have any
obligation hereunder and until payment in full of all of the Obligations, unless the Requisite Lenders shall otherwise give prior written consent thereto: 
  
 Financial Statements. The Company shall maintain or cause to be maintained a system of accounting established and administered in accordance with sound
business practices to permit preparation of financial statements in conformity with GAAP, and each of the financial statements described below shall be prepared from such system and records. The Company shall deliver to the Administrative Agent for
distribution to each Lender: 
  
 Quarterly Financial
Statements. As soon as practicable, and in any event within fifty (50) days after the end of each fiscal quarter in each Fiscal Year (except the fourth quarter in each Fiscal Year), the Company’s Quarterly Report on Form 10-Q filed with the
Commission in respect of such fiscal quarter, which shall be prepared and presented in accordance with the rules and regulations of the Commission applicable thereto at the time of such filing, provided, however, that if at any time
the Company is not required under the Commission’s rules and regulations to file a Quarterly Report on Form 10-Q in respect of any fiscal quarter, it shall furnish to the Administrative Agent for distribution to each Lender in lieu thereof,
within the time specified above, the consolidated balance sheet and consolidated statements of operations, stockholders’ equity and cash flows and changes in financial position of the Company and its Subsidiaries as of the end of such fiscal
quarter and the then elapsed 
  

 48 

 portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or
periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year; certified by the principal financial officer or treasurer of the Company that the consolidated balance sheet and statements of operations,
stockholders’ equity and cash flows and changes in financial position of the Company and its Subsidiaries included therein fairly present the consolidated financial position of the Company and its Subsidiaries as at the dates indicated in
accordance with GAAP, subject to normal year end adjustment. 
  
 Annual Financial Statements. As soon as practicable, and in any event within ninety-five (95) days after the end of each Fiscal Year, the Company’s Annual Report on Form 10-K filed with the Commission in respect of such Fiscal
Year, which shall be prepared and presented in accordance with the rules and regulations of the Commission applicable thereto at the time of such filing, provided, however, that the report of PricewaterhouseCoopers LLP or other
independent certified public accountants of recognized national standing satisfactory to the Administrative Agent, which accompanies the consolidated balance sheets and statements of earnings and changes in financial position of the Company and its
Subsidiaries included in such Form 10-K shall be unqualified as to going concern, provided, further, that if at any time the Company is not required under the Commission’s rules and regulations to file an Annual Report on Form
10-K in respect of any Fiscal Year, it shall furnish to the Administrative Agent for distribution to each Lender in lieu thereof, within the time specified above, the consolidated balance sheet and consolidated statements of operations,
stockholders’ equity and cash flow and changes in financial condition for the Borrower and its Subsidiaries for such year, setting forth in each case in comparative form the figures for the previous fiscal year prepared in accordance with GAAP
consistently applied; accompanied by a report thereon of PricewaterhouseCoopers LLP or other independent certified public accountants of recognized national standing satisfactory to the Administrative Agent, which report shall be unqualified as to
going concern and state that the consolidated balance sheet and statements of operations, stockholders’ equity and cash flows and changes in financial position of the Company and its Subsidiaries included therein fairly present the consolidated
financial position of the Company and its Subsidiaries as at the dates indicated in conformity with GAAP and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with
generally accepted auditing standards. 
  
 Officer’s
Certificate; Compliance Certificate. Together with each delivery of any financial statements pursuant to Sections 6.01(a) and 6.01(b), (i) an Officer’s Certificate of the Company substantially in the form of Exhibit 9,
stating that the executive officer signatory thereto has reviewed the terms of this Agreement and the principal Loan Documents, and has made, or caused to be made under his or her supervision, a review in reasonable detail of the transactions and
condition of the Company and its Subsidiaries taken as a whole, during the accounting period covered by such financial statements, and that such review has not disclosed the existence during or at the end of such accounting period, and that such
executive officer does not have Knowledge of the existence as at the date of the Officer’s Certificate, of any condition or event which constitutes an Event of Default or Potential Event of Default, or, if any such condition or event existed or
exists, specifying the nature and period of existence thereof and what action the Company or its applicable Subsidiaries have taken, is taking and proposes to take with respect thereto; and (ii) a Compliance Certificate demonstrating in reasonable
detail compliance at the end of such accounting periods (and during such periods to the extent such compliance is required hereby) with the covenants contained in Article IX. 
  
 Material Events. Promptly upon the Company obtaining Knowledge (i) of any condition or event which constitutes an
Event of Default or Potential Event of Default, or (ii) of any condition or event which, in the reasonable judgment of the Company, would be likely to have a Material Adverse Effect, an Officer’s Certificate specifying the nature and period of
existence of any such Event of Default, Potential Event of Default, event or condition, and what action the Company has taken, is taking and proposes to take with respect thereto. 
  

 49 

 Litigation. Promptly upon the Company obtaining Knowledge of (i) the commencement of, any action,
suit, proceeding, governmental investigation or arbitration against or affecting the Company or any of its Subsidiaries or any property of the Company or any of its Subsidiaries not previously disclosed in writing by the Company to the Lenders
pursuant to this Section 6.01(e), or (ii) any material development in any action, suit, proceeding, governmental investigation or arbitration already disclosed, which is likely to, in either case, have a Material Adverse Effect, the Company
shall give notice thereof to the Lenders and, subject to the provisions of Section 12.23, provide such other information as may be reasonably requested by the Administrative Agent or the Requisite Lenders to it to enable the Lenders and their
counsel to evaluate such matters. 
  
 ERISA Events.
Promptly upon becoming aware of the occurrence of any Reportable Event, Termination Event, or “prohibited transaction”, as such term is defined in Section 4975 of the Internal Revenue Code, in connection with any Benefit Plan or
Multiemployer Plan, if any, or any trust created thereunder, a written notice specifying the nature thereof, what action the Company, any Subsidiary of the Company or any ERISA Affiliate, as applicable, has taken, and, when known, any action taken
or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto. 
  
 ERISA Notices. With reasonable promptness, copies of (i) all notices received by the Company, any Subsidiary of the Company or any ERISA Affiliate
of the PBGC’s intent to terminate any Defined Benefit Plan, if any, or to have a trustee appointed to administer any Defined Benefit Plan, if any; (ii) all notices received by the Company, any Subsidiary of the Company or any ERISA Affiliate
from a Multiemployer Plan sponsor, pursuant to Section 4202 of ERISA, involving a withdrawal liability payment in excess of $1,000,000; and (iii) all funding waiver requests filed by the Company, any Subsidiary of the Company or any ERISA Affiliate
with the Internal Revenue Service with respect to any Benefit Plan and all communications received by the Company, any Subsidiary of the Company or any ERISA Affiliate from the Internal Revenue Service with respect to any such funding waiver
request. 
  
 Ito-Yokado Commercial Paper Guarantee
Extensions. On or before any date on which Ito-Yokado’s guarantee of the Commercial Paper is scheduled to expire, a copy of a letter agreement from Ito-Yokado to the Company extending its guarantee of the Commercial Paper for a period not
less than one additional year. 
  
 Other Information. With
reasonable promptness, such other information with respect to the Company or any of its Subsidiaries as from time to time may be reasonably requested by the Administrative Agent or the Requisite Lenders. 
  
 Reports required to be delivered pursuant to subsections (a) and
(b) of this Section 6.01 and Section 6.03 shall be deemed to have been delivered on the date on which the Company posts such reports on the Company’s website on the Internet at the website address listed on the signature
pages hereof or when such report is posted on the Commission’s website at www.sec.gov; provided that in the case of subsections (a) and (b) of Section 6.01 on such posting shall not constitute delivery until the Company notifies the
Administrative Agent that the reports have been so posted; provided further that the Company shall deliver paper copies of the reports referred to in subsections (a) and (b) of this Section 6.01 and Section 6.03 to the
Administrative Agent or any Lender who requests the Company to deliver such paper copies until written notice to cease delivering paper copies is given by the Administrative Agent or such Lender. 
  

 50 

 Environmental Notices. Except as disclosed in the Company’s public filings prior to the Effective
Date with the Commission, the Company shall notify the Administrative Agent, in writing, promptly upon the Company’s learning that either the Company or any of its Subsidiaries has received notice or otherwise learned of any claim, demand,
action, event, condition, or report or investigation indicating any potential or actual liability arising in connection with: (a) a non-compliance with or violation of the requirements of any applicable federal, state or local environmental health
and safety statute or regulation which individually or in the aggregate would be reasonably likely to have a Material Adverse Effect; (b) any material release or material threatened release of any toxic or hazardous waste, substance or constituent,
or other substance into the environment which individually or in the aggregate would be reasonably likely to have a Material Adverse Effect or with respect to which the Company or one of its Subsidiaries would have a duty to report to a Governmental
Authority under CERCLA or any analogous state law; or (c) the existence of any Environmental Lien on any properties or assets of the Company or its Subsidiaries; provided, however, if the Company or any of its Subsidiaries has received
a notice from any Governmental Authority stating (i) that the Company or any of its Subsidiaries is or may be liable in any material respect to any person under CERCLA or any analogous state law or (ii) alleging a violation of any federal, state or
local environmental health and safety statute or regulation where such alleged violation which would be reasonably likely to have a Material Adverse Effect and is not cured or such notice is not withdrawn within thirty (30) days from the date of
receipt thereof, then the Company shall deliver a copy of such notice to the Administrative Agent. 
  
 Other Reports. The Company shall deliver to the Administrative Agent for distribution to the Lenders copies of all financial statements and reports and
notices, if any, sent or made available generally by the Company to its Securities holders or filed with the Commission. 
  
 AFFIRMATIVE COVENANTS 
  
 The Company covenants and agrees that so long as any Lender shall have any obligation hereunder and until payment in full of all of the Obligations,
unless the Requisite Lenders shall otherwise give prior written consent thereto: 
  
 Corporate Existence, etc. The Company shall at all times maintain its corporate existence and preserve and keep in full force and effect its rights and franchises the loss or termination of which would be reasonably
likely to have a Material Adverse Effect. The Company shall cause to be maintained, preserved and kept the corporate existence and rights and franchises of each of its Subsidiaries if the loss or termination thereof would be reasonably likely to
have a Material Adverse Effect, except for transactions permitted pursuant to Section 8.05. 
  
 Compliance with Laws. The Company shall, and shall cause its Subsidiaries to, comply with all Requirements of Law, noncompliance with which would be
reasonably likely to have a Material Adverse Effect. 
  
 Payment
of Taxes and Claims. The Company shall pay, and cause each of its Subsidiaries to pay, (a) all taxes, assessments and other charges of Governmental Authorities which, to its Knowledge, it is obligated to pay, including any such tax, assessment or
other charge on any of its properties or assets or in respect of any of its franchises, business, income or property before any penalty or interest accrues thereon, and (b) all claims (including claims for labor, services, materials and supplies)
for sums, material in the aggregate to the Company or any such Subsidiary, as the case may be, which have become due and payable and which by law have or may become a Lien (other than a Customary Permitted Lien) upon any of the Company’s or
such Subsidiary’s properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided that no such taxes, assessments and governmental charges referred to in clause (a) above
(including interest or penalties thereon) or claims referred to in clause (b) 
  

 51 

 above (including any penalties or fines with respect thereto) need be paid if such taxes, assessments, charges of
Governmental Authorities or claims are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and if such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP
shall have been made therefor. 
  
 Maintenance of Properties;
Insurance. The Company shall maintain or cause to be maintained in good repair, working order and condition, excepting ordinary wear and tear and damage due to casualty, all of its properties material to the operations of the Company and its
Subsidiaries taken as a whole (other than closed convenience stores deemed by management not to be material) and will make or cause to be made all appropriate repairs, renewals and replacements thereof, consistent with past practice. The Company
shall maintain or cause to be maintained, with financially sound and reputable insurers, insurance policies and programs in such amounts (subject to customary deductibles and retentions) and against such risks as is usually carried by companies of
similar size engaged in similar businesses and owning similar assets in the general areas in which the Company and its Subsidiaries operate; provided, however, that the Company and its Subsidiaries may self-insure to the same extent as
other companies engaged in similar businesses and owning similar properties in the same general areas in which the Company or such Subsidiary operates and to the extent consistent with prudent business practice. 
  
 Inspection of Property; Books and Records; Discussions. The Company shall
permit, and cause each of its Subsidiaries to permit, any authorized representative(s) designated by the Administrative Agent or the Requisite Lenders to inspect any of the properties of the Company or any of its Subsidiaries, including their
financial and accounting records, and to make copies and take extracts therefrom, and to discuss their affairs, finances and accounts with their officers and, affording a reasonable opportunity for the Company to have its representative present at
such meeting, with their independent certified public accountants, all upon reasonable notice and at such reasonable times during normal business hours, as often as may be reasonably requested. The Company will, and will cause each of its
Subsidiaries to, keep proper books of record and account in which entries in conformity with GAAP (and all legal requirements) shall be made of all dealings and transactions in relation to their businesses and activities. 
  
 NEGATIVE COVENANTS 
  
 The Company covenants and agrees that so long as any Lender shall have any obligation hereunder and until payment in full of
all of the Obligations, unless the Requisite Lenders shall otherwise give prior written consent thereto: 
  
 Material Subsidiary Indebtedness and Accommodation Obligations. The Company shall not permit any of its Material Subsidiaries to directly or indirectly
create, incur, assume, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness other than (a) Indebtedness existing on the Effective Date and set forth on Schedule 8.01, (b) Indebtedness of 7-Eleven
Canada, (c) Indebtedness owed by any Material Subsidiary to the Borrower or to another Subsidiary of the Borrower and (d) Indebtedness in an aggregate amount at any time outstanding in excess of seven and one half percent (7.5%) of consolidated
total assets of the Company and its Subsidiaries reflected in the Company’s most recent annual audited balance sheet. In addition to the foregoing, if any Material Indebtedness of the Company for borrowed money shall be guaranteed by or
otherwise supported by an Accommodation Obligation of any Subsidiary of the Company, the Company shall cause such Subsidiary to (a) guaranty or otherwise support the Obligations to the same extent as any and all other such Material Indebtedness for
so long as any such other Material Indebtedness shall be so guaranteed or supported and (b) execute and deliver such documents and legal opinions as would have been required under Section 4.01 if such Subsidiary had executed and delivered
this Agreement on the Effective Date. 
  

 52 

 Dispositions of Assets; Liens. 
  
 Disposition of Assets. The Company shall not, and shall not permit any of its Subsidiaries to, sell (including in any
sale and leaseback transaction), assign, transfer, lease, convey or otherwise dispose of any properties or assets (including any Capital Stock or other Equity Interest by the holder thereof), whether now owned or hereafter acquired, or any income or
profits therefrom, or enter into any agreement to do so, other than pursuant to a sale, assignment, transfer, lease, conveyance or other disposition (i) upon foreclosure on the Yen Royalty Financing Collateral by the Yen Royalty Lender; (ii)
constituting sales of inventory and transactions with franchisees occurring in the ordinary course of business; provided, however, that neither the Company nor any of its Subsidiaries shall sell, assign, or otherwise transfer any
interest in accounts receivable except in connection with a disposition of any business unit as a going concern (but subject to the limitation set forth in clause (viii) below); (iii) involving the Capital Stock of any Subsidiary required
under applicable law to qualify directors of such Subsidiary; (iv) from any Subsidiary of the Company to the Company or any Subsidiary; (v) sales or dispositions of stores or other assets in the ordinary course of business; (vi) operating leases,
subleases, licenses and sublicenses of real property or intellectual property granted to third parties in the ordinary course of business, in each case not intended to constitute a financing arrangement; (vii) equity contributions and other
transfers from Borrower to any of its Subsidiaries; and (viii) dispositions not otherwise permitted by subsections (i) through (vii) above involving assets with an aggregate net book value which when added to the aggregate net book
value of all other assets disposed of pursuant to this clause (vi) since the Effective Date does not to exceed in the aggregate an amount equal to twelve and one half percent (12.5%) of the consolidated total assets of the Company and its
Subsidiaries reflected in the Company’s most recent annual audited balance sheet. 
  
 Liens. The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist any Lien on or with respect to any of their properties or assets
except: 
  
 any interest or title of a lessor or
secured by a lessor’s interest under any lease permitted by this Agreement, including such interests or title arising under the VCOM Lease and other Capitalized Lease Obligations; 
  
 Customary Permitted Liens; 
  
 Liens on the assets of 7-Eleven Canada; 
  
 leases, subleases, licenses and sublicenses of the type referred to in Section 8.02(a)(v) granted to
third parties in the ordinary course of business; 
  
 Liens evidenced by the filing of precautionary Uniform Commercial Code financing statements relating solely to operating leases of personal property entered into in the ordinary course of business; 
  
 extensions, renewals or replacements of any Lien referred to
in subsections (i), (ii), (iii) and (iv) above; provided that the principal amount of the obligations secured thereby is not increased and that any such extension, renewal or replacement is limited to the property originally encumbered thereby; and

  
 Liens not otherwise permitted by subsections
(i) through (v) above on assets with an aggregate net book value which does not exceed at any time an amount equal to fifteen percent (15%) of the consolidated total assets of the Company and its Subsidiaries reflected in the Company’s most
recent annual audited balance sheet. 
  

 53 

 Securities Activities. The Company shall not use the proceeds of the Loans in violation of any applicable
Requirements of Law, including (i) Regulations U and X, and (ii) the Securities Act, the Securities Exchange Act, and the Sarbanes-Oxley Act of 2002, as amended, in each case, including all rules and regulations promulgated thereunder. Without in
any way limiting the foregoing, the Company will not, nor will it permit any Subsidiary to, use any of the proceeds of the Loans and other financial accommodations extended hereunder to purchase or carry Margin Stock if following the application of
the proceeds of each such Loan or drawing under a Letter of Credit, more than 25% of the value of the assets (either of the Company only or of the Company and its Subsidiaries on a Consolidated basis) subject to the provisions of Sections 8.01 or
8.02 or subject to any restriction contained in any agreement or instrument between the Company and any Lender or any Affiliate of any Lender relating to Indebtedness within the scope of Section 10.01(e) will be Margin Stock. For purposes of
this Section 8.03, “assets” of the Company or any of its Subsidiaries includes, without limitation, treasury stock of the Company that has not been retired. 
  
 Transactions with Shareholders and Affiliates. The Company shall not, and shall not permit any Subsidiary to, enter into any
material transaction (including the purchase or sale of any property or service) with, or make any payment or transfer to, any Affiliate except upon fair and reasonable terms no less favorable to the Company or such Subsidiary than the Company or
such Subsidiary would obtain in a comparable arm’s-length transaction; provided, however, that the foregoing restriction shall not apply to transactions between the Company and a wholly owned Subsidiary of the Company, or between
a wholly owned Subsidiary of the Company and another wholly owned Subsidiary of the Company not otherwise prohibited pursuant to the terms of this Agreement. 
  
 Restriction on Fundamental Changes; Conduct of Business. 
  
 The Company shall not, and shall not permit any of its Material Subsidiaries to, enter into any merger or consolidation, or liquidate, wind-up or dissolve
(or suffer any liquidation or dissolution), or convey, lease, sell, transfer or otherwise dispose of, in one transaction or series of transactions, all or any substantial part of its business, property or assets, whether now or hereafter acquired,
except for: (a) a merger of the Company into a wholly-owned Subsidiary of the Company that has nominal assets and liabilities, the primary purpose of which is to effect a name change of the Company or the reincorporation of the Company in another
state; (b) a merger of the Company or one of its Material Subsidiaries with another Person if (i) the Company or such Material Subsidiary is the entity surviving such merger and (ii) immediately after giving effect to such merger, no Event of
Default or Potential Event of Default shall have occurred and be continuing; (c) the sale or other transfer of all or any substantial part of the business, property or assets of any Material Subsidiary of the Company to the Company or any other
wholly-owned Subsidiary of the Company; or (d) as permitted by Section 8.02(a). 
  
 The Company shall not, and shall not permit any of its Subsidiaries to, engage principally in any businesses other than the businesses described in the Company’s Annual Report on Form 10-K for its 2003 Fiscal
Year, when taken as a whole, and other businesses reasonably related thereto. 
  
 Commercial Paper Facility. 
  
 Amendments to Commercial Paper Facility. The Company shall not amend the terms of the documents governing or relating to the Commercial Paper other than (i) increases in the maximum amount of Commercial Paper which may at any time be
outstanding, (ii) extensions of the date beyond which the Company may not issue Commercial Paper pursuant to such documents (including an extension of the guaranty of Ito-Yokado with respect to the Commercial Paper) and (iii) amendments made to
convert any Commercial Paper to issuances which qualify for exemption under Section 4(2) of the Securities Act. 
  

 54 

 CP Reimbursement Indebtedness; Ito-Yokado CP Letter Agreement. At all times that any Commercial
Paper is outstanding or the Company owes any Indebtedness to Ito-Yokado in connection with payments by Ito-Yokado of the principal of or interest on (or other amounts owing with respect to) Commercial Paper (the “CP Reimbursement
Indebtedness”), the Ito-Yokado CP Letter Agreement shall remain in full force and effect. The Company shall not make any payment in respect of the CP Reimbursement Indebtedness other than (i) payments after the date which is one year after
payment in full in cash of the Obligations and termination of the Aggregate Commitment and (ii) so long as there does not exist an Event of Default or Potential Event of Default and the Commercial Paper shall then have a rating of at least A-1 from
S&P or Prime-1 from Moody’s (or, if at any time neither S&P nor Moody’s shall be rating the Commercial Paper, the Commercial Paper shall then have a rating at least equal to the highest rating from such other nationally recognized
rating service as is acceptable to the Administrative Agent), payments of the principal amount of such Indebtedness made solely with proceeds of subsequent issuances of Commercial Paper by the Company. Notwithstanding the foregoing and so long as
(x) there exists an Event of Default of Potential Event of Default, or (y) commercial paper issued by the Company shall cease to satisfy the criteria set forth in the definition of “Commercial Paper”, the Company shall not permit any
further issuances of commercial paper, and any payments of principal of or interest on (or other amounts owing with respect to) Commercial Paper then outstanding shall be paid directly by Ito-Yokado pursuant to its unconditional guarantee thereof
and shall not be paid by the Company. 
  
 Subordinated
Indebtedness. 
  
 Payments. The Company shall not, and
shall not permit any of its Subsidiaries to, declare or make any payment, redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to Subordinated Indebtedness, except for, and to the extent permitted to be made to
the holders thereof pursuant to the terms (including the subordination terms) thereof, (i) scheduled payments due on Subordinated Indebtedness and (ii) provided no Event of Default or Potential Event of Default shall exist or would result therefrom,
prepayments of Subordinated Indebtedness, provided that such prepayments are not financed with the proceeds of any Loan. 
  
 Amendments. The Company shall not, and shall not permit any of its Subsidiaries to amend or otherwise change the subordination terms applicable to
any Subordinated Indebtedness. 
  
 Notices. The Company
shall deliver to the Administrative Agent (i) a copy of each material notice or other communication delivered by or on behalf of the Company to any trustee under any Subordinated Indebtedness indenture or to any holder (in its capacity as such) of
any Subordinated Indebtedness not issued pursuant to an indenture (including notice of the election of any Extension Period (as defined therein) under a QUIDS Subordinated Note), such delivery to be made at the same time and by the same means as
such notice or other communication is delivered to such trustee or such holder, and (ii) a copy of each material notice or other communication received by the Company from any trustee under any Subordinated Indebtedness indenture or from any holder
(in its capacity as such) of any Subordinated Indebtedness not issued pursuant to an indenture, such delivery to be made promptly after such notice or other communication is received by the Company. 
  
 Notice under QUIDS Subordinated Note Indenture. In the event that the Company
is required to enter into an indenture with respect to the QUIDS Subordinated Notes upon the exercise by Ito-Yokado or Seven-Eleven Japan, of its registration rights with respect thereto, the Company shall promptly deliver to the Administrative
Agent a certified copy of the resolutions of the Company’s Board of Directors designating this Agreement as the “Credit Agreement” under the indenture. 
  

 55 

 FINANCIAL COVENANTS 
  
 The Company covenants and agrees that so long as any Lender shall have any obligation hereunder and until payment in full of all of the Obligations,
unless the Requisite Lenders shall otherwise give prior written consent thereto: 
  
 Consolidated Total Indebtedness Ratio. The Company shall not on any Quarterly Determination Date occurring during any period set out below permit the ratio of (a) Consolidated Total Indebtedness as of such Quarterly
Determination Date to (b) EBITDA as determined as of such Quarterly Determination Date for the four (4) calendar quarters ending on such date, to be greater than 3.5 to 1. 
  
 Minimum Interest and Rent Coverage Ratio. The Company shall not on any Quarterly Determination Date occurring during any
period set out below permit the ratio of (a) EBITDAR to (b) the sum (without duplication) of (A) Consolidated Cash Interest Expense, plus (B) Rent Expense on Operating Leases, in each case as determined as of such Quarterly Determination Date
for the four (4) calendar quarters ending on such date, to be less than 2.0 to 1. 
  
 EVENTS OF DEFAULT; RIGHTS AND REMEDIES 
  
 Events of
Default. Each of the following occurrences shall constitute an Event of Default under this Agreement: 
  
 Failure to Make Payments When Due. The Company shall fail to pay when due (i) any interest on any Loan or any fee or other amount payable hereunder
(other than amounts described in Sections 10.01(a)(ii), 10.01(a)(iii) or 10.01(a)(iv)), and such failure shall continue for five (5) Business Days, (ii) any deposit required to be made pursuant to Section 2.01(d) or
10.02(b), and such failure shall continue for one (1) Business Day, (iii) any Reimbursement Obligation, or (iv) any amount payable for principal on the Loans, including any mandatory prepayment payable under Section 2.05(b), but
excluding any voluntary prepayment payable under Section 2.05(a). 
  
 Breach of Certain Covenants. The Company shall fail duly and punctually to perform or observe any agreement, covenant or obligation binding on the Company under Section 6.01(d), Article VIII or
Article IX. 
  
 Breach of Representation or
Warranty. Any representation or warranty made or deemed made by the Company or any Subsidiary Guarantor to the Administrative Agent, any Lender or any Issuing Bank herein or in any of the other Loan Documents or in any statement or certificate
at any time given by the Company or any Subsidiary Guarantor pursuant to any of the Loan Documents shall be false or misleading in any material respect on the date as of which made. 
  
 Other Defaults. The Company or any Subsidiary Guarantor shall default in the payment of any Obligation which is not
referred to in Section 10.01(a) or in the performance of or compliance with any term contained in this Agreement or in any of the Loan Documents (other than as covered by Sections 10.01(a), 10.01(b) or 10.01(c)), and such
default or event of default shall continue for thirty (30) days after (i) the Administrative Agent or any Lender (acting through the Administrative Agent) notifies the Company or the applicable Subsidiary Guarantor of any such default, or (ii) the
Company or such Subsidiary Guarantor acknowledges such default in writing. 
  
 Defaults As To Material Indebtedness. The Company or any Subsidiary of the Company shall fail to make any payment when due (whether by scheduled maturity, required prepayment, 
  

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 acceleration, demand or otherwise) on any Material Indebtedness, other than an Obligation, and such failure shall
continue beyond the applicable stated cure period therefor; or any breach, default or event of default shall occur, or any other event shall occur or condition shall exist, under any instrument, agreement or indenture pertaining thereto, if the
effect thereof (with or without the giving of notice or lapse of time or both) is to accelerate, or permit the holder(s) of such Material Indebtedness to accelerate, the maturity of any such Indebtedness and such breach, default, event of default,
event or condition shall continue beyond the applicable stated cure period therefor; or any such Material Indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment prior
to the stated maturity thereof); provided, however, that the failure to make a payment, or any such breach, default or event of default, under the Yen Royalty Financing Agreement or otherwise in respect of the Yen Royalty Financing
Indebtedness shall not constitute an Event of Default hereunder unless recourse or recovery in respect thereof in excess of $25,000,000 is claimed or sought against the Company personally or against or out of any property of the Company other than
the Yen Royalty Financing Collateral; provided, further, however, that if, upon the maturity (whether by lapse of time, acceleration or otherwise) of any Commercial Paper permitted to be issued hereunder, Ito-Yokado (as opposed
to the Company) makes payment (in accordance with the terms applicable to the Commercial Paper) of the Indebtedness evidenced by such Commercial Paper, the Company’s failure to pay shall not be an Event of Default for purposes of this
Section 10.01(e) to the extent such failure to pay is cured (at the maturity of such Commercial Paper) by the payment by Ito-Yokado. 
  
 Involuntary Bankruptcy; Appointment of Receiver, etc. 
  
 An involuntary case shall be commenced against the Company or any of its Subsidiaries and the petition shall not be dismissed within sixty (60) days
after commencement of the case, or a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or any of its Subsidiaries in an involuntary case, under any applicable bankruptcy, insolvency or other
similar law now or hereinafter in effect; or any other similar relief shall be granted under any applicable federal or state law. 
  
 A decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other
officer having similar powers over the Company or any of its Subsidiaries or over all or a substantial part of the property of the Company or any of is Subsidiaries, shall be entered; or an interim receiver, trustee or other custodian of the Company
or any of its Subsidiaries or of all or a substantial part of the property of the Company or any of its Subsidiaries shall be appointed or a warrant of attachment, execution or similar process against any substantial part of the property of the
Company or any of its Subsidiaries shall be issued and any such event shall not be stayed, dismissed, bonded or discharged within thirty (30) days of entry, appointment or issuance. 
  
 Voluntary Bankruptcy; Appointment of Receiver, Etc. The Company or any of its Subsidiaries shall have an order for
relief entered with respect to it or commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the
conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; the Company or any of its
Subsidiaries shall make any assignment for the benefit of creditors or shall be unable or fail, or admit in writing its inability, to pay its debts as such debts become due; or the Board of Directors of the Company or any of its Subsidiaries (or any
committee thereof) adopts any resolution or otherwise authorizes any action to approve any of the foregoing. 
  

 57 

 Judgments and Attachments. Any money judgment, arbitration award (other than a money judgment or
award covered by insurance, but only if the insurer has admitted liability with respect to such money judgment), writ or warrant of attachment, or similar process involving in any case an amount in excess of $25,000,000 shall be entered or filed
against the Company or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days. 
  
 Dissolution. Any order, judgment or decree shall be entered against the Company or any of its Subsidiaries decreeing
its involuntary dissolution or split up and such order shall remain undischarged and unstayed for a period in excess of thirty (30) days; or the Company or, except as permitted by this Agreement, any of its Subsidiaries shall otherwise dissolve or
cease to exist. 
  
 Loss of Payment Priority; Failure of
Subordination; Ito-Yokado CP Letter Agreement . (i) For any reason any of the subordination provisions of the documents and instruments evidencing any Subordinated Indebtedness shall, at any time, be invalidated or otherwise cease to be in full
force and effect (other than in connection with the termination of such Subordinated Indebtedness on account of payment in full of such Subordinated Indebtedness on the original scheduled maturity date thereof not in contravention of the
subordination provisions thereof or on account of prepayment in full of such Subordinated Indebtedness prior to the original scheduled maturity date as permitted by this Agreement), or the Obligations shall be subordinated or shall not have the
priority contemplated by this Agreement or such subordination provisions, for any reason; and (ii) the Requisite Lenders shall have determined that any event described in Section 10.01(j)(i) has or is reasonably likely to have Material
Adverse Effect. For any reason any provision of the Ito-Yokado CP Letter Agreement ceases to be in full force and effect on Ito-Yokado or ceases to be binding on Ito-Yokado or Ito-Yokado shall so state any of the foregoing in writing. 
  
 Change of Control. A Change of Control shall have occurred.

  
 ERISA Liabilities. A Termination Event occurs with
respect to a Defined Benefit Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability to the Company under Title IV or ERISA to the Defined Benefit Plan, the Multiemployer Plan or the PBGC in an aggregate
amount in excess of $7,500,000. 
  
 An Event of Default shall be
deemed “continuing” until cured or waived in writing in accordance with Section 12.07 to the extent and under the circumstances provided for therein. 
  
 Rights and Remedies. 
  
 Acceleration. Upon the occurrence of any Event of Default described in the foregoing Section 10.01(f) or 10.01(g) with respect to the
Company or any Subsidiary Guarantor, the Aggregate Commitment shall automatically and immediately terminate and the unpaid principal amount of and any and all accrued interest on the Loans and all other Obligations shall automatically become
immediately due and payable, with all additional interest from time to time accrued thereon and without presentment, demand, or protest or other requirements of any kind (including valuation and appraisement, diligence, presentment, notice of intent
to demand or accelerate and of acceleration), all of which are hereby expressly waived by the Company, and the obligation of each Lender to make any Loan hereunder and of each Lender or Issuing Bank to issue or participate in any Facility Letter of
Credit issued after the occurrence of such Event of Default shall thereupon terminate; and upon the occurrence and during the continuance of any other Event of Default, the Administrative Agent shall at the request, or may with the consent, of the
Requisite Lenders, by written notice to the Company, (i) declare that the Aggregate Commitment is terminated, whereupon the Aggregate Commitment and the obligation of each Lender to make any Loan hereunder and of each Lender or Issuing Bank to issue
or participate in any Facility Letter 
  

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 of Credit shall immediately terminate, and/or (ii) declare the unpaid principal amount of, and any and all accrued and
unpaid interest on, the Loans and all other Obligations to be, and the same shall thereupon be, immediately due and payable with all additional interest from time to time accrued thereon and without presentment, demand, or protest or other
requirements of any kind (including valuation and appraisement, diligence, presentment, notice of intent to demand or accelerate and of acceleration), all of which are hereby expressly waived by the Company. 
  
 Deposit for Facility Letters of Credit. In addition, upon demand by
the Administrative Agent or the Requisite Lenders after the occurrence and during the continuance of any Event of Default, the Company shall deposit with the Administrative Agent for the benefit of the Lenders with respect to each Facility Letter of
Credit then outstanding, promptly upon the demand of the Administrative Agent, immediately available funds in an amount equal to 103% of the greatest amount for which such Facility Letter of Credit may be drawn. Such deposit shall be held by the
Administrative Agent for the benefit of the Lenders and the Issuing Banks as security for, and to provide for the payment of, the Reimbursement Obligations. Upon the drawing of any such facility Letter of Credit, to the extent such funds are on
deposit with the Administrative Agent, such funds shall be applied to reimburse the Issuing Banks to the extent permitted by applicable law, and if so applied, then such reimbursement shall be deemed a repayment by the Company of the corresponding
Reimbursement Obligation. Upon the expiration of any Facility Letter of Credit that has not been drawn and so long as no Default or Event of Default has occurred and is continuing, an amount in cash equal to the difference between (x) the amount on
deposit with the Administrative Agent and (y) 103% of the greatest amount for which all outstanding Facility Letters of Credit may be drawn, shall be paid to the Company by the Administrative Agent. In the event that all Events of Default have been
remedied or waived pursuant to Section 12.07, all amounts held by the Administrative Agent pursuant to this Section 10.02(b) shall be paid to the Company by the Administrative Agent. 
  
 Rescission. If at any time after acceleration of the maturity of the
Loans, the Company shall pay all arrears of interest and all payments on account of principal of the Loans and Reimbursement Obligations which shall have become due otherwise than by acceleration (with interest on principal and, to the extent
permitted by law, on overdue interest, at the rates specified in this Agreement) and all Events of Default and Potential Events of Default (other than nonpayment of principal of and accrued interest on the Loans due and payable solely by virtue of
acceleration) shall be remedied or waived pursuant to Section 12.07, then by written notice to the Company, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its
consequences; but such action shall not affect any subsequent Event of Default or Potential Event of Default or impair any right or remedy consequent thereon. The provisions of the preceding sentence are intended merely to bind the Lenders and the
Issuing Banks to a decision which may be made at the election of the Requisite Lenders; they are not intended to benefit the Company and do not give the Company the right to require the Lenders to rescind or annul any acceleration hereunder, even if
the conditions set forth herein are met. 
  
 THE ADMINISTRATIVE AGENT; THE
SYNDICATION AGENT; the lead arranger 
  
 Appointment. 

 
 Each Lender and each Issuing Bank hereby designates and appoints Citibank
as the Administrative Agent of such Lender and such Issuing Bank under this Agreement and the Loan Documents, and each Lender and each Issuing Bank hereby irrevocably authorizes the Administrative Agent to take such action on its behalf under the
provisions of this Agreement and the Loan Documents and to exercise such powers as set forth herein or therein, together with such other powers as are reasonably incidental thereto. The Administrative Agent agrees to act as such on the express
conditions contained in this Article XI. 
  

 59 

 The provisions of this Article XI are solely for the benefit of the Administrative Agent and the
Lenders and Issuing Banks, and neither the Company nor any Subsidiary of the Company shall have any rights to rely on or enforce any of the provisions hereof (other than as expressly set forth in Section 11.08). In performing its functions
and duties under this Agreement, the Administrative Agent shall act solely as agent of the Lenders and the Issuing Banks and does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for
the Company or any Subsidiary of the Company. 
  
 Nature of
Duties. The Administrative Agent shall not have any duties or responsibilities except those expressly set forth in this Agreement or in the Loan Documents. The duties of the Administrative Agent shall be mechanical and administrative in nature. The
Administrative Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender or Issuing Bank. Nothing in this Agreement or any of the Loan Documents, expressed or implied, is intended to or shall be construed to
impose upon the Administrative Agent any obligations in respect of this Agreement or any of the Loan Documents except as expressly set forth herein or therein. Each Lender and each Issuing Bank shall make its own independent investigation of the
financial condition and affairs of the Company and its Subsidiaries in connection with the making and the continuance of the Loans hereunder and with the issuance of the Facility Letters of Credit and shall make its own appraisal of the
creditworthiness of the Company and its Subsidiaries, and the Administrative Agent shall not have any duty or responsibility, either initially or on a continuing basis, to provide any Lender or Issuing Bank with any credit or other information with
respect thereto. If the Administrative Agent seeks the consent or approval of the Requisite Lenders to the taking or refraining from taking any action hereunder, the Administrative Agent shall send notice thereof to each Lender. The Administrative
Agent shall promptly notify each Lender at any time that the Requisite Lenders have instructed the Administrative Agent to act or refrain from acting pursuant hereto. 
  
 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
  
 shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default or a Potential Event of Default has occurred and
is continuing; 
  
 shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Requisite Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and 
  
 shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
  
 The Administrative Agent shall not be liable for any action taken or not
taken by it (i) with the consent or at the request of the Requisite Lenders (or such other number or percentage of the 
  

 60 

 Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 12.07 and 10.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Event of Default or Potential Event
of Default unless and until notice describing such Event of Default or Potential Event of Default is given to the Administrative Agent by the Company, a Lender or an Issuing Bank. 
  
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Event of Default or Potential Event of Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 
  
 The
Administrative Agent shall not be liable for any apportionment or distribution of payments made by it in good faith pursuant to Section 2.06(b) or Section 3.06, and if any such apportionment or distribution is subsequently determined
to have been made in error the sole recourse of any Holder to whom payment was due, but not made, shall be to recover from other Holders (or former Holders) any payment in excess of the amount to which they are determined to have been entitled.

  
 Reliance. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Facility Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or such Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or
such Issuing Bank prior to the making of such Loan or the issuance of such Facility Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by
it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article XI shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  
 Indemnification. To the extent that the Administrative Agent (or any sub-agent or Related Party thereof) is not reimbursed and indemnified by the Company,
the Lenders will reimburse and indemnify the Administrative Agent for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which
may 
  

 61 

 be imposed on, incurred by, or asserted against it in any way relating to or arising out of this Agreement or any of the
other Loan Documents or any action taken or omitted by the Administrative Agent under this Agreement or any of the other Loan Documents, proportionately based upon a fraction, the numerator of which is the amount of such Lender’s Commitment,
and the denominator of which is the Aggregate Commitment (without giving effect to any termination thereof and determined as of the time that the applicable reimbursement or indemnification payment is sought)); provided that no Lender shall
be liable 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
obligations of the Lenders under this Section 11.06 shall survive the payment in full of the Loans and Reimbursement Obligations and the termination of this Agreement. 
  
 The Administrative Agent Individually. In the event the Administrative Agent at any time has a Commitment hereunder (a) with
respect to its Pro Rata Share of the Aggregate Commitment hereunder, the Loans made by it or its Affiliates and any Notes issued to or held by it or its Affiliates, the Administrative Agent shall have and may exercise the same rights and powers
hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or holder of a Note and (b) the terms “Lenders” or “Requisite Lenders” or any similar terms shall, unless
the context clearly otherwise indicates, include the Administrative Agent or its Affiliates as a Lender or one of the Requisite Lenders. The Administrative Agent and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for, and generally engage in any kind of banking, trust or other business with the Company or any of its Subsidiaries or Affiliates as if it were not acting as Administrative Agent pursuant hereto.

  
 Successor Administrative Agent; Resignation of Agent. The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Banks and the Company. Upon receipt of any such notice of resignation, the Requisite Lenders shall have the right to appoint a successor (that, unless an
Event of Default has occurred and in continuing, is reasonably acceptable to the Company), which shall be a bank with an office in New York, New York, or an Affiliate of any such bank with an office in New York, New York. If no such successor shall
have been so appointed by the Requisite Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and
the Issuing Banks, appoint a successor Administrative Agent (that, unless an Event of Default has occurred and in continuing, is reasonably acceptable to the Company) and meeting the qualifications set forth above provided that if the
Administrative Agent shall notify the Company and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Banks under any of the Loan
Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender and each Issuing Bank directly, until such time as the Requisite Lenders appoint a successor Administrative Agent (that, unless an Event of Default has occurred and in
continuing, is reasonably acceptable to the Company) as provided for above in this Section 11.08. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with
all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not
already discharged therefrom as provided above in this Section 11.08). The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and
such successor. After the retiring Administrative Agent’s resignation hereunder and under the other 
  

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 Loan Documents, the provisions of this Article XI and Sections 12.02 and 12.03 shall continue in
effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as
Administrative Agent. 
  
 Non-Reliance on Administrative Agent,
Other Lenders and Other Issuing Banks. Each Lender and each Issuing Bank acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender, any other Issuing Bank or any of their respective Related
Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each Issuing Bank also acknowledges that it will, independently and without
reliance upon the Administrative Agent, any other Lender, any other Issuing Bank or any of their respective Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
  
 The Lead Arranger, the Syndication Agent and the Co-Documentation Agents. Anything herein to the contrary notwithstanding,
neither the Lead Arranger, the Syndication Agent nor the Co-Documentation Agents shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, if applicable, as the Administrative
Agent, a Lender or an Issuing Bank hereunder. 
  
 MISCELLANEOUS 
  
 Successors and Assigns. 
  
 Successors and Assigns Generally. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section
12.01(b), (ii) by way of participation in accordance with the provisions of Section 12.01(d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 12.01(f) (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in Section 12.01(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or
by reason of this Agreement. 
  
 Assignments by Lenders.
Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that:

  
 except in the case of an assignment of the entire remaining
amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date
the Assignment and Acceptance with respect 
  

 63 

 to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Acceptance, as of the Trade Date) shall not be less than $5,000,000, or $1,000,000 increments in excess thereof unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise
consent (each such consent not to be unreasonably withheld or delayed); 
  
 each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned;

  
 any assignment of a Commitment or a Loan must be approved by
the Administrative Agent and the Issuing Banks and, so long as no Event of Default has occurred and is continuing, the Company (which approvals shall not be unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself
a Lender or an Affiliate of a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and 
  
 the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and
recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
  
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.01(c), from and after the effective date specified
in each Assignment and Acceptance, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.08, 2.09, 12.02, 12.03 and 12.16
with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.01(b) shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.01(d). 
  
 Register. The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices in New York,
New York a copy of each Assignment and Acceptance and Commitment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Company, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company and any Lender, at any reasonable time and from time to time
upon reasonable prior notice. 
  
 Participations. Any
Lender may at any time, without the consent of, or notice to, the Company or the Administrative Agent, sell participations to any Person (other than a natural person or the Company or any of the Company’s Affiliates or Subsidiaries ) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations
under this 
  

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 Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (iii) the Company, the Administrative Agent and the Lenders and Issuing Bank shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. 
  
 Any agreement or instrument 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 or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver directly affecting the extension of the date fixed for payment of the principal amount of or interest on a Loan
allocated to such participation or a reduction of the principal amount of or the rate of interest or fees payable on the Loans that affects such Participant. Subject to Section 12.01(e), the Company agrees that each Participant shall be
entitled to the benefits of Sections 2.08 and 2.09 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.01(b). To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 12.05 as though it were a Lender, provided such Participant agrees to be subject to Section 12.06 as though it were a Lender. 
  
 Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Sections 2.08 and 2.09 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’s
prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.09 unless the Company is notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Company, to comply with Section 2.09(f) as though it were a Lender. 
  
 Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 
  
 Expenses. 
  
 Generally. The Company agrees upon
demand after presentation of a statement of account to pay, or reimburse, the Administrative Agent for all the Administrative Agent’s reasonable audit, legal (other than, for so long as no Potential Event of Default or Event of Default has
occurred and is continuing, any allocated cost of the Administrative Agent’s internal legal counsel), appraisal, valuation and investigation expenses and for all other reasonable out-of-pocket costs and expenses of every type and nature
(including the reasonable fees, expenses and disbursements of Sidley Austin Brown & Wood LLP and any other attorneys retained by the Administrative Agent, auditors and accountants, and other consultants and agents) incurred by the Administrative
Agent in connection with (A) its own audit and investigation of the Company and the Company’s Subsidiaries; (B) the negotiation, preparation and execution of this Agreement (including the satisfaction or attempted satisfaction of any of the
conditions set forth in Article IV) and the other Loan Documents and the making of the Loans hereunder; (C) administration of this Agreement and the Loans, including consultation with attorneys in connection therewith; (D) the protection,
collection or enforcement of any of the Obligations; and (E) each annual inspection and each inspection after the occurrence and during the continuance of an Event of Default by it on behalf of the Lenders. 
  

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 After Default. The Company further agrees to pay, or reimburse the Administrative Agent, the
Issuing Banks and the Lenders for all out-of-pocket costs and expenses, including reasonable attorneys’ fees (including allocated costs of internal counsel, and costs of settlement) incurred by the Administrative Agent, any Issuing Bank or
Lender after the occurrence of an Event of Default (i) in enforcing any Obligation or in exercising or enforcing any other right or remedy available by reason of such Event of Default; (ii) in connection with any refinancing or restructuring of the
credit arrangements provided under this Agreement in the nature of a “work-out” or in any insolvency or bankruptcy proceeding; (iii) in commencing, defending or intervening in any litigation or in filing a petition, complaint, answer,
motion or other pleadings in any legal proceeding relating to the Company and related to or arising out of the transactions contemplated hereby; or (iv) in taking any other action in or with respect to any suit or proceeding (bankruptcy or
otherwise) related to or arising out of the transactions contemplated hereby. 
  
 Indemnity. The Company further agrees to defend, protect, indemnify, and hold harmless the Administrative Agent (and any sub-agent thereof), the Syndication Agent, the Co-Documentation Agents and each and all of the
Lenders and Issuing Banks and each Related Party of any of the foregoing (including those retained in connection with the satisfaction or attempted satisfaction of any of the conditions set forth in Article IV) (collectively called the
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees
and disbursements of counsel for such Indemnitees in connection with any investigative, administrative or judicial proceeding, whether or not such Indemnitees shall be designated a party thereto), imposed on, incurred by, or asserted against such
Indemnitees (whether direct, indirect or consequential and whether based on any federal or state laws or other statutory regulations, including Securities, environmental and commercial laws and regulations, under common law or at equitable cause, or
on contract or otherwise) in any manner relating to or arising out of this Agreement or the other Loan Documents, or any act, event or transaction related or attendant thereto, the Lenders’ Commitments, the Issuing Banks’ Letter of Credit
Commitments, the making of and participation in the Loans and the issuance of and participation in Facility Letters of Credit hereunder, the management of such Loans or Facility Letters of Credit (including any liabilities or claims under federal,
state or local environmental laws or regulations), or the use or intended use of the proceeds of the Loans or Facility Letters of Credit hereunder (collectively, the “Indemnified Matters”); provided that the Company shall
have no obligation to an Indemnitee hereunder with respect to (i) matters for which such Indemnitee has been compensated pursuant to Section 2.08 or 2.09 or other provision of the Agreement and (ii) Indemnified Matters caused by or
resulting from such Indemnitee’s willful misconduct, gross negligence or breach in bad faith of its obligations hereunder, as determined by a court of competent jurisdiction. To the extent that the undertaking to indemnify, pay and hold
harmless set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, the Company shall contribute the maximum portion which it is permitted to pay and satisfy under applicable law, to the payment and
satisfaction of all Indemnified Matters incurred by the Indemnities. 
  
 Change in Accounting Principles. Except as otherwise provided herein, if any changes in accounting principles from those used in the preparation of the most recent financial statements referred to in Section 5.01(f) are hereafter
required or permitted by the rules, regulations, pronouncements and opinions of the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or successors thereto or agencies with similar functions) and are
adopted by the Company with the agreement of its independent certified public accountants and such changes result in a change in the method of calculation of any of the financial covenants, standards or terms found in Article VIII and
Article IX hereof, the parties hereto agree to enter into negotiations in order to amend such provisions so as to equitably reflect such changes with the desired result that the criteria for evaluating the Company’s financial condition
shall be the same after such changes as if such changes had not been made, provided, however, that no change in generally accepted accounting principles that would affect the method of 
  

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 calculation of any of the financial covenants, standards or terms shall be given effect in such calculations until such
provisions are amended, in a manner satisfactory to the Requisite Lenders, to so reflect such change in accounting principles. 
  
 Set-Off. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank, and each of their respective Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender, such Issuing Bank or any such Affiliate to or for the credit or the account of the Company or any Subsidiary Guarantor against any and all of the Obligations of the Company or such
Subsidiary Guarantor now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement or
any other Loan Document and although such Obligations of the Company or such Subsidiary Guarantor may be contingent or unmatured or are owed to a branch or office of such Lender or such Issuing Bank different from the branch or office holding such
deposit or obligated on such indebtedness. The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section 12.05 are in addition to other rights and remedies (including other rights of setoff) that such Lender,
such Issuing Bank or their respective Affiliates may have. Each Lender and each Issuing Bank agrees to notify the Company and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such
notice shall not affect the validity of such setoff and application. 
  
 Ratable Sharing. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other Obligations hereunder resulting in such
Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its Pro Rata Share thereof as provided herein, then the Lender receiving such greater proportion
shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit
of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that: 
  
 if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 
  
 the provisions of this Section 12.06 shall not be construed to apply to (A) any payment made by the Company pursuant
to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in Facility Letters of Credit to any
assignee or participant, other than to the Company or any Subsidiary thereof (as to which the provisions of this Section 12.06 shall apply). 
  
 The Company consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Company and each Subsidiary Guarantor rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Company and each Subsidiary Guarantor
in the amount of such participation. 
  
 Amendments and Waivers.
No amendment or modification of any provision of this Agreement or the Notes shall be effective without the written agreement of the Requisite Lenders and the Company, and no termination or waiver of any provision of this Agreement or the Notes, or
consent to any departure 
  

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 by the Company therefrom, shall in any event be effective without the written concurrence of the Requisite Lenders, which
the Requisite Lenders shall have the right to grant or withhold at their sole discretion; except that any amendment, modification, or waiver of any provision of Article I, II or III relating to (i) increasing the
Aggregate Commitments to an amount in excess of $300,000,000, (ii) the extension of the Commitment Termination Date, (iii) the reduction of the principal amount of, or the interest rates, applicable to the Loans, (iv) the reduction of the amount of
the fees payable pursuant hereto, (v) the definitions of “Requisite Lenders”, “Pro Rata Share” and “Commitment Termination Date”, (vi) the provisions contained in Section 2.05(d), in Section 12.06 and in
this Section 12.07, and (vii) any other provision of this Agreement which expressly requires the approval of all Lenders, shall be effective only if evidenced by a writing signed by or on behalf of all Lenders. No amendment, modification,
termination or waiver of any provision of any Note shall be effective without the written concurrence of the holder of that Note. No amendment, modification, termination or waiver of Article III, any other provision of this Agreement relating
to Facility Letters of Credit or Letter of Credit Commitments or any provision of any Facility Letter of Credit shall be effective without the written concurrence of each Issuing Bank directly affected thereby. No amendment, modification,
termination, or waiver of any provision of Article XI hereof or any other provision referring to the Administrative Agent, the Syndication Agent, the Co-Documentation Agents or the Lead Arranger shall be effective without the written
concurrence of the Administrative Agent, the Syndication Agent, the Co-Documentation Agents or the Lead Arranger, as applicable. The Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments,
modifications, waivers or consents on behalf of that Lender. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on the Company in any case shall entitle
the Company to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 12.07 shall be binding on each holder of any Note at
the time outstanding, each future holder of any Note, and, if signed by the Company, on the Company. 
  
 Independence of Covenants. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any
of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of an Event of Default or Potential Event of Default if such action is taken or
condition exists. 
  
 Notices. 
  
 All notices and other communications provided for hereunder shall be either
(x) in writing (including telecopier, telegraphic or telex communication) and mailed, telecopied, telegraphed, telexed or delivered or (y) as and to the extent set forth in Section 12.09(b) and in the proviso to this Section 12.09(a),
if to the Company, at its address or telecopier number, as the case may be, set forth on the signature pages to this Agreement; if to any Lender, at the address or telecopier number, as the case may be, set forth in such Lender’s Administrative
Questionnaire; if to any Issuing Bank, at the address or telecopier number, as the case may be, set forth in such Issuing Bank’s Administrative Questionnaire; and if to the Administrative Agent, at its address or telecopier number, as the case
may be, set forth on the signature pages to this Agreement; or, as to the Company or the Administrative Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such
other address as shall be designated by such party in a written notice to the Company and the Administrative Agent, provided that materials required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.03 shall be
delivered either (i) as set forth in the last paragraph of Section 6.01 or (ii) to the Administrative Agent as specified in Section 12.09(b) or as otherwise specified to the Company by the Administrative Agent. All such notices and
communications shall, when mailed, telecopied, telegraphed or e-mailed, be effective when deposited in the mails, telecopied, delivered to the telegraph 
  

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 company or confirmed by e-mail, respectively, except that notices and communications to the Administrative Agent pursuant
to Article II, III, IV or XI shall not be effective until received by the Administrative Agent. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement or the Notes
or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of a manually executed counterpart thereof. 
  
 So long as Citibank or any of its Affiliates is the Administrative Agent, except as set forth in the last paragraph of Section 6.01, materials
required to be delivered pursuant to Section 6.01(a) and (b) or Section 6.03 shall be delivered to the Administrative Agent in an electronic medium in a format acceptable to the Administrative Agent and the Lenders by e-mail at
oploanswebadmin@citigroup.com. The Company agrees that the Administrative Agent may make such materials, as well as any other written information, documents, instruments and other material relating to the Company, as of its Subsidiaries or
any other materials or matters relating to this Agreement, the Notes or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices on Intralinks or a
substantially similar electronic transmission system (the “Platform”). The Company acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and
other risks associated with such distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the
Communications or the Platform and each expressly disclaims liability for error or omissions in the Communications or the Platform. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of
merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Administrative Agent or any of its Affiliates in connection with the Platform. 
  
 Each Lender agrees that notice to it (as provided in the next sentence) (a
“Notice”) specifying that any Communications have been posted to the Platform shall constitute effective delivery of such information, documents or other materials to such Lender for purposes of this Agreement; provided that if
requested by any Lender the Administrative Agent shall deliver a copy of the Communications to such Lender by email or telecopier. Each Lender agrees (i) to notify the Administrative Agent in writing of such Lender’s e-mail address to which a
Notice may be sent by electronic transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an
effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address. 
  
 Survival of Agreements. All agreements and obligations of the Company contained in Sections 2.08, 2.09, 3.10, 12.02 and
12.03 shall survive the payment in full of principal, interest and all other amounts payable under this Agreement and the other Loan Documents. 
  
 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of the Administrative Agent, any Lender, any holder of a Note or
any Issuing Bank in the exercise of any power, right or privilege under any of the Loan Documents shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further exercises thereof or of any other right, power or privilege. All rights and remedies existing under the Loan Documents are cumulative to and not exclusive of any rights or
remedies otherwise available. 
  
 Advice of Counsel. The Company
and each Lender and Issuing Bank understand that the Administrative Agent’s counsel represents only the interests of the Administrative Agent and its Affiliates and that the Company, other Lenders and other Issuing Banks are advised to obtain
their own counsel. 
  

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 The Company represents and warrants to the Administrative Agent and the other Lenders that it has discussed this
Agreement with its counsel. 
  
 Severability. In case any
provision in or obligation under this Agreement or the Notes or the other Loan Documents shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
  
 Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for
any other purpose or be given any substantive effect. 
  
 Governing Law. THIS AGREEMENT AND THE LOAN DOCUMENTS, AND ALL ISSUES RELATING TO THIS AGREEMENT AND THE LOAN DOCUMENTS, INCLUDING THE VALIDITY, ENFORCEABILITY, INTERPRETATION OR CONSTRUCTION OF THIS AGREEMENT, ANY LOAN DOCUMENT OR ANY
PROVISION OF ANY OF THEM, SHALL BE GOVERNED BY, AND SHALL BE DETERMINED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 Limitation of Liability. No claim may be made by the Company, any Lender or other Person against the Administrative Agent, the Syndication Agent, any
Co-Documentation Agent, any other Lender, any Issuing Bank or any Related Party of any of the foregoing for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability
arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and the Company and each Lender hereby waives, releases and agrees not to sue upon any claim for any such
damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
  
 Consent to Jurisdiction and Service of Process. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT OR ANY NOTE OR ANY OTHER LOAN DOCUMENTS MAY BE BROUGHT IN ANY NEW YORK STATE
COURT OR FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN NEW YORK CITY AND ANY APPELLATE COURT FROM ANY THEREOF, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO ACCEPTS, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY FINAL JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS FROM
WHICH NO APPEAL HAS BEEN TAKEN OR IS AVAILABLE. THE COMPANY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID, TO THE NOTICE ADDRESS SPECIFIED IN ACCORDANCE WITH SECTION 12.09, SUCH SERVICE TO BECOME EFFECTIVE TEN (10) DAYS AFTER SUCH MAILING. EACH OF THE COMPANY, THE ADMINISTRATIVE AGENT, THE ISSUING BANKS AND THE LENDERS IRREVOCABLY WAIVES
ANY OBJECTION, INCLUDING WITHOUT LIMITATION, ANY OBJECTION OF THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH JURISDICTION. NOTHING
HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF ANY PARTY HERETO TO BRING PROCEEDINGS RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS IN THE COURTS OF ANY OTHER JURISDICTION.

  

 70 

 Counterparts; Integration; Effectiveness; Electronic Execution. 
  
 Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the Fee Letter and the other
Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each
of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 Electronic Execution of Assignments. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Acceptance 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 or enforceability as a manually executed signature page or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
  
 JURY TRIAL WAIVER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.19. 
  
 Performance of Obligations. The Company agrees that, upon the occurrence and
during the continuance of an Event of Default, the Administrative Agent, upon direction of the Requisite Lenders, may, but shall have no obligation to, make any payment or perform any act required of the Company under any of the Loan Documents.

  
 Limitation on Agreements. All agreements between the Company
and the Administrative Agent, any Lender or any Issuing Bank, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand being made
on the Notes or otherwise, shall the amount paid, or agreed to be paid, to the Administrative Agent, any Lender or any Issuing Bank for the use, forbearance, or detention of the money to be loaned under this Agreement or otherwise or for the payment
or performance of any covenant or obligation contained herein or in any other Loan Document exceed the maximum amount permissible under applicable law. If, as a result of any circumstances whatsoever, fulfillment of any provision hereof or of any of
such documents, at the time performance of such provision shall be due, shall involve transcending 
  

 71 

 the limit of validity prescribed by applicable usury law, then, ipso facto, the obligation to be fulfilled
shall be reduced to the limit of such validity, and if, from any such circumstance, the Administrative Agent, any Lender or any Issuing Bank shall ever receive interest or anything which might be deemed interest under applicable law which would
exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the principal amount owing on account of the Notes or the amounts owing on other obligations of the Company to the Administrative
Agent, any Lender or any Issuing Bank under the Loan Documents and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of the Notes and the amounts owing on other obligations of the Company to the
Administrative Agent, any Lender or any Issuing Bank under the Loan Documents, as the case may be, such excess shall be refunded to the Company. All sums paid or agreed to be paid to the Administrative Agent, any Lender or any Issuing Bank for the
use, forbearance or detention of the indebtedness of the Company to the Administrative Agent, any Lender or any Issuing Bank shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of
such indebtedness until payment in full of the principal (including the period of any renewal or extension thereof) so that the interest on account of such indebtedness shall not exceed the maximum amount permitted by applicable law. The terms and
provisions of this Section 12.21 shall control and supersede every other provision of all agreements between the Company, the Administrative Agent, the Lenders and the Issuing Banks. 
  
 Construction. The parties acknowledge that each party and its counsel have
reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments or exhibits
hereto. 
  
 Confidentiality. Each of the Administrative Agent, the
Lenders and the Issuing Banks agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Related Parties (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or self regulatory body operating pursuant to statutory authority having
or purporting to have jurisdiction over it, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or
under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those
of this Section 12.23, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, any Proposed New Lender or any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Company and its obligations, (g) with the consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this
Section 12.23 or (y) becomes available to the Administrative Agent, any Lender, any Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than the Company; provided, however, that with respect to
disclosures pursuant to clauses (b) and (c) of this Section 12.23 (other than disclosures pursuant to routine regulatory examinations), unless prohibited by law or applicable court order, each Lender, each Issuing Bank and the Administrative Agent
shall (x) notify the Company of any request by any governmental agency or representative thereof or other Person for disclosure of Information after receipt of such request, and (y) if such disclosure of such Information is legally required, furnish
only such portion of the Information as it is legally compelled to disclose and exercise commercially reasonable efforts at the Company’s expense to obtain an order or other reliable assurance that confidential treatment will be accorded to the
disclosed Information. 
  

 72 

 For purposes of this Section 12.23, “Information” shall mean all information received
from the Company or any of its Subsidiaries relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a
nonconfidential basis prior to disclosure by the Company or any of its Subsidiaries. Any Person required to maintain the confidentiality of Information as provided in this Section 12.23 shall be considered to have complied with its obligation
to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  
 USA PATRIOT Act. Each Lender and each Issuing Bank that is subject to the requirements of the USA PATRIOT Act hereby
notifies the Company that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information
that will allow such Lender and such Issuing Bank to identify the Company in accordance with the USA PATRIOT Act. 
  
 [Remainder of Page Intentionally Blank; Signature Pages Follow] 
  

 73 

 [SAB&W Draft 10/19/04] 
  
 IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above written. 
  

					
	 BORROWER:
	 	 7-ELEVEN, INC.

			
	 	 	 By
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 	 	 Notice Address:

			
	 	 	 	 	 7-Eleven, Inc.

	 	 	 	 	 2711 North Haskell Avenue

	 	 	 	 	 Dallas, Texas 75221

	 	 	 	 	 Attn: Vice President and Treasurer

	 	 	 	 	 Telephone No. (214) 828-7042

	 	 	 	 	 Telecopier No. (214) 841-6571
 Website address:

		
	 	 	 with a copy to:

			
	 	 	 	 	 7-Eleven, Inc.

	 	 	 	 	 2711 North Haskell Avenue

	 	 	 	 	 Dallas, Texas 75221

	 	 	 	 	 Attn: Legal Department

	 	 	 	 	 Telephone No. (214) 828-7991

	 	 	 	 	 Telecopier No. (214) 828-7119

  

 1-1 

					
	ADMINISTRATIVE AGENT, LENDER AND ISSUING BANK:	 	CITIBANK, N.A., as the Administrative Agent, as a Lender and as an Issuing Bank
			
	 	 	By	 	  

	 	 	 	 	Judith A. E. Green
	 	 	 	 	Vice President
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 Citibank, N.A.
 388 Greenwich Street, 21st Floor
 New York, New York
10013
 Attn: Robert A. Snell
 Telephone No. (212)
816-8169
 Telecopier No. (212) 816-8156
  
 with, solely for purposes of Section 6.01(j), a copy to:

			
	 	 	 	 	 Citibank, N.A.
 Two Penns Way, Suite 200
 New Castle, Delaware 19720
 Attn: Jacqueline Caine
 Telephone No. (302) 894-6079
 Telecopier No. (212)
994-0961

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 Citibank, N.A.
 388 Greenwich Street, 21st Floor
 New York, New York
10013
 Attn: Robert A. Snell
 Telephone No. (212)
816-8169
 Telecopier No. (212) 816-8156

		
	 	 	Pro Rata
Share:                            15%
		
	 	 	Commitment:                                $30,000,000

  

 1-2 

					
	SYNDICATION AGENT, LENDER AND ISSUING BANK:	 	SUMITOMO MITSUI BANKING CORPORATION
			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 Sumitomo Mitsui Banking Corporation
 277 Park
Avenue
 New York, New York 10172
 Attn: Ms. Maki Niwa

Telephone No. (212) 224-4321
 Telecopier No. (212)
224-4537

		
	 	 	with a copy to:
			
	 	 	 	 	 Simpson Thacher & Bartlett
 425 Lexington
Ave.
 New York, New York 10017-3909
 Attn: Terrence L.
Dugan
 Telecopier No. (212) 455-2502

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 Sumitomo Mitsui Banking Corporation
 277 Park
Avenue
 New York,
 New York 10172
 Attn: Ms. Maki Niwa
 Telephone No. (212) 224-4321
 Telecopier No. (212) 224-4537

		
	 	 	 Pro Rata
Share:                                       
     13.75%
  
 Commitment:                                     
           $27,500,000

  

 1-3 

					
	CO-DOCUMENTATION AGENT AND LENDER:	 	THE BANK OF TOKYO-MITSUBISHI LTD. NEW YORK BRANCH
			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 The Bank of Tokyo-Mitsubishi Ltd.
 New York
Branch
 1251 Avenue of the Americas
 New York, NY
10020-1104
 Attn: Kimiyo Yachi
 Telephone No.
212-782-4364
 Telecopier No. 212-782-6435

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 The Bank of Tokyo-Mitsubishi Ltd.
 New York
Branch
 1251 Avenue of the Americas
 New York, NY
10020-1104
 Attn: Kimiyo Yachi
 Telephone No.
212-782-4364
 Telecopier No. 212-782-6435

		
	 	 	 Pro Rata
Share:                                    12.50%
  
 Commitment:                                     
   $25,000,000

  

 1-4 

					
	CO-DOCUMENTATION AGENT, LENDER AND ISSUING BANK:	 	 WELLS FARGO BANK, N.A.

			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 Wells Fargo Bank, N.A.
 1445 Ross Avenue,
23rd Floor
 Suite
2320
 Dallas, TX 75202
 Attn: Zachary S. Johnson
 Telephone No. 214-661-1225
 Telecopier No. 214-969-0371

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 Wells Fargo Bank, N.A.
 1445 Ross Avenue,
23rd Floor
 Suite
2320
 Dallas, TX 75202
 Attn: Zachary S. Johnson
 Telephone No. 214-661-1225
 Telecopier No. 214-969-0371

		
	 	 	Pro Rata
Share:                             12.50%
		
	 	 	Commitment:                                $25,000,000

  

 1-5 

					
	LENDER:	 	BANK OF AMERICA, N.A.
			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 Bank of America, N.A.
 901 Main Street
 64th Floor
 Dallas, TX 75202
 Attn: Ross Evans
 Telephone No. 214-209-0417
 Telecopier No. 214-209-1286

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 Bank of America, N.A.
 901 Main Street
 64th Floor
 Dallas, TX 75202
 Attn: Ross Evans
 Telephone No. 214-209-0417
 Telecopier No. 214-209-1286

		
	 	 	Pro Rata
Share:                             9.25%
		
	 	 	Commitment:                                $18,500,000

  

 1-6 

					
	LENDER:	 	THE BANK OF NOVA SCOTIA
			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 The Bank of Nova Scotia
 Atlanta Agency
 Suite 2700, 600 Peachtree Street NE
 Atlanta, GA 30308
 Attn: Brad Hamilton
 Telephone No. 404-877-1505
 Telecopier No. 404-888-8998

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 The Bank of Nova Scotia
 Atlanta Agency
 Suite 2700, 600 Peachtree Street NE
 Atlanta, GA 30308
 Attn: Brad Hamilton
 Telephone No. 404-877-1505
 Telecopier No. 404-888-8998

		
	 	 	Pro Rata
Share:                             9.25%
		
	 	 	Commitment:                                $18,500,000

  

 1-7 

					
	LENDER:	 	DEUTSCHE BANK AG NEW YORK BRANCH
			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 Deutsche Bank AG New York Branch
 90 Hudson Street,
Mailstop JCY05-0199
 Jersey City, NJ 07320
 Attn: Nelson
Lugaro
 Telephone No. 201-593-2225
 Telecopier No.
201-593-2310

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 Deutsche Bank AG New York Branch
 90 Hudson Street,
Mailstop JCY05-0199
 Jersey City, NJ 07320
 Attn: Nelson
Lugaro
 Telephone No. 201-593-2225
 Telecopier No.
201-593-2310

		
	 	 	Pro Rata Share:
                                        
 9.25%
		
	 	 	Commitment:
                                        
    $18,500,000

  

 1-8 

					
	LENDER:	 	MIZUHO CORPORATE BANK, LIMITED
			
	 	 	By	 	  

	 	 	Name:	 	 
	 	 	Title:	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	 Mizuho Corporate Bank, Limited
 1251 Avenue of the
Americas
 New York, NY 10020
 Attn: Ikuo Makino
 Telephone No. 212-282-3392
 Telecopier No. 212-282-4463

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	 Mizuho Corporate Bank, Limited
 1251 Avenue of the
Americas
 New York, NY 10020
 Attn: Ikuo Makino
 Telephone No. 212-282-3392
 Telecopier No. 212-282-4463

		
	 	 	Pro Rata Share:
                                 9.25%
		
	 	 	Commitment:
                                    $18,500,000

  

 1-9 

							
	LENDER:	 	WACHOVIA BANK, NATIONAL ASSOCIATION
			
	 	 	By	 	  

	 	 	Name:	 	 	 	 
	 	 	Title:	 	 	 	 
		
	 	 	Notice Address/Domestic Lending Office:
			
	 	 	 	 	Wachovia Bank, National Association.
	 	 	 	 	

			
	 	 	 	 	

	 	 	 	 	Attn:	 	  

	 	 	 	 	Telephone No.	 	  

	 	 	 	 	Telecopier No.	 	  

		
	 	 	Eurodollar Lending Office/Eurodollar Affiliate:
			
	 	 	 	 	Wachovia Bank, National Association
	 	 	 	 	

			
	 	 	 	 	

	 	 	 	 	Attn:	 	  

	 	 	 	 	Telephone No.	 	  

	 	 	 	 	Telecopier No.	 	  

		
	 	 	Pro Rata Share:
                                        
 9.25%
		
	 	 	Commitment:
                                        
    $18,500,000

  
 EXHIBIT 1

 to 
 CREDIT
AGREEMENT 
  
 FORM OF ASSIGNMENT AND ACCEPTANCE 
  
 Assignment and Acceptance 
  
 This Assignment and Acceptance (the “Assignment and
Acceptance”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement identified below (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex A attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Acceptance as if set forth herein in full. 
  

 1-10 

 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the
Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement, any other Loan Documents and any other documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below (including any Letters of Credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other Loan Documents and any other documents or instruments delivered pursuant thereto or the loan
transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights
and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by the Assignor. 
  

					
	1. Assignor:	 	___________________________________
		
	2. Assignee:	 	___________________________________
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
		
	3. Borrower:	 	7-Eleven, Inc.
		
	 4. Administrative Agent:
	  	Citibank, N.A., as the administrative agent under the Credit Agreement
		
	 5. Credit Agreement:
	  	Credit Agreement dated as of October 26, 2004 among 7-Eleven, Inc., the financial institutions party thereto as Lenders or Issuing Banks, Citibank, N.A., as Administrative Agent, The Sumitomo
Mitsui Banking Corporation, New York Branch, as Syndication Agent, The Bank of Tokyo-Mitsubishi, Ltd. and Wells Fargo Bank, N.A., as Co-Documentation Agents, and Citigroup Global Markets Inc., as Sole Lead Arranger

	1	Select as applicable. 

  

 1-11 

			
	6. Assigned Interest:	  	Aggregate Amount of Commitment/Loans for all Lenders:3
		
	 	  	$__________________
		
	 	  	Amount of Commitment/Loans Assigned:2
		
	 	  	$__________________
		
	 	  	Percentage Assigned of Commitment/Loans:3
		
	 	  	__________________%
	
	[7. Trade Date:            __________________ ]4

	2	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	3	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	4	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

  

 1-12 

 Effective Date:                 
    , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  
 The terms set forth in this Assignment and Acceptance are hereby agreed to: 
  

			
	 ASSIGNOR

	 [NAME OF ASSIGNOR]

		
	 By:
	 	  

	Title:	 	 
	
	 ASSIGNEE

	 [NAME OF ASSIGNEE]

		
	 By:
	 	  

	Title:	 	 

  
  
 [Consented to and]5 Accepted:

  

			
	 CITIBANK, N.A., as

	   Administrative Agent

		
	 By
	 	  

	Title:	 	 

  
 [Consented to:]6 
  

							
	[7-ELEVEN, INC.]	  	[Name of Issuing Bank, as an Issuing Bank]
				
	By	 	  

	  	By	  	  

	Title:	 	 	  	Title:	  	 
		
	[CITIBANK, N.A., as an Issuing Bank]	  	[Name of Issuing Bank, as an Issuing Bank]
				
	By	 	  

	  	By	  	  

	Title:	 	 	  	Title:	  	 

	5	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	6	To be added only if the consent of the Company and/or Issuing Banks is required by the terms of the Credit Agreement. 

	

  

 1-13 

 ANNEX A to Assignment and Acceptance 
  
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ACCEPTANCE 
  
 1.
Representations and Warranties. 
  
 1.1 Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of
their respective obligations under any Loan Document. 
  
 1.2.
Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and
to become a Lender under the Credit Agreement [,][and] (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement) [, (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement,
together with copies of the most recent financial statements delivered pursuant to Section 6.01(a) and Section 6.01(b) thereof, 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 and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if
it is a Foreign Lender, attached to this Assignment and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee;]7 and (b) agrees that (i) it will, independently and without reliance on 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 the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations
that by the terms of the Loan Documents are required to be performed by it as a Lender. 
  
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the
Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect
to the making of this assignment directly between themselves. 

	7	Bracketed provisions only for new Lenders. 

  

 1-14 

 3. General Provisions. This Assignment and Acceptance shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. THIS ASSIGNMENT AND ACCEPTANCE, AND ALL ISSUES RELATING TO THIS ASSIGNMENT AND
ACCEPTANCE, INCLUDING THE VALIDITY, ENFORCEABILITY, INTERPRETATION OR CONSTRUCTION OF THIS ASSIGNMENT AND ACCEPTANCE OR ANY PROVISION HEREOF, SHALL BE GOVERNED BY, AND SHALL BE DETERMINED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
  

 1-15 

 EXHIBIT 2 
 TO 
 CREDIT AGREEMENT 
  
 Terms of Commercial Paper Facility 
  

			
	Amount:	  	Up to $650,000,000
		
	Rating:	  	A-1/Prime-1 or higher
		
	Maturity:	  	Not more than 365 days
		
	Form of Guaranty:	  	Unconditional guaranty of payment of all amounts due by Ito-Yokado Co., Ltd.
		
	Securities Registration:	  	None (exempt under Section 3(a)(3) or 4(2) of Securities Act)
		
	Security:	  	None

  

 2-1 

 EXHIBIT 3 
 TO 
 CREDIT AGREEMENT 
  
 Commitment and Acceptance 
  
 Dated                      ,
20             
  
 Reference is made to that certain Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of October 26, 2004
among 7-Eleven, Inc., the financial institutions party thereto as Lenders or Issuing Banks, Citibank, N.A., as Administrative Agent, The Sumitomo Mitsui Banking Corporation, New York Branch, as Syndication Agent, The Bank of Tokyo-Mitsubishi, Ltd.
and Wells Fargo Bank, N.A., as Co-Documentation Agents, and Citigroup Global Markets Inc., as Sole Lead Arranger. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement. 

 
 Pursuant to Section 2.05 of the Credit Agreement, the Company has
requested an increase in the Aggregate Commitment from $                     to
$                    . Such increase in the Aggregate Commitment is to become effective on the Effective Date set forth below (the
“Effective Date”). In connection with such requested increase in the Aggregate Commitment, the Company and
                     (the “Accepting Bank”) hereby agree as follows: 
  
 1. Effective as of the Effective Date, [the Accepting Bank shall become a
party to the Credit Agreement as a Lender and shall have all of the rights and obligations of a Lender thereunder and shall thereupon have a Commitment under and for purposes of the Credit Agreement in an amount equal to the] [the Commitment of the
Accepting Bank under the Credit Agreement shall be increased from $                     to the] amount set forth opposite the Accepting
Bank’s name on the signature page hereof. 
  
 2. The
Accepting Bank (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Commitment and Acceptance and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement [,][and] (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement) [, (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of its Commitment, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with
copies of the most recent financial statements delivered pursuant to Section 6.01(a) and Section 6.01(b) thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into this Commitment and Acceptance on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to this Commitment
and Acceptance is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Accepting Bank]8; and (b) agrees that 

	8	Bracketed provisions only for new Lenders. 

  

 3-1 

 (i) it will, independently and without reliance on the Administrative Agent 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 the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations
that by the terms of the Loan Documents are required to be performed by it as a Lender. 
  
 3. The Company hereby represents and warrants that (a) as of the date hereof and as of the Effective Date, no event has occurred and is continuing which constitutes an Event of Default or a Potential Event of Default;
and (b) as of the Effective Date, (i) the Index Debt is [rated BBB- or better by S&P and Baa3 or better by Moody’s][not being rated by either S&P or Moody’s and is rated
             by [insert name of Applicable Rating Agency or Agencies]] and (ii) all other conditions precedent set forth in Section 2.05(e)(i) in respect of the
increase contemplated by this Commitment and Acceptance shall have been satisfied or waived. 
  
 4. This Commitment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Commitment and Acceptance may be executed in any number of
counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Commitment and Acceptance by telecopy shall be effective as delivery of a manually executed counterpart of this Commitment
and Acceptance. THIS COMMITMENT AND ACCEPTANCE, AND ALL ISSUES RELATING TO THIS COMMITMENT AND ACCEPTANCE, INCLUDING THE VALIDITY, ENFORCEABILITY, INTERPRETATION OR CONSTRUCTION OF THIS COMMITMENT AND ACCEPTANCE OR ANY PROVISION HEREOF, SHALL BE
GOVERNED BY, AND SHALL BE DETERMINED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

 3-2 

 Effective Date:
                         , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION IN THE REGISTER THEREFOR.] 
  
 The terms set forth in this Commitment and Acceptance are hereby agreed to: 
  

					
	 	 	7-ELEVEN, INC.
			
	 	 	By:	 	  

	 	 	Title:	 	 
		
	COMMITMENT:	 	ACCEPTING BANK:
		
	$[                            ]	 	[                                ]
			
	 	 	By:	 	  

	 	 	Title:	 	 

  
 Consented to and Accepted: 

 

			
	CITIBANK, N.A., as Administrative Agent
		
	By	 	  

	Title:	 	 

  
 Consented to: 
  

							
	[CITIBANK, N.A., as an Issuing Bank]	 	[Name of Issuing Bank, as an Issuing Bank]
				
	By	 	  

	 	By	 	  

	Title:	 	 	 	Title:	 	 
			
	 	 	 	 	[Name of Issuing Bank, as an Issuing Bank]
				
	 	 	 	 	By	 	  

	 	 	 	 	Title:	 	 

  

 3-3 

 EXHIBIT 4 
 TO 
 CREDIT AGREEMENT 
  
 FORM OF COMPLIANCE CERTIFICATE 
  

	To:	Citibank, N.A., in its capacity as administrative agent (in such capacity, together with any successor administrative agent appointed under Section 11.08 thereof, the
“Administrative Agent”) under the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of October 26, 2004 among 7-Eleven,
Inc. (the “Company”), the financial institutions party thereto as “Lenders” or “Issuing Banks”, the Administrative Agent, The Sumitomo Mitsui Banking Corporation, New York Branch, as Syndication Agent, The Bank
of Tokyo-Mitsubishi, Ltd. and Wells Fargo Bank, N.A., as Co-Documentation Agents, and Citigroup Global Markets Inc., as Sole Lead Arranger. 

  
 This Compliance Certificate (this “Certificate”) is delivered to you pursuant to Section 6.01(c)(ii) of the Credit Agreement. The
Company hereby delivers to the Administrative Agent, each Lender and each Issuing Bank, together with the financial statements being delivered or made available to you pursuant to Section 6.01(a) and Section 6.01(b) of the Credit
Agreement, this Certificate for the accounting period from                          ,
200     to                          , 200    . Capitalized
terms used herein and not otherwise defined herein shall have the meanings set forth in the Credit Agreement. For purposes hereof, section and subsection references herein relate to sections and subsections, respectively, of the Credit Agreement,
and bracketed ratios refer to the maximum ratios required under the relevant sections of the Credit Agreement. 
  
 FINANCIAL COVENANTS 
  

	A.	CONSOLIDATED TOTAL INDEBTEDNESS RATIO (Section 9.01) 

  
 The ratio of (a) Consolidated Total Indebtedness as of the Quarterly Determination Date occurring during the period covered by this Certificate to (b)
EBITDA, as determined as of such Quarterly Determination Date for the four calendar quarters ending on such date. 
  

			
	Actual Ratio	    	[        ]
	Maximum Ratio	    	3.5 to 1

  

 4-1 

	B.	MINIMUM INTEREST AND RENT COVERAGE RATIO (Section 9.02) 

  
 The ratio of (a) EBITDAR to (b) the sum (without duplication) of (i) Consolidated Cash Interest Expense, plus (ii) Rent Expense on Operating Leases, in
each case as determined as of the Quarterly Determination Date occurring during the period covered by this Certificate for the four (4) calendar quarters ending on such date. 
  

			
	Actual Ratio	 	[        ]
	Maximum Ratio	 	2.0 to 1

  
 I hereby
certify, in my capacity as an executive officer of the Company, that the information set forth above is accurate as of                     
    , 200    , to the best of my Knowledge after diligent inquiry. 
  
 Dated:                          ,
200     
  

			
	7-ELEVEN, INC.
		
	By:	 	  

	Title:	 	 

  

 4-2 

 EXHIBIT 5 
 TO 
 CREDIT AGREEMENT 
  
 FORM OF NOTICE OF BORROWING 
  

	To:	Citibank, N.A., in its capacity as administrative agent (in such capacity, together with any successor administrative agent appointed under Section 11.08 thereof, the
“Administrative Agent”) under the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of October 26, 2004 among 7-Eleven,
Inc. (the “Company”), the financial institutions party thereto as “Lenders” or “Issuing Banks”, the Administrative Agent, The Sumitomo Mitsui Banking Corporation, New York Branch, as Syndication Agent, The Bank
of Tokyo-Mitsubishi, Ltd. and Wells Fargo Bank, N.A., as Co-Documentation Agents, and Citigroup Global Markets Inc., as Sole Lead Arranger. 

  
 Pursuant to Section 2.01(b) of the Credit Agreement, this Notice of Borrowing in respect of Loans (this “Notice”) represents the
Company’s request to borrow on                     , 200     (the “Funding Date”) from the
Lenders on a pro rata basis an aggregate principal amount of $                      in Loans as [Base Rate Loans.] [Eurodollar Rate Loans. The
initial Interest Period for such Eurodollar Rate Loans is requested to be a                      (  ) month period.] Proceeds of
such Loans are to be deposited on the Funding Date in the account maintained by the Company with                     , account number:
                    , in immediately available funds. 
  

The Company hereby certifies that (i) the representations and warranties of the Company as set forth in Section 5.01 of the Credit Agreement and
in any other Loan Document (other than representations and warranties which expressly speak only as of a different date and the representations and warranties contained in Sections 5.1(h) and 5.01(i)) are and shall be true and correct in all
material respects on and as of the date hereof; (ii) no Event of Default or Potential Event of Default has occurred and is continuing under the Credit Agreement or any other Loan Document or will result from the proposed Borrowing; and (iii) the
Company has and shall have performed or caused to have been performed all agreements contained in and satisfied all conditions under Section 4.01, or 4.02, as applicable, of the Credit Agreement and the other Loan Documents required to
be performed by the same on or before the date hereof (unless otherwise waived pursuant to the terms of the Credit Agreement). 
  

 5-1 

 Unless otherwise defined herein, capitalized terms used in this Notice shall have the meanings set forth
in the Credit Agreement. 
  
 Dated:
                    , 200     
  

			
	7-ELEVEN, INC.
		
	By:	 	  

	Title:	 	 

  

 5-2 

 EXHIBIT 6 
 TO 
 CREDIT AGREEMENT 
  
 FORM OF NOTICE OF CONVERSION/CONTINUATION 
  

	To:	Citibank, N.A., in its capacity as administrative agent (in such capacity, together with any successor administrative agent appointed under Section 11.08 thereof, the
“Administrative Agent”) under the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of October 26, 2004 among 7-Eleven,
Inc. (the “Company”), the financial institutions party thereto as “Lenders” or “Issuing Banks”, the Administrative Agent, The Sumitomo Mitsui Banking Corporation, New York Branch, as Syndication Agent, The Bank
of Tokyo-Mitsubishi, Ltd. and Wells Fargo Bank, N.A., as Co-Documentation Agents, and Citigroup Global Markets Inc., as Sole Lead Arranger. 

  
 Pursuant to Section 2.03(c) of the Credit Agreement, this Notice of Conversion/Continuation (this “Notice”) represents the
Company’s election to [insert one of the following]: 
  
 9 convert $             in aggregate principal amount of Base
Rate Loans to Eurodollar Rate Loans on                     , 200    . The initial Interest Period for such
Eurodollar Rate Loans is requested to be a             (  ) month period. 
  
 10 convert $
             in aggregate principal amount of Eurodollar Rate Loans with a current Interest Period ending
                    , 200    , to Base Rate Loans on
                    , 200    , [and] 11 
  
 12 continue as Eurodollar Rate Loans $
            in aggregate principal of Eurodollar Rate Loans with a current Interest Period ending
                    , 200    . The succeeding Interest Period is requested to be a
            (  ) month period. 
  
 13 The Company hereby certifies that no Event of Default or Potential Event of
Default has occurred and is continuing under the Credit Agreement. 

	9	Use if converting Base Rate Loans to Eurodollar Rate Loans. 

	10	Use if converting Eurodollar Rate Loans to Base Rate Loans. 

	11	Use if converting a portion of Eurodollar Rate Loans to Base Rate Loans and continuing the balance as Eurodollar Rate Loans. 

	12	Use if continuing Eurodollar Rate Loans. 

	13	Use if converting to or continuing Eurodollar Rate Loans. 

  

 6-1 

 Unless otherwise defined herein, capitalized terms used in this Notice shall have the meanings set forth
in the Credit Agreement. 
  
 Dated:
                    , 200    . 
  

			
	7-ELEVEN, INC.
		
	By:	 	  

	Title:	 	 

  

 6-2 

 EXHIBIT 7 
 TO 
 CREDIT AGREEMENT 
  
 FORM OF NOTE 
  
 7-ELEVEN, INC. 
  

			
	$                        	 	Dated:                       ,
200    

  
 FOR VALUE RECEIVED,
the undersigned, 7-ELEVEN, INC., a Texas corporation (the “Company”) promises to pay to the order of
                                        
         (the “Lender”) the lesser of (i) the principal amount of
                                        
DOLLARS ($                    ) or (ii) the unpaid principal amounts loaned or, upon repayment, reloaned by the Lender to the Company under
this Note as Loans under the Credit Agreement referred to below. 
  
 The Company also promises to pay interest on the unpaid principal amount borrowed hereunder from the date hereof until paid at the rates (which shall not exceed the maximum rate permitted by applicable law) and at the times which shall be
determined in accordance with the provisions of the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of October 26, 2004 among the
Company, the financial institutions party thereto as “Lenders” or “Issuing Banks”, Citibank, N.A., in its capacity as administrative agent (in such capacity, together with any successor administrative agent appointed under
Section 11.08 thereof, the “Administrative Agent”), The Sumitomo Mitsui Banking Corporation, New York Branch, as Syndication Agent, The Bank of Tokyo-Mitsubishi, Ltd. and Wells Fargo Bank, N.A., as Co-Documentation Agents,
and Citigroup Global Markets Inc., as Sole Lead Arranger. 
  
 This
Note is one of the Company’s “Notes” described in, and is issued pursuant to and is entitled to the benefits of, the Credit Agreement, to which reference is hereby made for a more complete statement of the terms and conditions under
which the Loans evidenced hereby are made and are to be repaid. This Note is subject to the terms of the Credit Agreement, including, without limitation, Section 12.21 thereof. Terms defined in the Credit Agreement and not otherwise defined
herein are used herein with the meanings so defined. 
  
 All
payments of principal and interest in respect of this Note shall be made to the Administrative Agent in lawful money of the United States of America in same day funds for the Administrative Agent’s account at Citibank, N.A. New York ABA
#021000089, Favor NAIB Agency/Medium Term Finance Account #36852248, Attention: Jacqueline Caine (302) 894-6079, Two Penns Way, Suite 200, New Castle, Delaware 19720, or at such other place as shall be designated in writing by the Administrative
Agent for such purpose in accordance with the terms of the Credit Agreement. 
  
 This Note is subject to prepayment as provided in Section 2.05 of the Credit Agreement. 
  

 7-1 

 THE CREDIT AGREEMENT AND THIS NOTE, AND ALL ISSUES RELATING TO THE CREDIT AGREEMENT AND THIS NOTE,
INCLUDING THE VALIDITY, ENFORCEABILITY, INTERPRETATION OR CONSTRUCTION OF THE CREDIT AGREEMENT, THIS NOTE OR ANY PROVISION OF EITHER OF THEM, SHALL BE GOVERNED BY, AND SHALL BE DETERMINED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
  
 Upon the occurrence of any one or more of certain
Events of Default, the unpaid balance of the principal amount of this Note shall become, and upon the occurrence and continuation of any one or more of certain other Events of Default, such unpaid balance may be declared to be, due and payable in
the manner, upon the conditions and with the effect provided in the Credit Agreement. 
  
 No reference herein to the Credit Agreement and no provision of this Note, the Credit Agreement or the other Loan Documents shall alter or impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and interest on this Note at the place, at the respective times, and in the currency herein prescribed. 
  
 The Company hereby waives diligence, presentment, protest, demand and notice of every kind. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be executed and delivered by its duly authorized officer, as of the
day and year first above written. 
  

			
	7-ELEVEN, INC.
		
	By:	 	  

	Title:	 	 

  

 7-2 

 EXHIBIT 8-A 
 TO 
 CREDIT AGREEMENT 
  
 FORM OF OPINION OF BRYAN F. SMITH, JR. 
  
 October 26, 2004 
  

	To:	(a) each of the Lenders and Issuing Banks party to the Credit Agreement, dated as of October 26, 2004 (the “Credit Agreement”), among 7-Eleven, Inc., the Lenders,
the Issuing Banks, Citibank, N.A., as Administrative Agent for the Lenders and the Issuing Banks (in such capacity, the “Administrative Agent”), The Sumitomo Mitsui Banking Corporation, New York Branch, as Syndication Agent (in such
capacity, the “Syndication Agent”), The Bank of Tokyo-Mitsubishi, Ltd. and Wells Fargo Bank, N.A., as Co-Documentation Agents, and Citigroup Global Markets Inc., as Sole Lead Arranger; (b) the Syndication Agent and Co-Documentation
Agents; and (c) the Administrative Agent 

  

	 	Re:	7-Eleven, Inc. 

  

	Ladies	and Gentlemen: 

  
 I am an Executive Vice President, General Counsel and Secretary of 7-Eleven, Inc., a Texas corporation (“7-Eleven”), and have acted as
counsel for 7-Eleven in connection with the Credit Agreement and certain other agreements, instruments and documents related thereto. 
  
 This opinion is being delivered at the direction of 7-Eleven pursuant to Section 4.01(a)(ix)(A) of the Credit Agreement. Terms not otherwise defined
herein shall have the meanings ascribed thereto in the Credit Agreement. 
  
 In connection with this opinion, I have examined originals or copies, certified or otherwise identified to my satisfaction, of the following documents: 
  
 (i) the Credit Agreement; and 
  
 (ii) the Notes of even date herewith, executed by 7-Eleven and made payable to the order of each Lender that requested a Note prior to the date hereof.

  
 The documents described in items (i) and (ii) above are
collectively referred to herein as the “Loan Documents”. 
  
 In addition, I have examined and am familiar with originals or copies, certified or otherwise identified to my satisfaction, of such other documents, including certificates of governmental officials, as I have deemed
necessary or appropriate as a basis for the opinions set forth below. 
  
 Based on the foregoing, and assuming that each of the Loan Documents has been duly authorized, executed and delivered by the parties thereto other than 7-Eleven, I am of the opinion that: 
  
 1. Each of the Loan Documents has been duly authorized, executed and delivered by 7-Eleven.

  

 8-A-1 

 2. 7-Eleven is a corporation duly organized, validly existing and in good standing under the laws of the State of Texas.
7-Eleven has full power, authority and legal right to execute, deliver and perform each of the Loan Documents to which it is a party. 
  
 3. The execution, delivery and performance by 7-Eleven of the Loan Documents to which it is a party do not and will not contravene or conflict with any provision of its
Articles of Incorporation or Bylaws. 
  
 4. To the best of my knowledge, the
execution and delivery by 7-Eleven of the Loan Documents to which it is a party, and its performance of the Loan Documents to which it is a party, do not violate or conflict with, or constitute a default under, or result in the creation of any
security interest or lien pursuant to, or require the termination of, any material Contractual Obligation to which it is a party or by which it or its properties are bound. 
  
 5. To the best of my knowledge, there are no actions, suits or proceedings pending or threatened before any Governmental Authority against
7-Eleven (i) with respect to the Loan Documents, or (ii) that are reasonably likely to materially and adversely affect the ability of 7-Eleven to perform its obligations under the Loan Documents or the ability of the Administrative Agent, the
Issuing Banks or any Lender to enforce such obligations. 
  
 6. No authorization,
approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by 7-Eleven of the Loan Documents. 
  
 I am a member of the bar of the State of Texas. I express no opinion as to any matters governed by any law other than the
law of the State of Texas and the United States of America. 
  
 This opinion letter speaks only as of the date hereof. This opinion (a) is being rendered solely for your benefit for the purpose of complying with a requirement of the Credit Agreement and no other persons (other than any person that
becomes a Lender or an Issuing Bank in accordance with the provisions of the Credit Agreement) shall be entitled to rely on any matter set forth herein without the express written consent of the undersigned; (b) may not be quoted in whole or in part
or otherwise referred to in any report or document or furnished to any other person without the express written consent of the undersigned; and (c) is limited to the matters set forth herein and no opinion may be inferred or implied beyond the
matters expressly stated in this letter. 
  

	
	 Very truly yours,

	
	 Bryan F. Smith, Jr.

	 Executive Vice President, General Counsel and Secretary

  

 8-A-2 

 EXHIBIT 8-B 
 TO 
 CREDIT AGREEMENT 
  

October 26, 2004 
  
 To the Persons listed in Schedule A 
  
 7-Eleven, Inc. 
  
 Ladies and
Gentlemen: 
  
 We have acted as counsel to 7-Eleven, Inc., a Texas corporation
(the “Company”), in connection with the preparation, execution and delivery of the Credit Agreement, dated as of October 26, 2004 (the “Agreement”), among the Company and each of you. This opinion is furnished to
you at the request of the Company pursuant to Section 4.01(ix)(B) of the Agreement. Unless otherwise defined herein, terms defined in the Agreement are used herein as therein defined. 
  
 In that connection, we have reviewed originals or copies of the following documents: 
  
 (a) The Agreement. 
  
 (b) The Notes of even date herewith, executed by the Company and made payable
to the order of each Lender that has requested a Note. 
  
 The documents described
in the foregoing clauses (a) and (b) are collectively referred to herein as the “Opinion Documents”. 
  
 We have also reviewed originals or copies of such other records of the Company, certificates of public officials and of officers of the Company and agreements and other
documents as we have deemed necessary as a basis for the opinions expressed below. As to questions of fact material to such opinions, we have, when relevant facts were not independently established by us, relied upon certificates or statements of
the Company or of its officers. 
  
 In our review of the Opinion Documents and
other documents, we have assumed: 
  
 (A) The
genuineness of all signatures. 
  
 (B) The
authenticity of the originals of the documents submitted to us. 
  
 (C) The conformity to authentic originals of any documents submitted to us as copies. 
  
 (D) As to matters of fact, the truthfulness of the representations made in the Agreement and in certificates of public officials and
certificates or statements of the Company or of its officers. 
  

 8-B-1 

 (E) That each of the Opinion Documents is the legal, valid and binding obligation of each
party thereto, other than the Company, enforceable against each such party in accordance with its terms. 
  
 (F) That: 
  
 (1) The Company is an entity duly organized and validly existing under the laws of the jurisdiction of its organization. 
  
 (2) The Company has full power to execute, deliver and
perform, and has duly executed and delivered, the Opinion Documents. 
  
 (3) The execution, delivery and performance by the Company of the Opinion Documents have been duly authorized by all necessary action (corporate or otherwise) and do not: 
  
 (a) contravene its certificate or articles of
incorporation, by-laws or other organizational documents; 
  
 (b) except with respect to Generally Applicable Law and Regulations U and X of the Board of Governors of the Federal Reserve System, violate any law, rule or regulation applicable to it; or 
  
 (c) result in any conflict with or breach of any agreement
or document binding on it. 
  
 (4) Except with
respect to Generally Applicable Law and Regulations U and X of the Board of Governors of the Federal Reserve System, no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any
other third party is required for the due execution, delivery or performance by the Company of any Opinion Document or, if any such authorization, approval, action, notice or filing is required, it has been duly obtained, taken, given or made and is
in full force and effect. 
  
 We have not independently established the validity
of the foregoing assumptions. 
  
 “Generally Applicable Law”
means the federal law of the United States of America and the law of the State of New York (including the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would
reasonably be expected to recognize as being applicable to the Company, the Opinion Documents or the transactions governed by the Opinion Documents. 
  
 Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that:

  
 Each Opinion Document is the legal, valid and
binding obligation of the Company enforceable against the Company in accordance with its terms. 
  
 The execution and delivery by the Company of each Opinion Document do not, and the performance by the Company of its obligations
thereunder will not, result in a violation of 
  

 8-B-2 

 Generally Applicable Law or Regulation U or X of the Board of Governors of the Federal
Reserve System. 
  
 The Company is not an
investment company within the meaning of the Investment Company Act of 1940, as amended. 
  
 Our opinions expressed above are subject to the following qualifications: 
  
 Our opinion in paragraph 1 is subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally (including without limitation all laws relating to fraudulent transfers). 
  
 Our opinion in paragraph 1 is subject to the effect of general principles of equity, including without limitation concepts of materiality,
reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law). 
  
 We express no opinion with respect to Section 12.05 of the Agreement to the extent that such Section permits set off to be made without
notice. 
  
 We express no opinion with respect to
the enforceability of indemnification provisions, or of release or exculpation provisions, contained in the Opinion Documents to the extent that enforcement thereof is contrary to public policy regarding the indemnification against or release or
exculpation of criminal violations, intentional harm or violations of securities laws. 
  
 We express no opinion with respect to Section 12.17 of the Agreement to the extent that such Section (i) contains a waiver of any
objection based on inappropriate venue or forum non conveniens in any federal court of the United States or (ii) implies that a federal court of the United States has subject matter jurisdiction. 
  
 Our opinions are limited to (i) Generally Applicable Law,
(ii) in the case of our opinion in paragraph 2 above, Generally Applicable Law and Regulations U and X of the Board of Governors of the Federal Reserve System and (iii) in the case of our opinion in paragraph 3 above, the Investment Company Act of
1940, as amended, and we do not express any opinion herein concerning any other law. 
  
 A copy of this opinion letter may be delivered by any of you to any person that becomes a Lender or an Issuing Bank in accordance with the provisions of the Agreement. Any such person may rely on the opinions expressed above as if this
opinion letter were addressed and delivered to such person on the date hereof. 
  
 This opinion letter is rendered to you in connection with the transactions contemplated by the Opinion Documents. This opinion letter may not be relied upon by you or any person entitled to rely on this opinion pursuant to the preceding
paragraph for any other purpose without our prior written consent. 
  
 This
opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter that
might affect the opinions expressed herein. 
  

 8-B-3 

 Very truly yours, 
  
 CAF:MKN:MLH:MRG 
  
 DLB 
  

 8-B-4 

 SCHEDULE A 
  
 Each of the Lenders and Issuing Banks party to the Credit Agreement. 
  
 Citibank, N.A., as Administrative Agent 
  
 Sumitomo Mitsui Banking Corporation, as Syndication Agent 
  

 8-B-5 

 EXHIBIT 9 
 TO 
 CREDIT AGREEMENT 
  
 FORM OF NO DEFAULT CERTIFICATE 
  
 7-ELEVEN, INC. 
  

	To:	Citibank, N.A., in its capacity as administrative agent (in such capacity, together with any successor administrative agent appointed under Section 11.08 thereof, the
“Administrative Agent”) under the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) dated as of October 26, 2004 among 7-Eleven,
Inc. (the “Company”), the financial institutions party thereto as “Lenders” or “Issuing Banks”, the Administrative Agent, The Sumitomo Mitsui Banking Corporation, New York Branch, as Syndication Agent, The Bank
of Tokyo-Mitsubishi, Ltd. and Wells Fargo Bank, N.A., as Co-Documentation Agents, and Citigroup Global Markets Inc., as Sole Lead Arranger. 

  
 This Officers’ Certificate is delivered to you pursuant to Section 6.01(c)(i) of the Credit Agreement. Terms defined in the Credit Agreement
and not otherwise defined herein are used herein with the meanings so defined. 
  
 1. I am the duly elected, qualified and acting [            ]14 of the Company. 
  
 2. I have reviewed and am familiar with the contents of this Certificate. I am providing this Certificate solely in my capacity as an officer of the Company. The matters set forth herein are true to the best of my Knowledge, after diligent
inquiry, but I express no personal opinion as to any conclusions of law or other legal matters. 
  
 3. I have reviewed the terms of the Credit Agreement and principal Loan Documents and have made, or caused to be made under my supervision, a review in
reasonable detail of the transactions and condition of the Company and its Subsidiaries taken as a whole during the accounting period covered by the attached financial statements (the “Financial Statements”). Such review did not
disclose the existence during or at the end of the accounting period covered by the attached Financial Statements, and I have no knowledge of the existence as of the date of this Certificate, of any condition or event which constitutes an Event of
Default or a Potential Event of Default, except as set forth below:15 
  

	14	Insert appropriate executive officer of the Company. 

	15	Describe here (or in a separate attachment to this Certificate) the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event,
the period during which it has existed and the action which the Company or its applicable Subsidiaries have taken, is taking, and proposes to take with respect to each such condition or event. 

  

 9-1 

 IN WITNESS WHEREOF, I execute this Certificate this
                 day of                  ,
200  . 
  

			
	 7-ELEVEN, INC.

		
	 By:
	 	  

	 Title:
	 	 

  

 9-2

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