Document:

Master Relationship Agreement

 Exhibit 10.46 
 CONFIDENTIAL TREATMENT REQUESTED 
 MASTER
RELATIONSHIP AGREEMENT 
 This Master Relationship Agreement (“MRA”) by and between GLASSHOUSE TECHNOLOGIES, INC.
(“GlassHouse”), a Delaware corporation located at 200 Crossing Boulevard, Framingham, MA 01702, and DELL MARKETING, L.P. (“Dell Marketing”), a Texas limited partnership located at One Dell Way, Round Rock, Texas 78682, by and on
behalf of Dell, Inc. and their respective subsidiaries and Affiliates (as defined below), is effective as of June 23, 2008 (the “Effective Date”). 
 SECTION 1. AGREEMENT STRUCTURE 
 1.1 Definitions. Capitalized terms used herein but
not defined shall have the meanings set forth in Schedule A. 
 1.2 This MRA, together with all schedules attached hereto
(“Schedules”) and Statements of Work shall be collectively referred to as the “Agreement.” The Agreement constitutes the entire agreement between the parties and supersedes all prior discussions, both oral and written, between
the parties related to the subject matter of the Agreement that occurred prior to the Effective Date. For the sake of clarity, the Agreement has no impact on the Intellectual Property License Agreement, dated as of March 6, 2008, by and between
the parties (the “IP License Agreement”); moreover, the parties acknowledge and agree that nothing in this Agreement shall supersede or amend the IP License Agreement. 
 1.3 The Agreement constitutes the terms and conditions under which Dell will purchase Services from GlassHouse, including, but not limited to, any Deliverables provided to Dell during the course of
providing the Services. 
 1.4 The terms and conditions of the MRA apply to all Schedules, Dell PO(s), and Statements of Work for the purchase
of Services. GlassHouse shall not provide Dell with any Services and Dell shall not be obligated to pay for any Services unless Dell and GlassHouse have executed a Statement of Work and Dell has issued a Dell PO for the applicable Services.

 1.5 Unless expressly stated otherwise in a Statement of Work, in the event of conflict between the MRA and any Schedule or Statement of Work,
the order of precedence shall be as follows: (i) the MRA, (ii) the Schedule, and then (iii) the Statement of Work. Any additional or conflicting terms contained in a Dell PO shall be void and have no effect. Notwithstanding the order
of precedence above, if a Statement of Work explicitly identifies a provision in the MRA(other than those that involve indemnification or limitation of liability which may only be modified or superseded by an amendment to the MRA), that the parties
intend to be superseded or modified by a provision in the Statement of Work, the provision in the Statement of Work shall prevail for purposes of that Statement of Work. 
 1.6 When a Dell entity desires to purchase Services, such Dell entity and GlassHouse will execute Statement of Work. Each Statement of Work shall expressly reference this MRA and all the terms and
conditions of this MRA shall govern such Statement of Work. Once the applicable Statement of Work is executed, any other Dell entity may subsequently issue a Dell PO to purchase the Services described in the applicable Statement of Work; provided,
however, that GlassHouse may accept or reject any Dell PO in its reasonable discretion. For purchases of

  

					
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Services outside of the United States, a Statement of Work and/or Dell PO will be issued by the applicable local Dell entity to GlassHouse, or to such other GlassHouse Affiliate designated by
GlassHouse. All Dell PO(s) will be governed by the terms and conditions of the MRA and the applicable Statement of Work and collectively shall be deemed a separate agreement between the applicable Dell and Glasshouse Entities. To the extent the
parties’ Affiliates require additional or alternative terms and conditions than those contained in this MRA in order to comply with local country law or business practices, such alternative or additional terms shall be set forth in a
“Country Unique Terms” section of the applicable Statement of Work. 
 SECTION 2. TERM AND TERMINATION 
 2.1 Term. Subject to the termination provisions in this MRA, the initial term of this MRA is for [*] beginning on the Effective Date. This MRA will
automatically renew for additional, successive, one-year terms unless a party provides written notice of non-renewal to the other party at least 180 days before the end of the then current term. 
 2.2 Termination for Cause. Either GlassHouse or Dell may terminate this MRA or any Statement of Work for cause in the event of a material breach by
the other party if such breach is not cured within thirty (30) days of receipt of written notice. 
 2.3 Termination for Change of
Control. In the event of a Change of Control of either party (the “Acquired Party”) to a direct competitor of the other party, then at any time within twelve (12) months after the last to occur of events constituting such Change
of Control, such other party may terminate each Statement of Work with respect to all or any part of the Services by giving the Acquired Party at least thirty (30) days prior written notice and designating a date upon which such termination
shall be effective. 
 2.4 Termination for Convenience. Dell may terminate this MRA, including, but not limited to, any Statement of Work
or Dell PO and/or Schedule at any time without cause for its convenience upon thirty (30) days written notice. 
 2.5 Effect of
Termination. In the event that this MRA or any Statement of Work or Dell PO is terminated, Dell shall pay GlassHouse, at a minimum, for all Services provided and expenses incurred up to and including the effective date of termination, in
accordance with the applicable Statement of Work. 
 2.6 Transition Plan. Upon the early termination of any Statement of Work, GlassHouse
and Dell will promptly meet to negotiate in good faith a transition plan to deal with business that is ongoing or pending at such time (the “Transition Plan”). The objective of the Transition Plan will be to promptly unwind the
relationship created under the Statement(s) of Work in a manner that causes the least disruption within the marketplace. It is contemplated that the Transition Plan will deal, among other things, with the fulfillment of pending orders and
outstanding tenders, and the treatment of ongoing service and support, and payment terms. 
 2.7 Dispute Resolution. Prior to the
commencement of any litigation relating to a Statement of Work, the senior management of both GlassHouse and Dell shall meet to attempt to resolve the dispute or disputes giving rise to such potential litigation. If the senior management cannot
resolve the disputes, either GlassHouse or Dell may make a written demand for formal dispute

  

					
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resolution. Within thirty (30) days after such written demand, GlassHouse and Dell agree to meet for one day with an impartial mediator and consider dispute resolution alternatives other
than litigation. The costs of engaging the mediator shall be shared equally. If an alternative method of dispute resolution is not agreed upon within thirty (30) days after the one-day mediation, either GlassHouse or Dell may begin litigation
proceedings. 
 SECTION 3. PERSONNEL 
 3.1 Approval of Personnel. Reasonably prior to assigning an individual to perform Services under any Statement of Work and to the extent reasonably practicable under the circumstances, GlassHouse shall (i) notify Dell of the
proposed assignment, (ii) introduce the individual to appropriate Dell representatives, (iii) provide reasonable opportunity for Dell representatives to interview the individual, and (iv) consistent with applicable law, provide Dell
with a resume and such other information about the individual as may be reasonably requested by Dell. In addition, GlassHouse shall ensure that it has met all obligations under Dell’s U.S. Site Security and Environmental, Health, and Safety
Addendum attached hereto as Schedule B with respect to personnel to be assigned hereunder. If Dell lawfully and in good faith objects to the proposed assignment, GlassHouse shall not assign the individual to that position and shall propose to
Dell the assignment of another individual of suitable ability and qualifications. 
 3.2 Periodic Review. At Dell’s request from
time to time, GlassHouse shall allow Dell the opportunity to conduct a review of the GlassHouse personnel performing Services under any Statement of Work and an opportunity to provide meaningful information to GlassHouse with respect to Dell’s
evaluation of the performance of the GlassHouse personnel. GlassHouse (or the applicable subcontractor) shall appropriately take such evaluation into account in establishing bonus and other compensation for such individuals. During the term of any
Statement of Work and unless otherwise permitted by that Statement or Work, GlassHouse shall not terminate or reassign (other than for cause) the personnel assigned under that Statement of Work. 
 3.3 Removal of Personnel. If Dell is dissatisfied with the performance or conduct of any GlassHouse personnel assigned to perform services under any
Statement of Work, Dell may bring the matter to GlassHouse’s attention and provide a description of the problem or concern in reasonable detail, and GlassHouse will promptly discuss such concern with the employee and take appropriate remedial
actions to coach, counsel or reassign such employee as determined by GlassHouse. If such remedial actions do not remedy Dell’s concern within thirty (30) days, Dell may require that GlassHouse remove such member from the performance of
Services under that Statement of Work, and GlassHouse shall designate a suitable replacement in accordance with Section 3.1 as soon as reasonably possible. 
 3.4 No Joint Employment. The personnel deployed by GlassHouse will be and shall remain employees or contractors of GlassHouse, reporting solely to GlassHouse, and GlassHouse will provide for and
pay the compensation and other benefits of such personnel, including salary, health, accident and worker’s compensation benefits and all taxes and contributions that an employer is required to pay with respect to the employment of employees.
GlassHouse’s personnel performing Services shall have a duty of loyalty to GlassHouse. GlassHouse shall determine the terms of employment for its respective personnel in accordance with its standard practices, including hiring and firing. All
GlassHouse personnel assigned to perform services

  

					
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under any Statement of Work shall be required to sign an acknowledgement in form reasonably acceptable to GlassHouse that provides that although such personnel may work with employees of Dell,
(i) they are employees of GlassHouse only and (ii) they are expected to follow the policies, procedures and direction of GlassHouse. 
 SECTION 4. PRICE AND PAYMENT 
 4.1 Resources. Except as provided in each Statement of Work, GlassHouse and Dell each will
provide the resources necessary for discharging its responsibilities under a Statement of Work at its own cost and expense. 
 4.2 Taxes.
Unless otherwise agreed in each Statement of Work, all payments must be stated (and payments made) in United States dollars and are exclusive of applicable sales, use or similar taxes for which Dell is obligated to pay GlassHouse. Dell has no
liability for any taxes based on GlassHouse’s assets or income or for which Dell has an appropriate resale or other exemption that has been provided to GlassHouse and is acceptable to the applicable taxing authority. Dell has the right to
withhold any applicable taxes from any royalties or other payments due under each Statement of Work if required by any government authority. All amounts payable under each Statement of Work shall be exclusive of value added tax or analogous taxes
(if any) which Dell shall pay at the rate applicable thereto from time to time. GlassHouse shall provide Dell with a valid value added tax invoice (applicable in the country of supply). GlassHouse and Dell will cooperate to ensure so far as possible
that the VAT treatment of each Statement of Work is accepted by the relevant tax authorities, and will produce all necessary invoices, records and other documentation for this purpose. In addition, upon Dell’s request, GlassHouse shall bill
Dell’s or its specified subsidiaries or Affiliates on a regional or local basis. 
 4.3 Travel Expenses. No travel or other expenses
shall be reimbursed unless approved in writing in advance by Dell. Any approved travel shall only be reimbursed if compliant with the then current Dell Travel and Expenses Policy as provided to GlassHouse in advance either by written documentation
or via Dell providing GlassHouse with an electronic link. Attached hereto as Schedule D is the Dell Travel and Expenses Policy in effect as of the Effective Date. Any travel requirements specifically described in any executed Statement of
Work or otherwise approved in writing by Dell shall be deemed approved by Dell and shall be reimbursed by Dell so long as such travel is incurred in accordance with the Dell Travel and Expenses Policy. 
 4.4 Invoicing. All invoices provided to Dell will be accumulated, upon receipt, for a period from the 6th day of a month to the 5th day of the
following month (the “Accumulation Period”). Dell will pay invoices received during the Accumulation Period net thirty (30) days from the end of the Accumulation Period (EOAP 30). No invoice can be dated prior to the date Services are
accepted by Dell. GlassHouse agrees to use diligent efforts to invoice Dell within thirty (30) days after it has the right to invoice under the terms of each Statement of Work. If GlassHouse fails to invoice Dell for any amount within sixty
(60) days after the date GlassHouse has the right to invoice Dell pursuant to the terms of the applicable Statement of Work, GlassHouse shall be deemed to have waived any right it may otherwise have to invoice for and collect such amount.

 4.5 Comparable Pricing. GlassHouse covenants that the pricing for Services being accorded to Dell during the term of each Statement of
Work will be no less favorable than the pricing

  

					
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being accorded to other customers of GlassHouse purchasing like quantities or less of services that are materially comparable to Services being provided to Dell. If at any time during the term of
each Statement of Work, GlassHouse accords to any other such customer more favorable pricing for services substantially similar to those Services purchased by Dell, GlassHouse will immediately offer to sell such Services to Dell at pricing that is
equivalent to the more favorable pricing accorded to such other customer. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES 
 5.1 Dell Work Product. GlassHouse represents and warrants that all Deliverables provided by GlassHouse will conform to the specifications and
descriptions set forth or referenced in each Statement of Work for a period of one hundred eighty (180) days after the date of delivery to Dell or the applicable customer, unless an alternative warranty period is expressly set forth in a
Statement of Work. 
 5.2 Services. GlassHouse represents and warrants that all Services as provided by GlassHouse will be performed in a
good and workmanlike manner by a skilled and qualified staff in accordance with prevailing industry standards and shall conform to all specifications and descriptions set forth in the applicable Statement of Work for a period of one hundred eighty
(180) days after the date of delivery to Dell or the applicable customer, unless an alternative warranty period is expressly set forth in each Statement of Work. 
 5.3 Rights and License. GlassHouse represents and warrants that it has all the rights and licenses in the Services and Deliverables necessary to allow Dell, and, as applicable, the customer, to use
such materials without restriction or additional charge as intended. The Deliverables shall not infringe or misappropriate any copyright, patent, trade secret, trademark or other intellectual property right of any third party. 
 5.4 Violation. Each party represents and warrants that this MRA (including without limitation the delivery of Deliverables) does not violate any
applicable laws (including without limitation all applicable import or export regulations and all licensing or permitting requirements) or breach any other agreement to which such party is a party or bound. 
 5.5 Copyleft. GlassHouse represents and warrants that it shall not incorporate or commingle intellectual property that constitutes open source code
governed under a license that effects Copyleft or any similar or broader license, such as a General Public License, in the development, installation or support of any Deliverable. 
 SECTION 6. INDEMNIFICATION 
 6.1 Dell Indemnification. Dell will defend, indemnify,
and hold harmless GlassHouse and its directors, officers, employees, representatives, and agents (collectively “GlassHouse Indemnitees”) from and against any and all third-party claims, actions, demands, and legal proceedings (collectively
“Claims”) and/or liabilities to third parties for damages, losses, judgments, authorized settlements, costs and expenses including, without limitation, reasonable attorneys’ fees (collectively “Damages”), arising out of or
in connection with: (a) any alleged or actual infringement and/or misappropriation by Dell of any copyright, patent, trademark, trade secret or other proprietary or intellectual property right of any third party to the extent relating to

  

					
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any Dell Pre-existing IP; (b) any Claim that Dell has caused bodily injury including, without limitation, death or has damaged real or tangible personal property; (c) any violation by
Dell of any governmental laws, rules, ordinances, or regulations; and/or (d) any Claim by or on behalf of Dell’s other subcontractors, suppliers, or employees for salary, wages, benefits or other compensation. 
 6.2 Glasshouse Indemnification. GlassHouse will defend, indemnify, and hold harmless Dell and its directors, officers, employees, representatives,
customers and agents (collectively “Dell Indemnitees”), from and against any and all Claims and Damages arising out of or in connection with: (a) any negligent acts or omissions of GlassHouse or failure by GlassHouse to perform its
obligations under this Agreement or a Statement of Work; (b) any alleged or actual infringement and/or misappropriation by GlassHouse and/or the Services and/or the Deliverables of any copyright, patent, trademark, trade secret or other
proprietary or intellectual property right of any third party, provided, however, that GlassHouse shall have no liability or obligation to Dell hereunder with respect to any claim based upon (i) any use of the Deliverables not strictly in
accordance with this MRA or the applicable Statement of Work, or (ii) use of any Deliverables in an application or environment or on a platform or with devices for which it was not designed or reasonably contemplated; (c) any Claim that
GlassHouse and/or the Deliverables provided under each Statement of Work has caused bodily injury including, without limitation, death or has damaged real or tangible personal property; (d) any violation by GlassHouse of any governmental laws,
rules, ordinances, or regulations; (e) any act of gross negligence or willful misconduct; and/or (f) any Claim by or on behalf of GlassHouse’s subcontractors, suppliers, or employees for salary, wages, benefits or other compensation.

 6.3 Additional Obligations. If an infringement claim is made or appears likely to be made about the Deliverables, GlassHouse shall use
reasonable efforts to (i) procure for Dell and customers, as applicable, the right to continue to use the applicable Deliverables; (ii) modify the Deliverables so that they are no longer infringing; or (iii) replace them with
non-infringing Deliverables. If none of these alternatives is commercially reasonable, Dell shall cease its use of any affected Deliverables or return or destroy any affected Deliverables for a refund of the purchase price, pro-rated on a
straight-line basis over a five (5) year period from the original delivery date. 
 6.4 Limitation on Indemnification. The party
from whom indemnification is sought pursuant hereto (Indemnitor) shall have no liability or obligation to the party entitled to indemnification hereunder (an Indemnitee) to the extent that any claim, action or suit arises out of or results from
(i) modifications, combinations or extensions of materials made available by the Indemnitor to the Indemnitee not created by the Indemnitor, (ii) the Indemnitee’s continuing allegedly infringing activity after being notified thereof
or its continuing use of any version of the materials made available by the Indemnitor to the Indemnitee after being provided modifications that would have avoided the alleged infringement or (iii) any intellectual property right in which the
Indemnitee has an interest or (iv) any Indemnitee’s negligence or misconduct. 
 6.5 Comparative Fault. Each party’s
obligations in this SECTION 6 shall apply even if the Claim and/or Damages are due, or alleged to be due, in part to any concurrent negligence or other fault of the Indemnitee, breach of contract or warranty by the Indemnitee, or strict liability
without regard to fault; provided, however, that the Indemnitor’s contractual obligations shall not

  

					
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extend to the percentage of the third party claimant’s Damages attributable to the Indemnitee’s negligence or other fault, breach of contract or warranty, or to strict liability imposed
upon Indemnitee as a matter of law. 
 6.6 Indemnification Procedures. The following procedures will apply with respect to
indemnification for Claims arising in connection with a Statement of Work: 
 (a) Promptly after receipt by the Indemnitee of
written notice of the assertion or the commencement of any Claim, whether by legal process or otherwise, with respect to any matter within the scope of this SECTION 6, the Indemnitee will give written notice thereof to the Indemnitor and will
thereafter keep the Indemnitor reasonably informed with respect thereto; provided, however, that the failure of the Indemnitee to give the Indemnitor such prompt written notice will not relieve the Indemnitor of its obligations hereunder except to
the extent such failure results in prejudice to Indemnitor’s defense of such Claim. Within thirty (30) days following receipt of written notice from the Indemnitee relating to any claim, but no later than ten (10) days before the date
on which any response to a complaint or summons is due, the Indemnitor will notify the Indemnitee in writing that the Indemnitor will assume control of the defense and settlement of such claim (the “Notice”). 
 (b) If the Indemnitor delivers the Notice relating to any Claim within the required notice period, the Indemnitor will be entitled to have
sole control over the defense and settlement of such Claim; provided, however, that the Indemnitee will be entitled to participate in the defense of such claim and to employ legal advisers at its own expense to assist in the handling of such claim.
After the Indemnitor has delivered a Notice relating to any claim in accordance with the preceding paragraph, the Indemnitor will not be liable to the Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the
defense of such Claim. 
 (c) If the Indemnitor fails to assume the defense of any such Claim within the prescribed period of
time, then the Indemnitee may assume the defense of any such Claim, the reasonable costs and expenses of which shall be deemed to be Damages. The Indemnitor will not be responsible for any settlement or compromise made without its consent, unless
the Indemnitee has tendered notice and the Indemnitor has then failed to provide Notice and it is later determined that the Indemnitor was liable to assume and defend the Claim. 
 (d) The Indemnitee will provide reasonable assistance to the Indemnitor (at the Indemnitor’s expense), including reasonable assistance
from the Indemnitee’s employees, agents, independent contractors and Affiliates, as applicable. Notwithstanding any provision of this Section 6 to the contrary, the Indemnitor will not consent to the entry of any judgment or enter into any
settlement that provides for injunctive or other non-monetary relief affecting the Indemnitee without the prior written consent of the Indemnitee, which consent will not be unreasonably withheld or delayed. 
 SECTION 7. LIMITATION OF LIABILITY 
  

	7.1	 Limitation of Liability. Except as provided in Section 7.2 hereof, (i) the liability of each party to the other for direct damages in
connection with any and all claims, acts or

  

					
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omissions, and causes of action arising under or related to this Agreement and/or any Statement of Work entered into hereunder shall not exceed, in the aggregate, [*], and (ii) neither party
will be liable to the other for any indirect, incidental, special, punitive or consequential damages of any type including, without limitation, lost profits and lost sales, arising out of or in connection with the Agreement even if advised or aware
of the possibility of such damages and even if the other party asserts or establishes a failure of the essential purpose of any limited remedy provided in this Agreement. 

  

	7.2	Exclusions. The aggregate cap on direct damages and general exclusion of indirect, incidental, special, punitive or consequential damages of any type, including
without limitation, lost profits and lost sales, set forth in the limitation of liability provisions of Section 7.1 of this Agreement will not apply with respect to the following: 

  

	 	(a)	GlassHouse Exclusions. GlassHouse shall be fully liable for all such damages to the extent arising from (i) any breach of its confidentiality obligations
hereunder, (ii) any damage to real or tangible personal property, (iii) any violation of any governmental laws, rules, ordinances, or regulations, (iv) any act of gross negligence or willful misconduct, and/or (v) any claim for
indemnity obligations arising under Section 6.2; provided, however, that any claim for indemnity arising under Section 6.2(a) shall be subject to a cap equal to the aggregate amount paid or payable under this Agreement during the then most
current trailing 12 month period. 

  

	 	(b)	Dell Exclusions. Dell shall be fully liable for all such damages arising from (i) any breach of its confidentiality obligations hereunder, (ii) any
damage to real or tangible personal property, (iii) any violation of any governmental laws, rules, ordinances, or regulations (iv) any acts of gross negligence or willful misconduct, and/or (v) any claim for indemnity obligations
arising under Section 6.1. 

 SECTION 8. INTELLECTUAL PROPERTY RIGHTS 
 8.1 Pre-existing Intellectual Property. GlassHouse and Dell each shall retain ownership of all right, title and interest in its Pre-existing IP,
subject to any license grants under the IP License Agreement. 
 8.2 GlassHouse Intellectual Property. All intellectual property
developed, conceived, or reduced to practice by GlassHouse during the performance of Managed Services or Other Services (collectively with GlassHouse’s Pre-existing IP, the “GlassHouse IP”) shall be owned by GlassHouse, subject to any
license grants under the IP License Agreement. 
 8.3 Dell Work Product. Except for GlassHouse IP or intellectual property licensed to
GlassHouse that is incorporated in or used in the performance of the Services or the development of the Deliverables that result from the Services, GlassHouse agrees that any intellectual property

  

					
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conceived or reduced to practice during the performance of Development Services shall be fully owned by and constitute the work product of Dell (the “Dell Work Product”). 
 8.4 Licensed Materials. To the extent that the Dell Work Product incorporates, or any Deliverable requires Dell to use, GlassHouse IP that is not
already subject to the license grant in the IP License Agreement or intellectual property licensed to GlassHouse from a third party (collectively “Licensed Materials”), then in accordance with and subject to all applicable terms and
conditions in this MRA, GlassHouse hereby grants to Dell a perpetual, irrevocable, non exclusive, worldwide, royalty free, fully paid up license to: (i) use, make, have made, sell, execute, reproduce, display, perform, prepare derivative works
based upon, and distribute (internally and/or externally) copies of the Licensed Materials and their derivative works; and (ii) authorize others to do any, some, or all of the foregoing. 
 8.5 Work For Hire. All Dell Work Product is solely and exclusively the property of Dell. To the extent any Dell Work Product qualifies as a
“work made for hire” under applicable copyright law, it will be considered a work made for hire and the copyright will be owned solely and exclusively by Dell. To the extent that any Dell Work Product is not considered a “work made
for hire” under applicable copyright law, GlassHouse hereby assigns and transfers all of its right, title and interest in and to the Dell Work Product to Dell. Furthermore, GlassHouse shall ensure that its employees, subcontractors,
representatives, agents or other contractors engaged to perform Services hereunder comply with the terms of each Statement of Work including, but not limited to, this Section 8.4. 
 8.6 Disclosure of Dell Work Product. GlassHouse will, as part of the Dell Work Product, disclose promptly in writing to Dell all of the Dell Work Product and document all intellectual property
rights as Dell personnel may direct. Furthermore, GlassHouse shall, upon request, provide to Dell all of the Dell Work Product. 
 8.7
Further Assurances. GlassHouse agrees to take any action and fully cooperate with Dell as Dell may request to effect the provisions of this SECTION 8. 
 8.8 Residuals. Subject to each party’s confidentiality obligations, and to each party’s rights in intellectual property as described in this MRA: (a) nothing in this MRA shall
preclude either GlassHouse or Dell from independently developing or providing for itself, or for others, materials that are competitive with the products and services of the other party, irrespective of their similarity to any products or services
offered by the other party in connection with a Statement of Work; and (b) GlassHouse and Dell each shall be free, subject to the other party’s rights in intellectual property, to use its general knowledge, skills and experience, and any
ideas, concepts, know-how and techniques within the scope of its business that are used or developed in the course of undertaking a Statement of Work by such party, and GlassHouse and Dell each shall remain free to provide products and services to
any customer or prospective customer so long as the terms of this MRA are not violated. 
 SECTION 9. CONFIDENTIALITY 
 9.1 Scope. The term “Confidential Information” means, to the extent previously, presently or subsequently disclosed by or for GlassHouse to
Dell or Dell to GlassHouse, all financial,

  

					
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business, legal and technical information of either Party or any of its Affiliates, suppliers, customers and employees (including information about research, development, operations, marketing,
transactions, discoveries, inventions, methods, processes, materials, algorithms, software, specifications, designs, drawings, data, strategies, plans, prospects, know-how and ideas) that is marked or otherwise identified as proprietary or
confidential at the time of disclosure, or which by its nature would be understood by a reasonable person to be proprietary or confidential. Confidential Information shall not include any information that (a) was rightfully known by the
receiving party without restriction before receipt from the disclosing party, (b) is rightfully disclosed to the receiving party by a third party without restriction, (c) is or becomes generally known to the public without violation of any
Statement of Work, or (d) is independently developed by the receiving party without reliance on or reference to such information. 
 9.2
Restrictions. GlassHouse and Dell agree (a) not to copy or use Confidential Information except and only for the purposes of the applicable Statement of Work, but not for any other purpose, (b) to maintain it as confidential, and
exercise reasonable precautions to prevent unauthorized access, use or disclosure and (c) not to disclose the Confidential Information to any third party other than its employees, contractors and sublicensees who have a legitimate need to know
for the purposes contemplated by the applicable Statement of Work and who are bound by written agreements that are at least as protective of the Confidential Information as the restrictions herein. The confidentiality obligations of the Statement of
Work, as they apply to Confidential Information disclosed prior to termination, will survive termination for a period of 3 years; provided, however, that each party’s obligations hereunder shall survive and continue in effect thereafter with
respect to any Confidential Information that is a trade secret under applicable law. As soon as reasonably practicable upon the disclosing party’s request at any time, the receiving party shall return to the disclosing party or destroy all then
existing originals and copies of any Confidential Information provided to the other party solely in connection with the performance of this Statement of Work and destroy all information, records and materials developed therefrom. 
 9.3 Compelled Disclosures. These restrictions will not prevent either party from complying with any law, regulation, court order or other legal
requirement that purports to compel disclosure of any Confidential Information or the terms and conditions of any Statement of Work. The receiving party will promptly notify the disclosing party upon learning of any such legal requirement, and
cooperate with the disclosing party in the exercise of its right to protect the confidentiality of the Confidential Information before any tribunal or governmental agency. Each party may provide a copy of any Statement of Work or otherwise disclose
its terms and conditions in connection with any financing transaction or due diligence inquiry, subject to obligations of confidentiality applicable to the recipient. Prior to any disclosure of this Statement of Work or its terms and conditions to a
third party, the party planning such disclosure shall notify the other party and allow the other party any opportunity to recommend redactions of certain information, which recommendations shall not be unreasonably refused. 
 9.4 Customer Information. GlassHouse understands that Dell may not be able to provide GlassHouse with any third party (including customer)
confidential information and that GlassHouse may be required to enter into a separate confidentiality agreement with any potential

  

					
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customer in order to obtain any Confidential Information regarding such customer under each Statement of Work. 
 SECTION 10. INSURANCE 
 10.1 General. In performance of the obligations under a
Statement of Work, GlassHouse agrees to comply with the provisions regarding insurance coverage set forth in this SECTION 10. 
 10.2
Ratings. GlassHouse shall obtain and at all times during the term of any Statement of Work maintain at its own expense, with insurance companies rated “A” or better by AM Best the following types and levels of minimum insurance
coverages: 
 10.3 Worker Compensation. Statutory workers compensation insurance in the state(s) or jurisdiction in which
GlassHouse’s employees perform services for Dell, and employer’s liability insurance with limits of not less than $500,000: (i) for each accident; and (ii) for each employee for occupational disease (policy limit for disease).
GlassHouse hereby waives all claims and causes of action against Dell, its officers, directors and employees for any and all injuries suffered by GlassHouse’s employees. 
 10.4 Commercial General Liability. Commercial General Liability insurance with limits for bodily injury and property damage liability of not less than $1,000,000 personal injury each occurrence,
$2,000,000 general aggregate and products/completed operations coverage which shall include premises/operations liability. This policy shall include a waiver of subrogation in favor of Dell; will be endorsed to include Dell as additional insured;
and will contain cross-liability and severability of interest coverage. 
 10.5 Business Automobile Liability. Business automobile
liability insurance with a limit of not less than $1,000,000 per occurrence for bodily injury and property damage liability written to cover all owned, hired and non-owned automobiles arising out of the use thereof by or on behalf of the GlassHouse
and its employees. This policy shall include a waiver of subrogation in favor of Dell. 
 10.6 Professional Liability / Errors &
Omissions. Professional Liability/Errors & Omissions (E&O) insurance with limits of not less than $10,000,000 each occurrence, $10,000,000 general aggregate. 
 10.7 Certification of Insurance. Prior to the commencement of any work or service as provided for in each Statement of Work, GlassHouse shall furnish to Dell insurance certificates on standard
Acord form, endorsements, or evidence of coverage signed by authorized representatives of the companies providing the coverage required under the terms of this MRA. All policies providing coverage shall contain provisions that no cancellation,
non-renewal or material changes in the policy shall become effective, except on thirty (30) days written notice thereof to Dell. Upon request and without expense, GlassHouse shall furnish Dell with certified copies of said insurance policies
signed by authorized representatives of the insurance companies providing the coverage as required in each Statement of Work. 
  

					
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 10.8 Material Terms. Failure to secure the insurance coverages, or the failure to comply fully
with any of the insurance provisions of these this MRA as may be necessary to carry out the terms and provisions of this MRA shall be deemed to be a material breach of this MRA. The lack of insurance coverage does not reduce or limit
GlassHouse’s responsibility to indemnify Dell as set forth in this MRA. Any and all deductibles and premiums associated with the above described insurance policies shall be assumed by, for the account of, and at the sole risk of GlassHouse.

 10.9 Changes to Insurance Requirements. Dell reserves the right to review the insurance coverage requirements of this MRA and to make
reasonable adjustments to such requirements or to require other types of policies to support the level of Services being performed by GlassHouse or the purchases being made by Dell from GlassHouse at any time, at GlassHouse’s sole cost, unless
otherwise agreed to by Dell. 
 SECTION 11. GENERAL 
 11.1 Governing Law; Venue. EACH PARTY IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE AND THE DELAWARE STATE COURTS,
AND HEREBY AGREES THAT SUCH COURTS SHALL BE THE EXCLUSIVE PROPER FORUM FOR THE DETERMINATION OF ANY DISPUTE ARISING HEREUNDER. THE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCLUSIVE OF ANY
PROVISIONS OF THE UNITED NATIONS CONVENTION ON THE INTERNATIONAL SALE OF GOODS AND WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. Prior to either party commencing litigation, with respect to disputes under the Agreement, the parties shall have
executives on both companies meet to determine resolution to the dispute. 
 11.2 Survival. Upon any expiration or termination of any
Statement of Work, all rights and obligations of GlassHouse and Dell thereunder shall cease, except that all obligations that accrued prior to the effective date of termination (including without limitation, payment obligations for Services
performed and non-cancelable expenses incurred prior to the effective date of termination, but, with respect to non-cancelable expenses, only to the extent the payment of the same upon expiration or termination is expressly provided for in the
Statement of Work) and any remedies for breach shall survive. Regardless of the circumstances of termination or expiration of a Statement of Work, or portion thereof, the provisions of SECTIONS 5 (REPRESENTATIONS AND WARRANTIES), 6
(INDEMNIFICATION), 7 (LIMITATION OF LIABILITY), 8 (INTELLECTUAL PROPERTY RIGHTS), 9 (CONFIDENTIALITY), and 11 (GENERAL) of this MRA will survive the termination or expiration and continue according to their terms. 
 11.3 Supplier Diversity. Dell supports the development of a diverse marketplace through our development of a diverse supply chain. Since Dell
transacts business with the United States federal government, state/local governments, and several Fortune 500 companies, the Equal Opportunity Clauses at 41 CFR sections 60-1.4(a), 60-250.5(a) and 60-741.5(a) are hereby incorporated and, if
applicable, GlassHouse will comply with FAR 52.212-3, Offer or Representations and Certifications-Commercial Items, and FAR 52.219-8 and FAR 52-219-9,

  

					
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Utilization of Small Business Concerns. If subcontractors are engaged to provide any Services pursuant to this Statement of Work, GlassHouse will use commercially reasonable efforts to engage
businesses that are (i) certified as minority or women owned by a third party certification agency acceptable by Dell, (ii) business concerns that are fifty-one percent owned, controlled, operated and managed by women or members of a
minority group including African Americans, Hispanic Americans, Native Americans, Asian Indian Americans, Asian-Pacific Americans, or (iii) meets the criteria of a small business as defined by the guidelines of the Small Business Administration
this includes, but is not limited to veteran, hubzone, 8(a), disadvantaged and woman owned businesses (“Supplier Diversity”). GlassHouse agrees to maintain accurate records illustrating that they have a Supplier Diversity plan in place,
records are being maintained, and as needed will be reported to Dell. GlassHouse agrees to also cooperate in any Dell Supplier Diversity studies or surveys as may be required. In the event GlassHouse is considered a Diverse Supplier, GlassHouse must
register with Dell’s Supplier Diversity program at www.dell.com (click About Dell, click Supplier Diversity). GlassHouse must comply with Dell’s Supplier Diversity policies and procedures as well as comply, in a timely manner, with any
reasonable request or requirement from Dell’s Supplier Diversity office (for example, second tier reporting). Second tier reports are to be submitted within 15 business days after the close of each calendar period. GlassHouse must comply with
the following Supplier Principles which may be changed from time to time by Dell: http://www1.us.dell.com/content/topics/global.aspx/corp/sup_prince/en/commit?c=us&l=en&s=corp). 
 11.4 Record Retention. GlassHouse will maintain accurate and legible records for a period of five (5) years from the date of completion of the applicable Services and, subject to the
provisions of Section 9, will grant to Dell, or its designee, reasonable access to and copies of, any information reasonably requested by Dell with respect to GlassHouse’s performance under a Statement of Work. 
 11.5 No Requirements; No Supply. Except as provided in a Statement of Work, nothing in this Statement of Work requires either GlassHouse or Dell to
purchase from or sell to the other party any or all of its requirements or capacity for hardware, software or services whether or not the same or similar to the Services provided hereunder. GlassHouse will cooperate and work with Dell and any other
service providers that Dell may engage in connection with the provision of the Services. 
 11.6 Non-Exclusivity. This Statement of Work
does not create an exclusive relationship between GlassHouse and Dell. Notwithstanding anything in each Statement of Work to the contrary, GlassHouse and Dell remain free, at its sole discretion, to pursue any specific opportunity or opportunities
in any or all market segments and/or geographies independently or with a third party. GlassHouse and Dell are independent contractors and neither GlassHouse nor Dell is an employee, agent, servant, representative, partner, or joint venturer of the
other or has any authority to assume or create any obligation or liability of any kind on behalf of the other. 
 11.7 Waivers. No waiver
of any term or condition is valid unless in writing and signed by authorized representatives of both parties, and will be limited to the specific situation for which it is given. Use of pre-printed forms, including, but not limited to email,
purchase orders, shrink-wrap or click-wrap agreements, acknowledgements or invoices, is for convenience only and all

  

					
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pre-printed terms and conditions stated thereon, except as specifically set forth in the MRA, are void and of no effect. No amendment or modification to the Agreement will be valid unless set
forth in writing and signed by authorized representatives of both parties. The Agreement may not be assigned by GlassHouse in whole or in part, even by operation of law, in a merger or stock or asset sale, without the express written permission of
Dell. Any attempt to do so will be null and void. 
 11.8 Notice Delivery. Any notice required or permitted by the Agreement must be in
writing in English and delivered by certified or registered mail, return receipt requested, postage prepaid and addressed as follows or to such other addresses as may be designated by notice from one party to the other, all such notices being
effective on the date received: If to Dell: Dell, One Dell Way, Round Rock, Texas 78682, Attn: VP, General Procurement, cc: General Counsel; and, If to GlassHouse: 200 Crossing Boulevard, Framingham, MA 01702, Attn: CEO . 
 11.9 Violations. Whenever possible, each provision of the Agreement will be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of the Agreement is found to violate a law, it will be severed from the rest of the Agreement and ignored and a new provision deemed added to the Agreement to accomplish, to the extent possible, the intent of the
parties as evidenced by the provision so severed. The headings used in the Agreement have no legal effect. 
 11.10 Non-Exclusivity of
Rights. Except as may be otherwise provided in the Agreement, the rights or remedies of the parties hereunder are not exclusive, and either party is entitled alternatively or cumulatively, subject to the other provisions of the Agreement, to
damages for breach, to an order requiring specific performance, or to any other remedy available at law or in equity. Neither party or its subsidiaries or affiliates will bring a claim under the Agreement more than two (2) years after becoming
aware of the events giving rise to the cause of action. 
 11.11 Execution of MRA. This MRA may be signed in one or more counterparts,
each of which will be deemed to be an original and all of which when taken together will constitute the same agreement. Both parties agree that the receipt of a facsimile signature in the space provided below will represent final execution and
acceptance of the terms and conditions contained in the MRA. Any copy of this MRA made by reliable means (e.g. photocopy or facsimile) shall be considered an original. 
 11.12 Exports. GlassHouse and Dell acknowledge that the Services and/or transactions contemplated by this Agreement, which may include technology and software, are subject to the customs and export
control laws and regulations of the United States (“U.S.”) and may also be subject to the customs and export laws and regulations of other countries. Each party agrees to abide by those laws and regulations. Further, under U.S. law, the
Services and any products applicable may not be sold, leased or otherwise transferred to restricted end-users or to restricted countries. In addition, the Services may not be sold, leased or otherwise transferred to, or utilized by an end-user
engaged in activities related to weapons of mass destruction, including without limitation, activities related to the design, development, production or use of nuclear weapons, materials, or facilities, missiles or the support of missile projects,
and chemical or biological weapons. 
  

					
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 By signing below, the parties are agreeing to the terms and conditions contained in this Master
Relationship Agreement. 
  

									
	DELL MARKETING L.P.	 		 	GLASSHOUSE TECHNOLOGIES, INC.
					
	By:	 	 /s/ S. Murdoch
	 		 	By:	 	 /s/ Mark Shirman

	Name:	 	S. Murdoch	 		 	Name:	 	Mark Shirman
	Title:	 	VP GICS	 		 	Title:	 	President / CEO

  

					
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 SCHEDULE A 
 DEFINITIONS 
 “Acquired Party” shall
have the meaning set forth in Section 2.3. 
 “Affiliate(s)” of a party shall mean any and all Entities, now or
in the future and for so long as the following ownership and control exists, that: (i) own or control, directly or indirectly, the party; (ii) are owned or controlled by, or under common control with, directly or indirectly, the party; or
(iii) are owned or controlled, directly or indirectly, by a Parent Company. For purposes of the preceding sentence, “own or control” shall mean: (A) if the Entity has voting shares or other voting securities, ownership or control
(directly or indirectly) of more than fifty percent (50%) of the outstanding shares or securities entitled to vote for the election of directors or other similar managing authority for such Entity; or (B) if the Entity does not have voting
shares or other voting securities, ownership or control (directly or indirectly) of more than fifty percent (50%) of the ownership interest representing the right to make decisions for such Entity. 
 “Agreement” shall have the meaning set forth in Section 1.2. 
 “Change of Control” shall mean, with respect to a party, a change in Control of such party (or that portion of such party’s
business to which the Agreement relates) or, if such party is not the ultimate Parent Company, such party’s ultimate Parent Company, where such Control is acquired, directly or indirectly, in a single transaction or series of related
transactions, or all or substantially all of the assets of such party (or that portion of such party’s business to which the Agreement relates) are acquired by any entity that was not previously an Affiliate of such party, or such party (or
that portion of such party’s business to which the Agreement relates) merges with another entity and does not constitute the surviving corporation of such merger. 
 “Claims” shall have the meaning set forth in Section 6.1. 
 “Confidential Information” shall have the meaning set forth in Section 9.1. 
 “Control” shall
mean (i) the legal or beneficial ownership, directly or indirectly, of (A) at least fifty percent (50%) of the aggregate of all equity securities of an entity or (B) equity securities having the right to at least fifty percent
(50%) of the profits of an entity or, in the event of dissolution, to at least fifty percent (50%) of the assets of an entity; (ii) the right to appoint, directly or indirectly, a majority of the board of directors (or other
comparable managers); or (iii) the right to control, directly or indirectly, the management or policies of the entity, whether through the ownership of voting securities, by contract or otherwise. 
 “Copyleft” means a licensing model that permits anyone to use, modify or redistribute software, subject to a condition of use,
modification, and/or distribution of such software, whereby such software and/or any other software incorporated into such software, derived from or distributed with such software be (i) disclosed or distributed in source code form to the
public, (ii) licensed to the public for the purpose of making derivative works or (iii) re-distributed to anyone at no charge. 
 “Damages” shall have the meaning set forth in Section 6.1. 
  

					
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 “Deliverables” shall mean any software, documentation or other deliverables
provided to Dell during the course of providing the Services, excluding any materials provided to GlassHouse by Dell for inclusion in such deliverables. 
 “Dell” shall mean Dell Marketing and its Affiliates. 
 “Dell
Indemnitees” shall have the meaning set forth in Section 6.2. 
 “Dell Marketing” shall have the meaning set
forth in the preamble. 
 “Dell PO” shall mean a purchase order issued by Dell pursuant to any Statement of Work.

 “Dell Work Product” shall have the meaning set forth in Section 8.3. 
 “Development Services” shall mean services provided by GlassHouse to Dell whereby GlassHouse is developing certain Dell Work
Product for Dell as expressly set forth in a Statement of Work. 
 “Effective Date” shall have the meaning set forth
in the preamble. 
 “Entity” shall mean a corporation, association, partnership, business trust, joint venture,
limited liability company, proprietorship, unincorporated association, individual or other entity that can exercise independent legal standing. 
 “GlassHouse Indemnitees” shall have the meaning set forth in Section 6.1. 
 “GlassHouse IP” shall have the meaning set forth in Section 8.2. 
 “GlassHouse” shall have
the meaning set forth in the preamble. 
 “IP License Agreement” shall have the meaning set forth in Section 1.2.

 “Licensed Materials” shall have the meaning set forth in Section 8.4. 
 “Managed Services” shall mean the management and support by GlassHouse of Dell’s day to day administrative, information
technology or management functions as detailed in any Statement of Work. 
 “MRA” shall have the meaning set forth in
the preamble. 
 “Notice” shall have the meaning set forth in Section 6.6(a). 
 “Other Services” shall mean all services provided by GlassHouse to Dell as set forth in any Statement of Work other than Managed
Services or Development Services. 
 “Parent Company” shall mean any Entity that owns or controls (directly or
indirectly) more than fifty percent (50%) of the outstanding shares or securities representing the right to vote for the election of directors or other managing authority of a party. 
  

					
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 “Pre-existing IP” means, with respect to each of GlassHouse and Dell, any
intellectual property (i) owned by GlassHouse or Dell, respectively, prior to entering into this MRA; (ii) developed or acquired by GlassHouse or Dell, respectively, other than in the course of performing services under this MRA; and
(iii) derivatives, improvements or modifications of the foregoing. 
 “Schedule” shall have the meaning set forth
in Section 1.2. 
 “Services” shall mean Development Services, Managed Services and Other Services, collectively.

 “Statement of Work” shall mean a written statement of work specifically referencing this MRA that is mutually
agreed between the parties and executed by the authorized representatives of both parties. 
 “Supplier Diversity”
shall have the meaning set forth in Section 11.3. 
 “Transition Plan” shall have the meaning set forth in
Section 2.5. 
  

					
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 SCHEDULE B 
 U.S. Site Security and Environmental, Health, and Safety Addendum 
  

					
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 UNITED STATES SITE SECURITY 
 AND ENVIRONMENTAL, HEALTH, AND SAFETY ADDENDUM 
 Contract Name: Master Relationship Agreement 
 Effective Date: June 23,
2008 
 This Site Security and Environmental, Health, and Safety Addendum (this “Addendum”) is subject to the terms and conditions of
the Master Relationship Agreement (the “Agreement”) dated June23, 2008 between GlassHouse Technologies, Inc. (“Provider”) and Dell Marketing, L.P. (“Dell”). Capitalized terms not specifically defined herein shall have
the meaning set forth in the Agreement. 
 Compliance Requirements: 
 Strict compliance with the requirements stated within this Addendum shall be required. Dell may terminate the Agreement with Provider based on any non-compliance with this Addendum. Provider agrees to
adhere to and comply with the terms of this Addendum and to require all of Provider’s agents and employees and all of the agents and employees of Provider’s contractors who will be involved in any way with the rendition of Services
(“Representatives”) to adhere to and comply with the terms of this Addendum. If Dell requests Provider to replace one or more of Provider’s personnel, agents, or subcontractors for any reason, Provider shall immediately replace that
individual after notice is given to Provider by Dell and not reassign that person to perform any Services or any other Dell-related project absent Dell’s specific written consent. The fact that Dell makes any such request shall not require
Provider to take any employment or other action against any of Provider’s personnel, agents, or subcontractors. 
 Provider shall provide
each Representative a copy of this Addendum (together with its Exhibits and Attachments) and ensure that each Representative carefully reads this Addendum and agrees to comply with the terms and conditions of this Addendum prior to commencing any
work for, on behalf of, or otherwise related to Dell. Provider shall also obtain a certification (in the form set forth in Exhibit “A” to this Addendum) from each Representative prior to the Representative providing any Services and
then again each time an individual is assigned to perform Services (other than standard warranty break/fix dispatches) at a new customer site. Additionally, each year, on the anniversary month of the Effective Date of this Addendum, Provider shall
provide Dell with Provider’s Certification of Compliance (in the form set forth in Exhibit “A-1” to this Addendum). Provider shall retain all signed Certifications (Exhibit “A”) for at least four years past the termination
date of the Agreement. 
 Site Requirements: 
 Provider shall personally ensure that (1) a criminal background check and drug screen is conducted on each Representative who will enter onto any Dell property or any Dell customer site
(2) using ProMesa or such other third-party service provider as Dell may otherwise designate in writing from time to time referencing this Addendum (“Dell’s Check and Screen Service Provider”) (3) within the 30 day period
immediately preceding the Representative’s first entry upon any Dell property or any customer site and (4) no Representative subsequently enters onto any Dell property or customer site unless a criminal background check has been conducted
within the 12 months preceding the entry. 
 Provider understands and agrees that Dell’s Check and Screen Service Provider shall apply the
standards Dell applies to Dell’s new hires (the “Dell Standards”) in conducting the criminal background checks and drug screens described above and shall determine whether Representative is identified as a sex offender using an
available sex offender database selected by Dell’s Check and Screen Service Provider. Provider understands and agrees that Dell may change the Dell Standards at any time, for any reason, with or without notice to Provider. Provider may request
a copy of the

  

					
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current Dell Standards at any time. Provider agrees the Dell Standards constitute Confidential Information. 
 Representations and Warranties: 
 Provider represents and warrants that neither it
nor any of its contractors or subcontractors will allow any Representative to enter onto any Dell property or any Dell customer site unless and until Dell’s Check and Screen Service Provider has affirmatively indicated that the Representative
has successfully passed the criminal background check and drug screen described above. By allowing any Representative to enter onto Dell property or any customer site, Provider represents and warrants that: 
  

	 	•	 	 The Representative has successfully passed the criminal background check and drug screen described above (as evidenced by an affirmative
indication of same by Dell’s Check and Screen Provider) within the 30 day period preceding the Representative’s first entry onto any Dell property or any customer site; 

  

	 	•	 	 The Representative has successfully passed the criminal background check within the 12 month period preceding any subsequent entry onto any Dell
property or any customer site (i.e., annual certification of criminal background required); 

  

	 	•	 	 The Representative is drug and alcohol free; 

  

	 	•	 	 The Representative is authorized to work for Provider or its contractor or subcontractor in the U.S. as required by law; 

 

	 	•	 	 The Representative does not have any weapons in his or her possession or in his or her vehicle; and 

  

	 	•	 	 The Representative shall comply with all applicable Dell and Dell customer Rules of Conduct (available upon request). 

 Information: 
 Upon request, Provider
shall provide Dell with any and all information and documents reasonably requested by Dell to ensure that Provider and Provider’s contractors and subcontractors are complying with the requirements of this Addendum. Provider’s refusal to
provide Dell with any information or document requested by Dell shall give Dell the right to terminate the Agreement. 
 If during an audit of
technician-pass/fail status, or any other time, Dell discovers that a technician which has responded to a Dell dispatch has either not completed or failed the criminal background check or drug screen as described above, Dell has the right to require
Provider to pay an amount between $1,000 and $10,000 per occurrence, which amount shall be determined on a case-by-case basis based upon the severity of the violation and the actual or potential harm caused to Dell’s business and customers.

 Notice: 
 If Provider
receives any information suggesting that any Representative has been charged with or arrested for any criminal offense (other than a minor traffic violation) or is or may be violating any of the terms of this Addendum or the Rules of Conduct of Dell
or a Dell Customer, Provider shall immediately provide written notice of same to Provider’s primary Dell contact and shall ensure the Representative does not enter onto any Dell property or any customer site absent the specific written approval
of Provider’s primary Dell contact following such written notice. 
 Compliance with Applicable Law: 
 If compliance with any portion of this Addendum (including this provision) would require Provider to violate an applicable law, Provider shall notify
Provider’s primary Dell contact of same in writing immediately. Pending Dell’s written response to Provider’s written notice, Provider shall ensure that

  

					
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a Representative who has not complied with all of the requirements of this Addendum is not permitted to enter onto any Dell property or any Dell customer site. 
 Indemnity: 
 Provider shall
indemnify, defend, and hold harmless Dell and its subsidiaries and affiliates and their respective officers, directors, employees, representatives, and agents from and against any and all claims, legal proceedings, demands, damages, losses,
liabilities, judgment, settlements, costs and expenses, including without limitation reasonable attorneys’ fees that are related to any alleged or actual failure by Provider (including any failure by Provider’s agents or employees) or
Provider’s contractors or subcontractors (including any failure by the agents or employees of Provider’s contractors and subcontractors) to comply with any of the requirements of this Addendum. The Indemnification Procedures identified in
the Agreement shall apply to Dell’s indemnity right under this paragraph. 
 General Environmental, Health &Safety (EHS)
Requirements: 
 Provider and all sub-contractors working for Provider on Dell’s premises or customer site must conduct work in a
manner that minimizes the risk of injury to themselves, Dell employees or other employees at the customer site, and damage to property. Work must be conducted in accordance with all Federal, State, and local Environmental, Health & Safety
regulations, policies and procedures, and all site-specific requirements (as applicable). The framework for the baseline requirements is outlined below. Adherence to these requirements is a condition of the Agreement between the parties.

  

	1.	Provider will maintain a clean and safe work site at all times. Removal of trash, debris, scrap, and waste materials from the work area will occur in accordance with
the terms of the applicable Statement of Work (SOW). All waste materials must be removed from Dell or a customer site by the Provider in accordance with Federal, State, and local regulations. 

  

	2.	Provider will enforce all environmental, health, and safety rules and requirements for their employees and all sub-Contractors. 

  

	3.	Provider will maintain records of all injuries and incidents in accordance with OSHA Recordkeeping requirements. Provider will submit incident information including but
not limited to OSHA 300 logs (or similar records) to Dell upon request. 

  

	4.	Dell reserves the right to review Provider’s site activities. Deficiencies in Provider’s activities on site as identified by Dell (or its agents) will be
corrected to Dell’s satisfaction within an agreed upon timeframe. 

  

	5.	Unless otherwise provided in the Agreement, Provider and/or its subcontractors agree that each will not use Dell provided equipment to perform Services and that the
Provider and/or its subcontractors are solely responsible for the maintenance and repair of their own equipment used to perform such Services. 

 Confidentiality Requirements: 
 Notwithstanding anything contrary in the terms of any
applicable Non-Disclosure Agreement, any trade secrets or other proprietary information of Dell or Dell’s customer, whether oral, visual or written, shall constitute confidential information of Dell or Dell’s Customer even if not marked as
such. Further, Provider’s obligation to preserve the confidentiality of such trade secrets or proprietary information shall continue in perpetuity. The terms and conditions of the attached Exhibit B to this Addendum shall not be disclosed by
Provider without prior written approval of the authorized Dell representative. 
  

					
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 Strict compliance with the above requirements in this Addendum is a material term of the Agreement.
Dell reserves the right to terminate the Agreement based on any non-compliance with the terms of this Addendum. 
 The parties hereto
have caused this Addendum to be executed by their duly authorized representatives. 
  

									
	Agreed and Accepted:	 		 	Agreed and Accepted:
	DELL MARKETING, L.P.	 		 	GLASSHOUSE TECHNOLOGIES, INC.
					
	By:	 	  
	 		 	By:	 	  

	Printed Name:	 	  
	 		 	Printed Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

  

					
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 Exhibit A to Site Security Addendum 
 Certification of Provider’s Personnel, Agents, and Subcontractors: 
 Signed Certifications must be kept on record with Provider’s Human Resources Department for a period of four years after the termination of the
Agreement. 
 My signature below confirms my acknowledgement that I have read the Site Security and Environmental, Health, and Safety Addendum;
that I fully understand the requirements stated therein; and that I agree to comply with the requirements stated therein while on Dell property, Dell business, or any customer site. 
  

	
	Printed Name:
	
	  

	Signature:
	
	  

	
	Date:                     

  

					
		 	 Exhibit A
  
 Page 1
	 	

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Exhibit A-1 to Site Security Addendum 
 Annual Certification of Provider’s Compliance: 
 Signed Certifications must be kept on record with Provider’s Human Resources Department for a period of four years after the termination of the Agreement.

 My signature below confirms Provider’s acknowledgement of compliance with the Site Security and Environmental, Health, and
Safety Addendum terms; that Provider fully understands the requirements stated therein; and that Provider agrees to comply with the requirements stated therein while any of Provider’s personnel, agents or subcontractors are at Dell or any
customer site. 
  

	
	 Printed Name:
  
  

	 Signature:
  
  

	 Title:
  

	 Date:
  

  

					
		 	 Exhibit B
  
 Page 2
	 	

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Exhibit B to Site Security Addendum 
 Confidentiality Agreement 
                                        
          (insert name of Contractor or Subcontractor here) (“Contractor”) acknowledges that Provider has provided the undersigned with this Confidentiality Agreement and the undersigned has
read and understands the terms of this Confidentiality Agreement. This Confidentiality Agreement applies to the following project (the “Project”): Confidentiality agreement is to be signed by ALL sub-contractors as they are not covered
under Dell’s NDA. (Please delete these instructions upon execution). 
                                        
          (insert description of Project here) 
                                        
          
 By its signature below, the undersigned (the “Contractor”) agrees that:

 The Contractor is entering upon the Project, which is owned or leased by Dell Inc. (or a subsidiary and/or affiliate of Dell Inc.) or is
owned or leased by Dell’s Customer. Dell Inc. and/or each such subsidiary and/or affiliate of Dell Inc. and Dell’s Customer are referred to herein as an “Owner Party” and referred to collectively as the “Owner Parties.”

 The Contractor agrees that any and all information relating to the business of any Owner Party and all Owner Parties and all information
relating to, belonging to, or pertaining to any product, supplier, creditor, customer or prospect of any Owner Party and all Owner Parties, including but not limited to, information relating to products, customer and prospect lists, concepts for
marketing computer hardware and software, data processing, programming, software, documentation, research and development processes, inventions, services or the internal operations of any Owner Party and all Owner Parties or any supplier, creditor,
customer or prospect of any Owner Party and all Owner Parties is and shall be treated by the Contractor as confidential and proprietary at all times (including, without limitation, at all times after the Contractor is no longer
performing work or providing labor, material or other services at the Project). 
 The Contractor agrees that, except for the purpose of any
Owner Party’s right to enforce the terms of this Confidentiality Agreement, this Confidentiality Agreement does not create any privity of contract between the Contractor and any Owner, and the Contractor hereby waives any and all claims,
demands, suits and causes of action against any Owner Party and all Owner Parties and releases all Owner Parties from any liability, whether any such claim, demand, suit, cause of action or liability is known or unknown, present or future.

 In addition to any other remedies available to any Owner Party, any Owner Party shall have the right to seek equitable relief, including,
without limitation, injunctive relief or specific performance, against the Contractor or its representatives, employees or agents in order to enforce the provisions of this Confidentiality Agreement. 
  

			
	Contractor
		
	By:	 	  

	(Signature)
		
		 	  

	(Printed Name)
		
	Its:	 	  

	(Title)
		
	Date:	 	  

  

					
		 	 Exhibit A
  
 Page 2
	 	

 CONFIDENTIAL TREATMENT REQUESTED 
  

 SCHEDULE C 
 INFORMATION PRIVACY AND SECURITY SCHEDULE ADDENDUM 
 This Information
Privacy and Security Schedule Addendum (this “IPSS”), dated June 23, 2008, is subject to the terms and conditions of the GlassHouse Technologies, Inc. Master Relationship Agreement (“MRA”) dated June 23, 2008 between
GlassHouse Technologies, Inc. (“Provider”) and Dell Marketing, L.P. and the terms of the Non Disclosure Agreement (#0511012) between Provider and Dell Marketing, L.P. (“NDA”). This IPSS shall be considered a Schedule under the
MRA and shall be deemed part of the Agreement. “Dell” shall mean Dell Marketing, L.P. and its worldwide subsidiaries and affiliates including, but not limited to, Dell Inc. and all subsidiaries of Dell Inc. In the event of a conflict
between the NDA, MRA, or any other portion of the Agreement and this IPSS, this IPSS shall prevail. Provider’s failure to comply with any of the provisions of this IPSS shall be deemed a material breach of the Agreement. 
 Provider shall access and use all Data exclusively for the purpose of performing its obligations under the Agreement. Provider shall not sell, rent,
transfer, distribute or otherwise disclose the Data to any third party (including subcontractors and outsourcers), without prior written permission from Dell unless required by law enforcement or government bodies or as otherwise required by law. In
the event Dell provides such consent, Provider shall remain liable for the actions of the third party and shall ensure that any such third party complies with the terms in the NDA and the Agreement including without limitation, this IPSS. Provider
will defend and indemnify Dell for any claims arising in connection with its own failure or the failure of the third party to comply with the NDA and the Agreement including, without limitation, this IPSS. Such claims shall be deemed covered claims
under the terms of the “Indemnification” section of the MRA. 
 If through the course of business between Dell and Provider the scope
of the Agreement or geographic reach change beyond what was agreed to initially, the terms of this IPSS must be revisited. In order to ensure proper compliance with Dell policy, industry standards and applicable regional laws and regulations, Dell
may propose additional or updated terms to this IPSS and will negotiate in good faith with Provider to reach agreement on such additional terms. If the parties are unable to reach agreement, Dell may terminate the Agreement. 
 Confidentiality 
 In addition to and without
limiting the provisions regarding confidentiality and the definition of confidential information set forth in the Agreement and/or NDA, the term “Confidential Information” will also include: (1) all Dell non public, or proprietary
information and data accessed by Provider through Dell’s network or provided to or accessed by Provider for hosting or outsourcing services whether or not it is marked or identified as such (“Electronic Data”); and (2) any
information accessed, collected, retained, stored, shared, transferred, used or disclosed by Provider that relates to an identified or identifiable natural person (“Personally Identifying Information” or “PII” or “Personal
Data”), whether or not it is marked or identified as such (Electronic Data and PII/Personal Data are collectively “Data”). Provider agrees to treat the Data as Dell confidential information in accordance with the NDA and the Agreement
including, without limitation, this IPSS. 
 Notwithstanding the above, or any contrary terms in the NDA or other parts of the Agreement, any
exclusion in the NDA or the Agreement to the definition of confidential information shall not apply to PII/Personal Data disclosed to Provider pursuant to the NDA and this Agreement. Provider’s obligation to protect Data shall survive the
termination or expiration of the NDA and/ or the Agreement and Provider shall treat Data as Dell confidential in perpetuity. As between Provider and Dell, Dell is the exclusive owner of the Data. 

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Privacy Obligations 
 Provider agrees all access to, collection, retention, transfer, disclosure and use of PII/Personal Data will comply in all respects with Dell’s commitments to its customers set forth in Dell’s
Global Privacy Policy and applicable regional privacy policies and local national laws based on the source of the data. Dell’s global and regional privacy policies are updated from time to time and are available at www.dell.com/privacy.
Provider shall check the applicable privacy policies every quarter to ensure that it is complying with the most current version. 
 Provider
shall not use PII/Personal Data to contact, solicit or target (for example by means of advertising, telemarketing or emailing) any individual (including but not limited to Dell customers or employees), without the express written permission of Dell.

 Where Provider is providing services to Dell’s business customers as Dell’s subcontractor, Provider understands and accepts and
agrees to comply in all respects with Dell’s customers’ privacy policies, practices and requirements as they may be communicated to Provider by Dell or Dell’s customers from time to time. 
 If Provider will be hosting a website, Provider must: 
 (1) For websites that are not clearly branded as Dell, ensure (a) that it is clearly and conspicuously communicated to users that they are no longer on a Dell site; and (b) clearly and conspicuously communicate Provider’s
privacy policy to the users and (c) ensure that Provider’s privacy policy complies with all applicable laws and is consistent with the representations set forth in Dell’s applicable privacy policies. 
 (2) Post any informational language reasonably required by Dell; 
 (3) Prominently notify European Union users if their data will be hosted, transferred or processed outside the European Union. 
 Information Security Obligations 
 Provider will implement commercially reasonable
safeguards to protect the Data that are no less rigorous than accepted industry practices (such as ISO 17799/27001, ITIL or COBIT) and will ensure that all such safeguards, including, how the Data is handled, processed, stored, and disposed of, are
in compliance with all applicable data protection and privacy laws and in accordance with the terms of the NDA and Agreement. If Provider will have access to or will be handling, processing, storing or transmitting credit or debit card information
Provider warrants that it will at all times remain in compliance with the Payment Card Industry “PCI” Data Security Standard requirements. Prior to accessing any such data and on each anniversary of the Agreement thereafter, Provider must
submit a summary of the PCI DSS assessment results and remediation efforts, if any. 
 At a minimum, Provider shall implement physical,
technical and administrative safeguards that provide for: (a) protection of business facilities, paper files, servers, computing equipment, including all mobile devices and other equipment with information storage capability, and backup systems
containing the Data; (b) network, application (including databases) and platform security; (c) business systems designed to optimize security; (d) secure transmission and storage of Data (whether by encryption or other equally
protective measures); (e) authentication and access control mechanisms; (f) personnel security and integrity; and (g) annual training to Provider’s employees, personnel, and/or subcontractors on how to comply with the
Provider’s physical, technical, and administrative information security safeguards. 
 Data will be stored on servers in data centers which
comply with industry standard data center security controls. Data files will not be placed on any notebook hard drive or removable media, such as compact disc or flash

 CONFIDENTIAL TREATMENT REQUESTED 
  

 
drives, unless encrypted. Provider will ensure that Highly Restricted PII/Personal Data and sensitive Dell data may not be co-located with information of a competitor. 
 Provider shall regularly test and monitor the effectiveness of its security practices and procedures relating to the Data and will evaluate and adjust its
information security program in light of the results of the testing and monitoring, any material changes to its operations or business arrangements, or any other circumstances that Provider knows or reasonably should know may have a material effect
on its information security program. In addition, at any point during the term of the Agreement, upon Dell’s request, Provider shall provide Dell a copy of Provider’s security standards, policies and guidelines related to the Data.

 Upon request, Provider shall grant Dell or a third party on Dell’s behalf permission to perform an assessment of controls in
Provider’s, or Provider’s subcontractors’ environment in relation to the services being provided to ensure compliance with the Agreement, as well as any applicable laws, regulations, directives, ordinances, or industry standards. This
audit shall be performed at Dell’s expense. Provider shall fully cooperate with such assessment by providing access to knowledgeable personnel, physical premises, documentation, infrastructure and application software that processes, stores or
transports Data for Dell pursuant to the Agreement. 
 Call Recordings 
 Unless not technically feasible, call recording data shall be encrypted. If not technically feasible, Provider shall comply with the following guidelines with respect to call recording data: 

(1) Provider shall establish strong control processes for collection, review, distribution and removal of call recording data. 
 (2) Call recordings shall only be used for internal quality review and training purposes. Provider shall delete call recordings immediately after completing
the quality review process, which shall in no case be longer than 60 days after the original recording was made, except for special situations involving specific identified recordings provided the recording is encrypted or highly sensitive customer
information is removed. 
 (3) Provider shall ensure that access to the call recording data shall be highly controlled and limited to only those
involved in the quality monitoring process. Logging and monitoring shall be performed by Provider to verify who has accessed these files. Prior to using a call recording for training purposes, all PII/Personal Data and must be removed from the
recording or otherwise rendered in audible. 
 Breach 
 In the event that Provider experiences an actual or suspected security breach (e.g., physical trespass on a secure facility, computing systems intrusion/hacking, loss/theft of a computer [notebook,
desktop, other mobile device, hard drive, or any information storage device], loss/theft of printed materials, exploitation of a vulnerability in the deliverables, or other unauthorized access), that resulted in (or is reasonably believed to have
resulted in or may potentially result in) the misuse, compromise, or unauthorized release of Data (collectively, a “Security Breach”), Provider will notify Dell of the Security Breach with in 12 hours after it becomes aware of a Security
Breach. A Security Breach also applies to a reported privacy complaint that Provider may receive in relation to the Data or services provided in the Agreement. 
  

	•	 	 Provider will provide Dell with the name and contact information for a primary security contact within Provider. Provider shall notify Dell of any
Security Breaches by e-mailing with a read receipt privacy@dell.com with a copy to Provider’s primary business contact within Dell. 

  

	•	 	 Immediately following such discovery and notification to Dell, the parties will coordinate with each other to investigate the Security Breach.

  

	•	 	 Provider also shall take immediate steps to remedy the Security Breach at Provider’s expense in accordance

 CONFIDENTIAL TREATMENT REQUESTED 
  

	 	 
with local individual privacy rights and laws. Provider shall reimburse Dell for actual costs incurred in responding to and/or mitigating damages caused by a Security Breach.

  

	•	 	 Except as may be strictly required by applicable law, Provider agrees that it will not inform any third party of any Security Breach without first
obtaining Dell’s prior written consent, other than to inform a complainant that the matter has been forwarded to Dell’s privacy office. 

 Provider shall immediately notify Dell of any investigations of its information use or security practices by a government, regulatory, or self-regulatory organization. 
 Infrastructure Security and Connectivity 
 Upon request for the term of the Agreement, Provider shall provide a summary of the results of a controls audit, such as a SAS 70 Type II or information security audit as applicable to the services being provided, which has been performed
within the past year. The audit will include an assessment of Provider’s general controls and security practices and procedures relating to the Data shared, accessed, and/or stored through this Agreement to ensure compliance with applicable
national laws, regulations and industry standards. The audit should be performed as part of Provider’s ongoing information security program to evaluate Provider’s general security controls on a regular basis and at Provider’s expense.
All such audits shall be performed by: (1) a qualified, objective, independent qualified third-party professional, such as a Certified Information System Security Professional or as a Certified Information Systems Auditor; (2) a person
holding Global Information Assurance Certification from the SysAdmin, Audit, Network, Security Institute; or (3) a similarly qualified person or organization who is able to demonstrate experience in performing the required type of assessment.
Provider and Dell will come to agreement on the timeframe and remediation of any gaps between the audit results and Dell’s expectations. 
 Dell, or a third party chosen by Dell, may evaluate the security of Provider’s I/T network and associated services, and Provider agrees to work cooperatively with Dell to determine whether additional or different security measures are
required to protect the network or Data placed or proposed to be placed or transmitted on the network. 
 Product Security 
 Provider shall have processes in place to identify and to notify Dell in a timely manner of any security vulnerabilities identified in the Provider’s
product, software, website or other similar item (hereafter “Product”), or in any third party component used in the Provider’s Product. Provider commits to remediate vulnerabilities identified in the Provider’s Product at the
Provider’s expense and as a top priority or in a timeframe otherwise agreed upon by Dell. 
 Provider confirms that it uses, and that
Product was designed based upon industry secure coding practices (such as OWASP or SANS Top 10 as applicable), and that information security is addressed throughout the development life-cycle, including without limitations, security development
requirements, test plans, code reviews, security testing and quality assurance. The Product’s processes, direct capabilities, and other necessary actions comply with all applicable laws and payment card industry standards, where applicable,
including but not limited to laws addressing privacy and information security obligations. 
 Upon request, Provider will submit the results and
remediation efforts of an independent security assessment. The assessment scope must be agreed upon by Dell. Such an assessment is required for all products that will: (a) be customer facing, including shipped with or installed on customer
systems; or (b) access, collect, store, transmit, disclose or process Highly-Restricted PII/Personal Data. Remediation efforts must be agreed upon by Dell and addressed to Dell’s satisfaction prior to acceptance of the final Product.

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Data Retention 
 Provider will retain and delete Data in accordance with any retention schedule agreed upon between Dell and Provider. If Provider cannot retain this data for the stated amount of time, Provider will
regularly provide the data to Dell for Dell to retain. If the Agreement between Dell and Provider expires prior to the agreed upon retention schedule, all Dell data hosted and maintained by Provider will be returned to Dell. 
 In the absence of such agreed schedule, in a manner consistent with applicable law, Provider will dispose of Data that is no longer needed throughout the
term of the Agreement. Provider will provide Dell details on how the data will be disposed. In any event, no later than 30 days after the termination or expiration of the Agreement, or portion thereof, at Dell’s option Provider shall either:
(1) dispose of all Data in a manner consistent with applicable law, (2) return all Data related to such terminated or expired services. Upon request, Provider shall present to Dell with a written and signed certification of such return
and/or disposal. If Dell has a reasonable basis to be concerned about the continued retention of Data by the Provider after termination or expiration of the Agreement, promptly upon Dell’s written request, Provider shall obtain and fund an
external audit to ensure total removal of Data from Provider’s systems. Dell has the right to oversee the audit and obtain the audit results. 
 In no event, however, will Provider dispose of data, which Provider has been notified that Provider must retain in response to a Dell “Legal Hold.” Provider’s obligation to retain such “Legal Hold” data exceeds any
agreed-to retention policies or internal policies of Provider. If Provider cannot retain the “Legal Hold” data, Provider will provide the data to Dell for Dell to retain. 
 Disaster Recovery 
 Provider will maintain a disaster recovery plan for restoring its
current and off-site data files. Provider will at all times be responsible for daily backup and preservation of any Data within its control. All backup copies of Data shall be treated as Dell confidential information. Provider will maintain a
business continuity plan for restoring its critical business functions. Upon request, Provider will give Dell a copy of each plan. 
  

									
	DELL MARKETING, L.P.	 		 	GLASSHOUSE TECHNOLOGIES, INC.
					
	By:	 	  
	 		 	By:	 	  

	Printed Name:	 	  
	 		 	Printed Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Addendum 1 to Schedule 4 
 CANADA PRIVACY ADDENDUM 
 to Information Privacy and Security Schedule 
 This Canada Privacy Addendum is attached to
and made part of the Information Privacy and Security Schedule (“IPSS”) between GlassHouse Technologies, Inc. (“Provider”) and Dell Marketing, L.P. and its worldwide subsidiaries and affiliates including but not limited to Dell
Inc. and all subsidiaries of Dell Inc. (“Dell”). The terms of this Canada Privacy Addendum (this “Addendum”) govern Provider’s obligations related to its handling of PII concerning Canadian residents or persons located in
Canada which it receives, collects, processes, transfers, discloses, uses and/or otherwise accesses in the course of providing services to Dell (the “Services”) pursuant to the Agreement and any applicable SOW(s). Capitalized terms not
specifically defined in this Addendum shall have the meaning set forth in the IPSS or the MRA. 
 To the extent there are any inconsistencies
between the terms of this Addendum and the terms of the IPSS, or the NDA, the terms of this Addendum will prevail. To the extent there are standards to be achieved by Supplier in this Addendum that are higher than the standards to be achieved by
Provider in the IPSS, or the NDA, Supplier will comply with the higher standards set out in this Addendum. Reference to Provider’s adherence to Dell’ Global Privacy Policy in the IPSS: (i) shall mean that Provider shall not take any
action that will cause Dell to be in contravention of such policy; and (ii) is not intended to expand Provider’s rights with respect to any PII related obligations or activities. 
  

	1)	Compliance with Applicable Privacy Laws. For the purposes of this Addendum, “Applicable Privacy Laws” means the Personal Information Protection and
Electronic Documents Act (Canada), as amended or supplemented from time to time, and any other Canadian federal or provincial legislation now in force or that may in the future come into force governing the collection, use, disclosure and protection
of PII in the private sector or public sector applicable to either party or to the Services. In all cases and without limiting any of the other provisions in this Addendum, Provider shall comply at all times with Applicable Privacy Laws in carrying
out the Services. 

  

	2)	PII Protection/Safeguards. To the extent that Dell provides access or transfers to Provider any PII in connection with the Services, or to the extent that
Provider otherwise collects, uses, discloses, stores, processes or otherwise handles PII on behalf of Dell in connection with providing the Services, Provider shall: 

  

	 	(a)	not use such PII for any purpose other than as necessary for the performance of its obligations with respect to the Services; 

  

	 	(b)	not disclose such PII or otherwise permit access to or make such PII available to any person except: 

  

	 	(i)	as expressly permitted or instructed by Dell; or 

  

	 	(ii)	as required to comply with applicable law or regulation or a valid court order or other binding requirement of a competent governmental authority, provided that in any
such case: (A) Dell is immediately notified in writing of any such requirement (and in any event prior to disclosure of the PII), and (B) Provider provides all reasonable assistance to Dell in any attempt by Dell to limit or prevent the
disclosure of the PII; 

  

	 	(c)	 so long as Provider remains in possession, custody or control of such PII, use reasonable physical, organizational and technological security measures
that are appropriate having regard to the sensitivity of the information to protect such PII against loss, theft and unauthorized access,

 CONFIDENTIAL TREATMENT REQUESTED 
  

	 	 
disclosure, copying, use, modification or disposal; and, without limiting the foregoing, Provider shall: 

  

	 	(i)	restrict logical and physical access to PII to only those authorized employees and permitted agents and subcontractors that require access to such information to
fulfill their job requirements and that are subject to binding obligations of confidentiality and data protection no less stringent than those of the Agreement (including the IPSS and this Addendum); 

  

	 	(ii)	not print, save, copy or store any PII, whether on removable, mobile or other media, in printed, electronic or optical form or otherwise, except temporarily within a
secure location within Provider’s facilities and only to the extent necessary in connection with providing the Services, and immediately and securely destroy or delete any such temporary copies or saved or stored versions upon conclusion of the
activity giving rise to the necessity of saving, copying or storing such PII; 

  

	 	(iii)	not move, remove, relocate or transmit any PII from Provider’s facilities without the express consent of Dell and/or without using appropriately secure encryption
technology to protect such information while in transit; 

  

	 	(iv)	comply with any additional security measures, processes and procedures set out in the IPSS. 

  

	 	(d)	upon termination of the Services or upon request of Dell, whichever comes first, immediately cease all use of and return to Dell or, at the direction of Dell, dispose
of, destroy, or render permanently anonymous all such PII, in each case using the security measures set out in paragraph (c) above; 

  

	 	(e)	immediately inform Dell of any actual or suspected loss, theft or accidental or unauthorized access, disclosure, copying, use, or modification of PII or other breach of
Provider’s obligations in this Section 2; and 

  

	 	(f)	ensure at all times that PII and all data, databases or other records containing PII that are stored, handled or processed for Dell in connection with the Services are
kept logically isolated and separate from any information, data, databases or other records stored, handled or processed by Provider for itself or for third parties. 

  

	3)	Requests, Inquiries and Complaints. Provider shall: (a) immediately refer to Dell any individual who contacts Provider seeking access or correction to or
with any inquiries or complaints about his or her PII in connection with or otherwise relating to the Services; (b) immediately notify Dell regarding any such request, inquiry or complaint; and (c) provide, in a timely manner, all
reasonable co-operation, assistance, information and access to PII in its possession, custody or control as is necessary for Dell to promptly (and, in any event, within any timeframe required by Applicable Privacy Laws) respond to such request,
inquiry or complaint. 

  

	4)	Audits. On reasonable notice and during normal business hours, Provider shall: (a) permit Dell or its designee to inspect any PII in the custody or
possession of Provider in connection with the Services and to audit Provider’s compliance with its obligations described in the IPSS (including, this Addendum) including, without limitation, the security measures used to protect PII;
(b) permit Dell to enter onto Provider’s premises for such purposes; and (c) otherwise promptly and properly respond to all reasonable inquiries from Dell with respect to Provider’s handling of PII in connection with the Services
or Provider’s compliance with the IPSS (including this Addendum). 

 CONFIDENTIAL TREATMENT REQUESTED 
  

	5)	Privacy Regulators. Provider shall provide, in a timely manner, all necessary and reasonable information and co-operation to Dell and to any regulatory or other
governmental bodies or authorities with jurisdiction or oversight over Applicable Privacy Laws (each, a “Privacy Regulator”) in connection with any investigations, audits or inquiries made by any such Privacy Regulator under such
legislation. Provider acknowledges that Dell may be required to disclose confidential information of Provider, without Provider’s consent, to such Privacy Regulators in connection with any investigation, audit or inquiry that pertains to or
involves the Services. 

  

	6)	Designated Individual. Provider shall designate and identify to Dell an individual to handle all aspects of the Services that relate to the handling of PII.

  

	7)	Subcontracting. Provider shall not subcontract, assign or delegate to any third party its obligations with respect to the collection, use, disclosure, storage,
handling or processing of PII in connection with the Services without the express consent of Dell and without obtaining written contractual commitments of such third party substantially the same as those of the Agreement (including the IPSS and this
Addendum). 

  

	8)	Governing Law. This Addendum shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein. 

  

									
	DELL MARKETING, L.P.	 		 	GLASSHOUSE TECHNOLOGIES, INC.
					
	By:	 	  
	 		 	By:	 	  

	Printed Name:	 	  
	 		 	Printed Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Addendum 2 to Schedule 4 
 HIPAA ADDENDUM 
 This HIPAA
Addendum (the “HIPAA Addendum”) to the Information Privacy and Security Schedule (“IPSS”) shall apply to any Provider that, in the course of performing its obligations under the Agreement on behalf of Dell, may use and/or
disclose Protected Health Information (as that term is defined in the Health Insurance Portability and Accountability Act of 1996 and its related regulations, 45 CFR Parts 160 and 164 (“HIPAA”)). “Protected Health Information” is
“Data,” as that term is defined in the IPSS. Provider fully and unconditionally agrees to the terms and conditions of the HIPAA Addendum. Terms not defined in this HIPAA Addendum shall have the meaning ascribed to them in the Agreement.
The terms set forth in this HIPAA Addendum are in addition to, and not a substitute for, any privacy and security obligations and restrictions set forth in the IPSS. 
  

	1.	Responsibilities of the Provider with Respect to Protected Health Information. With regard to its use and/or disclosure of Protected Health Information, the
Provider hereby agrees to do the following: 

  

	 	1.1.	Use and Disclosure. Use and/or disclose the Protected Health Information only as permitted or required by this HIPAA Addendum or as expressly required or
permitted by law. 

  

	 	1.2.	Reporting. Immediately report in writing to Dell any use and/or disclosure of the Protected Health Information that is not permitted by this HIPAA Addendum or
any actual or suspected breach of security of electronic Protected Health Information of which Provider becomes aware. More detail as to such notice, reporting, and related obligations is set forth in the IPSS. 

  

	 	1.3.	Safeguards. Maintain the security of the Protected Health Information and prevent unauthorized use and/or disclosure of such Protected Health Information; and
implement administrative, physical, and technical safeguards that reasonably and appropriately protect the confidentiality, integrity and availability of electronic Protected Health Information that it creates, receives, maintains or transmits
pursuant to the Agreement. More detail as to the minimum level of such safeguards is set forth in the IPSS. 

  

	 	1.4.	Subcontractors and Agents. Require all of its subcontractors and agents that receive or use, or have access to, Protected Health Information pursuant to the
Agreement to agree, in writing, to adhere to the same restrictions and conditions on the use, access to, and/or disclosure of Protected Health Information that apply to the Provider pursuant to this HIPAA Addendum. Provider will remain liable and
indemnify Dell for any claims arising in connection with the failure of the third party to comply. 

  

	 	1.5.	Audit and Inspection. Make available all records, books, schedules, policies and procedures relating to the use, disclosure, and safeguarding of Protected Health
Information to the Secretary of Health and Human Services for purposes of determining Dell or Dell’s customers compliance with the Privacy and Security Regulations, provided that Provider will notify Dell in writing promptly upon receiving any
requests for such documents and information from the Secretary of Health and Human Services or his/her representative. 

  

	 	1.6.	Maintenance of Disclosure Records. Maintain sufficient information (including date of disclosure, name of receiver and address, if known, and description of
Protected Health Information disclosed by Provider to any third-party and the purpose of disclosure) to permit Dell to provide a complete accounting to its customers of all disclosures of Protected Health Information within the previous six
(6) years (and subsequent to April 14, 2003); and provide to Dell complete information regarding any such disclosure promptly, in order to permit the Dell to respond to requests by its customers for an accounting of the disclosures of the
individuals’ Protected Health Information in accordance with 45 C.F.R. Sections 164.528 and 164.314. 

 CONFIDENTIAL TREATMENT REQUESTED 
  

	 	1.7.	Access for Inspection and Amendment. Promptly upon receiving a written request from Dell, provide to Dell such records and information as is requested to permit
Dell to timely respond to a customer’s request to (i) inspect and/or copy Protected Health Information within a designated record set held by Provider in accordance with 45 C.F.R. Section 164.124; and/or (ii) amend Protected
Health Information in accordance with 45 C.F.R. Section 164.526. 

  

	 	1.8.	Return or Destruction. To the extent feasible, at Dell’s request, return or destroy the Protected Health Information within its possession (including,
without limitation, any Protected Health Information in the possession of any subcontractor retained by it) upon termination of the Agreement. If it is not feasible to immediately return or destroy the Protected Health Information because of other
obligations or legal requirements, the protections of this HIPAA Addendum shall apply until the Protected Health Information is returned or destroyed, and no other uses or disclosures may be made except for the purposes that prevented the return or
destruction of the Protected Health Information. If Provider destroys the Protected Health Information, Provider will properly dispose of and certify such disposal of the HIPAA Information in accordance with the IPSS. Upon Dell’s request,
Provider will provide Dell with a copy of its information disposal policies and procedures. 

  

	 	1.9.	Mitigation and Injunction. Cooperate with Dell to mitigate, to the extent possible, any deleterious effects from any improper use and/or disclosure of Protected
Health Information, regardless of its cause. 

  

	2.	Term and Termination. This HIPAA Addendum shall become effective when executed and shall continue in effect until all obligations of the Parties have been met.
The terms and conditions of this HIPAA Addendum shall survive the expiration or termination of the Agreement. Dell may immediately terminate the Agreement if Dell, in its sole discretion, makes the determination that the Provider has breached a
material term of this HIPAA Addendum or the IPSS. 

  

	3.	Miscellaneous. The Parties agree to enter into a mutually acceptable amendment to this HIPAA Addendum as necessary to comply with applicable federal laws and
regulations governing the use and/or disclosure of Data. Dell may terminate the Agreement upon thirty (30) days’ written notice in the event that the parties cannot reach mutual agreement on an amendment. To the extent that there is any
conflict between the terms of the Agreement, the IPSS, and the terms of this HIPAA Addendum with respect to Protected Health Information, the terms of this HIPAA Addendum shall prevail. 

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Addendum 3 to Schedule 4 
 DELL EMEA 
 PROCESSING OF PERSONAL DATA 
 DEFINITIONS and INTERPRETATION 
 “Customer Data” means customers of Dell; 
 “Data Protection Law” means the Data Protection Directive 95/46/EC and the Directive on Privacy and Electronic Communications 2002/58/EC, as implemented in the jurisdiction of the relevant customer and all other applicable
laws and regulations relating to processing of the Personal Data; 
 “Dell” means Dell Inc. and all Dell entities taking part
and subject to the Agreement; 
 “Employee” means an employee, consultant, sub-contractor, agent or officer of a person;

 “European Economic Area” means the member states of the European Union together with Norway, Iceland and Liechtenstein;

 “National Regulatory Authority” means the supervisory authority established under the applicable Data Protection Law for the
purposes of monitoring within its territory the provisions adopted by that territory pursuant to its Data Protection Law; 
 “Party” means Dell or Provider, and “Parties” means Dell and Provider; 
 “Personal Data”
means the Personal Data of Dell’s customers processed by the Provider; 
 “Person” includes any individual, firm, company,
corporation, body corporate, government, state or agency of state, trust or foundation, or any association, partnership or unincorporated body of two (2) or more of the foregoing (whether or not having separate legal personality and wherever
incorporated or established); and 
 “Personal data”, processing”, “data subject”, “controller” and
“processor” have the same meaning as in the Data Protection Law applicable to the relevant data subject and other parts of the verb “to process” shall be construed accordingly. 
  

	1.0	Data Processing. 

  

	 	1.1	Provider undertakes that: 

  

	 	(a)	it shall register for, and maintain its Safe Harbor status for the duration of the Agreement or shall otherwise ensure that the provisions of Article 25 of Data
Protection Directive 95/46/EC, as implemented in the jurisdiction of the relevant data subjects and any other similar provisions under applicable Data Protection law are met in relation to; 

  

	 	(b)	it will process the Personal Data only in accordance with the Data Protection Law applicable to the data subject and in accordance with the terms of this Agreement;

 CONFIDENTIAL TREATMENT REQUESTED 
  

	 	(c)	following any notice from Provider to Dell, or following any notice or query to Provider (directly or through Dell) from any National Regulatory Authority or Dell
customer, of an actual or reasonably suspected use or disclosure of Personal Data in violation of the Data Protection Law, the auditors of the Dell shall have the right to conduct, with reasonable prior written notice, under reasonable time, place
and manner conditions, pursuant to appropriate confidentiality and technical restrictions, and at its own expense, an audit of Provider’s systems, policies and procedures relevant to Provider’s compliance with the Data Protection Law with
respect to the Personal Data and the circumstances and extent of such actual or reasonably suspected use or disclosure; 

  

	 	(d)	if it shall become necessary to transfer Personal Data from one location to another within its own organisation, that transfer shall be undertaken with appropriate
security measures being implemented so as to ensure the integrity of the Personal Data; and 

  

	 	(e)	it will assist Dell in responding to all subject access requests which may be received from data subjects of the personal data contained in the Personal Data and to do
all reasonable and practicable things necessary to enable the Data Controller to comply with such requests, such assistance to be provided at a cost to be agreed between the Provider and Dell and based upon the Provider’s then-current
professional services rates; 

  

	 	1.2	Provider warrants and undertakes that it has in place and will maintain appropriate operational and technological processes and procedures to safeguard against any
unauthorised access, loss, destruction, theft, use or disclosure of the Personal Data. 

  

	 	1.3	Where the Provider discloses, or makes available any Personal Data to any third party, including, without limitation, any agent, sub-contractor (whether or not an
Employee) or supplier then it shall procure the performance by such third party of the provisions set out in clauses 1.1 and 1.2. as if such third party were the Provider, mutatis mutandis. Provider shall hold the Dell harmless from any Claims or
Damages, on demand and on an indemnity basis, arising from any breach or alleged breach of this clause 1.3. 

 2.0 Provider
will defend, indemnify, and hold harmless Dell and their respective directors, officers, employees, representatives, and agents (collectively “Indemnitees”) from and against any and all claims, actions, demands, and legal proceedings
(collectively “Claims”) and all liabilities, damages, losses, judgments, authorized settlements, costs and expenses including, without limitation, reasonable attorneys’ fees (collectively “Damages”), arising out of or in
connection with: (a) alleged or actual wilful misconduct or grossly negligent acts or omissions of Provider related to the processing of the Personal Data ; and (b) violation by Provider of any data protection laws, rules, ordinances, or
regulations applicable to processing of the Personal Data 
  

									
	DELL MARKETING, L.P.	 		 	GLASSHOUSE TECHNOLOGIES, INC.
					
	By:	 	  
	 		 	By:	 	  

	Printed Name:	 	  
	 		 	Printed Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

 CONFIDENTIAL TREATMENT REQUESTED 
  

 SCHEDULE D 
 DELL TRAVEL AND EXPENSES POLICY 

 CONFIDENTIAL TREATMENT REQUESTED 
  

 DELL TRAVEL AND EXPENSES POLICY 
 (As of June 23, 2008) 
 The Objective 
 The objective of this Schedule is to set policy for travel and expenses while performing services pursuant to
this Agreement. All travel must be authorized by an executed Statement of Work. All travel booked through Dell Travel will be considered to comply with Sections 2, 3 and 4 of this Schedule unless the traveler was advised at the time of booking that
their specific requests were not within policy. Any travel not booked through Dell Travel must fully comply with the provisions of this Schedule below. Provider must make payment by credit card for all travel and lodging booked through Dell Travel
at the time of booking. 
 You engage Dell Travel in the U.S. by calling (800) 503-4748 and speaking with an agent. You may reach Dell
Travel in the United Kingdom by calling 011 44 (0) 1293 58 5411. In addition, from outside the U.S. you can reach Dell Travel collect at (816) 880-3085. 
 1.0 Travel and Expenses. 
 Dell will reimburse reasonable and appropriate travel and
related expenses incurred in the normal course of business as defined by this Schedule subject to the limitations and provisions presented as follows: 
 1.1 All travel and related expenses must comply with this Schedule, and must be made in conjunction with a legitimate business purpose subject to the approval of a designated Dell representative. 
 1.2 All requests for reimbursements must be accompanied by support documentation commensurate with normal business practice. 
 1.3 Dell will not provide reimbursement for items not incurred, or those which are incidental to the normal course of performing work on the engagement.

 1.4 All exceptions to these provisions and guidelines must have the approval of a designated Dell representative. 
 1.5 All expenditures in excess of these provisions and guidelines are the responsibility of the consultant. 
 1.6 Dell reserves the right to deny reimbursement to any requests that do not conform to the aforementioned requirements. 
  

					
		 	 Schedule 2
  
 1
	 	

 CONFIDENTIAL TREATMENT REQUESTED 
  

 2.0 Airfare. 
 2.1 Dell will provide reimbursement for one coach class round trip airfare for each consultant assigned to the engagement when (a) travel is authorized, (b) required, and (c) air travel is
the most effective or only reasonable option available. All air reservations must be made through Dell Travel in the time and manner necessary to achieve the lowest possible fare. 
 3.0 Lodging. 
 3.1 Dell will provide reimbursement up to $85 per night stay.

 4.0 Transportation. 
 4.1 Dell will provide reimbursement up to $35 per day for rental car while the consultant is traveling to and from overnight stay accommodations and the engagement business office. Car rentals will be arranged through Dell Travel. Dell will
provide reimbursement up to $10 per day for parking car while the consultant is traveling to and from overnight stay accommodations and the engagement business office. 
 5.0 Meals. 
 5.1 Dell will provide reimbursement up to $35 per day for customary
meals (breakfast, lunch and dinner) while the consultant is on an overnight or extended consulting engagement. 
 6.0 Living Expenses.

 6.1 Maximum costs payable per day for Lodging, meals, transportation, or other expenses (excluding airfare) will not exceed one-hundred
and sixty-five dollars ($165.00). 
  

					
		 	 Schedule 2
  
 2Amendment No. 7 to Receivables Purchase Agreement

 Exhibit 10.1 
 AMENDMENT NO. 7 TO RECEIVABLES PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 7 TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of January 21, 2010, is entered into among WORTHINGTON RECEIVABLES CORPORATION, a Delaware corporation, as Seller (the
“Seller”), WORTHINGTON INDUSTRIES, INC., an Ohio corporation (“Worthington”), as Servicer (the “Servicer”), THE MEMBERS OF THE VARIOUS PURCHASER GROUPS FROM TIME TO TIME PARTY TO THE AGREEMENT (as
defined below) (each, a “Purchaser Group” and collectively, the “Purchaser Groups”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrator (the “Administrator”). 

RECITALS 
 The Seller, the Servicer, each member of each of the Purchaser Groups and the Administrator are parties to the Receivables Purchase Agreement, dated as of November 30, 2000 (as amended, supplemented
or otherwise modified through the date hereof, the “Agreement”); and 
 The parties hereto
desire to amend the Agreement as hereinafter set forth. 
 NOW THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Certain Defined Terms. Capitalized terms that are used herein without definition and that are defined in Exhibit I to the Agreement shall have the same meanings herein as therein defined.

 2. Amendment to Agreements. The Agreement is hereby amended to incorporate the changes shown on the
marked pages of the Agreement attached hereto as Exhibit A. 
 3. Representations and Warranties.
The Seller and the Servicer each hereby represents and warrants to the Administrator and each member of the various Purchaser Groups from time to time party to the Agreement as follows: 
 (a) Representations and Warranties. Its representations and warranties contained in Exhibit III of
the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date); 
 (b) Enforceability. The execution and delivery by each of the Seller and the Servicer of this
Amendment, and the performance of each of its obligations under this Amendment and the Agreement, as amended hereby, are within each of its corporate powers and have been duly authorized by all necessary corporate action on each of its parts. This
Amendment and the Agreement, as amended hereby, are each of the Seller’s and the Servicer’s valid and legally binding obligations, enforceable in accordance with its terms; and 

 (c) No Default. Both before and immediately after
giving effect to this Amendment and the transactions contemplated hereby, no Termination Event or Unmatured Termination Event exists or shall exist. 
 4. Effect of Amendment. All provisions of the Agreement, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all
references in the Agreement (or in any other Transaction Document) to “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Agreement shall be deemed to be references to the Agreement as
amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Agreement other than as set forth herein. 
 5. Further Agreement; Certificate of Incorporation for the Seller. Each of the Seller and Servicer hereby covenant
and agree that, on or prior to March 19, 2010 it shall enter into an amendment to the Agreement amending Section 3(c) of Exhibit IV of the Agreement in form and substance satisfactory to the Administrator in its commercially
reasonable discretion. The Seller hereby covenants and agrees that, on or prior to March 19, 2010, it shall deliver to the Administrator a fully executed copy of an amendment to the “Independent Director” provisions of the Certificate
of Incorporation for the Seller in form and substance satisfactory to the Administrator in its commercially reasonable discretion. 
 6. Effectiveness. This Amendment shall become effective as of the date hereof upon receipt by the Administrator of: (i) counterparts of: (a) this Amendment (whether by facsimile or
otherwise) executed by each of the parties hereto and (b) that certain Fourth Amended and Restated Fee Letter, dated as of the date hereof, among PNC, Worthington, the Seller and Market Street Funding LLC (the “Fee Letter”)
(whether by facsimile or otherwise) executed by each of the other parties thereto, (ii) the “Structuring Fee” under and as defined in the Fee Letter and (iii) such other documents, instruments and opinions as the Administrator
may reasonably request. 
 7. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. 
 8. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the
State of New York (without regard to any otherwise applicable principles of conflicts of law other than Section 5-1401 of the New York General Obligations Law). 
 9. Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the
Agreement or any provision hereof or thereof. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	 WORTHINGTON RECEIVABLES

	 CORPORATION, as Seller

		
	 By:
	 	 /s/ Matthew A. Lockard

			
	     Name:
	 	 Matthew A. Lockard

	     Title:
	 	 Treasurer

	
	 WORTHINGTON INDUSTRIES, INC.,

	 as Servicer

			
		
	 By:
	 	 /s/ Dale T. Brinkman

			
	     Name:
	 	 Dale T. Brinkman

	     Title:
	 	 Vice President

			
	 MARKET STREET FUNDING LLC,

	 as a Purchaser

			
		
	 By:
	 	 /s/ Evelyn Echevarria

			
	     Name:
	 	 Evelyn Echevarria

	     Title:
	 	 Vice President

			
	
	 PNC BANK, NATIONAL ASSOCIATION,

	 as Administrator and as a Purchaser Agent

			
		
	 By:
	 	 /s/ William P. Falcon

			
	     Name:
	 	 William P. Falcon

	     Title:
	 	 Vice President

 EXHIBIT A 
  
  
 RECEIVABLES PURCHASE AGREEMENT 
 dated as of November 30, 2000 
 among 
 WORTHINGTON
RECEIVABLES CORPORATION, 
 WORTHINGTON INDUSTRIES, INC., 
 as Servicer 
 THE MEMBERS OF VARIOUS PURCHASER GROUPS

 FROM TIME TO TIME PARTY HERETO 
 and 
 PNC BANK, NATIONAL ASSOCIATION, 
 as Administrator 
  
  

 This RECEIVABLES PURCHASE AGREEMENT (as amended, supplemented or otherwise
modified from time to time, this “Agreement”) is entered into as of November 30, 2000, among WORTHINGTON RECEIVABLES CORPORATION, a Delaware corporation, as seller (the “Seller”), WORTHINGTON INDUSTRIES, INC.,
an Ohio corporation (“Worthington”), as initial servicer (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), MARKET STREET FUNDING CORPORATION (“Market
Street”), a Delaware corporation, as a Conduit Purchaser, PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Market Street, and as Administrator for each Purchaser Group (in such capacity, the
“Administrator”), and each of the other members of each Purchaser Group party hereto or that become parties hereto by executing an Assumption Agreement or a Transfer Supplement. 
 PRELIMINARY STATEMENTS. Certain terms that are capitalized and used throughout this Agreement are defined in Exhibit
I. References in the Exhibits hereto to the “Agreement” refer to this Agreement, as amended, supplemented or otherwise modified from time to time. 
 The Seller desires to sell, transfer and assign an undivided variable percentage interest in a pool of receivables, and the Purchasers desire to acquire such undivided variable
percentage interest, as such percentage interest shall be adjusted from time to time based upon, in part, reinvestment payments that are made by such Purchasers. 
 In consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto agree as follows: 
 ARTICLE I 
 AMOUNTS AND TERMS OF THE PURCHASES 

 Section 1.1. Purchase Facility. 
 (a) On the terms and subject to the conditions hereof, the Seller may, from time to time before the Facility
Termination Date, request that the Conduit Purchasers, or, only if a Conduit Purchaser denies such request or is unable to fund (and provides notice of such denial or inability to the Seller, the Administrator and its Purchaser Agent), ratably
request that the Related Committed Purchasers, make purchases of and reinvestments in undivided percentage ownership interests with regard to the Purchased Interest from the Seller from time to time from the date hereof to the Facility Termination
Date. Subject to Section 1.4(b), concerning reinvestments, at no time will a Conduit Purchaser have any obligation to make a purchase. Each Related Committed Purchaser severally hereby agrees, on the terms and subject to the conditions
hereof, to make Purchases before the Facility Termination Date, based on the applicable Purchaser Group’s Ratable Share of each purchase requested pursuant to Section 1.2(a) (each a “Purchase”) (and, in the case of
each Related Committed Purchaser, its Commitment Percentage of its Purchaser Group’s Ratable Share of such Purchase) to the extent its Investment would not thereby exceed its Commitment and the Aggregate Investment would not (after giving
effect to all Purchases on such date) exceed the Purchase Limit. 

 (b) The Seller may, upon at least 60 days’ written
notice to the Administrator and each Purchaser Agent terminate the purchase facility provided for in this Section in whole or, upon 30 days’ written notice to the Administrator and each Purchaser Agent, from time to time, irrevocably reduce in
part the unfunded portion of the Purchase Limit (but not below the amount which would cause the Group Investment of any Purchaser Group to exceed its Group Commitment (after giving effect to such reduction)); provided that each partial reduction
shall be in the amount of at least $3,000,000, or an integral multiple of $1,000,000 in excess thereof and unless terminated in whole, the Purchase Limit shall in no event be reduced below $50,000,000. Such reduction shall at the option of the
Seller be applied either (i) ratably to reduce the Group Commitment of each Purchaser Group or (ii) to terminate the Group Commitment of any one Purchaser Group. 
 Section 1.2. Making Purchases. 
 (a) Each purchase (but not reinvestment) of undivided percentage ownership interests with regard to the
Purchased Interest hereunder shall be made upon the Seller’s irrevocable written notice in the form of Annex B delivered to the Administrator and each Purchaser Agent in accordance with Section 6.2 (which notice must be received by
the Administrator and each Purchaser Agent before 11:00 a.m., New York City time) at least three Business Days before the requested Purchase Date, which notice shall specify: (A) the amount requested to be paid to the Seller (such amount, which
shall not be less than $1,000,000 or such lesser amount as may be consented to by the Administrator, with respect to each Purchaser Group, being the aggregate of the Investments of each Purchaser within such Purchaser Group, relating to the
undivided percentage ownership interest then being purchased), (B) the date of such purchase (which shall be a Business Day), and (C) a pro forma calculation of the Purchased Interest after giving effect to the increase in the Aggregate
Investment. If the Purchase is requested from a Conduit Purchaser and such Conduit Purchaser determines, in its sole discretion, to make the requested Purchase, such Conduit Purchaser shall transfer to the account of the Seller described in
Section 1.2(b), below (the “Disbursement Account”), an amount equal to such Conduit Purchaser’s Purchaser Group Ratable Share of such Purchase on the requested Purchase Date. If the Purchase is requested from the
Related Committed Purchasers for a Purchaser Group (in the case where the related Conduit Purchaser determined not to or was unable to make such Purchase), subject to the terms and conditions hereof, such Related Committed Purchasers for a Purchaser
Group shall use its reasonable best efforts to transfer the applicable Purchaser Group’s Ratable Share of each Purchase (and, in the case of each Related Committed Purchaser, its Commitment Percentage of its Purchaser Group’s Ratable Share
of such Purchase) into the Disbursement Account by no later than 4:00 p.m. (New York time) on the Purchase Date. 
 (b) On the date of each Purchase, each Purchaser (or the related Purchaser Agent on its behalf), shall make available to the Seller in same day funds, at Bank One, N.A., Columbus Ohio, account number
981237763, ABA 044000037, an amount equal to the proceeds of such Purchase. 
 (c) Effective on
the date of each Purchase pursuant to this Section 1.2 and each reinvestment pursuant to Section 1.4, the Seller hereby sells and assigns to the

  

 2 

 
Administrator for the benefit of the Purchasers (ratably, according to each such Purchaser’s Investment) an undivided percentage ownership interest in: (i) each Pool Receivable then
existing, (ii) all Related Security with respect to such Pool Receivables, and (iii) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. 
 (d) To secure all of the Seller’s obligations (monetary or otherwise) under this Agreement and the
other Transaction Documents to which it is a party, whether now or hereafter existing or arising, due or to become due, direct or indirect, absolute or contingent, the Seller hereby grants to the Administrator, for the benefit of the Purchasers, a
security interest in all of the Seller’s right, title and interest (including any undivided interest of the Seller) in, to and under all of the following, whether now or hereafter owned, existing or arising: (i) all Pool Receivables,
(ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables, (iv) the Lock-Box Accounts and all amounts on deposit therein, and all certificates and instruments, if any,
from time to time evidencing such Lock-Box Accounts and amounts on deposit therein, (v) all books and records of each Receivable, and all Transaction Documents to which the Seller is a party, together with all rights (but none of the
obligations) of the Seller thereunder and (vi) all proceeds and products of, and all amounts received or receivable under any or all of, the foregoing (collectively, the “Pool Assets”). The Administrator, for the benefit of the
Purchasers, shall have, with respect to the Pool Assets, and in addition to all the other rights and remedies available to the Administrator and the Purchasers, all the rights and remedies of a secured party under any applicable UCC. 
 (e) The Seller may, with the written consent of the Administrator and each Purchaser, add additional Persons
as Purchasers (either to an existing Purchaser Group or by creating new Purchaser Groups) or cause an existing Purchaser to increase its Commitment in connection with a corresponding increase in the Purchase Limit; provided, however,
that the Commitment of any Purchaser may only be increased with the consent of such Purchaser. Each new Purchaser (or Purchaser Group) and each Purchaser increasing its Commitment shall become a party hereto or increase its Commitment, as the case
may be, by executing and delivering to the Administrator and the Seller an Assumption Agreement in the form of Annex C hereto (which Assumption Agreement shall, in the case of any new Purchaser or Purchasers be executed by each Person in such new
Purchaser’s Purchaser Group). 
 (f) Each Related Committed Purchaser’s obligation
hereunder shall be several, such that the failure of any Related Committed Purchaser to make a payment in connection with any purchase hereunder shall not relieve any other Related Committed Purchaser of its obligation hereunder to make payment for
any Purchase. Further, in the event any Related Committed Purchaser fails to satisfy its obligation to make a purchase as required hereunder, upon receipt of notice of such failure from the Administrator (or any relevant Purchaser Agent), subject to
the limitations set forth herein, the non-defaulting Related Committed Purchasers in such defaulting Related Committed Purchaser’s Purchaser Group shall purchase the defaulting Related Committed Purchaser’s Commitment Percentage of the
related Purchase pro rata in proportion to

  

 3 

 
their relative Commitment Percentages (determined without regard to the Commitment Percentage of the defaulting Related Committed Purchaser; it being understood that a defaulting Related
Committed Purchaser’s Commitment Percentage of any Purchase shall be first put to the Related Committed Purchasers in such defaulting Related Committed Purchaser’s Purchaser Group and thereafter if there are no other Related Committed
Purchasers in such Purchaser Group or if such other Related Committed Purchasers are also defaulting Related Committed Purchasers, then such defaulting Related Committed Purchaser’s Commitment Percentage of such Purchase shall be put to each
other Purchaser Group ratably and applied in accordance with this paragraph (f)). Notwithstanding anything in this paragraph (f) to the contrary, no Related Committed Purchaser shall be required to make a Purchase pursuant to this paragraph for
an amount which would cause (i) the aggregate Investment of such Related Committed Purchaser (after giving effect to such Purchase) to exceed its Commitment or (ii) the sum of the aggregate Investments of all Purchasers in the Purchaser
Group of such Related Committed Purchaser (after giving effect to such Purchase) to exceed the sum of the Commitments of all of the Purchasers in such Purchaser Group. 
 Section 1.3. Purchased Interest Computation. The Purchased Interest shall be initially computed
on the date of the initial Purchase hereunder. Thereafter, until the Facility Termination Date, such Purchased Interest shall be automatically recomputed (or deemed to be recomputed) on each Business Day other than a Termination Day. From and after
the occurrence of any Termination Day, the Purchased Interest shall (until the event(s) giving rise to such Termination Day are satisfied or are waived by the Administrator and a Simple Majority of the Purchasers) be deemed to be 100%. The Purchased
Interest shall become zero when the Aggregate Investment thereof and Aggregate Discount thereon shall have been paid in full, all the amounts owed by the Seller and the Servicer hereunder to each Purchaser, the Administrator and any other
Indemnified Party or Affected Person are paid in full, and the Servicer shall have received the accrued Servicing Fee thereon. 
 Section 1.4. Settlement Procedures. 
 (a) The collection of the Pool Receivables shall be administered by the Servicer in accordance with this Agreement. The Seller shall provide to the Servicer on a timely basis all information needed for such administration, including notice
of the occurrence of any Termination Day and current computations of the Purchased Interest. 
 (b) The Servicer shall, on each day on which Collections of Pool Receivables are received (or deemed received) by the Seller or the Servicer: 
 (i) set aside and hold in trust (and shall, at the request of the Administrator (with the consent or at the direction of the Majority Purchasers), segregate in a separate account
approved by the Administrator if, at the time of such request, there exists an Unmatured Termination Event or a Termination Event or if the failure to so segregate reasonably could be expected to cause a Material Adverse Effect) for the benefit of
each Purchaser Group, out of the Purchasers’ Share of such Collections, first, an amount equal to the Aggregate

  

 4 

 
Discount accrued through such day for each Portion of Investment and not previously set aside, second, an amount equal to the fees set forth in each Purchaser Group Fee Letter accrued and unpaid
through such day, and third, to the extent funds are available therefor, an amount equal to the aggregate of each Purchaser Group’s Ratable Share of the Purchasers’ Share of the Servicing Fee accrued through such day and not previously set
aside, 
 (ii) subject to Section 1.4(f), if such day is not a Termination Day,
remit to the Seller, ratably, on behalf of each Purchaser Group, the remainder of the Purchasers’ Share of such Collections. Such remainder shall, to the extent representing a return on the Aggregate Investment, ratably, according to each
Purchaser’s Investment, be automatically reinvested in Pool Receivables, and in the Related Security, Collections and other proceeds with respect thereto; provided, however, that if the Purchased Interest would exceed 100%, then
the Servicer shall not reinvest, but shall set aside and hold in trust for the benefit of the Purchasers (and shall, at the request of the Administrator (with the consent or at the direction of the Majority Purchasers), segregate in a separate
account approved by the Administrator if, at the time of such request, there exists an Unmatured Termination Event or a Termination Event or if the failure to so segregate reasonably could be expected to cause a Material Adverse Effect) a portion of
such Collections that, together with the other Collections set aside pursuant to this paragraph, shall equal the amount necessary to reduce the Purchased Interest to 100%, 
 (iii) if such day is a Termination Day, set aside, segregate and hold in trust (and shall, at the request of
the Administrator (with the consent or at the direction of a Simple Majority of the Purchasers), segregate in a separate account approved by the Administrator) for the benefit of each Purchaser Group the entire remainder of the Purchasers’
Share of the Collections; provided, that if amounts are set aside and held in trust on any Termination Day of the type described in clause (a) of the definition of “Termination Day” and, thereafter, the conditions set forth in
Section 2 of Exhibit II are satisfied or waived by the Administrator and a Simple Majority of the Purchasers, such previously set-aside amounts shall, to the extent representing a return on Aggregate Investment and ratably in
accordance with each Purchaser’s Investment, be reinvested in accordance with clause (ii) on the day of such subsequent satisfaction or waiver of conditions, and 
 (iv) release to the Seller (subject to Section 1.4(f)) for its own account any Collections in
excess of: (x) amounts required to be reinvested in accordance with clause (ii) or the proviso to clause (iii) plus (y) the amounts that are required to be set aside pursuant to clause (i), the proviso to
clause (ii) and clause (iii) plus (z) the Seller’s Share of the Servicing Fee accrued and unpaid through such day and all reasonable and appropriate out-of-pocket costs and expenses of the Servicer for servicing,
collecting and administering the Pool Receivables. 
 (c) The Servicer shall, in accordance with
the priorities set forth in Section 1.4(d), below, deposit into each applicable Purchaser’s account (or such other account

  

 5 

 
designated by such applicable Purchaser or its Purchaser Agent), on each Settlement Date, Collections held for each Purchaser with respect to such Purchaser’s Portion(s) of Investment
pursuant to clause (b)(i) or (f) plus the amount of Collections then held for such Purchaser pursuant to clauses (b)(ii) and (iii) of Section 1.4; provided, that if Worthington or an Affiliate
thereof is the Servicer, such day is not a Termination Day and the Administrator has not notified Worthington (or such Affiliate) that such right is revoked, (or such Affiliate) Worthington may retain the portion of the Collections set aside
pursuant to clause (b)(i) that represents the aggregate of each Purchaser Group’s Ratable Share of the Purchasers’ Share of the Servicing Fee. On or before the last day of each Yield Period with respect to any Portion of Investment,
the applicable Purchaser Agent will notify the Servicer by facsimile of the amount of the Discount accrued with respect to each such Portion of Investment during the related Yield Period then ending. 
 (d) The Servicer shall distribute the amounts described (and at the times set forth) in
Section 1.4(c), as follows: 
 (i) if such distribution occurs on a day that is not
a Termination Day and the Purchased Interest does not exceed 100%, first to each Purchaser Agent ratably according to the Discount accrued during such Yield Period (for the benefit of the relevant Purchasers within such Purchaser Agent’s
Purchaser Group) in payment in full of all accrued Discount and fees (other than Servicing Fees) with respect to each Portion of Investment maintained by such Purchasers; it being understood that each Purchaser Agent shall distribute such amounts to
the Purchasers within its Purchaser Group ratably according to Discount, and second, if the Servicer has set aside amounts in respect of the Servicing Fee pursuant to clause (b)(i) and has not retained such amounts pursuant to clause
(c), to the Servicer’s own account (payable in arrears on each Settlement Date) in payment in full of the aggregate of each Purchaser Group’s Ratable Share of the Purchasers’ Share of accrued Servicing Fees so set aside, and

 (ii) if such distribution occurs on a Termination Day or on a day when the Purchased Interest
exceeds 100%, first if Worthington or an Affiliate thereof is not the Servicer, to the Servicer’s own account in payment in full of all accrued Servicing Fees, second to each Purchaser Agent ratably according to Discount (for the
benefit of the relevant Purchasers within such Purchaser Agent’s Purchaser Group) in payment in full of all accrued Discount with respect to each Portion of Investment funded or maintained by the Purchasers within such Purchaser Agent’s
Purchaser Group, third to each Purchaser Agent ratably according to the aggregate of the Investment of each Purchaser in each such Purchaser Agent’s Purchaser Group (for the benefit of the relevant Purchasers within such Purchaser
Agent’s Purchaser Group) in payment in full of each Purchaser’s Investment (or, if such day is not a Termination Day, the amount necessary to reduce the Purchased Interest to 100%); it being understood that each Purchaser Agent shall
distribute the amounts described in the first and second clauses of this Section 1.4(d)(ii) to the Purchasers within its Purchaser Group ratably according to Discount and Investment, respectively, fourth, if the Aggregate
Investment and accrued Aggregate Discount with respect to each

  

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Portion of Investment for all Purchaser Groups have been reduced to zero, and all accrued Servicing Fees payable to the Servicer (if other than Worthington or an Affiliate thereof) have been paid
in full, to each Purchaser Group ratably (for the benefit of the Purchasers within such Purchaser Group) in accordance with its Ratable Share, the Administrator and any other Indemnified Party or Affected Person in payment in full of any other
amounts owed thereto by the Seller or Servicer hereunder and, fifth, to the Servicer’s own account (if the Servicer is Worthington or an Affiliate thereof) in payment in full of the Aggregate of each Purchaser Group’s Ratable Share
of all accrued Servicing Fees. 
 After the Aggregate Investment, Aggregate Discount, fees payable pursuant to each Purchaser
Group Fee Letter and Servicing Fees with respect to the Purchased Interest, and any other amounts payable by the Seller and the Servicer to each Purchaser Group, the Administrator or any other Indemnified Party or Affected Person hereunder, have
been paid in full, all additional Collections with respect to the Purchased Interest shall be paid to the Seller for its own account. 
 (e) For the purposes of this Section 1.4: 
 (i) if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, discount or
other adjustment made by the Seller or any Affiliate of the Seller, or the Servicer or any Affiliate of the Servicer, or any setoff or dispute between the Seller or any Affiliate of the Seller, or the Servicer or any Affiliate of the Servicer and an
Obligor, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment; 
 (ii) if on any day any of the representations or warranties in Section 1(g) or (n) of Exhibit III is not true with respect to any Pool Receivable, the
Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full; 
 (iii) except as provided in clause (i) or (ii), or as otherwise required by applicable law or the relevant Contract, all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such
Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for application to specific Receivables; and 
 (iv) if and to the extent the Administrator, any Purchaser Agent or any Purchaser shall be required for any
reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather to have
been retained by the Seller and, accordingly, such Person shall have a claim against the Seller for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof. 
  

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 (f) If at any time the Seller shall wish to cause the
reduction of Aggregate Investment (but not to commence the liquidation, or reduction to zero, of the entire Aggregate Investment), the Seller may do so as follows: 
 (i) the Seller shall give the Administrator, each Purchaser Agent and the Servicer (A) at least two
Business Days’ prior written notice thereof for any reduction of Aggregate Investment less than or equal to $10,000,000 and (B) at least ten Business Days’ prior written notice thereof for any reduction of Aggregate Investment greater
than $10,000,000 (in each case such notice shall include the amount of such proposed reduction and the proposed date on which such reduction will commence); 
 (ii) on the proposed date of commencement of such reduction and on each day thereafter, the Servicer shall cause Collections not to be reinvested until the amount thereof not so
reinvested shall equal the desired amount of reduction; and 
 (iii) the Servicer shall hold
such Collections in trust for the benefit of each Purchaser ratably according to its Investment, for payment to each such Purchaser (or its related Purchaser Agent for the benefit of such Purchaser) on the (i) next Settlement Date with respect
to any Portions of Investment maintained by such Purchaser immediately following the related current Yield Period or (ii) such other date approved by the Administrator with at least five Business Days prior written notice to the Administrator
of such payment, and the Aggregate Investment (together with the Investment of any related Purchaser) shall be deemed reduced in the amount to be paid to such Purchaser (or its related Purchaser Agent for the benefit of such Purchaser) only when in
fact finally so paid; 
 provided, that: 
 (A) the amount of any such reduction shall be not less than $1,000,000 for each Purchaser Group and shall be
an integral multiple of $500,000, and the entire Aggregate Investment after giving effect to such reduction shall be not less than $50,000,000 and shall be in an integral multiple of $1,000,000 (unless the Aggregate Investment shall have been
reduced to zero); and 
 (B) with respect to any Portion of Investment, the Seller shall choose
a reduction amount, and the date of commencement thereof, so that to the extent practicable such reduction shall commence and conclude in the same Yield Period. 
 Section 1.5. Fees. The Seller shall pay to each Purchaser Agent for the benefit of the related Purchasers certain fees in the amounts and on the dates set forth in
letters, dated the date hereof, each such letter (as amended, supplemented, or otherwise modified from time to time, a “Purchaser Group Fee Letter”) in each case among the Seller, the Servicer, the Administrator and the related
Purchaser Agent. 
  

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 Section 1.6. Payments and Computations, Etc.

 (a) All amounts to be paid or deposited by the Seller or the Servicer hereunder shall be made
without reduction for offset or counterclaim and shall be paid or deposited no later than noon (New York City time) on the day when due in same day funds to the applicable Purchaser’s account (as such account is identified in the related
Purchaser Group Fee Letter). All amounts received after noon (New York City time) will be deemed to have been received on the next Business Day. 
 (b) The Seller or the Servicer, as the case may be, shall, to the extent permitted by law, pay interest on any amount not paid or deposited by the Seller or the Servicer, as the case
may be, when due hereunder, at an interest rate equal to the Base Rate, payable on demand. 
 (c) All computations of interest under clause (b) and all computations of Discount, fees and other amounts hereunder shall be made on the basis of a year of 360 (or 365 or 366, as applicable, with respect to Discount or other
amounts calculated by reference to the Base Rate) days for the actual number of days elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next
Business Day and such extension of time shall be included in the computation of such payment or deposit. 
 (d) Each Affected Person will notify Seller and the applicable Purchaser Agent promptly after it has received official notice of any event which will entitle such Affected Person to such additional
amounts as compensation pursuant to this Section 1.7. Such additional amounts shall accrue from the date as to which such Affected Person becomes subject to such additional costs as a result of such event (or if such notice of such event
is not given to Seller by such Affected Person within 90 days after such Affected Person received such official notice of such event, from the date which is 90 days prior to the date such notice is given to Seller by such Affected Person).

 Section 1.7. Increased Costs. 
 (a) If any Purchaser Agent, Purchaser, Liquidity Provider, the Administrator or any other Program Support
Provider or any of their respective Affiliates (each an “Affected Person”) reasonably determines that the existence of or compliance with: (i) any law or regulation or any change therein or in the interpretation or application
thereof, in each case adopted, issued or occurring after the date hereof, or (ii) any request, guideline or directive from any central bank or other Governmental Authority (whether or not having the force of law) issued or occurring after the
date of this Agreement, affects or would affect the amount of capital required or expected to be maintained by such Affected Person, and such Affected Person determines that the amount of such capital is increased by or based upon the existence of
any commitment to make purchases of (or otherwise to maintain the investment in) Pool Receivables related to this Agreement or any related liquidity facility, credit enhancement facility or other commitments of the same type, then, upon demand by
such Affected Person (with a copy to the Administrator), the Seller shall promptly pay to the Administrator, for the account of such Affected Person, from time to time as specified by such Affected Person, additional amounts sufficient to compensate
such Affected Person in the light of such

  

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circumstances, to the extent that such Affected Person reasonably determines such increase in capital to be allocable to the existence of any of such commitments. A certificate as to such amounts
submitted to the Seller and the Administrator by such Affected Person shall be conclusive and binding for all purposes, absent manifest error. 
 (b) If, due to either: (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) compliance with any guideline or request from any
central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to any Affected Person of agreeing to purchase or purchasing, or maintaining the ownership of, the Purchased Interest or
any portion thereof in respect of which Discount is computed by reference to the Euro-Rate, then, upon demand by such Affected Person, the Seller shall promptly pay to such Affected Person, from time to time as specified by such Affected Person,
additional amounts sufficient to compensate such Affected Person for such increased costs. A certificate as to such amounts submitted to the Seller and the Administrator by such Affected Person shall be conclusive and binding for all purposes,
absent manifest error. 
 (c) If such increased costs affect the related Affected Person’s
portfolio of financing transactions, such Affected Person shall use reasonable averaging and attribution methods to allocate such increased costs to the transactions contemplated by this Agreement. 
 Section 1.8. Requirements of Law. 
 If any Affected Person reasonably determines that the existence of or compliance with: (a) any law or
regulation or any change therein or in the interpretation or application thereof, in each case adopted, issued or occurring after the date hereof, or (b) any request, guideline or directive from any central bank or other Governmental Authority
(whether or not having the force of law) issued or occurring after the date of this Agreement: 
 (i) does or shall subject such Affected Person to any tax of any kind whatsoever with respect to this Agreement, any increase in the Purchased Interest or any portion thereof or in the amount of such Person’s Investment relating
thereto, or does or shall change the basis of taxation of payments to such Affected Person on account of Collections, Discount or any other amounts payable hereunder (excluding taxes imposed on the overall pre-tax net income of such Affected Person,
and franchise taxes imposed on such Affected Person, by the jurisdiction under the laws of which such Affected Person is organized or a political subdivision thereof), 
 (ii) does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or
similar requirement against assets held by, or deposits or other liabilities in or for the account of, purchases, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Affected Person that are
not otherwise included in the determination of the Euro-Rate or the Base Rate hereunder, or 
  

 10 

 (iii) does or shall impose on such Affected Person any other
condition, 
 and the result of any of the foregoing is: (A) to increase the cost to such Affected Person of acting as
Administrator or as a Purchaser Agent, or of agreeing to purchase or purchasing or maintaining the ownership of undivided percentage ownership interests with regard to the Purchased Interest (or interests therein) or any Portion of Investment, or
(B) to reduce any amount receivable hereunder (whether directly or indirectly), then, in any such case, upon demand by such Affected Person, the Seller shall promptly pay to such Affected Person additional amounts necessary to compensate such
Affected Person for such additional cost or reduced amount receivable. All such amounts shall be payable as incurred. A certificate from such Affected Person to the Seller and the Administrator certifying, in reasonably specific detail, the basis
for, calculation of, and amount of such additional costs or reduced amount receivable shall be conclusive and binding for all purposes, absent manifest error; provided, however, that no Affected Person shall be required to disclose any
confidential or tax planning information in any such certificate. 
 Section 1.9.
Inability to Determine Euro-Rate. (a) If the Administrator (or any Purchaser Agent) determines before the first day of any Yield Period (which determination shall be final and conclusive) that, by reason of circumstances affecting the
interbank eurodollar market generally, deposits in dollars (in the relevant amounts for such Yield Period) are not being offered to banks in the interbank eurodollar market for such Yield Period, or adequate means do not exist for ascertaining the
Euro-Rate for such Yield Period, then the Administrator shall give notice thereof to the Seller. Thereafter, until the Administrator or such Purchaser Agent notifies the Seller that the circumstances giving rise to such suspension no longer exist,
(a) no Portion of Investment shall be funded at the Yield Rate determined by reference to the Euro-Rate and (b) the Discount for any outstanding Portions of Investment then funded at the Yield Rate determined by reference to the Euro-Rate
shall, on the last day of the then current Yield Period, be converted to the Yield Rate determined by reference to the Base Rate. 
 (b) If, on or before the first day of any Yield Period, the Administrator shall have been notified by any Purchaser, Purchaser Agent or Liquidity Provider that, such Person has determined (which
determination shall be final and conclusive) that, any enactment, promulgation or adoption of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by a governmental authority, central
bank or comparable agency charged with the interpretation or administration thereof, or compliance by such Person with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable
agency shall make it unlawful or impossible for such Person to fund or maintain any Portion of Investment at the Yield Rate and based upon the Euro-Rate, the Administrator shall notify the Seller thereof. Upon receipt of such notice, until the
Administrator notifies the Seller that the circumstances giving rise to such determination no longer apply, (a) no Portion of Investment shall be funded at the Yield Rate determined by reference to the Euro-Rate and (b) the Discount for
any outstanding Portions of Investment then funded at the Yield Rate determined by reference to the Euro-Rate shall be converted to the Yield Rate determined by reference to the Base Rate either (i) on the last day of the then current Yield
Period if such Person may

  

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lawfully continue to maintain such Portion of Investment at the Yield Rate determined by reference to the Euro-Rate to such day, or (ii) immediately, if such Person may not lawfully continue
to maintain such Portion of Investment at the Yield Rate determined by reference to the Euro-Rate to such day. 
 Section 1.10. [Reserved]. 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES; COVENANTS; 
 TERMINATION EVENTS 
 Section 2.1.
Representations and Warranties; Covenants. Each of the Seller, Worthington and the Servicer hereby makes the representations and warranties, and hereby agrees to perform and observe the covenants, applicable to it set forth in Exhibits
III and IV, respectively. 
 Section 2.2. Termination Events. If any of
the Termination Events set forth in Exhibit V shall occur, the Administrator may (with the consent of a Simple Majority of the Purchasers) or shall (at the direction of a Simple Majority of the Purchasers), by notice to the Seller, declare
the Facility Termination Date to have occurred (in which case the Facility Termination Date shall be deemed to have occurred); provided, that automatically upon the occurrence of any event (without any requirement for the passage of time or
the giving of notice) described in paragraph (f) of Exhibit V, the Facility Termination Date shall occur. Upon any such declaration, occurrence or deemed occurrence of the Facility Termination Date, the Administrator, each
Purchaser Agent and each Purchaser shall have, in addition to the rights and remedies that they may have under this Agreement, all other rights and remedies provided after default under the New York UCC and under other applicable law, which rights
and remedies shall be cumulative. 
 ARTICLE III 
 INDEMNIFICATION 
 Section 3.1. Indemnities by the Seller. Without limiting any other rights that the any Purchaser Agent, Purchaser, Liquidity Provider, the Administrator or any Program Support Provider or any of their respective Affiliates,
employees, officers, directors, agents, counsel, successors, transferees or assigns (each, an “Indemnified Party”) may have hereunder or under applicable law, the Seller hereby agrees to indemnify each Indemnified Party from and
against any and all claims, damages, expenses, costs, losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Indemnified Amounts”) arising out of or resulting from this Agreement
(whether directly or indirectly), the use of proceeds of purchases or reinvestments, the ownership of the Purchased Interest, or any interest therein, or in respect of any Receivable, Related Security or Contract, excluding, however:
(a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party or its officers, directors, agents or counsel, (b) recourse with respect to any Receivable to the extent that
such Receivable is uncollectible

  

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on account of the insolvency, bankruptcy or lack of credit worthiness of the related Obligor, or (c) any overall net income taxes or franchise taxes imposed on such Indemnified Party by the
jurisdiction under the laws of which such Indemnified Party is organized or any political subdivision thereof. Without limiting or being limited by the foregoing, and subject to the exclusions set forth in the preceding sentence, the Seller shall
pay on demand (which demand shall be accompanied by documentation of the Indemnified Amounts, in reasonable detail) to each Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all Indemnified
Amounts relating to or resulting from any of the following: 
 (i) the failure of any Receivable
included in the calculation of the Net Receivables Pool Balance as an Eligible Receivable to be an Eligible Receivable, the failure of any information contained in an Information Package to be true and correct, or the failure of any other
information provided to such Indemnified Party by the Seller or Servicer with respect to Receivables or this Agreement to be true and correct, 
 (ii) the failure of any representation, warranty or statement made or deemed made by the Seller (or any of its officers) under or in connection with this Agreement to have been true
and correct as of the date made or deemed made in all respects when made, 
 (iii) the failure
by the Seller to comply with any applicable law, rule or regulation with respect to any Pool Receivable or the related Contract, or the failure of any Pool Receivable or the related Contract to conform to any such applicable law, rule or regulation,

 (iv) the failure to vest in the Administrator (for the benefit of the Purchasers) a valid and
enforceable: (A) perfected undivided percentage ownership interest, to the extent of the Purchased Interest, in the Receivables in, or purporting to be in, the Receivables Pool and the other Pool Assets, or (B) first priority perfected
security interest in the Pool Assets, in each case, free and clear of any Adverse Claim, 
 (v)
the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables in, or purporting to be in, the
Receivables Pool and the other Pool Assets, whether at the time of any purchase or reinvestment or at any subsequent time, 
 (vi) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool (including a
defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the goods or services
related to such Receivable

  

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or the furnishing or failure to furnish such goods or services or relating to collection activities with respect to such Receivable, 
 (vii) any failure of the Seller, any Affiliate of the Seller or the Servicer to perform its duties or
obligations in accordance with the provisions hereof or under the Contracts, 
 (viii) any
products liability or other claim, investigation, litigation or proceeding arising out of or in connection with merchandise, insurance or services that are the subject of any Contract, 
 (ix) the commingling of Collections at any time with other funds, 
 (x) the use of proceeds of purchases or reinvestments, or 
 (xi) any reduction in the Aggregate Investment as a result of the distribution of Collections pursuant to
Section 1.4(d), if all or a portion of such distributions shall thereafter be rescinded or otherwise must be returned for any reason. 
 Section 3.2. Indemnities by the Servicer. Without limiting any other rights that any Indemnified Party may have hereunder or under applicable law, the Servicer hereby
agrees to indemnify each Indemnified Party from and against any and all Indemnified Amounts arising out of or resulting from (whether directly or indirectly): (a) the failure of any information contained in an Information Package to be true and
correct, or the failure of any other information provided to such Indemnified Party by, or on behalf of, the Servicer to be true and correct, (b) the failure of any representation, warranty or statement made or deemed made by the Servicer (or
any of its officers) under or in connection with this Agreement or any other Transaction Document to which it is a party to have been true and correct as of the date made or deemed made in all respects when made, (c) the failure by the Servicer
to comply with any applicable law, rule or regulation with respect to any Pool Receivable or the related Contract, (d) any dispute, claim, offset or defense of the Obligor to the payment of any Receivable in, or purporting to be in, the
Receivables Pool resulting from or related to the collection activities with respect to such Receivable, (e) any failure of the Servicer to perform its duties or obligations in accordance with the provisions hereof or any other Transaction
Document to which it is a party, (f) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any
Receivables in, or purporting to be in, the Receivables Pool and the other Pool Assets, whether at the time of any purchase or reinvestment or at any subsequent time, or (g) any commingling by the Servicer of Collections at any time with other
funds. 
  

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 ARTICLE IV 
 ADMINISTRATION AND COLLECTIONS 
 Section 4.1. Appointment of the Servicer. 
 (a) The servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time as the Servicer in accordance with this Section. Until the Administrator gives notice to Worthington
(in accordance with this Section 4.1) of the designation of a new Servicer, Worthington is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence
of a Termination Event, the Administrator may (with the consent of the Majority Purchasers) or shall (at the direction of the Majority Purchasers) designate as Servicer any Person (including itself) to succeed Worthington or any successor Servicer,
on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof. 
 (b) Upon the designation of a successor Servicer as set forth in clause (a), Worthington agrees that it will terminate its activities as Servicer hereunder in a manner that
the Administrator determines will facilitate the transition of the performance of such activities to the new Servicer, and Worthington shall cooperate with and assist such new Servicer. Such cooperation shall include access to and transfer of
related records (including all Contracts) and use by the new Servicer of all licenses, hardware or software necessary or desirable to collect the Pool Receivables and the Related Security. 
 (c) Worthington acknowledges that, in making their decision to execute and deliver this Agreement, the
Administrator and each Purchaser Group have relied on Worthington’s agreement to act as Servicer hereunder. Accordingly, Worthington agrees that it will not voluntarily resign as Servicer without the consent of the Majority Purchasers.

 (d) The Servicer may delegate its duties and obligations hereunder to any subservicer (each a
“Sub-Servicer”); provided, that, in each such delegation: (i) such Sub-Servicer shall agree in writing to perform the duties and obligations of the Servicer pursuant to the terms hereof, (ii) the Servicer shall
remain primarily liable for the performance of the duties and obligations so delegated, (iii) the Seller, the Administrator and each Purchaser Group shall have the right to look solely to the Servicer for performance, and (iv) the terms of
any agreement with any Sub-Servicer shall provide that the Administrator may terminate such agreement upon the termination of the Servicer hereunder by giving notice of its desire to terminate such agreement to the Servicer (and the Servicer shall
provide appropriate notice to each such Sub-Servicer); provided, however, that if any such delegation is to any Person other than an Originator or an Affiliate thereof, the Administrator and the Majority Purchasers shall have consented
in writing in advance to such delegation. 
 Section 4.2. Duties of the Servicer.

 (a) The Servicer shall take or cause to be taken all such action as may be necessary or
advisable to administer and collect each Pool Receivable from time to time, all in accordance with this Agreement and all applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection
Policies. The Servicer shall set aside, for the account of each Purchaser Group, the amount of the

  

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Collections to which each such Purchaser Group is entitled in accordance with Article I. The Servicer may, in accordance with the applicable Credit and Collection Policy, extend the
maturity of any Pool Receivable (but not beyond 30 days) and extend the maturity or adjust the Outstanding Balance of any Defaulted Receivable as the Servicer may determine to be appropriate to maximize Collections thereof; provided,
however, that: (i) such extension shall not change the number of days such Pool Receivable has remained unpaid from the date of the original due date related to such Pool Receivable, (ii) such extension or adjustment shall not alter
the status of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the rights of the Administrator or any Purchaser Group under this Agreement and (iii) if a Termination Event has occurred and Worthington or an
Affiliate thereof is serving as the Servicer, Worthington or such Affiliate may make such extension or adjustment only upon the prior approval of the Administrator (with the consent of the Majority Purchasers). The Seller shall deliver to the
Servicer and the Servicer shall hold for the benefit of the Seller and the Administrator (individually and for the benefit of each Purchaser Group), in accordance with their respective interests, all records and documents (including computer tapes
or disks) with respect to each Pool Receivable. Notwithstanding anything to the contrary contained herein, the Administrator may direct the Servicer (whether the Servicer is Worthington or any other Person) to commence or settle any legal action to
enforce collection of any Pool Receivable or to foreclose upon or repossess any Related Security; provided, however, that no such direction may be given unless either: (A) a Termination Event has occurred or (B) the
Administrator believes in good faith that failure to commence, settle or effect such legal action, foreclosure or repossession could adversely affect Receivables constituting a material portion of the Pool Receivables. 
 (b) The Servicer shall, as soon as practicable following actual receipt of collected funds, turn over to the
Seller the collections of any indebtedness that is not a Pool Receivable, less, if Worthington or an Affiliate thereof is not the Servicer, all reasonable and appropriate out-of-pocket costs and expenses of such Servicer of servicing, collecting and
administering such collections. The Servicer, if other than Worthington or an Affiliate thereof, shall, as soon as practicable upon demand, deliver to the Seller all records in its possession that evidence or relate to any indebtedness that is not a
Pool Receivable, and copies of records in its possession that evidence or relate to any indebtedness that is a Pool Receivable. 
 (c) The Servicer’s obligations hereunder shall terminate on the later of: (i) the Facility Termination Date and (ii) the date on which all amounts required to be paid to the Purchaser
Agents, each Purchaser, the Administrator and any other Indemnified Party or Affected Person hereunder shall have been paid in full. 
 After such termination, if Worthington or an Affiliate thereof was not the Servicer on the date of such termination, the Servicer shall promptly deliver to the Seller all books, records and related
materials that the Seller previously provided to the Servicer, or that have been obtained by the Servicer, in connection with this Agreement. 
 Section 4.3. Lock-Box Account Arrangements. Within 30 days from the initial purchase hereunder, the Seller shall have entered into Lock-Box Agreements with all of

  

 16 

 
the Lock-Box Banks and delivered original counterparts of each to the Administrator and each Purchaser Agent. Upon the occurrence of a Termination Event, the Administrator may (with the consent
of a Simple Majority of the Purchasers) or shall (upon the direction of a Simple Majority of the Purchasers) at any time thereafter give notice to each Lock-Box Bank that the Administrator is exercising its rights under the Lock-Box Agreements to do
any or all of the following: (a) to have the exclusive ownership and control of the Lock-Box Accounts transferred to the Administrator (for the benefit of the Purchasers) and to exercise exclusive dominion and control over the funds deposited
therein, (b) to have the proceeds that are sent to the respective Lock-Box Accounts redirected pursuant to the Administrator’s instructions rather than deposited in the applicable Lock-Box Account, and (c) to take any or all other
actions permitted under the applicable Lock-Box Agreement. The Seller hereby agrees that if the Administrator at any time takes any action set forth in the preceding sentence, the Administrator shall have exclusive control (for the benefit of the
Purchasers) of the proceeds (including Collections) of all Pool Receivables and the Seller hereby further agrees to take any other action that the Administrator or any Purchaser Agent may reasonably request to transfer such control. Any proceeds of
Pool Receivables received by the Seller or the Servicer thereafter shall be sent immediately to the Administrator. The parties hereto hereby acknowledge that if at any time the Administrator takes control of any Lock-Box Account, the Administrator
shall not have any rights to the funds therein in excess of the unpaid amounts due to the Administrator, the Purchaser Groups, any Indemnified Party or any other Person hereunder, and the Administrator shall distribute or cause to be distributed
such funds in accordance with Section 4.2(b) and Article I (in each case as if such funds were held by the Servicer thereunder). 
 Section 4.4. Enforcement Rights. 
 (a) At any time following the occurrence of a Termination Event: 
 (i) the Administrator may (with the consent or at the direction of the Majority Purchasers) direct the Obligors that payment of all amounts payable under any Pool Receivable is to be made directly to the
Administrator or its designee, 
 (ii) the Administrator may (with the consent or at the
direction of the Majority Purchasers) instruct the Seller or the Servicer to give notice of the Purchaser Groups’ interest in Pool Receivables to each Obligor, which notice shall direct that payments be made directly to the Administrator or its
designee (on behalf of such Purchaser Groups), and the Seller or the Servicer, as the case may be, shall give such notice at the expense of the Seller or the Servicer, as the case may be; provided, that if the Seller or the Servicer, as the
case may be, fails to so notify each Obligor, the Administrator (at the Seller’s or the Servicer’s, as the case may be, expense) may so notify the Obligors, and 
 (iii) the Administrator may (with the consent or at the direction of the Majority Purchasers) request the
Servicer to, and upon such request the Servicer shall: (A) assemble all of the records necessary or desirable to collect the Pool

  

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Receivables and the Related Security, and transfer or license to a successor Servicer the use of all software necessary or desirable to collect the Pool Receivables and the Related Security, and
make the same available to the Administrator or its designee (for the benefit of the Purchasers) at a place selected by the Administrator, and (B) segregate all cash, checks and other instruments received by it from time to time constituting
Collections in a manner acceptable to the Administrator and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Administrator or its designee. 
 (b) The Seller hereby authorizes the Administrator (on behalf of each Purchaser Group), and irrevocably
appoints the Administrator as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Seller, which appointment is coupled with an interest, to take any and all steps in the name of the Seller and
on behalf of the Seller necessary or desirable, in the determination of the Administrator, after the occurrence of a Termination Event, to collect any and all amounts or portions thereof due under any and all Pool Assets, including endorsing the
name of the Seller on checks and other instruments representing Collections and enforcing such Pool Assets. Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to
the preceding sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever. 
 Section 4.5. Responsibilities of the Seller. 
 (a) Anything herein to the contrary notwithstanding, the Seller shall: (i) perform all of its
obligations, if any, under the Contracts related to the Pool Receivables to the same extent as if interests in such Pool Receivables had not been transferred hereunder, and the exercise by the Administrator, the Purchaser Agents or the Purchasers of
their respective rights hereunder shall not relieve the Seller from such obligations, and (ii) pay when due any taxes, including any sales taxes payable in connection with the Pool Receivables and their creation and satisfaction. The
Administrator, the Purchaser Agents or any of the Purchasers shall not have any obligation or liability with respect to any Pool Asset, nor shall any of them be obligated to perform any of the obligations of the Seller, Servicer, Worthington or the
Originators thereunder. 
 (b) Worthington hereby irrevocably agrees that if at any time it
shall cease to be the Servicer hereunder, it shall act (if the then-current Servicer so requests) as the data-processing agent of the Servicer and, in such capacity, Worthington shall conduct the data-processing functions of the administration of
the Receivables and the Collections thereon in substantially the same way that Worthington conducted such data-processing functions while it acted as the Servicer. 
 Section 4.6. Servicing Fee. (a) Subject to clause (b), the Servicer shall be paid a
fee (the “Servicing Fee”) equal to 1.00% per annum of the daily average aggregate Outstanding Balance of the Pool Receivables. The Aggregate of each Purchaser Group’s

  

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Ratable Share of such fee shall be paid through the distributions contemplated by Section 1.4(d), and the Seller’s Share of the Purchasers’ Share of such fee shall be paid
by the Seller. 
 (b) If the Servicer ceases to be Worthington or an Affiliate thereof, the
servicing fee shall be the greater of: (i) the amount calculated pursuant to clause (a), and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of the aggregate reasonable costs and expenses incurred
by such successor Servicer in connection with the performance of its obligations as Servicer. 
 ARTICLE V 
 THE AGENTS 
 Section 5.1. Appointment and Authorization. (a) Each Purchaser and Purchaser Agent hereby irrevocably designates and appoints PNC as the “Administrator” hereunder and authorizes
the Administrator to take such actions and to exercise such powers as are delegated to the Administrator hereby and to exercise such other powers as are reasonably incidental thereto. The Administrator shall hold, in its name, for the benefit of
each Purchaser, ratably, the Purchased Interest. The Administrator shall not have any duties other than those expressly set forth herein or any fiduciary relationship with any Purchaser or Purchaser Agent, and no implied obligations or liabilities
shall be read into this Agreement, or otherwise exist, against the Administrator. The Administrator does not assume, nor shall it be deemed to have assumed, any obligation to, or relationship of trust or agency with, the Seller or Servicer.
Notwithstanding any provision of this Agreement or any other Transaction Document to the contrary, in no event shall the Administrator ever be required to take any action which exposes the Administrator to personal liability or which is contrary to
the provision of any Transaction Document or applicable law. 
 (b) Each Purchaser hereby
irrevocably designates and appoints the respective institution identified as the Purchaser Agent for such Purchaser’s Purchaser Group on the signature pages hereto or in the Assumption Agreement or Transfer Supplement pursuant to which such
Purchaser becomes a party hereto, and each authorizes such Purchaser Agent to take such action on its behalf under the provisions of this Agreement and to exercise such powers and perform such duties as are expressly delegated to such Purchaser
Agent by the terms of this Agreement, if any, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Purchaser Agent shall have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Purchaser or other Purchaser Agent or the Administrator, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on
the part of such Purchaser Agent shall be read into this Agreement or otherwise exist against such Purchaser Agent. 
 (c) Except as otherwise specifically provided in this Agreement, the provisions of this Article V are solely for the benefit of the Purchaser Agents, the Administrator and the Purchasers, and none of the
Seller or Servicer shall have any rights as a third-party beneficiary or otherwise under any of the provisions of this Article V,

  

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except that this Article V shall not affect any obligations which any Purchaser Agent, the Administrator or any Purchaser may have to the Seller or the Servicer under the other provisions
of this Agreement. Furthermore, no Purchaser shall have any rights as a third-party beneficiary or otherwise under any of the provisions hereof in respect of a Purchaser Agent which is not the Purchaser Agent for such Purchaser. 
 (d) In performing its functions and duties hereunder, the Administrator shall act solely as the agent of the
Purchasers and the Purchaser Agents and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller or Servicer or any of their successors and assigns. In performing its functions and
duties hereunder, each Purchaser Agent shall act solely as the agent of its respective Purchaser and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller, the Servicer, any
other Purchaser, any other Purchaser Agent or the Administrator, or any of their respective successors and assigns. 
 Section 5.2. Delegation of Duties. The Administrator may execute any of its duties through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. The Administrator shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
 Section 5.3. Exculpatory Provisions. None of the Purchaser Agents, the Administrator or any of
their directors, officers, agents or employees shall be liable for any action taken or omitted (i) with the consent or at the direction of the Majority Purchasers (or in the case of any Purchaser Agent, the Purchasers within its Purchaser Group
that have a majority of the aggregate Commitment of such Purchaser Group) or (ii) in the absence of such Person’s gross negligence or willful misconduct. The Administrator shall not be responsible to any Purchaser, Purchaser Agent or other
Person for (i) any recitals, representations, warranties or other statements made by the Seller, Servicer, or any of their Affiliates, (ii) the value, validity, effectiveness, genuineness, enforceability or sufficiency of any Transaction
Document, (iii) any failure of the Seller, any Originator or any of their Affiliates to perform any obligation or (iv) the satisfaction of any condition specified in Exhibit II. The Administrator shall not have any obligation to any
Purchaser or Purchaser Agent to ascertain or inquire about the observance or performance of any agreement contained in any Transaction Document or to inspect the properties, books or records of the Seller, Servicer, Originator or any of their
Affiliates. 
 Section 5.4. Reliance by Agents. (a) Each Purchaser Agent and
the Administrator shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or other writing or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
and upon advice and statements of legal counsel (including counsel to the Seller), independent accountants and other experts selected by the Administrator. Each Purchaser Agent and the Administrator shall in all cases be fully justified in failing
or refusing to take any action under any Transaction Document unless it shall first receive such advice or concurrence of the Majority Purchasers (or in the case of any Purchaser Agent, the Purchasers within its Purchaser Group that have a majority
of the aggregate Commitment of such Purchaser Group), and assurance of its indemnification, as it deems appropriate. 
  

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 (b) The Administrator shall in all cases be fully protected
in acting, or in refraining from acting, under this Agreement in accordance with a request of the Majority Purchasers or the Purchaser Agents, and such request and any action taken or failure to act pursuant thereto shall be binding upon all
Purchasers, the Administrator and Purchaser Agents. 
 (c) The Purchasers within each Purchaser
Group with a majority of the Commitment of such Purchaser Group shall be entitled to request or direct the related Purchaser Agent to take action, or refrain from taking action, under this Agreement on behalf of such Purchasers. Such Purchaser Agent
shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of such majority Purchasers, and such request and any action taken or failure to act pursuant thereto shall be binding
upon all of such Purchaser Agent’s Purchasers. 
 (d) Unless otherwise advised in writing
by a Purchaser Agent or by any Purchaser on whose behalf such Purchaser Agent is purportedly acting, each party to this Agreement may assume that (i) such Purchaser Agent is acting for the benefit of each of the Purchasers in respect of which
such Purchaser Agent is identified as being the “Purchaser Agent” in the definition of “Purchaser Agent” hereto, as well as for the benefit of each assignee or other transferee from any such Person, and (ii) each action
taken by such Purchaser Agent has been duly authorized and approved by all necessary action on the part of the Purchasers on whose behalf it is purportedly acting. Each Purchaser Agent and its Purchaser(s) shall agree amongst themselves as to the
circumstances and procedures for removal, resignation and replacement of such Purchaser Agent. 
 Section 5.5. Notice of Termination Events. Neither any Purchaser Agent nor the Administrator shall be deemed to have knowledge or notice of the occurrence of any Termination Event or Unmatured Termination Event unless such
Administrator has received notice from any Purchaser, Purchaser Agent, the Servicer or the Seller stating that a Termination Event or Unmatured Termination Event has occurred hereunder and describing such Termination Event or Unmatured Termination
Event. In the event that the Administrator receives such a notice, it shall promptly give notice thereof to each Purchaser Agent whereupon each such Purchaser Agent shall promptly give notice thereof to its Purchasers. In the event that a Purchaser
Agent receives such a notice (other than from the Administrator), it shall promptly give notice thereof to the Administrator. The Administrator shall take such action concerning a Termination Event or Unmatured Termination Event as may be directed
by the Majority Purchasers unless such action otherwise requires the consent of all Purchasers), but until the Administrator receives such directions, the Administrator may (but shall not be obligated to) take such action, or refrain from taking
such action, as the Administrator deems advisable and in the best interests of the Purchasers and Purchaser Agents. 
  

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 Section 5.6. Non-Reliance on Administrator,
Purchaser Agents and Other Purchasers. Each Purchaser expressly acknowledges that none of the Administrator, the Purchaser Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any
representations or warranties to it and that no act by the Administrator, or any Purchaser Agent hereafter taken, including any review of the affairs of the Seller, Worthington, Servicer or any Originator, shall be deemed to constitute any
representation or warranty by the Administrator or such Purchaser Agent, as applicable. Each Purchaser represents and warrants to the Administrator and the Purchaser Agents that, independently and without reliance upon the Administrator, Purchaser
Agents or any other Purchaser and based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the business, operations, property, prospects, financial and
other conditions and creditworthiness of the Seller, Worthington, Servicer or the Originators, and the Receivables and its own decision to enter into this Agreement and to take, or omit, action under any Transaction Document. Except for items
specifically required to be delivered hereunder, the Administrator shall not have any duty or responsibility to provide any Purchaser Agent with any information concerning the Seller, Worthington, Servicer or the Originators or any of their
Affiliates that comes into the possession of the Administrator or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
 Section 5.7. Administrators and Affiliates. Each of the Purchasers and the Administrator and their Affiliates may extend credit to, accept deposits from and generally
engage in any kind of banking, trust, debt, equity or other business with the Seller, Worthington, Servicer or any Originator or any of their Affiliates and PNC may exercise or refrain from exercising its rights and powers as if it were not the
Administrator. With respect to the acquisition of the Eligible Receivables pursuant to this Agreement, each of the Purchaser Agents and the Administrator shall have the same rights and powers under this Agreement as any Purchaser and may exercise
the same as though it were not such an agent, and the terms “Purchaser” and “Purchasers” shall include each of the Purchaser Agents and the Administrator in their individual capacities. 
 Section 5.8. Indemnification. Each Purchaser Group shall indemnify and hold harmless the
Administrator (but solely in its capacity as Administrator) and its officers, directors, employees, representatives and agents (to the extent not reimbursed by the Seller, Worthington or Servicer and without limiting the obligation of the Seller,
Worthington or Servicer to do so), ratably in accordance with its Ratable Share from and against any and all liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses and disbursements of any kind whatsoever
(including in connection with any investigative or threatened proceeding, whether or not the Administrator or such Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Administrator or
such Person as a result of, or related to, any of the transactions contemplated by the Transaction Documents or the execution, delivery or performance of the Transaction Documents or any other document furnished in connection therewith (but
excluding any such liabilities, obligations, losses, damages, penalties, judgments, settlements, costs, expenses or disbursements resulting solely from the gross negligence or willful misconduct of the

  

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Administrator or such Person as finally determined by a court of competent jurisdiction); provided, that in the case of each Purchaser that is a commercial paper conduit, such indemnity
shall be provided solely to the extent of amounts received by such Purchaser under this Agreement which exceed the amounts required to repay such Purchaser’s outstanding Notes. Notwithstanding anything in this Section 5.8 to the
contrary, each of the Administrator, each Purchaser Agent and each Purchaser hereby covenants and agrees that it shall not institute against, or join any other Person in instituting against, any Conduit Purchaser any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law, for one year and a day after the latest maturing Note issued by such Conduit Purchaser is paid in full. 
 Section 5.9. Successor Administrator. The Administrator may, upon at least five (5) days
notice to the Seller and each Purchaser and Purchaser Agent, resign as Administrator. Such resignation shall not become effective until a successor agent is appointed by the Majority Purchasers and has accepted such appointment. Upon such acceptance
of its appointment as Administrator hereunder by a successor Administrator, such successor Administrator shall succeed to and become vested with all the rights and duties of the retiring Administrator, and the retiring Administrator shall be
discharged from its duties and obligations under the Transaction Documents. After any retiring Administrator’s resignation hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was the Administrator. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.1. Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Transaction Document, or consent to any departure by the Seller or the Servicer therefrom,
shall be effective unless in a writing signed by the Administrator and each of the Majority Purchasers, and, in the case of any amendment, by the other parties thereto; and then such amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, however, that, if required by any Conduit Purchaser, no such material amendment shall be effective until both Moody’s and Standard & Poor’s
have notified the related Purchaser Agent in writing that such action will not result in a reduction or withdrawal of the rating of any Notes; provided, further that no such amendment or waiver shall, without the consent of each
affected Purchaser, (A) extend the date of any payment or deposit of Collections by the Seller or the Servicer, (B) reduce the rate or extend the time of payment of Yield, (C) reduce any fees payable to the Administrator, any
Purchaser Agent or any Purchaser pursuant to the applicable Purchaser Group Fee Letter, (D) change the amount of Investment of any Purchaser, any Purchaser’s pro rata share of the Purchased Interest or any Related Committed
Purchaser’s Commitment, (E) amend, modify or waive any provision of the definition of “Majority Purchaser” or this Section 6.1, (F) consent to or permit the assignment or transfer by the Seller of any of its
rights and obligations under this Agreement, (G) change the definition of “Concentration Percentage,” “Concentration Reserve,” “Concentration Reserve Percentage,” “Eligible

  

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Receivable,” “Loss Reserve,” “Loss Reserve Percentage,” “Dilution Reserve,” “Dilution Reserve Percentage,” “Termination Event,” “Total
Reserve,” “Yield Reserve,” or “Yield Reserve Percentage”, (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (G) above in a
manner that would circumvent the intention of the restrictions set forth in such clauses, or (I) otherwise materially and adversely affect the rights of any such Purchaser hereunder. No failure on the part of the Purchasers or the Administrator
to exercise, and no delay in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

 Section 6.2. Notices, Etc. All notices and other communications hereunder shall,
unless otherwise stated herein, be in writing (which shall include facsimile communication) and be sent or delivered to each party hereto at its address set forth under its name on the signature pages hereof (or in any Assumption Agreement pursuant
to which it became a party hereto) or at such other address as shall be designated by such party in a written notice to the other parties hereto. Notices and communications by facsimile shall be effective when sent (and shall be followed by hard
copy sent by first class mail), and notices and communications sent by other means shall be effective when received. 
 Section 6.3. Successors and Assigns; Participations; Assignments. 
 (a) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Except as otherwise provided herein, the
Seller may not assign or transfer any of its rights or delegate any of its duties hereunder or under any Transaction Document without the prior consent of the Administrator, the Purchaser Agents and the Purchasers. 
 (b) Participations. Any Purchaser may sell to one or more Persons (each a
“Participant”) participating interests in the interests of such Purchaser hereunder; provided, however, that no Purchaser shall grant any participation under which the Participant shall have rights to approve any amendment to or
waiver of this Agreement or any other Transaction Document. Such Purchaser shall remain solely responsible for performing its obligations hereunder, and the Seller, each Purchaser Agent and the Administrator shall continue to deal solely and
directly with such Purchaser in connection with such Purchaser’s rights and obligations hereunder. A Purchaser shall not agree with a Participant to restrict such Purchaser’s right to agree to any amendment hereto, except amendments that
require the consent of all Purchasers. 
 (c) Assignments by Certain Related Committed
Purchasers. Any Related Committed Purchaser may assign to one or more Persons (each a “Purchasing Related Committed Purchaser”), reasonably acceptable to the related Purchaser Agent in its sole discretion, any portion of its
Commitment pursuant to a supplement hereto, substantially in the form of Annex D with any changes as have been approved by the parties thereto (a “Transfer Supplement”), executed by each such Purchasing Related Committed
Purchaser, such selling Related Committed Purchaser, such related Purchaser Agent.

  

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Any such assignment by Related Committed Purchaser cannot be for an amount less than $10,000,000. Upon (i) the execution of the Transfer Supplement, (ii) delivery of an executed copy
thereof to the Seller, such related Purchaser Agent and the Administrator and (iii) payment by the Purchasing Related Committed Purchaser to the selling Related Committed Purchaser of the agreed purchase price, such selling Related Committed
Purchaser shall be released from its obligations hereunder to the extent of such assignment and such Purchasing Related Committed Purchaser shall for all purposes be a Related Committed Purchaser party hereto and shall have all the rights and
obligations of a Related Committed Purchaser hereunder to the same extent as if it were an original party hereto. The amount of the Commitment of the selling Related Committed Purchaser allocable to such Purchasing Related Committed Purchaser shall
be equal to the amount of the Commitment of the selling Related Committed Purchaser transferred regardless of the purchase price paid therefor. The Transfer Supplement shall be an amendment hereof only to the extent necessary to reflect the addition
of such Purchasing Related Committed Purchaser as a “Related Committed Purchaser” and any resulting adjustment of the selling Related Committed Purchaser’s Commitment. 
 (d) Replaceable Related Committed Purchaser. If any Related Committed Purchaser (a
“Replaceable Related Committed Purchaser”) shall (i) petition the Seller for any amounts under Section 1.7 or 1.8 or (ii) cease to have a short-term debt rating of “A-1” by Standard &
Poor’s and “P-1” by Moody’s (if such a rating is required by the related Purchaser’s securitization program), the related Purchaser Agent or the Administrator may designate a replacement financial institution (a
“Replacement Related Committed Purchaser”), to which such Replaceable Related Committed Purchaser shall, subject to its receipt of an amount equal to the aggregate outstanding principal balance of its Investment and accrued and
unpaid Discount thereon (and, if applicable, its receipt (unless a later date for the remittance thereof shall be agreed upon by the Seller and such Replaceable Related Committed Purchaser) of all amounts claimed under Section 1.7 and/or
1.8) promptly assign all of its rights, obligations and Commitment hereunder, together with all of its right, title and interest in, to and under the Purchased Interest allocable to it, to the Replacement Related Committed Purchaser in
accordance with Section 6.3(c), above. Once such assignment becomes effective, the Replacement Related Committed Purchaser shall be deemed to be a “Related Committed Purchaser” for all purposes hereof and such Replaceable
Related Committed Purchaser shall cease to be “Related Committed Purchaser” for all purposes hereof and shall have no further rights or obligations hereunder. 
 (e) Assignment by Conduit Purchasers. Each party hereto agrees and consents (i) to any Conduit
Purchaser’s assignment, participation, grant of security interests in or other transfers of any portion of, or any of its beneficial interest in, the Purchased Interest (or portion thereof), including without limitation to any collateral agent
in connection with its commercial paper program and (ii) to the complete assignment by any Conduit Purchaser of all of its rights and obligations hereunder to any other Person, and upon such assignment such Conduit Purchaser shall be released
from all obligations and duties, if any, hereunder; provided, however, that such Conduit Purchaser may not, without the prior consent of its Related Committed Purchasers, make any such transfer of its rights hereunder unless the assignee (i) is
principally engaged in

  

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the purchase of assets similar to the assets being purchased hereunder, (ii) has as its Purchaser Agent the Purchaser Agent of the assigning Conduit Purchaser and (iii) issues
commercial paper or other Notes with credit ratings substantially comparable to the ratings of the assigning Conduit Purchaser. Any assigning Conduit Purchaser shall deliver to any assignee a supplement hereto, substantially in the form of Annex
D with any changes as have been approved by the parties thereto (also, a “Transfer Supplement”), duly executed by such Conduit Purchaser, assigning any portion of its interest in the Purchased Interest to its assignee. Such
Conduit Purchaser shall promptly (i) notify each of the other parties hereto of such assignment and (ii) take all further action that the assignee reasonably requests in order to evidence the assignee’s right, title and interest in
such interest in the Purchased Interest and to enable the assignee to exercise or enforce any rights of such Conduit Purchaser hereunder. Upon the assignment of any portion of its interest in the Purchased Interest, the assignee shall have all of
the rights hereunder with respect to such interest (except that the Discount therefor shall thereafter accrue at the rate, determined with respect to the assigning Conduit Purchaser unless the Seller, the related Purchaser Agent and the assignee
shall have agreed upon a different Discount). 
 (f) Opinions of Counsel. If required by
the Administrator or the applicable Purchaser Agent or to maintain the ratings of any Conduit Purchaser, each Transfer Supplement must be accompanied by an opinion of counsel of the assignee as to such matters as the Administrator or such Purchaser
Agent may reasonably request. 
 Section 6.4. Costs, Expenses and Taxes. In addition
to the rights of indemnification granted under Section 3.1, the Seller agrees to pay on demand (which demand shall be accompanied by documentation thereof in reasonable detail) all reasonable costs and expenses in connection with the
preparation, execution, delivery and administration (including periodic internal audits by the Administrator of Pool Receivables) of this Agreement, the other Transaction Documents and the other documents and agreements to be delivered hereunder
(and all reasonable costs and expenses in connection with any amendment, waiver or modification of any thereof), including: (i) Attorney Costs for the Administrator, each Purchaser Group and their respective Affiliates and agents with respect
thereto and with respect to advising the Administrator, each Purchaser Group and their respective Affiliates and agents as to their rights and remedies under this Agreement and the other Transaction Documents, and (ii) all reasonable costs and
expenses (including Attorney Costs), if any, of the Administrator, each Purchaser Group and their respective Affiliates and agents in connection with the enforcement of this Agreement and the other Transaction Documents. 
 (a) In addition, the Seller shall pay on demand any and all stamp and other taxes and fees payable in
connection with the execution, delivery, filing and recording of this Agreement or the other documents or agreements to be delivered hereunder, and agrees to save each Indemnified Party harmless from and against any liabilities with respect to or
resulting from any delay in paying or omission to pay such taxes and fees. 
  

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 Section 6.5. No Proceedings; Limitation on
Payments. Each of the Seller, Worthington, the Servicer, the Administrator, the Purchaser Agents, the Purchasers, each assignee of the Purchased Interest or any interest therein, and each Person that enters into a commitment to purchase the
Purchased Interest or interests therein, hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, any Conduit Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one year and one day after the latest maturing Note issued by such Conduit Purchaser is paid in full. The provision of this Section 6.5 shall
survive any termination of this Agreement. 
 Section 6.6. GOVERNING LAW AND
JURISDICTION. 
 (a) THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF A SECURITY INTEREST OR REMEDIES
HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY
DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW. 
 Section 6.7. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which, when so executed, shall be deemed to be an original, and all of which, when taken together, shall constitute one and the same agreement. 
 Section 6.8. Survival of Termination. The provisions of Sections 1.7, 1.8,
3.1, 3.2, 6.4, 6.5, 6.6, 6.9 and 6.14 shall survive any termination of this Agreement. 
  

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 Section 6.9. WAIVER OF JURY TRIAL. EACH OF THE
PARTIES HERETO WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY
TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL
WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING THAT SEEKS, IN WHOLE OR
IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 
 Section 6.10. Sharing of Recoveries. Each Purchaser agrees that if it receives any recovery,
through set-off, judicial action or otherwise, on any amount payable or recoverable hereunder in a greater proportion than should have been received hereunder or otherwise inconsistent with the provisions hereof, then the recipient of such recovery
shall purchase for cash an interest in amounts owing to the other Purchasers (as return of Investment or otherwise), without representation or warranty except for the representation and warranty that such interest is being sold by each such other
Purchaser free and clear of any Adverse Claim created or granted by such other Purchaser, in the amount necessary to create proportional participation by the Purchaser in such recovery. If all or any portion of such amount is thereafter recovered
from the recipient, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 
 Section 6.11. Right of Setoff. During a Termination Event, each Purchaser is hereby authorized (in addition to any other rights it may have) to setoff, appropriate and apply (without
presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Purchaser (including by any branches or agencies of such Purchaser) to, or for the account of, the Seller
against amounts owing by the Seller hereunder (even if contingent or unmatured). 
 Section 6.12. Entire Agreement. This Agreement and the other Transaction Documents embody the entire agreement and understanding between the parties hereto, and supersede all prior or contemporaneous agreements and
understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof. 
 Section 6.13. Headings. The captions and headings of this Agreement and any Exhibit, Schedule or Annex hereto are for convenience of reference only and shall not affect the interpretation hereof or thereof. 
  

 28 

 Section 6.14. Purchaser Groups’
Liabilities. The obligations of each Purchaser Agent and each Purchaser under the Transaction Documents are solely the corporate obligations of such Person. Except with respect to any claim arising out of the willful misconduct or gross
negligence of the Administrator, any Purchaser Agent or any Purchaser, no claim may be made by the Seller or the Servicer or any other Person against the Administrator, any Purchaser Agent or any Purchaser or their respective Affiliates, directors,
officers, employees, attorneys or agents 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 the
Agreement or any other Transaction Document, or any act, omission or event occurring in connection therewith; and each of Seller and Servicer 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. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 29 

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

					
	WORTHINGTON RECEIVABLES CORPORATION
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	Address:
		
		 	 Worthington Receivables Corporation
 1205 Dearborn Drive
 Columbus, Ohio 43085
  
 Attention: Randal I. Rombeiro
 Telephone: (614) 840-3574

 Facsimile: (614) 438-7508

	
	 WORTHINGTON INDUSTRIES, INC., as Servicer

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	Address:
		
		 	 Worthington Industries, Inc.
 1205 Dearborn Drive
 Columbus, Ohio 43085
  
 Attention: Randal I. Rombeiro
 Telephone: (614) 840-3574

 Facsimile: (614) 438-7508

  

 S-1 

					
	PNC BANK, NATIONAL ASSOCIATION,
	as Administrator
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

					
		 	Address:
			
		 		 	 PNC Bank, National Association
 One PNC Plaza
 249 Fifth Avenue
 Pittsburgh, Pennsylvania
15222-2707
  
 Attention:
John Smathers
 Telephone No.: (412) 762-6440
 Facsimile No.: (412) 762-9184

  

 S-2 

 PURCHASERS: 
  

					
	MARKET STREET FUNDING CORPORATION
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

					
		 	Address:
			
		 		 	 Market Street Funding Corporation
 c/o AMACAR Group, L.L.C.
 6525 Morrison Blvd., Suite 318
 Charlotte, North Carolina 28211

  
 Attention: Douglas K.
Johnson
 Telephone No.: (704) 365-0569
 Facsimile No.: (704) 365-1362

  

					
	With a copy to:
			
		 		 	 PNC Bank, National Association
 One PNC Plaza
 249 Fifth Avenue
 Pittsburgh, Pennsylvania
15222-2707
  
 Attention:
John Smathers
 Telephone No.: (412) 762-6440
 Facsimile No.: (412) 762-9184
  
 Commitment $100,000.000100,000,000

  

 S-3 

					
	PNC BANK, NATIONAL ASSOCIATION,
	as a Purchaser Agent
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

					
		 	Address:
		
		 	 PNC Bank, National Association
 One PNC Plaza
 249 Fifth Avenue
 Pittsburgh, Pennsylvania
15222-2707
  
 Attention:
John Smathers
 Telephone No.: (412) 762-6440
 Facsimile No.: (412) 762-9184

  

 S-4 

 EXHIBIT I 
 DEFINITIONS 
 As used in the Agreement (including its
Exhibits, Schedules and Annexes), the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Unless otherwise indicated, all Section, Annex, Exhibit and
Schedule references in this Exhibit are to Sections of and Annexes, Exhibits and Schedules to the Agreement. 
 “Administrator” has the meaning set forth in the preamble to the Agreement. 
 “Administrator’s Account” means the account (account number 1002422076 ABA 043000096) of the Administrator maintained at the office of PNC at One PNC Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2707, or
such other account as may be so designated in writing by the Administrator to the Servicer. 
 “Adverse
Claim” means a lien, security interest or other charge or encumbrance, or any other type of preferential arrangement; it being understood that any thereof in favor of the Administrator (for the benefit of the Purchasers ) shall not
constitute an Adverse Claim. 
 “Affected Person” has the meaning set forth in
Section 1.7 of the Agreement. 
 “Affiliate” means, as to any Person: (a) any
Person that, directly or indirectly, is in control of, is controlled by or is under common control with such Person, or (b) who is a director or officer: (i) of such Person or (ii) of any Person described in clause (a), except
that, in the case of each Conduit Purchaser, Affiliate shall mean the holder of its capital stock. For purposes of this definition, control of a Person shall mean the power, direct or indirect: (x) to vote 25% or more of the securities having
ordinary voting power for the election of directors of such Person, or (y) to direct or cause the direction of the management and policies of such Person, in either case whether by ownership of securities, contract, proxy or otherwise.

 “Aggregate Discount” at any time, means the sum of the aggregate for each Purchaser of the
accrued and unpaid Discount with respect to each such Purchaser’s Investment at such time. 
 “Aggregate Investment” means the amount paid to the Seller in respect of the Purchased Interest or portion thereof by each Purchaser pursuant to the Agreement, as reduced from time to time by Collections distributed and
applied on account of such Aggregate Investment pursuant to Section 1.4(d) of the Agreement; provided, that if such Aggregate Investment shall have been reduced by any distribution, and thereafter all or a portion of such
distribution is rescinded or must otherwise be returned for any reason, such Aggregate Investment shall be increased by the amount of such rescinded or returned distribution as though it had not been made. 
 “Agreement” has the meaning set forth in the preamble to the Agreement. 
 “Assumption Agreement” means an agreement substantially in the form set forth in Annex C to the Agreement.

  

 l-1 

 “Attorney Costs” means and includes all reasonable fees and
disbursements of any law firm or other external counsel. 
 “Bankruptcy Code” means the United
States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time. 
 “Base Rate” means, for any day, (i) in the case of the Purchaser Group including Market Street, the Market Street Base Rate and (ii) in the case of each other Purchaser Group, shall mean the rate set forth as the
Base Rate for such Purchaser Group in the related Purchaser Group Fee Letter. 
 “BBA” means
the British Bankers’ Association. 
 “Benefit Plan” means any employee benefit pension
plan as defined in Section 3(2) of ERISA in respect of which the Seller, any Originator, Worthington or any ERISA Affiliate is, or at any time during the immediately preceding six years was, an “employer” as defined in
Section 3(5) of ERISA. 
 “Business Day” means any day (other than a Saturday or
Sunday) on which: (a) banks are not authorized or required to close in New York City, New York or Pittsburgh, Pennsylvania and (b) if this definition of “Business Day” is utilized in connection with the Euro-Rate, dealings are
carried out in the London interbank market. 
 “Change in Control” means (i) with respect
to Seller, that at any time Worthington shall fail to own, directly or indirectly through one or more wholly-owned Subsidiaries free and clear of any Adverse Claim, 100% of the shares of outstanding voting stock of the Seller on a fully diluted
basis, (ii) with respect to any Originator, that at any time Worthington shall fail to own, directly or indirectly through one or more wholly-owned Subsidiaries free and clear of any Adverse Claim, 100% of the share of outstanding voting stock
of such Originator on a fully diluted basis, and (iii) with respect to Worthington, the acquisition by any Person or its Affiliates (other than John H. McConnell, John P. McConnell, their Affiliates or a group in which the foregoing are a
principal participant) of 20% or more of the stock (or equivalent ownership or controlling interest) having by the terms thereof ordinary voting power to elect a majority of the directors of Worthington (irrespective of whether or not at the time
the stock of any class or classes of Worthington will have or might have voting power by reason of the happening or any contingency). 
 “Closing Date” means November 30, 2000. 
 “Collections” means, with respect to any Pool Receivable: (a) all funds that are received by any Originator, Worthington, the Seller or the Servicer in payment of any amounts owed in respect of such Receivable
(including purchase price, finance charges, interest and all other charges), or that are applied to amounts owed in respect of such Receivable (including insurance payments and net proceeds of the sale or other disposition of repossessed goods or
other collateral or property of the related Obligor or any other Person directly or indirectly liable for the payment of such Pool Receivable and available to be applied thereon), (b) all amounts deemed to have been received pursuant to
Section 1.4(e) of the Agreement and (c) all other proceeds of such Pool Receivable. 
  

 l-2 

 “Commitment” means, with respect to each Related Committed
Purchaser, the maximum amount which such Purchaser is obligated to pay hereunder on account of any Purchase, as set forth below its signature to this Agreement or in the Assumption Agreement pursuant to which it became a Purchaser, as such amount
may be modified in connection with any subsequent assignment pursuant to Section 6.3(c) or in connection with a change in the Purchase Limit pursuant to Section 1.1(b). 
 “Commitment Percentage” means, for each Related Committed Purchaser in a Purchaser Group, such Related
Committed Purchaser’s Commitment divided by the total of all Commitments of all Related Committed Purchasers in such Purchaser Group. 
 “Company Note” has the meaning set forth in Section 3.1 of the Sale Agreement. 
 “Concentration Percentage” means any Obligor which is (i) a Group A Obligor, 16.0%, (ii) a Group B Obligor, 12.0%, (iii) a Group C Obligor, 8.0%, or (iv) a Group D
Obligor, 4.0%. 
 “Concentration Reserve” means, on any day, an amount equal to: (a) the
Aggregate Investment at the close of business of the Servicer on such date multiplied by (b) (i) the Concentration Reserve Percentage on such date, divided by (ii) 100% minus the Concentration Reserve Percentage
on such date. 
 “Concentration Reserve Percentage” means, on any date, the quotient of
(i) the greatest of (a) the largest aggregate Outstanding Balance of the Receivables of any single Group A Obligor or Group B Obligor, (b) the sum of the largest aggregate Outstanding Balances of the Receivables of
any two Group CB Obligors or, (c) the sum of the largest aggregate Outstanding Balances of the Receivables of any fourthree Group C Obligors or (d) the sum of the largest
aggregate Outstanding Balances of the Receivables of any five Group D Obligors, divided by (ii) the aggregate Outstanding Balance of all Eligible Receivables, on such date. 
 “Conduit Purchasers” means each commercial paper conduit that is a party to the Agreement, as a purchaser,
or that becomes a party to the Agreement, as a purchaser pursuant to an Assumption Agreement. 
 “Contract” means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings pursuant to which such Receivable arises or that evidence such Receivable or under
which an Obligor becomes or is obligated to make payment in respect of such Receivable. 
 “CP
Rate” for any Yield Period for any Portion of Investment (i) in the case of the Purchaser Group including Market Street, means the Market Street CP Rate, and (ii) in the case of each other Purchaser Group, shall mean the rate set
forth as the CP Rate for such Purchaser Group in the related Purchaser Group Fee Letter. 
 “Credit and
Collection Policy” means, as the context may require, those receivables credit and collection policies and practices of each Originator and of Worthington in effect on the date of the Agreement and described in Schedule I to the
Agreement, as modified in compliance with the Agreement. 
  

 l-3 

 “Current Days’ Sales Outstanding” means, for any
calendar month, an amount computed as of the last day of such calendar month equal to: (a) the average of the Outstanding Balance of all Pool Receivables that are not passed their respective due date as of the last day of most recent three
calendar months divided by (b)(i) the average of the aggregate credit sales made by the Originators during most recent three calendar months divided by (ii) 90. 
 “Cut-off Date” has the meaning set forth in the Sale Agreement. 
 “Debt” means: (a) indebtedness for borrowed money, (b) obligations evidenced by bonds, debentures, notes or other similar instruments, (c) obligations to pay the deferred
purchase price of property or services, (d) obligations as lessee under leases that shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases, and (e) obligations under direct or
indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses
(a) through (d). 
 “Default Ratio” means the ratio (expressed as a percentage
and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each calendar month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that became Defaulted Receivables during
such month excluding Ineligible Elimination Amounts, by (b)(i) at all times during which the Current Days’ Sales Outstanding is less than or equal to 40, the aggregate credit sales made by the Originators during the month that is five months
before such month and (ii) at all other times, the aggregate credit sales made by the Originators during the month that is six months before such month. 
 “Defaulted Receivable” means a Receivable: 
 (a) as to which any payment, or part thereof, remains unpaid for more than 120 days, in each case from the due date for such payment, or 
 (b) without duplication (i) as to which an Insolvency Proceeding shall have occurred with respect to
the Obligor thereof or any other Person obligated thereon or owning any Related Security with respect thereto, (ii) that has been charged-off as uncollectible or (iii) that should have been charged-off as uncollectible pursuant to the
Credit and Collection Policy. 
 The “Outstanding Balance” of any Defaulted Receivable shall be
determined without regard to any credit memos or credit balances. 
 “Delinquency Ratio” means
the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each calendar month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that
were Delinquent Receivables (excluding Steel Surcharge Receivables and amounts reported by the Servicer as inputs to the Information Package as charge-backs and disputed receivables) on such day by (b) the aggregate Outstanding Balance of all
Pool Receivables on such day. 
  

 l-4 

 “Delinquent Receivable” means a Receivable (a) as to
which any payment, or part thereof, remains unpaid for more than 90 days from the due date for such payment or (b) without duplication, which has been (or consistent with the Credit and Collection Policy, would be) classified as a Delinquent
Receivable by the applicable Originator. The “Outstanding Balance” of any Delinquent Receivable shall be determined without regard to any credit memos or credit balances. 
 “Dilution Component Reserve” means, on any day, an amount equal to (a) the Aggregate Investment at the
close of business of the Servicer on such date multiplied by (b) (i) the Dilution Component Reserve Percentage on such date, divided by (ii) 100% minus the Dilution Component Reserve Percentage on such date. 
 “Dilution Component Reserve Percentage” means, on any day, the product of (a) the 12-month rolling average
of the Dilution Ratio at such time multiplied by (b) the Dilution Horizon Ratio at such time, expressed as a percentage. 
 “Dilution Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), computed as of the last day of each calendar
month by dividing: (a) the aggregate amount of payments made or owed by the Seller pursuant to Section 1.4(e)(i) of the Agreement during such calendar month excluding Ineligible Elimination Amounts, by (b) the aggregate credit
sales made by the Originators during the calendar month that is two months prior to such calendar month. 
 “Dilution Reserve” means, on any day, an amount equal to: (a) the Aggregate Investment at the close of business of the Servicer on such date multiplied by (b) (i) the Dilution Reserve Percentage
on such date, divided by (ii) 100% minus the Dilution Reserve Percentage on such date. 
 “Dilution Reserve Percentage” means, on any date, the greater of (a) 7.0%, or (b) the percentage determined by the following formula: 
 [[(2.02.25 x ED) + ((DS-ED) x DS/ED))] x DHR] + (0.50% x CS) 
  

					
	ED	 	=	    	the “Expected Dilution,” which shall be equal to the 12-month rolling average Dilution Ratio, expressed as a percentage;
			
	DS	 	=	    	the “Dilution Spike,” which shall be equal to the highest one month Dilution Ratio over the immediately preceding 12 months, expressed as a percentage;
and
			
	CS	 	=	    	the aggregate credit sales made by the Originators during the most recent calendar month divided by the Net Receivables Pool Balance for such calendar month.
			
	DHR	 	=	    	the “Dilution Horizon Ratio,” which shall be equal to the aggregate credit sales made by the Originators during the three preceding calendar months divided by the Net
Receivables Pool Balance as of the last day of the most recent calendar month.

  

 l-5 

 “Discount” means with respect to any Purchaser: 

(a) for any Portion of Investment for any Yield Period with respect to any Purchaser to the extent such
Portion of Investment will be funded by such Purchaser during such Yield Period through the issuance of Notes: 
 CPR x I x
ED/360 
 (b) for any Portion of Investment for any Yield Period with respect to any Purchaser
to the extent such Portion of Investment will not be funded by such Purchaser during such Yield Period through the issuance of Notes: 
 YR x I x ED/Year + TF 
 where: 
  

					
	YR	 	=	  	the Yield Rate, as applicable, for such Portion of Investment for such Yield Period with respect to such Purchaser,
			
	I	 	=	  	the Investment with respect to such Portion of Investment during such Yield Period with respect to such Purchaser,
			
	CPR	 	=	  	the CP Rate for the Portion of Investment for such Yield Period with respect to such Purchaser,
			
	ED	 	=	  	the actual number of days during such Yield Period,
			
	Year	 	=	  	if such Portion of Investment is funded based upon: (i) the Euro-Rate, 360 days, and (ii) the Base Rate, 365 or 366 days, as applicable, and
			
	TF	 	=	  	the Termination Fee, if any, for the Portion of Investment for such Yield Period with respect to such Purchaser;

 provided, that no provision of the Agreement shall require the payment or permit the collection of Discount in excess of the maximum
permitted by applicable law; and provided further, that Discount for any Portion of Investment shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must
otherwise be returned for any reason. 
 “Eligible Foreign Obligor” means an Obligor which is a
resident of any country (other than the United States of America or Canada) that has a short-term foreign currency rating (or, if such country does not have such a short-term foreign currency rating, a long-term foreign currency rating) of at least
“A2” (or “A”) by Standard & Poor’s and “P-1” (or “A2”) by Moody’s. 
 “Eligible Receivable” means, at any time, a Pool Receivable: 
 (a) the Obligor of which is (i) a United States resident, a resident of the Province of Ontario, Canada subject to the following proviso or Eligible Foreign Obligor; provided,
however, if the Obligor of such Receivable is a resident of the Province of Ontario, Canada, such Receivable shall satisfy the requirements of this clause (a)(i) if the sum of the Outstanding Balance of such Receivable and the
aggregate Outstanding Balance of all other Eligible Receivables (that are included in the calculation of the Net Receivables Pool Balance at such time) of Obligors who are residents of the Province of Ontario, Canada does not exceed the product of
(x) 0.020.05 times (y) the Outstanding Balance of all other Eligible Receivables, (ii) not a government or a governmental subdivision, affiliate or agency, (iii) not subject to any action of the
type described in paragraph (f) of Exhibit V to the Agreement and (iv) not an Affiliate of Worthington, 
  

 l-6 

 (b) that is denominated and payable only in U.S. dollars in
the United States, 
 (c) that does not have a stated maturity which is more than 60 days after
the original invoice date of such Receivable;, provided, however, that up to 20.0% of the aggregate Outstanding Balance of all Receivables may have a stated maturity which is more than 60 days but not more than 90 days from the
original invoice date of such Receivable, 
 (d) that arises under a duly authorized Contract
for the sale and delivery of goods and services in the ordinary course of an Originator’s business, 
 (e) that arises under a duly authorized Contract that is in full force and effect and that is a legal, valid and binding obligation of the related Obligor, enforceable against such Obligor in accordance
with its terms, 
 (f) that conforms in all material respects with all applicable laws, rulings
and regulations in effect, 
 (g) that is not the subject of any asserted dispute, offset, hold
back defense, Adverse Claim or other claim, 
 (h) that satisfies all applicable requirements of
the applicable Credit and Collection Policy, 
 (i) that has not been modified, waived or
restructured since its creation, except as permitted pursuant to Section 4.2 of the Agreement, 
 (j) in which the Seller owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable by the Seller (including without any consent of the related Obligor),

 (k) for which the Administrator (for the benefit of each Purchaser) shall have a valid and
enforceable undivided percentage ownership or security interest, to the extent of the Purchased Interest, and a valid and enforceable first priority perfected security interest therein and in the Related Security and Collections with respect
thereto, in each case free and clear of any Adverse Claim, 
  

 l-7 

 (l) that constitutes an account as defined in the UCC, and
that is not evidenced by instruments or chattel paper, 
 (m) that is not a Defaulted
Receivable, a Delinquent Receivable or a Steel Surcharge Receivable, 
 (n) for which none of
the Originator thereof, the Seller and the Servicer has established any offset arrangements with the related Obligor, 
 (o) for which Defaulted Receivables of the related Obligor do not exceed 35% of the Outstanding Balance of all such Obligor’s Receivables, and 
 (p) that represents amounts earned and payable by the Obligor that are not subject to the performance of
additional services by the Originator or Servicer thereof. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to
any successor sections. 
 “ERISA Affiliate” means: (a) any corporation that is a member
of the same controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as the Seller, any Originator or Worthington, (b) a trade or business (whether or not incorporated) under common control
(within the meaning of Section 414(c) of the Internal Revenue Code) with the Seller, any Originator or Worthington, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Internal Revenue
Code) as the Seller, any Originator, any corporation described in clause (a) or any trade or business described in clause (b). 
 “Euro-Rate” means with respect to any Yield Period, the interest rate per annum determined by the Administrator by dividing (the resulting quotient rounded upwards, if necessary, to the
nearest 1/100th of 1% per annum) (i) the rate of interest determined by the applicable Purchaser Agent in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the average of the London
interbank market offered rates for U.S. dollars quoted by the BBA as set forth on Dow Jones Markets Service (formerly known as Telerate) (or appropriate successor or, if BBA or its successor ceases to provide display page 3750 (or such other display
page on the Dow Jones Markets Service system as may replace display page 3750) at or about 11:00 a.m. (London time) on the Business Day which is two (2) Business Days prior to the first day of such Yield Period for an amount comparable to the
Portion of Investment to be funded at the Yield Rate and based upon the Euro-Rate during such Yield Period by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage. The Euro-Rate may also be expressed by the following formula:

  

									
		 		 		 	Average of London interbank offered rates quoted by BBA as shown on Dow Jones Markets Service display page 3750 or appropriate successor	 	
	Euro-Rate	 	=	 	  
	 	
					
		 		 		 	1.00 - Euro-Rate Reserve Percentage	 	

  

 l-8 

 where “Euro-Rate Reserve Percentage” means, the maximum effective
percentage in effect on such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental, marginal, and emergency reserve
requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). The Euro-Rate shall be adjusted with respect to any Portion of Investment funded at the Yield Rate and based upon the
Euro-Rate that is outstanding on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. The applicable Purchaser Agent shall give prompt notice to the Seller of the Euro-Rate as determined or adjusted in
accordance herewith (which determination shall be conclusive absent manifest error). 
 “Excess
Concentration” means, on any date, the sum of the following amounts: (i) the amount by which the Outstanding Balance of Eligible Receivables of each Obligor then in the Receivables Pool exceeds an amount equal to:
(a) the applicable Concentration Percentage for such Obligor multiplied by (b) the Outstanding Balance of all Eligible Receivables, on such date.  
 “Excluded Obligor” means General Motors Corporation,
Chrysler LLC or any of their respective Affiliates. “Excluded Receivable” means any indebtedness and other obligations owed to the Seller (as the assignee of the related Originator) or any
Originator by, or any right of any Originator to payment from or on behalf of, any Excluded Obligor, whether constituting an account, chattel paper, instrument or general intangible, arising in connection with the sale of goods or the rendering of
services by an Originator, and includes the obligation to pay any finance charges, fees and other charges with respect thereto. then in the Receivables Pool on such date, plus (ii) the amount by which (a) the aggregate
Outstanding Balance of all Eligible Receivables then in the Receivables Pool the Obligor of which is an Eligible Foreign Obligor exceeds (b) 3.00% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool on
such date. 
 “Facility Termination Date” means the earliest to occur of: (a) with
respect to each Purchaser January 26, 2011, (b) the date determined pursuant to Section 2.2 of the Agreement, (c) the date the Purchase Limit reduces to zero pursuant to Section 1.1(b) of the Agreement and
(d) with respect to each Purchaser Group, the date that the commitments of all of the Liquidity Providers terminate under the related Liquidity Agreements. 
 “Federal Funds Rate” means, for any day, the per annum rate set forth in the weekly statistical release designated as H.15(519), or any successor publication,
published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such day opposite the caption “Federal Funds (Effective).” If on any relevant day such rate is not yet published in H.15(519), the rate for
such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations for U.S. Government Securities, or any successor

  

 l-9 

 
publication, published by the Federal Reserve Bank of New York (including any such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds
Effective Rate.” If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic mean as determined by the applicable Purchaser Agent of
the rates for the last transaction in overnight Federal funds arranged before 9:00 a.m. (New York time) on that day by each of three leading brokers of Federal funds transactions in New York City selected by such Purchaser Agent. 
 “Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity
succeeding to any of its principal functions. 
 “Fees” means the fees payable by the Seller to
each Purchaser Group pursuant to the applicable Purchaser Group Fee Letter. 
 “GAAP” means the
generally accepted accounting principles and practices in the United States, consistently applied. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, and any Person owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. 
 “Group A Obligor” means an Obligor with a short-term senior unsecured indebtedness rating (or, if such
Obligor does not have such a short-term rating, a long-term senior unsecured indebtedness rating) of at least “A-1” (or “A+”) by Standard & Poor’s and “P-1” (or “A1”) by Moody’s. 

“Group B Obligor” means an Obligor with a short-term senior unsecured indebtedness rating (or, if such
Obligor does not have such a short-term rating, a long-term senior unsecured indebtedness rating) of at least “A-2” (or “BBB+”) by Standard & Poor’s and “P-2” (or “Baa1”) by Moody’s, that is
not a Group A Obligor. 
 “Group C Obligor” means an Obligor with a short-term senior unsecured
indebtedness rating (or, if such Obligor does not have such a short-term rating, a long-term senior unsecured indebtedness rating) of at least “A-3” (or “BBB-”) by Standard & Poor’s and “P-3” (or
“Baa3”) by Moody’s, that is not a Group A Obligor or a Group B Obligor. 
 “Group
Commitment” means with respect to any Purchaser Group the aggregate of the Commitments of each Purchaser within such Purchaser Group. 
 “Group D Obligor” means an Obligor which is not a Group A Obligor, a Group B Obligor or a Group C Obligor. 
 “Group Investment” means with respect to any Purchaser Group, an amount equal to the aggregate of all Investments of the Purchasers within such Purchaser Group.

 “Indemnified Amounts” has the meaning set forth in Section 3.1 of the Agreement.

  

 l-10 

 “Indemnified Party” has the meaning set forth in
Section 3.1 of the Agreement. 
 “Independent Director” has the meaning set forth in
paragraph 3(c) of Exhibit IV to the Agreement. 
 “Ineligible Elimination Amounts” means
amounts which are reported by the Servicer as inputs to the Information Package as credit memos or aged invoices which relate to Receivables which are not Eligible Receivables, including without limitation, Receivables (a) the Obligor of which
is not United States resident, (b) the Obligor of which is an Affiliate of Worthington, (cb) related to the resale program, (dc) which are Steel Surcharge Receivables,
(ed) which are fuel surcharge receivables or (fe) the Obligor of which is listed on Schedule V hereto (together with its subsidiaries and affiliates); provided,
however, that such amounts which are reported by the Servicer as inputs to the Information Package as credit memos or aged invoices with respect to each such Obligor set forth on Schedule V shall be deemed to be “Ineligible
Elimination Amounts” beginning with the Information Package due on or prior to February 26, 2009 (containing the January 31, 2009 data) and continuing thereafter until the Administrator consents otherwise. 
 “Information Package” means a report, in substantially the form of Annex A to the Agreement, furnished to
the Administrator pursuant to the Agreement. 
 “Insolvency Proceeding” means: (a) any
case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the
benefit of creditors of a Person or, composition, marshaling of assets for creditors of a Person, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each of cases (a) and
(b) undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to
time. References to sections of the Internal Revenue Code also refer to any successor sections. 
 “Investment” means with respect to any Purchaser the amount paid to the Seller by such Purchaser pursuant to the Agreement, or such amount divided or combined in accordance with the Agreement, in each case reduced from time
to time by Collections distributed and applied on account of such Investment pursuant to Section 1.4(d) of the Agreement; provided, that if such Investment shall have been reduced by any distribution and thereafter all or a portion of
such distribution is rescinded or must otherwise be returned for any reason, such Investment shall be increased by the amount of such rescinded or returned distribution as though it had not been made. 
 “Liquidity Agent” means each of the banks acting as agent for the various Liquidity Banks under each
Liquidity Agreement. 
 “Liquidity Agreement” means any agreement entered into in connection
with this Agreement pursuant to which a Liquidity Provider agrees to make purchases or advances to, or purchase assets from, any Conduit Purchaser in order to provide liquidity for such Conduit Purchaser’s Purchases. 
  

 I-11 

 “Liquidity Provider” means each bank or other financial
institution that provides liquidity support to any Conduit Purchaser pursuant to the terms of a Liquidity Agreement. 
 “Lock-Box Account” means an account maintained at a bank or other financial institution for the purpose of, directly or indirectly, receiving Collections. 
 “Lock-Box Agreement” means an agreement, among the Seller, the Servicer and a Lock-Box Bank. 
 “Lock-Box Bank” means any of the banks or other financial institutions holding one or more Lock-Box
Accounts. 
 “Loss Reserve” means, on any date, an amount equal to (a) the Aggregate
Investment at the close of business of the Servicer on such date multiplied by (b) (i) the Loss Reserve Percentage on such date, divided by (ii) 100% minus the Loss Reserve Percentage on such date. 
 “Loss Reserve Percentage” means, on any date, the greater of, (a) 6.0% and (b) the product
of (i) 22.25 times (ii) the highest average of the Default Ratios for any three consecutive calendar months during the twelve most recent calendar months multiplied by (iii) (1) (A) at
all times during which the Current Days’ Sales Outstanding is less than or equal to 40, the aggregate credit sales made by the Originators during the five most recent calendar months, and (B) at all other times, the aggregate credit sales
made by the Originators during the six most recent calendar months divided by (2) the Net Receivables Pool Balance as of such date. 
 “Majority Purchasers” means, at any time, Purchasers whose Commitments aggregate 2/3rds or more of the aggregate of the Commitments of all Purchasers; provided, however, that so long as
any Purchaser’s Commitment is greater than 50% of the aggregate Commitments, then “Majority Purchasers” shall mean a minimum of two Purchasers whose Commitments aggregate more than 50% of the aggregate Commitments. 
 “Market Street” has the meaning set forth in the preamble to the Agreement. 
 “Market Street Base Rate” means, in the case of Market Street or any Purchaser in its Purchaser Group, for
any day, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 
 (a) the rate of interest in effect for such day as publicly announced from time to time by PNC in Pittsburgh, Pennsylvania as its “prime rate.” Such “prime rate”
is set by PNC based upon various factors, including PNC’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced
rate, and 
 (b) 0.50% per annum above the latest Federal Funds Rate. 
  

 I-12 

 “Market Street CP Rate” means, with respect to Market
Street for any Yield Period with respect to any Portion of Investment, the per annum rate equivalent to the “weighted average cost” (as defined below) related to the issuance of Market Street’s Notes that are allocated, in whole or in
part, by Market Street (or by its Purchaser Agent) to fund or maintain such Portion of Investment (and which may also be allocated in part to the funding of other Portions of Investment hereunder or of other assets of Market Street);
provided, however, that if any component of such rate is a discount rate, in calculating the “Market Street CP Rate” for such Portion of Investment for such Yield Period, Market Street shall for such component use the
rate resulting from converting such discount rate to an interest bearing equivalent rate per annum. As used in this definition, Market Street’s “weighted average cost” shall consist of (x) the actual interest rate (or
discount) paid to purchasers of Market Street’s Notes, together with the commissions of placement agents and dealers in respect of such Notes, to the extent such commissions are allocated, in whole or in part, to such Notes by Market Street (or
by its Purchaser Agent) and (y) any incremental carrying costs incurred with respect to Market Street’s Notes maturing on dates other than those on which corresponding funds are received by Market Street. Notwithstanding the foregoing, the
“Market Street CP Rate” for any day while a Termination Event exists shall be an interest rate equal to 2% above the Base Rate in effect on such day. 
 “Market Street Yield Rate” for any Yield Period for any Portion of Investment of the Purchased Interest in the case of Market Street or any Purchaser in its
Purchaser Group, means an interest rate per annum equal to, at Administrator’s option: (a) the rate set forth as the “Applicable Margin” in the Purchaser Group Fee Letter relating to Market Street above the Euro-Rate for such
Yield Period, or (b) the Base Rate for such Yield Period; provided, however, that in the case of: 
 (i) any Yield Period on or before the first day of which the Administrator shall have been notified by any Purchaser or other Program Support Provider that the introduction of or any change in or in the
interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for such Person, to fund any Euro-Rate Portion of Investment (and such Person shall not have subsequently
notified the Administrator that such circumstances no longer exist), 
 (ii) any Yield Period of
one to (and including) 29 days, 
 (iii) any Yield Period as to which the Administrator does not
receive notice before noon (New York City time) on the third Business Day preceding the first day of such Yield Period that the Seller desires that the related Portion of Investment be a Euro-Rate Portion of Investment, or 
 (iv) any Yield Period relating to a Portion of Investment that is less than $5,000,000, 
 the “Yield Rate” for each such Yield Period shall be an interest rate per annum equal to the Base Rate in effect on each day of
such Yield Period. The “Yield Rate” for any day while a Termination Event exists shall be an interest rate equal to (in the Administrator’s sole and absolute discretion) (i) 2% per annum above the applicable Base Rate
or (ii) the Applicable Margin in effect on such day. 
  

 I-13 

 “Material Adverse Effect” means, relative to any Person
with respect to any event or circumstance, a material adverse effect on: 
 (a) the assets,
operations, business or financial condition of the Seller, the Servicer or Worthington Industries, Inc. on a consolidated basis, 
 (b) the ability of any of such Person to perform its obligations under the Agreement or any other Transaction Document to which it is a party, 
 (c) the validity or enforceability of any other Transaction Document, or the validity, enforceability or
collectibility of a material portion of the Pool Receivables, or 
 (d) the status, perfection,
enforceability or priority of any Purchaser’s or the Seller’s interest in the Pool Assets. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Net Receivables
Pool Balance” means, at any time: (a) the Outstanding Balance of Eligible Receivables then in the Receivables Pool minus (b) the Excess Concentration minus (c) the Specifically Reserved Dilution Amount. 
 “Notes” means short-term promissory notes issued, or to be issued, by each Conduit Purchaser to fund its
investments in accounts receivable or other financial assets. 
 “Obligor” means, with respect
to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable. 
 “Originator” has the meaning set forth in the Sale Agreement. 
 “Originator
Assignment Certificate” means each assignment, in substantially the form of Exhibit C to the Sale Agreement, evidencing Seller’s ownership of the Receivables generated by Originator, as the same may be amended, supplemented, amended
and restated, or otherwise modified from time to time in accordance with the Sale Agreement. 
 “Outstanding Balance” of any Receivable at any time means the then outstanding principal balance thereof. 
 “Payment Date” has the meaning set forth in Section 2.1 of the Sale Agreement. 
 “Permitted Lock-Box Bank means any of the following Bank of America, Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi UFJ, Bank One,Ltd., JPMorgan
Chase Manhattan Bank, N.A., Citibank, Comerica Bank, First Union Bank, Firstar Bank, Fleet Bank, Huntington Bank, Key Bank, The Bank of New York Mellon Bank, National City Bank, PNC
Bank, Wachovia Bank and any successor thereof, or such other bank as may be consented to by the Administrator and the Majority Purchasers. 
  

 I-14 

 “Person” means an individual, partnership, corporation
(including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 
 “PNC” has the meaning set forth in the preamble to the Agreement. 
 “Pool Assets” has the meaning set forth in Section 1.2(d) of the Agreement. 
 “Pool Receivable” means a Receivable in the Receivables Pool. 
 “Portion of Investment” means, with respect to any Purchaser and its related Investment, the portion of
such Investment being funded or maintained by such Purchaser by reference to a particular interest rate basis. 
 “Program Support Agreement” means and includes any Liquidity Agreement and any other agreement entered into by any Program Support Provider providing for: (a) the issuance of one or more letters of credit for the
account of any Conduit Purchaser, (b) the issuance of one or more surety bonds for which the such Conduit Purchaser is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, (c) the sale by such Conduit
Purchaser to any Program Support Provider of the Purchased Interest (or portions thereof) maintained by such Conduit Purchaser and/or (d) the making of loans and/or other extensions of credit to any Conduit Purchaser in connection with such
Conduit Purchaser’s securitization program contemplated in the Agreement, together with any letter of credit, surety bond or other instrument issued thereunder (but excluding any discretionary advance facility provided by the Administrator).

 “Program Support Provider” means and includes with respect to each Conduit Purchaser any
Liquidity Provider and any other Person (other than any customer of such Conduit Purchaser) now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, such Conduit Purchaser
pursuant to any Program Support Agreement. 
 “Purchase” is defined in Section 1.1(a).

 “Purchase and Sale Indemnified Amounts” has the meaning set forth in Section 9.1 of the
Sale Agreement. 
 “Purchase and Sale Indemnified Party” has the meaning set forth in
Section 9.1 of the Sale Agreement. 
 “Purchase and Sale Termination Date” has the meaning
set forth in Section 1.4 of the Sale Agreement. 
 “Purchase and Sale Termination Event”
has the meaning set forth in Section 8.1 of the Sale Agreement. 
 “Purchase Date” means
the date of which a Purchase or a reinvestment is made pursuant to the Agreement. 
  

 I-15 

 “Purchase Facility” has the meaning set forth in
Section 1.1 of the Sale Agreement. 
 “Purchase Limit” means $100,000,000, as such
amount may be reduced pursuant to Section 1.1(b) of the Agreement. References to the unused portion of the Purchase Limit shall mean, at any time, the Purchase Limit minus the then outstanding Aggregate Investment. 
 “Purchase Price” has the meaning set forth in Section 2.1 of the Sale Agreement. 
 “Purchase Report” has the meaning set forth in Section 2.1 of the Sale Agreement. 

“Purchased Interest” means, at any time, the undivided percentage ownership interest in: (a) each
and every Pool Receivable now existing or hereafter arising, (b) all Related Security with respect to such Pool Receivables and (c) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Such
undivided percentage interest shall be computed as: 
  

					
		 	 Aggregate Investment + Total Reserves
	 	
		 	Net Receivables Pool Balance	 	

 The Purchased Interest shall be determined from time to time pursuant to Section 1.3 of
the Agreement. 
 “Purchaser” means each Conduit Purchaser and/or each Related Committed
Purchaser, as applicable. 
 “Purchaser Agent” means each Person acting as agent on behalf of a
Purchaser Group and designated as a Purchaser Agent for such Purchaser Group on the signature pages to the Agreement or any other Person who becomes a party to this Agreement as a Purchaser Agent pursuant to an Assumption Agreement or a Transfer
Supplement. 
 “Purchaser Group” means, for each Conduit Purchaser, such Conduit Purchaser, its
Related Committed Purchasers and its related Purchaser Agent. 
 “Purchaser Group Fee Letter”
has the meaning set forth in Section 1.5 of the Agreement. 
 “Purchasers’ Share” of
any amount means such amount multiplied by the Purchased Interest at the time of determination. 
 “Ratable Share” means, for each Purchaser Group, such Purchaser Group’s aggregate Commitments divided by the aggregate Commitments of all Purchaser Groups. 
 “Rating Agency Condition” means, with respect to any material event or occurrence, receipt by the
Administrator (or the applicable Purchaser Agent) of written confirmation from each of Standard & Poor’s and Moody’s that such event or occurrence shall not cause the rating on the then outstanding Notes of any applicable
Purchaser to be downgraded or withdrawn. 
 “Receivable” means any indebtedness and other
obligations owed to the Seller or any Originator by, or any right of the Seller or any Originator to payment from or on behalf of, an Obligor, whether constituting an account, chattel paper, instrument or general intangible, arising

  

 I-16 

 
in connection with the sale of goods or the rendering of services by an Originator, and includes the obligation to pay any finance charges, fees and other charges with respect thereto;
provided however, that “Receivable” shall not include any Excluded Receivable or any such indebtedness and such other obligations or any such right to payment arising in connection with the sale of goods or the rendering of services by the
Taylor Division of Worthington Steel of Michigan, Inc. or the Worthington Machine Technology Division of The Worthington Steel Company, an Ohio corporation. . Indebtedness and other obligations arising from any one transaction,
including indebtedness and other obligations represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of the indebtedness and other obligations arising
from any other transaction. 
 “Receivables Pool” means, at any time, all of the then
outstanding Receivables purchased by the Seller pursuant to the Sale Agreement prior to the Facility Termination Date. 
 “Related Committed Purchaser” means each Person listed as such (and its respective Commitment) for each Conduit Purchaser as set forth on the signature pages of the Agreement or in any Assumption Agreement or Transfer
Supplement. 
 “Related Rights” has the meaning set forth in Section 1.1 of the Sale
Agreement. 
 “Related Security” means, with respect to any Receivable: 
 (a) all of the Seller’s and the Originator thereof’s interest in any goods (including returned
goods), and documentation of title evidencing the shipment or storage of any goods (including returned goods), relating to any sale giving rise to such Receivable, 
 (b) all instruments and chattel paper that may evidence such Receivable, 
 (c) all other security interests or liens and property subject thereto from time to time purporting to secure
payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto, and 
 (d) all of the Seller’s and the Originator thereof’s rights, interests and claims under the
Contracts and all guaranties, indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such
Receivable, whether pursuant to the Contract related to such Receivable or otherwise. 
 “Sale
Agreement” means the Purchase and Sale Agreement, dated as of November 30, 2000, among the Seller, the Originators and the Servicer as amended through the date of the Agreement and as such agreement may be amended, amended and
restated, supplemented or otherwise modified from time to time. 
 “Seller” has the meaning set
forth in the preamble to the Agreement. 
  

 I-17 

 “Seller’s Share” of any amount means the greater of:
(a) $0 and (b) such amount minus the product of (i) such amount multiplied by (ii) the Purchased Interest. 
 “Servicer” has the meaning set forth in the preamble to the Agreement. 
 “Servicing Fee” shall mean the fee referred to in Section 4.6 of the Agreement. 
 “Settlement Date” means the 18th
 Business Day of each calendar month which Business Day is set forth on Schedule IV or such other Business Day as otherwise consented to by the Administrator, the Purchasers, the
Seller and the Servicer. The Administrator shall update Schedule IV to list the 18th Business Day of each calendar month beyond November 2001 by no later than October 31, 2001. 
 “Simple Majority” means, at any time, Purchasers whose Commitments aggregate 51% or more of the aggregate of the Commitments of all Purchasers. 
 “Solvent” means, with respect to any Person at any time, a condition under which: 
 (i) the fair value and present fair saleable value of such Person’s total assets is, on the date of
determination, greater than such Person’s total liabilities (including contingent and unliquidated liabilities) at such time; 
 (ii) the fair value and present fair saleable value of such Person’s assets is greater than the amount that will be required to pay such Person’s probable liability on its existing debts as they
become absolute and matured (“debts,” for this purpose, includes all legal liabilities, whether matured or unmatured, liquidated or unliquidated, absolute, fixed, or contingent); 
 (iii) such Person is and shall continue to be able to pay all of its liabilities as such liabilities mature;
and 
 (iv) such Person does not have unreasonably small capital with which to engage in its
current and in its anticipated business. 
 For purposes of this definition: 
 (A) the amount of a Person’s contingent or unliquidated liabilities at any time shall be that amount
which, in light of all the facts and circumstances then existing, represents the amount which can reasonably be expected to become an actual or matured liability; 
 (B) the “fair value” of an asset shall be the amount which may be realized within a reasonable time
either through collection or sale of such asset at its regular market value; 
 (C) the
“regular market value” of an asset shall be the amount which a capable and diligent business person could obtain for such asset from an interested buyer who is willing to Purchase such asset under ordinary selling conditions; and

  

 I-18 

 (D) the “present fair saleable value” of an asset
means the amount which can be obtained if such asset is sold with reasonable promptness in an arm’s-length transaction in an existing and not theoretical market. 
 “Specifically Reserved Dilution Amount” means, for any calendar month, the sum of the amounts reserved in the balance sheet of each Originator for volume rebates.

 “Standard & Poor’s” means Standard & Poor’s, a division of The
McGraw-Hill Companies, Inc. 
 “Steel Surcharge Receivable” means a Receivable, the Originators
of which are The Worthington Steel Company, a Delaware corporation, The Worthington Steel Company, a North Carolina corporation, The Worthington Steel Company, an Ohio corporation, Worthington Steel Company of Kentucky, LLC, a Kentucky limited
liability company, Worthington Steel Company of Decatur, L.L.C., an Alabama limited liability company, or Worthington Steel of Michigan, Inc., a Michigan corporation, which is associated with surcharges for coke shortages, utilities, fuel, freight
and other costs from vendors of such Originators. 
 “Subsidiary” means, as to any Person, a
corporation, partnership, limited liability company or other entity of which shares of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a
contingency) to elect a majority of the Board of Directors or other managers of such entity are at the time owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person or
(c) by such Person and one or more Subsidiaries of such Person. 
 “Tangible Net Worth”
means, with respect to any Person, the tangible net worth of such Person as determined in accordance with GAAP. 
 “Termination Day” means: (a) each day on which the conditions set forth in Section 2 of Exhibit II to the Agreement are not satisfied or (b) each day that occurs on or after the Facility
Termination Date. 
 “Termination Event” has the meaning specified in Exhibit V to the
Agreement. 
 “Termination Fee” means, for any Yield Period, with respect to any Purchaser, the
amount, if any, by which: (a) the additional Discount related to such Purchaser’s Investment (calculated without taking into account any Termination Fee or any shortened duration of such Yield Period) that would have accrued during such
Yield Period on the reductions of Investment relating to such Yield Period had such reductions not been made, exceeds (b) the income, if any, received by such Purchaser from investing the proceeds of such reductions of Investment, as determined
by the such Purchaser’s Purchaser Agent, which determination shall be binding and conclusive for all purposes, absent manifest error. 
 “Total Reserves” means, at any time, the sum of the Yield Reserve and the greater of (a) the sum of the Loss Reserve and the Dilution Reserve, or (b) the sum of the
Concentration Reserve and the Dilution Component Reserve. 
  

 I-19 

 “Transaction Documents” means the Agreement, the Lock-Box
Agreements, each Purchaser Group Fee Letter, the Sale Agreement and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered under or in connection with any of the foregoing, in
each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with the Agreement. 
 “Transfer Supplement” has the respective meanings set forth in Sections 6.3(c) and 6.3(e). 
 “Turnover Rate” means, for any calendar month, an amount computed as of the last day of such calendar month equal to: (a) the average of the Outstanding Balance
of all Pool Receivables as of the last day of such calendar month, divided by (b) the quotient of (i) the aggregate credit sales made by the Originators during the three calendar months ended on the last day of such calendar month, divided
by (ii) 3. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in
the applicable jurisdiction. 
 “Unmatured Purchase and Sale Termination Event” means any event
which, with the giving of notice or lapse of time, or both, would become a Purchase and Sale Termination Event. 
 “Unmatured Termination Event” means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event. 
 “Worthington” has the meaning set forth in the preamble to the Agreement. 
 “Yield Period” means, with respect to each Portion of Investment: (a) before the Facility Termination Date: (i) initially the period commencing on the date
of the initial Purchase pursuant to Section 1.2 of the Agreement (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending on (but not including) the next Settlement Date, and (ii) thereafter, each
period commencing on such Settlement Date and ending on (but not including) the next Settlement Date, and (b) on and after the Facility Termination Date, such period (including a period of one day) as shall be selected from time to time by the
Administrator or, in the absence of any such selection, each period of 30 days from the last day of the preceding Yield Period. 
 “Yield Rate” for any Yield Period for any Portion of Investment of the Purchased Interest (i) in the case of the Purchaser Group including Market Street, means the Market Street
Yield Rate, and (ii) in the case of each other Purchaser Group, shall mean the rate set forth as the Yield Rate for such Purchaser Group in the related Purchaser Group Fee Letter. 
 “Yield Reserve” shall be equal to the Aggregate Investment multiplied by a percentage equal to (i) the
Yield Reserve Percentage divided by (ii) 100% minus the Yield Reserve Percentage. 
 “Yield Reserve
Percentage” means, on any date, an amount equal to (i) the sum of the weighted average Base Rate for the most recent period plus 1.0%, multiplied by (ii) the product of 1.5 times the Turnover Rate, divided by (iii) 12.

  

 I-20 

 Other Terms. All accounting terms not specifically defined herein
shall be construed in accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. Unless the context
otherwise requires, “or” means “and/or,” and “including” (and with correlative meaning “include” and “includes”) means including without limiting the generality of any description preceding such
term. 
  

 I-21 

 EXHIBIT II 
 CONDITIONS OF PURCHASES 
 1.
Conditions Precedent to Initial Purchase. The initial Purchase under this Agreement is subject to the following conditions precedent that the Administrator and each Purchaser Agent shall have received on or before the date of such Purchase
(other than with respect to the condition set forth in paragraph (g), which such condition must be satisfied within 30 days of such Purchase), each in form and substance (including the date thereof) satisfactory to the Administrator and each
Purchaser Agent: 
 (a) A counterpart of the Agreement and the other Transaction Documents
executed by the parties thereto. 
 (b) Certified copies of: (i) the resolutions of the
Board of Directors of each of the Seller, the Originators and Worthington authorizing the execution, delivery and performance by the Seller, such Originator and Worthington, as the case may be, of the Agreement and the other Transaction Documents to
which it is a party; (ii) all documents evidencing other necessary organizational action and governmental approvals, if any, with respect to the Agreement and the other Transaction Documents and (iii) the certificate of incorporation and
by-laws or certificate of formation and limited liability company agreement or any other organizational document, as applicable, of the Seller, each Originator and Worthington. 
 (c) A certificate of the Secretary or Assistant Secretary of the Seller, the Originators and Worthington
certifying the names and true signatures of its officers who are authorized to sign the Agreement and the other Transaction Documents. Until the Administrator and each Purchaser Agent receives a subsequent incumbency certificate from the Seller, an
Originator or Worthington, as the case may be, the Administrator and each Purchaser Agent shall be entitled to rely on the last such certificate delivered to it by the Seller, such Originator or Worthington, as the case may be. 
 (d) Acknowledgment copies, or time stamped receipt copies, of proper financing statements, duly filed on or
before the date of such initial purchase under the UCC of all jurisdictions that the Administrator may deem necessary or desirable in order to perfect the interests of the Seller, Worthington and the Administrator (on behalf of each Purchaser)
contemplated by the Agreement and the Sale Agreement. 
 (e) Acknowledgment copies, or
time-stamped receipt copies, of proper financing statements, if any, necessary to release all security interests and other rights of any Person in the Receivables, Contracts or Related Security previously granted by the Originators, Worthington or
the Seller. 
 (f) Completed UCC search reports, dated on or shortly before the date of the
initial purchase hereunder, listing the financing statements filed in all applicable jurisdictions referred to in subsection (e) above that name the Originators or the Seller as debtor, together with copies of such other financing
statements, and similar search reports with respect to judgment liens, federal tax liens and liens of the Pension Benefit Guaranty Corporation in such jurisdictions, as the Administrator or any Purchaser Agent may request, showing no Adverse Claims
on any Pool Assets. 
  

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 (g) Copies of executed Lock-Box Agreements with each
Lock-Box Bank. 
 (h) Favorable opinions, in form and substance reasonably satisfactory to the
Administrator and each Purchaser Agent, of: (i) Jones Day Reavis & Pogue, counsel for the Seller, the Originators, Worthington and the Servicer, and (ii) Dale T. Brinkman, counsel for Seller, Worthington and the Originators.

 (i) Satisfactory results of a review and audit (performed by representatives of each Purchaser
Agent) of the Servicer’s collection, operating and reporting systems, the Credit and Collection Policy of each Originator, historical receivables data and accounts, including satisfactory results of a review of the Servicer’s operating
location(s). 
 (j) A pro forma Information Package representing the performance of the
Receivables Pool for the calendar month before closing. 
 (k) Evidence of payment by the Seller
of all accrued and unpaid fees (including those contemplated by each Purchaser Group Fee Letter), costs and expenses to the extent then due and payable on the date thereof, including any such costs, fees and expenses arising under or referenced in
Section 6.4 of the Agreement and the Fee Letter. 
 (l) Each Purchaser Group Fee
Letter (received only by the related Purchaser Group Agent) duly executed by the Seller and the Servicer. 
 (m) Good standing certificates with respect to each of the Seller, the Originators and the Servicer issued by the Secretary of State (or similar official) of the state of each such Person’s
organization and principal place of business. 
 (n) To the extent required by each Conduit
Purchaser’s commercial paper program, letters from each of the rating agencies then rating the Notes confirming the rating of such Notes after giving effect to the transaction contemplated by the Agreement. 
 (o) Each Liquidity Agreement (received only by the related Purchaser Group Agent) and all other Transaction
Documents duly executed by the parties thereto. 
 (p) A computer file containing all information
with respect to the Receivables as the Administrator or any Purchaser Agent may reasonably request. 
 (q) Such other approvals, opinions or documents as the Administrator or any Purchaser Agent may reasonably request. 
 2. Conditions Precedent to All Purchases and Reinvestments. Each Purchase (including the initial Purchase) and each reinvestment shall be subject to the further conditions precedent that:

 (a) in the case of each purchase, the Servicer shall have delivered to the Administrator and
each Purchaser Agent on or before such purchase, in form and substance satisfactory to the Administrator and such Purchaser Agent, a completed pro forma Information Package to reflect the level of Investment with respect to each Purchaser Group and
related reserves and the calculation of the Purchased Interest after such subsequent purchase and a completed purchase notice in the form of Annex B; and 
  

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 (b) on the date of such purchase or reinvestment the
following statements shall be true (and acceptance of the proceeds of such purchase or reinvestment shall be deemed a representation and warranty by the Seller that such statements are then true): 
 (i) the representations and warranties contained in Exhibit III to the Agreement are true and correct in all
material respects on and as of the date of such purchase or reinvestment as though made on and as of such date (except to the extent that such representations and warranties relate expressly to an earlier date, and in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date); and 
 (ii) no event has occurred and is continuing, or would result from such purchase or reinvestment, that constitutes a Termination Event or an Unmatured Termination Event. 
  

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 EXHIBIT III 
 REPRESENTATIONS AND WARRANTIES 
 1. Representations and Warranties of the Seller. The Seller represents and warrants as follows: 
 (a) The Seller is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, and is duly qualified to do business and is in good
standing as a foreign corporation in every jurisdiction where the nature of its business requires it to be so qualified, except where the failure to be so qualified would not have a Material Adverse Effect. 
 (b) The execution, delivery and performance by the Seller of the Agreement and the other Transaction
Documents to which it is a party, including its use of the proceeds of purchases and reinvestments: (i) are within its corporate powers; (ii) have been duly authorized by all necessary corporate action; (iii) do not contravene or
result in a default under or conflict with: (A) its charter or by-laws, (B) any law, rule or regulation applicable to it, (C) any indenture, loan agreement, mortgage, deed of trust or other material agreement or instrument to which it
is a party or by which it is bound, or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its property; and (iv) do not result in or require the creation of any Adverse Claim upon or with
respect to any of its properties. The Agreement and the other Transaction Documents to which it is a party have been duly executed and delivered by the Seller. 
 (c) No authorization, approval or other action by, and no notice to or filing with, any Governmental Authority or other Person is required for its due execution, delivery and
performance by the Seller of the Agreement or any other Transaction Document to which it is a party, other than the Uniform Commercial Code filings referred to in Exhibit II to the Agreement, all of which shall have been filed on or before
the date of the first purchase hereunder. 
 (d) Each of the Agreement and the other Transaction
Documents to which the Seller is a party constitutes its legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization
or other similar laws from time to time in effect affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 (e) There is no pending or, to Seller’s best knowledge, threatened action or proceeding
affecting Seller or any of its properties before any Governmental Authority or arbitrator. 
 (f)
No proceeds of any purchase or reinvestment will be used to acquire any equity security of a class that is registered pursuant to Section 12 of the Securities Exchange Act of 1934. 
  

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 (g) The Seller is the legal and beneficial owner of the Pool
Receivables and Related Security, free and clear of any Adverse Claim. Upon each purchase or reinvestment, Administrator (for the benefit of each Purchaser) shall acquire a valid and enforceable perfected undivided percentage ownership or security
interest, to the extent of the Purchased Interest, in each Pool Receivable then existing or thereafter arising and in the Related Security, Collections and other proceeds with respect thereto, free and clear of any Adverse Claim. The Agreement
creates a security interest in favor of the Administrator (for the benefit of each Purchaser) in the Pool Assets, and the Administrator (for the benefit of each Purchaser) has a first priority perfected security interest in the Pool Assets, free and
clear of any Adverse Claims. No effective financing statement or other instrument similar in effect covering any Pool Asset is on file in any recording office, except those filed in favor of the Seller pursuant to the Sale Agreement and the
Administrator (for the benefit of each Purchaser) relating to the Agreement, or in respect of which the Administrator has received evidence satisfactory to the Administrator of acknowledgment copies, or time-stamped receipt copies, of proper
financing statements releasing or terminating, as applicable, all security interests and other rights of any Person in such Pool Asset. 
 (h) Each Information Package (if prepared by the Seller or one of its Affiliates, or to the extent that information contained therein is supplied by the Seller or an Affiliate), information, exhibit,
financial statement, document, book, record or report furnished or to be furnished at any time by or on behalf of the Seller to the Administrator or any Purchaser Agent in connection with the Agreement or any other Transaction Document to which it
is a party is or will be complete and accurate in all material respects as of its date or as of the date so furnished, and does not and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make
the statements contained therein not misleading. 
 (i) The Seller has filed all tax returns and
reports required by law to have been filed by it and has paid all taxes and governmental charges thereby shown to be owing, except any such taxes or charges which are being diligently contested in good faith by appropriate proceedings and for which
adequate reserves in accordance with GAAP shall have been set aside on its books. 
 (j) The
names and addresses of all the Lock-Box Banks, together with the account numbers of the Lock-Box Accounts at such Lock-Box Banks, are specified in Schedule II to the Agreement (or at such other Lock-Box Banks and/or with such other Lock-Box Accounts
as have been notified to the Administrator in accordance with the Agreement) and all Lock-Box Accounts are subject to Lock-Box Agreements (except as otherwise agreed to in writing by the Administrator and each Purchaser Agent or as provided in
Section 4.3). Seller has not granted to any Person, other than the Administrator as contemplated by the Agreement, dominion and control of any Lock-Box Account, or the right to take dominion and control of any such account at a future
time or upon the occurrence of a future event. 
 (k) The Seller is not in violation of any order
of any court, arbitrator or Governmental Authority. 
  

 III-2 

 (l) Neither the Seller nor any of its Affiliates has any
direct or indirect ownership or other financial interest in any Purchaser. 
 (m) No proceeds of
any purchase or reinvestment will be used for any purpose that violates any applicable law, rule or regulation, including Regulations T, U or X of the Federal Reserve Board. 
 (n) Each Pool Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool
Balance is an Eligible Receivable. 
 (o) No event has occurred and is continuing that
constitutes a Termination Event or an Unmatured Termination Event and no event would result from a purchase in respect of, or reinvestment in respect of, the Purchased Interest or from the application of the proceeds therefrom that constitutes a
Termination Event or an Unmatured Termination Event. 
 (p) The Seller has accounted for each
sale of undivided percentage ownership interests in Receivables in its books and financial statements as sales, consistent with generally accepted accounting principles. 
 (q) The Seller has complied in all material respects with the Credit and Collection Policy of each Originator
with regard to the Receivables originated by such Originator, unless such Receivables were not Eligible Receivables as of the date of the sale or conveyance of such Receivables by such Originator to the Seller under the Sale Agreement and the
aggregate Outstanding Balance of all such Receivables does not exceed $1,000,000. 
 (r) The
Seller has complied in all material respects with all of the terms, covenants and agreements contained in the Agreement and the other Transaction Documents that are applicable to it and all laws, rules, regulations and orders that are applicable to
it. 
 (s) The Seller’s complete corporate name is set forth in the preamble to the
Agreement, and it does not use and has not during the last six years used any other corporate name, trade name, doing-business name or fictitious name, except as set forth on Schedule III to the Agreement and except for names first used after the
date of the Agreement and set forth in a notice delivered to the Administrator pursuant to Section 1(k)(iv) of Exhibit IV to the Agreement. 
 (t) The Seller is not an “investment company,” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended. In addition, the Seller is not a “holding company,” a “subsidiary company” of a “holding company” or an “affiliate” of a “holding company” or of a “subsidiary company” of
a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended. 
 (u) With respect to each Receivable transferred to the Seller under the Sale Agreement, Seller has given reasonably equivalent value to the Originator thereof in

  

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consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by any Originator of any Receivable under the Sale Agreement is or may be voidable under
any section of the Bankruptcy Code. 
 (v) Each Contract with respect to each Receivable is
effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance
with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law). 
 (w) Since its most recent fiscal
year end, there has been no change in the business, operations, financial condition, properties or assets of the Seller which would have a Material Adverse Effect on its ability to perform its obligations under the Agreement or any other Transaction
Document to which it is a party or materially and adversely affect the transactions contemplated under the Agreement or such other Transaction Documents. 
 2. Representations and Warranties of Worthington (including in its capacity as the Servicer). Worthington, individually and in its capacity as the Servicer, represents and warrants as follows:

 (a) Worthington is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Ohio, and is duly qualified to do business and is in good standing as a foreign corporation in every jurisdiction where the nature of its business requires it to be so qualified, except where the failure to be so
qualified would not have a Material Adverse Effect. 
 (b) The execution, delivery and
performance by Worthington, of the Agreement and the other Transaction Documents to which it is a party, including the Servicer’s use of the proceeds of purchases and reinvestments: (i) are within its corporate powers; (ii) have been
duly authorized by all necessary corporate action; (iii) do not contravene or result in a default under or conflict with: (A) its charter or by-laws, (B) any law, rule or regulation applicable to it, (C) any material indenture,
loan agreement, mortgage, deed of trust or other material agreement or instrument to which it is a party or by which it is bound, or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its property;
and (iv) do not result in or require the creation of any Adverse Claim upon or with respect to any of its properties. The Agreement and the other Transaction Documents to which Worthington is a party have been duly executed and delivered by
Worthington. 
 (c) No authorization, approval or other action by, and no notice to or filing
with any Governmental Authority or other Person, is required for the due execution, delivery and performance by Worthington of the Agreement or any other Transaction Document to which it is a party. 
  

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 (d) Each of the Agreement and the other Transaction
Documents to which Worthington is a party constitutes the legal, valid and binding obligation of Worthington enforceable against Worthington in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or other similar laws from time to time in effect affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or
at law. 
 (e) The balance sheets of Worthington and its consolidated Subsidiaries as at
May 31, 2000, and the related statements of income and retained earnings for the fiscal year then ended, copies of which have been furnished to the Administrator and each Purchaser Agent, fairly present the financial condition of Worthington
and its consolidated Subsidiaries as at such date and the results of the operations of Worthington and its Subsidiaries for the period ended on such date, all in accordance with generally accepted accounting principles consistently applied, and
since May 31, 2000, there has been no event or circumstances which have had a Material Adverse Effect. 
 (f) Except as disclosed in the most recent audited financial statements of Worthington furnished to the Administrator and each Purchaser Agent, there is no pending or, to its best knowledge, threatened
action or proceeding affecting it or any of its Subsidiaries before any Governmental Authority or arbitrator that could reasonably be expected to have a Material Adverse Effect. 
 (g) No proceeds of any purchase or reinvestment will be used to acquire any equity security of a class that
is registered pursuant to Section 12 of the Securities Exchange Act of 1934. 
 (h) Each
Information Package (if prepared by Worthington or one of its Affiliates, or to the extent that information contained therein is supplied by Worthington or an Affiliate), information, exhibit, financial statement, document, book, record or report
furnished or to be furnished at any time by or on behalf of the Servicer to the Administrator, any Purchaser or any Purchaser Agent in connection with the Agreement is or will be complete and accurate in all material respects as of its date or as of
the date so furnished and does not and will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not materially misleading. 
 (i) The principal place of business and chief executive office (as such terms are used in the UCC) of
Worthington and the office where it keeps its records concerning the Receivables are located at the address referred to in Section 2(b) of Exhibit IV to the Agreement. 
 (j) Worthington is not in violation of any order of any court, arbitrator or Governmental Authority, which
could have a Material Adverse Effect. 
 (k) Neither Worthington nor any of its Affiliates has
any direct or indirect ownership or other financial interest in any Purchaser. 
  

 III-5 

 (l) The Servicer has complied in all material respects with
the Credit and Collection Policy of each Originator with regard to the Receivables originated by such Originator, unless such Receivables were not Eligible Receivables as of the date of the sale or conveyance of such Receivables by such Originator
to the Seller under the Sale Agreement and the aggregate Outstanding Balance of all such Receivables does not exceed $1,000,000. 
 (m) Worthington has complied in all material respects with all of the terms, covenants and agreements contained in the Agreement and the other Transaction Documents that are applicable to it. 

(n) Worthington is not an “investment company” or a company “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. In addition, Worthington is not a “holding company,” a “subsidiary company” of a “holding company,” or an
“affiliate” of a “holding company” or of a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended. 
 (o) Since its most recent fiscal year end, there has been no change in the business, operations, financial
condition, properties or assets of the Servicer which would have a Material Adverse Effect on its ability to perform its obligations under the Agreement or any other Transaction Document to which it is a party or materially and adversely affect the
transactions contemplated under the Agreement or such other Transaction Documents. 
 (p) No
license or approval is required for the Administrator or any successor Servicer to use any program used by the Servicer in the servicing of the Receivables, other than such licenses and approvals that have been obtained and are in full force and
effect. 
 (q) United States Federal income tax returns of Worthington and its consolidated
Subsidiaries have been examined and closed through fiscal year ended May 31, 2000. Worthington and its consolidated Subsidiaries have filed all United States Federal income tax returns and all other material tax returns which are required to be
filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by Worthington or any consolidated Subsidiary. The charges, accruals and reserves on the books of Worthington and its consolidated Subsidiaries
in respect of taxes or other governmental charges are, in the opinion of Worthington, adequate. 
  

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 EXHIBIT IV 
 COVENANTS 
 1.
Covenants of the Seller. Until the latest of the Facility Termination Date, the date on which no Investment of or Discount in respect of the Purchased Interest shall be outstanding or the date all other amounts owed by the Seller under the
Agreement to any Purchaser, Purchaser Agent, the Administrator and any other Indemnified Party or Affected Person shall be paid in full: 
 (a) Compliance with Laws, Etc. The Seller shall comply with all applicable laws, rules, regulations and orders, and preserve and maintain its corporate existence, rights, franchises, qualifications
and privileges, except to the extent that the failure so to comply with such laws, rules and regulations or the failure so to preserve and maintain such rights, franchises, qualifications and privileges would not have a Material Adverse Effect.

 (b) Offices, Records and Books of Account, Etc. The Seller: (i) shall not move its
principal place of business and chief executive office (as such terms or similar terms are used in the UCC) and the office where it keeps its records concerning the Receivables to an address other than the address of the Seller set forth under its
name on the signature page to the Agreement or, pursuant to clause (k)(iv) below, at any other locations in jurisdictions where all actions reasonably requested by the Administrator to protect and perfect the interest of the Administrator
(for the benefit of the Purchasers) in the Receivables and related items (including the Pool Assets) have been taken and completed and (ii) shall provide the Administrator with at least 30 days’ written notice before making any change in
the Seller’s name or making any other change in the Seller’s identity or corporate structure (including a Change in Control) that could render any UCC financing statement filed in connection with this Agreement “seriously
misleading” as such term (or similar term) is used in the UCC; each notice to the Administrator pursuant to this sentence shall set forth the applicable change and the effective date thereof. The Seller also will maintain and implement (or
cause the Servicer to maintain and implement) administrative and operating procedures (including an ability to recreate records evidencing Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and
maintain (or cause the Servicer to keep and maintain) all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Receivables (including records adequate to permit the
daily identification of each Receivable and all Collections of and adjustments to each existing Receivable). The Seller will (and will cause each Originator to) on or prior to the date of the Agreement, mark its master data processing records and
other books and records relating to the Purchased Interest (and at all times thereafter (until the latest of the Facility Termination Date or the date all other amounts owed by the Seller under the Agreement shall be paid in full) continue to
maintain such records) with a legend, acceptable to the Administrator, describing the Purchased Interest. 
 (c) Performance and Compliance with Contracts and Credit and Collection Policy. The Seller shall (and shall cause the Servicer to), at its expense, (i) timely

  

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perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables unless the failure to so
perform or comply does not involve a material portion of such Receivables, and the Seller shall have complied with its obligations with respect to such Receivables set forth in Section 1.4(e), and (ii) timely comply in all material
respects with the applicable Credit and Collection Policies with regard to each Receivable. 
 (d) Ownership Interest, Etc. The Seller shall (and shall cause the Servicer to), at its expense, take all action necessary or desirable to establish and maintain a valid and enforceable undivided percentage ownership or security
interest, to the extent of the Purchased Interest which shall not be greater than 100%, in the Pool Receivables, the Related Security and Collections with respect thereto, and a first priority perfected security interest in the Pool Assets, in each
case free and clear of any Adverse Claim, in favor of the Administrator (for the benefit of the Purchasers), including taking such action to perfect, protect or more fully evidence the interest of the Administrator (for the benefit of the
Purchasers) as the Administrator, may reasonably request. 
 (e) Sales, Liens, Etc. The
Seller shall not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to, any or all of its right, title or interest in, to or under any Pool Assets (including
the Seller’s undivided interest in any Receivable, Related Security or Collections, or upon or with respect to any account to which any Collections of any Receivables are sent), or assign any right to receive income in respect of any items
contemplated by this paragraph. 
 (f) Extension or Amendment of Receivables. Except as provided
in the Agreement, the Seller shall not, and shall not permit the Servicer to, extend the maturity or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable, or amend, modify or waive any term or condition of any related
Contract. 
 (g) Change in Business or Credit and Collection Policy. The Seller shall not
make (or permit any Originator to make) any change in the character of its business or in any Credit and Collection Policy, or any change in any Credit and Collection Policy that would have a Material Adverse Effect with respect to the Receivables.
The Seller shall not make (or permit any Originator to make) any other change in any Credit and Collection Policy without giving prior written notice thereof to the Administrator and each Purchaser Agent. 
 (h) Audits. The Seller shall (and shall cause each Originator to), from time to time during regular
business hours, but no more frequently than annually unless (x) a Termination Event or Unmatured Termination Event has occurred and is continuing or (y) in the opinion of the Administrator (with the consent or at the direction of the
Majority Purchasers) reasonable grounds for insecurity exist with respect to the collectibility of a material portion of the Pool Receivables or with respect to the Seller’s performance or ability to perform in any material respect its
obligations under the Agreement, as reasonably requested in advance (unless a Termination Event or Unmatured Termination Event exists) by the Administrator or any Purchaser, permit the

  

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Administrator or any Purchaser, or agent or representatives of the Administration or any Purchaser: (i) to examine and make copies of and abstracts from all books, records and documents
(including computer tapes and disks) in the possession or under the control of the Seller (or any such Originator) relating to Receivables and the Related Security, including the related Contracts, and (ii) to visit the offices and properties
of the Seller and the Originators for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to Receivables and the Related Security or the Seller’s, Worthington’s or the
Originator’s performance under the Transaction Documents or under the Contracts with any of the officers, employees, agents or contractors of the Seller, Worthington or the Originator having knowledge of such matters and (iii) without
limiting clauses (i) and (ii) above, to engage certified public accountants or other auditors acceptable to the Seller and the Administrator to conduct, at the Seller’s expense, a review of the Seller’s books and
records with respect to such Receivables. 
 (i) Change in Lock-Box Banks, Lock-Box Accounts
and Payment Instructions to Obligors. The Seller shall not, and shall not permit the Servicer or any Originator to, add or terminate any bank as a Lock-Box Bank or any account as a Lock-Box Account from those listed in Schedule II to the
Agreement, or make any change in its instructions to Obligors regarding payments to be made to the Seller, the Originators, the Servicer or any Lock-Box Account (or related post office box), unless the Administrator and the Majority Purchasers shall
have consented thereto in writing and the Administrator shall have received copies of all agreements and documents (including Lock-Box Agreements) that it may request in connection therewith. Notwithstanding anything contained in this paragraph
(i) to the contrary, the Seller may add a Permitted Lock-Box Bank as a Lock-Box Bank upon the consent of the Administrator and the Majority Purchasers, which consent shall not be unreasonably withheld. 
 (j) Deposits to Lock-Box Accounts. The Seller shall (or shall cause the Servicer to):
(i) deposit, or cause to be deposited, any Collections received by it, the Servicer or any Originator into Lock-Box Accounts not later than one Business Day after receipt thereof, and (ii) instruct all Obligors to make payments of all
Receivables to one or more Lock-Box Accounts or to post office boxes to which only Lock-Box Banks have access (and shall instruct the Lock-Box Banks to cause all items and amounts relating to such Receivables received in such post office boxes to be
removed and deposited into a Lock-Box Account on a daily basis). Except as otherwise agreed to in writing by the Administrator and the Majority Purchasers or as provided in Section 4.3, each Lock-Box Account shall at all times be subject
to a Lock-Box Agreement. The Seller will not (and will not permit the Servicer to) deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections. 
 (k) Reporting Requirements. The Seller will provide to the Administrator (in multiple copies, if
requested by the Administrator) and each Purchaser Agent the following: 
 (i) as soon as
available and in any event within 90 days after the end of each fiscal year of the Seller, unaudited financial statements for such year certified as to accuracy by the chief financial officer or treasurer of the Seller; 
  

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 (ii) as soon as possible and in any event within five days
after the occurrence of each Termination Event or Unmatured Termination Event, a statement of the chief financial officer of the Seller setting forth details of such Termination Event or Unmatured Termination Event and the action that the Seller has
taken and proposes to take with respect thereto; 
 (iii) promptly after the filing or receiving
thereof, copies of all reports and notices that the Seller or any Affiliate files under ERISA with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or that the Seller or any Affiliate receives
from any of the foregoing or from any multiemployer plan (within the meaning of Section 4001(a)(3) of ERISA) to which the Seller or any of its Affiliates is or was, within the preceding five years, a contributing employer, in each case in
respect of the assessment of withdrawal liability or an event or condition that could, in the aggregate, result in the imposition of material liability on the Seller and/or any such Affiliate; 
 (iv) at least 30 days before any change in the Seller’s name or any other change requiring the amendment
of UCC financing statements, a notice setting forth such changes and the effective date thereof; 
 (v) promptly after the Seller obtains knowledge thereof, notice of any: (A) material adverse litigation, investigation or proceeding that may exist at any time between the Seller and any Person or (B) material litigation or
proceeding relating to any Transaction Document; 
 (vi) promptly after the occurrence thereof,
notice of a Material Adverse Effect in the business, operations, property or financial or other condition of the Seller, the Servicer or Worthington Industries, Inc. on a consolidated basis; and 
 (vii) such other information respecting the Receivables or the condition or operations, financial or
otherwise, of the Seller or any of its Affiliates as the Administrator or any Purchaser Agent may from time to time reasonably request. 
 (l) Certain Agreements. Without the prior written consent of the Administrator and the Majority Purchasers, the Seller will not (and will not permit any Originator to) amend, modify, waive, revoke
or terminate any Transaction Document to which it is a party or any provision of Seller’s certificate of incorporation or by-laws. 
 (m) Restricted Payments. (i) Except pursuant to clause (ii) below, the Seller will not: (A) purchase or redeem any shares of its capital stock, (B) declare or pay any
dividend or set aside any funds for any such purpose, (C) prepay, purchase or redeem any Debt, (D) lend or advance any funds or (E) repay any loans or advances to, for or from any of its Affiliates (the amounts described in clauses
(A) through (E) being referred to as “Restricted Payments”). 
  

 IV-4 

 (ii) Subject to the limitations set forth in clause
(iii) below, the Seller may make Restricted Payments so long as such Restricted Payments are made only in one or more of the following ways: (A) the Seller may make cash payments (including prepayments) on the Company Note in
accordance with its terms, and (B) if no amounts are then outstanding under the Company Note, the Seller may declare and pay dividends. 
 (iii) The Seller may make Restricted Payments only out of the funds it receives pursuant to Sections 1.4(b)(ii) and (iv) of the Agreement. Furthermore, the Seller
shall not pay, make or declare: (A) any dividend if, after giving effect thereto, the Seller’s tangible net worth would be less than $16,000,000 or (B) any Restricted Payment (including any dividend) if, after giving effect thereto,
any Termination Event or Unmatured Termination Event shall have occurred and be continuing. 
 (n) Other Business. The Seller will not: (i) engage in any business other than the transactions contemplated by the Transaction Documents; (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be
issued for its account any letters of credit or bankers’ acceptances) other than pursuant to this Agreement or the Company Note; or (iii) form any Subsidiary or make any investments in any other Person; provided, however, that the Seller
shall be permitted to incur minimal obligations to the extent necessary for the day-to-day operations of the Seller (such as expenses for stationery, audits, maintenance of legal status, etc.). 
 (o) Use of Seller’s Share of Collections. The Seller shall apply the Seller’s Share of
Collections to make payments in the following order of priority: (i) the payment of its expenses (including all obligations payable to the Purchaser Groups and the Administrator under the Agreement and under each Purchaser Group Fee Letter);
(ii) the payment of accrued and unpaid interest on the Company Note; and (iii) other legal and valid corporate purposes. 
 (p) Tangible Net Worth. The Seller will not permit its tangible net worth, at any time, to be less than $16,000,000. 
 2. Covenants of the Servicer and Worthington. Until the latest of the Facility Termination Date, the date on which no Investment of or Discount in respect of the Purchased
Interest shall be outstanding or the date all other amounts owed by the Seller under the Agreement to the Purchaser Agents, the Purchasers, the Administrator and any other Indemnified Party or Affected Person shall be paid in full: 
 (a) Compliance with Laws, Etc. The Servicer and, to the extent that it ceases to be the Servicer,
Worthington shall comply (and shall cause each Originator to comply) in all material respects with all applicable laws, rules, regulations and orders, and preserve and maintain its corporate existence, rights, franchises, qualifications and

  

 IV-5 

 
privileges, except to the extent that the failure so to comply with such laws, rules and regulations or the failure so to preserve and maintain such existence, rights, franchises, qualifications
and privileges would not have a Material Adverse Effect. 
 (b) Offices, Records and Books of
Account, Etc. The Servicer and, to the extent that it ceases to be the Servicer, Worthington, shall keep (and shall cause each Originator to keep) its principal place of business and chief executive office (as such terms or similar terms are
used in the applicable UCC) and the office where it keeps its records concerning the Receivables at the address of the Servicer set forth under its name on the signature page to the Agreement or, upon at least 30 days’ prior written notice of a
proposed change to the Administrator, at any other locations in jurisdictions where all actions reasonably requested by the Administrator to protect and perfect the interest of the Administrator (for the benefit of each Purchaser) in the Receivables
and related items (including the Pool Assets) have been taken and completed. The Servicer and, to the extent that it ceases to be the Servicer, Worthington, also will (and will cause each Originator to) maintain and implement administrative and
operating procedures (including an ability to recreate records evidencing Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, computer tapes and disks and
other information reasonably necessary or advisable for the collection of all Receivables (including records adequate to permit the daily identification of each Receivable and all Collections of and adjustments to each existing Receivable).

 (c) Performance and Compliance with Contracts and Credit and Collection Policy. The
Servicer and, to the extent that it ceases to be the Servicer, Worthington, shall (and shall cause each Originator to), at its expense, (i) timely perform and comply in all material respects with all provisions, covenants and other promises
required to be observed by it under the Contracts related to the Receivables unless the failure to so perform or comply does not involve a material portion of such Receivables, and the Seller shall have complied with its obligations with respect to
such Receivables set forth in Section 1.4(e), and (ii) timely comply in all material respects with the applicable Credit and Collection Policies with regard to each Receivable. 
 (d) Extension or Amendment of Receivables. Except as provided in the Agreement, the Servicer and, to
the extent that it ceases to be the Servicer, Worthington, shall not extend (and shall not permit any Originator to extend), the maturity or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable, or amend, modify or
waive any term or condition of any related Contract. 
 (e) Change in Business or Credit and
Collection Policy. The Servicer and, to the extent that it ceases to be the Servicer, Worthington, shall not make (and shall not permit any Originator to make) any change in the character of its business or in any Credit and Collection Policy
that would have a Material Adverse Effect. The Servicer and, to the extent that it ceases to be the Servicer, Worthington, shall not make (and shall not permit any Originator to make) any other change in any Credit and Collection Policy without
giving prior written notice thereof to the Administrator and each Purchaser Agent. 
  

 IV-6 

 (f) Audits. The Servicer and, to the extent that it
ceases to be the Servicer, Worthington, shall (and shall cause each Originator to), from time to time during regular business hours, but no more frequently than annual unless (x) a Termination Event or Unmatured Termination Event has occurred
and is continuing or (y) in the opinion of the Administrator (with the consent or at the direction of the Majority Purchasers) reasonable grounds for insecurity exist with respect to the collectibility of a material portion of the Pool
Receivables or with respect to the Servicer’s performance or ability to perform in any material respect its obligations under the Agreement, as reasonably requested in advance (unless a Termination Event or Unmatured Termination Event exists)
by the Administrator or a Purchaser, permit the Administrator or a Purchaser, or of the Administrator or any Purchaser agent or representative: (i) to examine and make copies of and abstracts from all books, records and documents (including
computer tapes and disks) in its possession or under its control relating to Receivables and the Related Security, including the related Contracts; and (ii) to visit its offices and properties for the purpose of examining such materials
described in clause (i) above, and to discuss matters relating to Receivables and the Related Security or its performance hereunder or under the Contracts with any of its officers, employees, agents or contractors having knowledge of
such matters and (iii) without limiting clauses (i) and (ii) above, to engage certified public accountants or other auditors acceptable to the Servicer and the Administrator to conduct, at the Servicer’s expense, a
review of the Servicer’s books and records with respect to such Receivables. 
 (g)
Change in Lock-Box Banks, Lock-Box Accounts and Payment Instructions to Obligors. The Servicer and, to the extent that it ceases to be the Servicer, Worthington, shall not (and shall not permit any Originator to) add or terminate any bank as
a Lock-Box Bank or any account as a Lock-Box Account from those listed in Schedule II to the Agreement, or make any change in its instructions to Obligors regarding payments to be made to the Servicer or any Lock-Box Account (or related post
office box), unless the Administrator and the Majority Purchasers shall have consented thereto in writing and the Administrator shall have received copies of all agreements and documents (including Lock-Box Agreements) that it may request in
connection therewith. Notwithstanding anything contained in this paragraph (g) to the contrary, the Servicer may add a Permitted Lock-Box Bank as a Lock-Box Bank upon the consent of the Administrator and the Majority Purchasers, which
consent shall not be unreasonably withheld. 
 (h) Deposits to Lock-Box Accounts. The
Servicer shall: (i) deposit, or cause to be deposited, any Collections received by it into Lock-Box Accounts not later than one Business Day after receipt thereof, and (ii) instruct all Obligors to make payments of all Receivables to one
or more Lock-Box Accounts or to post office boxes to which only Lock-Box Banks have access (and shall instruct the Lock-Box Banks to cause all items and amounts relating to such Receivables received in such post office boxes to be removed and
deposited into a Lock-Box Account on a daily basis). Except as otherwise agreed to in writing by the Administrator and the Majority Purchasers or as provided in Section 4.3, each Lock-Box Account shall at all times be subject to a
Lock-Box Agreement. The Servicer will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections. 
  

 IV-7 

 (i) Reporting Requirements. Worthington shall provide
to the Administrator (in multiple copies, if requested by the Administrator) and each Purchaser Agent the following: 
 (i) as soon as available and in any event within 45 days after the end of the first three quarters of each fiscal year of Worthington, balance sheets of Worthington and its consolidated Subsidiaries and
of Seller as of the end of such quarter and statements of income, retained earnings and cash flow of Worthington and its consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such
quarter, certified by the chief financial officer of such Person; 
 (ii) as soon as available
and in any event within 90 days after the end of each fiscal year of Worthington and of Seller, a copy of the annual report for such year for Worthington and its consolidated Subsidiaries, containing financial statements for such year audited by
independent certified public accountants of nationally recognized standing; 
 (iii) as to the
Servicer only, as soon as available and in any event not later than two Business Days prior to the Settlement Date, an Information Package as of the last day of such month or, within 10 Business Days of a request by the Administrator or any
Purchaser Agent, an Information Package for such periods as is specified by the Administrator or such Purchaser Agent (including on a semi-monthly, weekly or daily basis); 
 (iv) as soon as possible and in any event within five days after becoming aware of the occurrence of each
Termination Event or Unmatured Termination Event, a statement of the chief financial officer of Worthington setting forth details of such Termination Event or Unmatured Termination Event and the action that such Person has taken and proposes to take
with respect thereto; 
 (v) promptly after the sending or filing thereof, copies of all reports
that Worthington sends to any of its security holders, and copies of all reports and registration statements that Worthington or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange; provided,
that any filings with the Securities and Exchange Commission that have been granted “confidential” treatment shall be provided promptly after such filings have become publicly available; 
 (vi) promptly after the filing or receiving thereof, copies of all reports and notices that Worthington or
any of its Affiliate files under ERISA with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or that such Person or any of its Affiliates receives from any

  

 IV-8 

 
of the foregoing or from any multiemployer plan (within the meaning of Section 4001(a)(3) of ERISA) to which such Person or any of its Affiliate is or was, within the preceding five years, a
contributing employer, in each case in respect of the assessment of withdrawal liability or an event or condition that could, in the aggregate, result in the imposition of a material liability on Worthington and/or any such Affiliate; 
 (vii) at least thirty days before any change in Worthington’s or any Originator’s name or any other
change requiring the amendment of UCC financing statements, a notice setting forth such changes and the effective date thereof; 
 (viii) promptly after Worthington obtains knowledge thereof, notice of any: (A) litigation, investigation or proceeding that may exist at any time between Worthington or any of its Subsidiaries and
any Governmental Authority that, if not cured or if adversely determined, as the case may be, would reasonably be expected to result in a Material Adverse Effect; (B) litigation or proceeding adversely affecting such Person or any of its
Subsidiaries in which the amount involved is more than $2,000,000 and not covered by insurance or in which injunctive or similar relief is sought and which would reasonably be expected to result in a Material Adverse Effect; or (C) litigation
or proceeding relating to any Transaction Document; 
 (ix) promptly after the occurrence
thereof, notice of a Material Adverse Effect in the business, operations, property or financial or other condition of the Servicer, the Seller or Worthington Industries, Inc. on a consolidated basis; 
 (x) promptly after the occurrence thereof, notice of any downgrade of Worthington; 
 (xi) such other information respecting the Receivables or the condition or operations, financial or
otherwise, of Worthington or any of its Affiliates as the Administrator or any Purchaser Agent may from time to time reasonably request; and 
 (xii) promptly after the occurrence thereof, notice of any material acquisition or investment by Worthington of or in any Person, business or operation. 
 3. Separate Existence. Each of the Seller and Worthington hereby acknowledges that the Purchasers, the Purchaser
Agents, the Administrator and the Liquidity Providers are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Seller’s identity as a legal entity separate from Worthington and
its Affiliates. Therefore, from and after the date hereof, each of the Seller and Worthington shall take all steps specifically required by the Agreement or reasonably required by the Administrator to continue the Seller’s identity as a
separate legal entity and to make it apparent to third Persons that the Seller is an entity with assets and liabilities distinct from those of Worthington and any other

  

 IV-9 

 
Person, and is not a division of Worthington, its Affiliates or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants set
forth herein, each of the Seller and Worthington shall take such actions as shall be required in order that: 
 (a) The Seller will be a limited purpose corporation whose primary activities are restricted in its certificate of incorporation to: (i) purchasing or otherwise acquiring from the Originators,
owning, holding, granting security interests or selling interests in Pool Assets, (ii) entering into agreements for the selling and servicing of the Receivables Pool, and (iii) conducting such other activities as it deems necessary or
appropriate to carry out its primary activities; 
 (b) The Seller shall not engage in any
business or activity, or incur any indebtedness or liability, other than as expressly permitted by the Transaction Documents; 
 (c) Not less than one member of the Seller’s Board of Directors (the “Independent Director”) shall be an individual who is not a direct, indirect or beneficial stockholder, officer,
director, employee, affiliate, associate or supplier of Worthington or any of its Affiliates. The certificate of incorporation of the Seller shall provide that: (i) the Seller’s Board of Directors shall not approve, or take any other
action to cause the filing of, a voluntary bankruptcy petition with respect to the Seller unless the Independent Director shall approve the taking of such action in writing before the taking of such action, and (ii) such provision cannot be
amended without the prior written consent of the Independent Director. The Seller hereby agrees that the provisions of its certificate of incorporation described in the preceding sentence shall not be amended without the consent of the
Administrator; 
 (d) The Independent Director shall not at any time serve as a trustee in
bankruptcy for the Seller, Worthington or any Affiliate thereof; 
 (e) Any employee, consultant
or agent of the Seller will be compensated from the Seller’s funds for services provided to the Seller. The Seller will not engage any agents other than its attorneys, auditors and other professionals, and a servicer and any other agent
contemplated by the Transaction Documents for the Receivables Pool, which servicer will be fully compensated for its services by payment of the Servicing Fee, and a manager, which manager will be fully compensated from the Seller’s funds;

 (f) The Seller will contract with the Servicer to perform for the Seller all operations
required on a daily basis to service the Receivables Pool. The Seller will pay the Servicer the Servicing Fee pursuant to the Agreement. The Seller will not incur any material indirect or overhead expenses for items shared with Worthington (or any
other Affiliate thereof) that are not reflected in the Servicing Fee. To the extent, if any, that the Seller (or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee or the manager’s fee, such as legal, auditing
and other professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the

  

 IV-10 

 
value of services rendered; it being understood that Worthington shall pay all expenses relating to the preparation, negotiation, execution and delivery of the Transaction Documents, including
legal, agency and other fees; 
 (g) The Seller’s operating expenses will not be paid by
Worthington or any other Affiliate thereof; 
 (h) All of the Seller’s business
correspondence and other communications shall be conducted in the Seller’s own name and on its own separate stationery; 
 (i) The Seller’s books and records will be maintained separately from those of Worthington and any other Affiliate thereof; 
 (j) All financial statements of Worthington or any Affiliate thereof that are consolidated to include Seller
will contain detailed notes clearly stating that: (i) a special purpose corporation exists as a Subsidiary of Worthington, and (ii) the Originators have sold receivables and other related assets to such special purpose Subsidiary that, in
turn, has sold undivided interests therein to certain financial institutions and other entities; 
 (k) The Seller’s assets will be maintained in a manner that facilitates their identification and segregation from those of Worthington or any Affiliate thereof; 
 (l) The Seller will strictly observe corporate formalities in its dealings with Worthington or any Affiliate
thereof, and funds or other assets of the Seller will not be commingled with those of Worthington or any Affiliate thereof except as permitted by the Agreement in connection with servicing the Pool Receivables. The Seller shall not maintain joint
bank accounts or other depository accounts to which Worthington or any Affiliate thereof (other than Worthington in its capacity as the Servicer) has independent access. The Seller is not named, and has not entered into any agreement to be named,
directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of Worthington or any Subsidiary or other Affiliate of Worthington. The Seller will pay to the
appropriate Affiliate the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Seller and such Affiliate; and 

(m) The Seller will maintain arm’s-length relationships with Worthington (and any Affiliate thereof).
Any Person that renders or otherwise furnishes services to the Seller will be compensated by the Seller at market rates for such services it renders or otherwise furnishes to the Seller. Neither the Seller nor Worthington will be or will hold itself
out to be responsible for the debts of the other or the decisions or actions respecting the daily business and affairs of the other. The Seller and Worthington will immediately correct any known misrepresentation with respect to the foregoing, and
they will not operate or purport to operate as an integrated single economic unit with respect to each other or in their dealing with any other entity.; 
 (n) Worthington shall not pay the salaries of Seller’s employees, if any; and 
  

 IV-11 

 (o) At all times that this Agreement is in effect, the
Seller will provide for not less than ten (10) Business Days’ prior written notice to the Administrator of the replacement or appointment of any director that is to serve as an Independent Director (or, if such replacement or appointment
is due to a reason other than any direct or indirect action by the Seller, the Servicer or a stockholder or beneficial interest holder in the Seller (or any director (other than such Independent Director), officer, employee, or affiliate thereof),
the Seller will provide for prompt written notice upon Seller’s knowledge or notice (but in no event more than one (1) Business Day following such knowledge or notice)), in each case such notice to include the identity of the proposed
replacement Independent Director, together with a certification that such replacement satisfies the requirements for an Independent Director set forth in this Agreement and the certificate of incorporation of the Seller. 
  

 IV-12 

 EXHIBIT V 
 TERMINATION EVENTS 
 Each of the following shall be a
“Termination Event”: 
 (a)(i) the Seller, Worthington, any Originator or the Servicer shall
fail to perform or observe any term, covenant or agreement under the Agreement or any other Transaction Document and, except as otherwise provided herein, such failure shall continue for more than five Business Days after knowledge or notice
thereof, (ii) the Seller or the Servicer shall fail to make when due any payment or deposit to be made by it under the Agreement and such failure shall continue unremedied for one Business Day or (iii) Worthington shall resign as Servicer,
and no successor Servicer reasonably satisfactory to the Administrator and the Majority Purchasers shall have been appointed; 
 (b) Worthington (or any Affiliate thereof) shall fail to transfer to any successor Servicer when required any rights pursuant to the Agreement that Worthington (or such Affiliate) then has as Servicer;

 (c) any representation or warranty made or deemed made by the Seller, Worthington or any Originator (or any
of their respective officers) under or in connection with the Agreement or any other Transaction Document, or any information or report delivered by the Seller, Worthington or any Originator or the Servicer pursuant to the Agreement or any other
Transaction Document, shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered; provided however, that if the representation and warranty contained in Sections 1(g), 1(n)
or 1(v) of Exhibit III shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered, such breach shall not constitute a Termination Event if the Seller shall have complied with its
obligations with respect to such Receivable set forth in Section 1.4(e); 
 (d) the Seller or the
Servicer shall fail to deliver the Information Package pursuant to the Agreement, and such failure shall remain unremedied for two Business Days; 
 (e) the Agreement or any purchase or reinvestment pursuant to the Agreement shall for any reason: (i) cease to create, or the Purchased Interest shall for any reason cease to be, a valid and
enforceable perfected undivided percentage ownership or security interest to the extent of the Purchased Interest in each Pool Receivable, the Related Security and Collections with respect thereto, free and clear of any Adverse Claim, or
(ii) cease to create with respect to the Pool Assets, or the interest of the Administrator (for the benefit of the Purchasers) with respect to such Pool Assets shall cease to be, a valid and enforceable first priority perfected security
interest, free and clear of any Adverse Claim; 
 (f) the Seller, Worthington or any Originator shall generally
not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Seller,
Worthington or any Originator seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization

  

 V-1 

 
or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property
and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including the entry of an
order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Seller, Worthington or any Originator shall take any organizational
action to authorize any of the actions set forth above in this paragraph; 
 (g)(i) (A) the Default Ratio
shall exceed 1.50%, or (B) the Delinquency Ratio shall exceed 6.00% or (ii) the average for three consecutive calendar months of (A) the Default Ratio shall exceed 1.25%, (B) the Delinquency Ratio shall exceed 5.00%, or
(C) the Dilution Ratio shall exceed 2.50%; 
 (h) a Change in Control shall occur with respect to Seller,
any Originator or Worthington; 
 (i) at any time (i) the sum of (A) the Aggregate Investment plus
(B) the Total Reserves, exceeds (ii) the sum of (A) the Net Receivables Pool Balance at such time plus (B) the Purchasers’ Share of the amount of Collections then on deposit in the Lock-Box Accounts (other than amounts set
aside therein representing Discount and Fees), and such circumstance shall not have been cured within two Business Days; 
 (j)(i) Worthington or any of its Subsidiaries shall fail to pay any principal of or premium or interest on any of its Debt that is outstanding in a principal amount of at least $5,000,000 in the aggregate
when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement, mortgage, indenture
or instrument relating to such Debt (and shall have not been waived); or (ii) any other event shall occur or condition shall exist under any agreement, mortgage, indenture or instrument relating to any such Debt and shall continue after the
applicable grace period, if any, specified in such agreement, mortgage, indenture or instrument (and shall have not been waived), if, in either case: (a) the effect of such non-payment, event or condition is to give the applicable debtholders
the right (whether acted upon or not) to accelerate the maturity of such Debt, or (b) any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed,
purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made, in each case before the stated maturity thereof; 
 (k) either: (i) a contribution failure shall occur with respect to any Benefit Plan sufficient to give rise to a lien under Section 302(f) of ERISA, (ii) the Internal
Revenue Service shall file a notice of lien asserting a claim or claims of $250,000 or more in the aggregate pursuant to the Internal Revenue Code with regard to any of the assets of Seller, any Originator, Worthington or any ERISA Affiliate and
such lien shall have been filed and not released within 10 days, or (iii) the Pension Benefit Guaranty Corporation shall, or shall indicate its intention in writing to the Seller, any Originator, Worthington or any ERISA Affiliate to, either
file a notice of lien asserting a claim pursuant to ERISA with regard to any assets of the Seller, any

  

 V-2 

 
Originator, Worthington or any ERISA Affiliate or terminate any Benefit Plan that has unfunded benefit liabilities, or any steps shall have been taken to terminate any Benefit Plan subject to
Title IV of ERISA so as to result in any liability in excess of $1,000,000 and such lien shall have been filed and not released within 10 days; 
 (l) one or more final judgments for the payment of money shall be entered against the Seller or (ii) one or more final judgments for the payment of money in an amount in excess of $20,000,000,
individually or in the aggregate, shall be entered against the Servicer on claims not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for sixty
(60) consecutive days without a stay of execution; 
 (m) the “Purchase and Sale Termination
Date” under and as defined in the Sale Agreement shall occur under the Sale Agreement or any Originator shall for any reason cease to transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of transferring
Receivables to the Seller under the Sale Agreement; or 
 (n) Moody’s or
Standard & Poor’s shall request any amendment, supplement or other modification of the Agreement or any other Transaction Document which is not made within 10 Business Days after the applicable Purchaser Agent has provided notice
thereof to the parties hereto; or 
 (o) (i) the Seller shall fail to perform or observe any covenant
or agreement set forth in paragraphs 3(c) or 3(o) of Exhibit IV or (ii) any Person shall be appointed or replaced as an Independent Director of the Seller without the prior written consent of the Administrator, such consent not to be
unreasonably withheld so long as such appointed or replacement Independent Director satisfies the requirements for an “Independent Director” set forth in Section 3(c) of Exhibit IV. 
  

 V-3 

 SCHEDULE I 
 CREDIT AND COLLECTION POLICY 
  

 Schedule 
 I-1 

 SCHEDULE II 
 LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS 
  

					
	 Lock-Box Bank
	  	Lock-Box	  	Account
			
	 Bank of America, N.A.
	  	xxxxxxx	  	xxxxxxx
			
	 Bank One, Columbus
	  	xxxxxxx	  	xxxxxxx
			
	 Bank One, Michigan
	  	xxxxxxx	  	xxxxxxx
			
	 Wachovia Bank, N.A.
	  	xxxxxxx	  	xxxxxxx
			
	 Mellon Bank, N.A.
	  	xxxxxxx	  	xxxxxxx
			
	 PNC Bank, National City BankAssociation
	  	xxxxxxx	  	xxxxxxx
			
	 Wachovia Bank, N.A.
	  	xxxxxxx	  	xxxxxxx

  

 Schedule 
 II-1 

 SCHEDULE III 
 TRADE NAMES 
  

			
	 Organizational Name
	  	Trade Names /Fictitious Names
		
	 Worthington Receivables Corporation
	  	 None

  

 Schedule 
 III-1 

 SCHEDULE IV 
 SETTLEMENT DATES 
  

			
	 Settlement Date
 (18th Business Day)
	  	 Information Package
 due dates (16th Business Day)

		
	12/27/2000	  	12/22/2000
		
	01/26/2001	  	01/24/2001
		
	02/27/2001	  	02/23/2001
		
	03/26/2001	  	03/22/2001
		
	04/25/2001	  	04/23/2001
		
	05/24/2001	  	05/22/2001
		
	06/26/2001	  	06/22/2001
		
	07/26/2001	  	07/24/2001
		
	08/24/2001	  	08/22/2001
		
	09/27/2001	  	09/25/2001
		
	10/25/2001	  	10/23/2001
		
	11/28/2001	  	11/26/2001

  

 Schedule 
 IV-1 

 SCHEDULE V 
 INELIGIBLE OBLIGORS 
 1. Duffy Tool and Stamping, LLC

 2. Bettcher Manufacturing LLC 
  

 Schedule 
 V-1 

 ANNEX A 
 to Receivables Purchase Agreement 
 FORM OF INFORMATION PACKAGE

  

 Annex A-1 

 ANNEX B 
 to Receivables Purchase Agreement 
 FORM OF PURCHASE NOTICE

  

 Annex B-1 

 ANNEX C 
 to Receivables Purchase Agreement 
 FORM OF ASSUMPTION AGREEMENT 

  

 Annex C-1 

 ANNEX D 
 to Receivables Purchase Agreement 
 FORM OF TRANSFER SUPPLEMENT

  

 Annex D-1 

			
	EXHIBIT I	  	Definitions
	EXHIBIT II	  	Conditions of Purchases
	EXHIBIT III	  	Representations and Warranties
	EXHIBIT IV	  	Covenants
	EXHIBIT V	  	Termination Events
	
	 SCHEDULE I Credit and Collection Policy

		
	SCHEDULE II	  	Lock-Box Banks and Lock-Box Accounts
	SCHEDULE III	  	Trade Names
	SCHEDULE IV	  	Settlement Dates
		
	ANNEX A	  	Form of Information Package
	ANNEX B	  	Form of Purchase Notice
	ANNEX C	  	Form of Assumption Agreement
	ANNEX D	  	Form of Transfer Supplement

  

 Annex D-2 

 CONTENTS 
  

					
	 Clause
	  	 	  	Page
			
	 ARTICLE I
	  	 AMOUNTS AND TERMS OF THE PURCHASES
	  	1
			
	 Section 1.1.
	  	 Purchase Facility
	  	1
			
	 Section 1.2.
	  	 Making Purchases
	  	2
			
	 Section 1.3.
	  	 Purchased Interest Computation
	  	4
			
	 Section 1.4.
	  	 Settlement Procedures
	  	4
			
	 Section 1.5.
	  	 Fees
	  	8
			
	 Section 1.6.
	  	 Payments and Computations, Etc
	  	9
			
	 Section 1.7.
	  	 Increased Costs
	  	9
			
	 Section 1.8.
	  	 Requirements of Law
	  	10
			
	 Section 1.9.
	  	 Inability to Determine Euro-Rate
	  	11
			
	 Section 1.10.
	  	 [Reserved]
	  	12
			
	 ARTICLE II
	  	 REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS
	  	12
			
	 Section 2.1.
	  	 Representations and Warranties; Covenants
	  	12
			
	 Section 2.2.
	  	 Termination Events
	  	12
			
	 ARTICLE III
	  	 INDEMNIFICATION
	  	12
			
	 Section 3.1.
	  	 Indemnities by the Seller
	  	12
			
	 Section 3.2.
	  	 Indemnities by the Servicer
	  	14
			
	 ARTICLE IV
	  	 ADMINISTRATION AND COLLECTIONS
	  	15
			
	 Section 4.1.
	  	 Appointment of the Servicer
	  	15
			
	 Section 4.2.
	  	 Duties of the Servicer
	  	15
			
	 Section 4.3.
	  	 Lock-Box Account Arrangements
	  	16
			
	 Section 4.4.
	  	 Enforcement Rights
	  	17
			
	 Section 4.5.
	  	 Responsibilities of the Seller
	  	18
			
	 Section 4.6.
	  	 Servicing Fee
	  	18
			
	 ARTICLE V
	  	 THE AGENTS
	  	19
			
	 Section 5.1.
	  	 Appointment and Authorization
	  	19
			
	 Section 5.2.
	  	 Delegation of Duties
	  	20
			
	 Section 5.3.
	  	 Exculpatory Provisions
	  	20
			
	 Section 5.4.
	  	 Reliance by Agents
	  	20
			
	 Section 5.5.
	  	 Notice of Termination Events
	  	21
			
	 Section 5.6.
	  	 Non-Reliance on Administrator, Purchaser Agents and Other Purchasers
	  	22

 CONTENTS 
  

					
	 Clause
	  	 	  	Page
			
	 Section 5.7.
	  	 Administrators and Affiliates
	  	22
			
	 Section 5.8.
	  	 Indemnification
	  	22
			
	 Section 5.9.
	  	 Successor Administrator
	  	23
			
	 ARTICLE VI
	  	 MISCELLANEOUS
	  	23
			
	 Section 6.1.
	  	 Amendments, Etc
	  	23
			
	 Section 6.2.
	  	 Notices, Etc
	  	24
			
	 Section 6.3.
	  	 Successors and Assigns; Participations; Assignments
	  	24
			
	 Section 6.4.
	  	 Costs, Expenses and Taxes
	  	26
			
	 Section 6.5.
	  	 No Proceedings; Limitation on Payments
	  	27
			
	 Section 6.6.
	  	 GOVERNING LAW AND JURISDICTION
	  	27
			
	 Section 6.7.
	  	 Execution in Counterparts
	  	27
			
	 Section 6.8.
	  	 Survival of Termination
	  	27
			
	 Section 6.9.
	  	 WAIVER OF JURY TRIAL
	  	28
			
	 Section 6.10.
	  	 Sharing of Recoveries
	  	28
			
	 Section 6.11.
	  	 Right of Setoff
	  	28
			
	 Section 6.12.
	  	 Entire Agreement
	  	28
			
	 Section 6.13.
	  	 Headings
	  	28
			
	 Section 6.14.
	  	 Purchaser Groups’ Liabilities
	  	29

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