Document:

Receivables Purchase Agreement with R Raphael & Sons PLC

 Exhibit 10.3 
 EXECUTION COPY 
 RECEIVABLES PURCHASE AGREEMENT 
 Dated 4 April 2007 
 between 

R RAPHAEL & SONS PLC 
 as Account
Owner 
 and 
 COMPUCREDIT
INTERNATIONAL ACQUISITION CORP 
 As Receivables Purchaser 
 

 
 ORRICK, HERRINGTON & SUTCLIFFE 
 TOWER 42, LEVEL 35 
 25 OLD
BROAD STREET 
 LONDON EC2N 1HQ 
 tel +44 (0)20 7562 5000 
 fax +44 (0)20 7628
0078 
 www.orrick.com 

 Table of Contents 
  

							
	1.	  	INTERPRETATION	  	1
		  	1.1	  	Definitions	  	1
		  	1.2	  	Other Definitional Provisions	  	6
			
	2.	  	PURCHASE AND ASSIGNMENT OF RECEIVABLES	  	6
		  	2.1	  	Purchase	  	6
			
	3.	  	CONSIDERATION AND PAYMENT	  	7
		  	3.1	  	Purchase Price	  	7
		  	3.2	  	Credit Adjustment	  	8
			
	4.	  	WARRANTIES	  	8
		  	4.1	  	Warranties of Account Owner Relating to Account Owner	  	8
		  	4.2	  	Warranties of Account Owner Relating to the Agreement and the Receivables	  	11
		  	4.3	  	Warranties of Receivables Purchaser	  	12
			
	5.	  	COVENANTS	  	15
		  	5.1	  	Covenants of Account Owner	  	15
			
	6.	  	TERM AND PURCHASE TERMINATION	  	18
		  	6.1	  	Term	  	18
		  	6.2	  	Purchase Termination	  	18
			
	7.	  	REPURCHASE OBLIGATION	  	18
		  	7.1	  	Reassignment of Receivables	  	18
			
	8.	  	MISCELLANEOUS PROVISIONS	  	19
		  	8.1	  	Amendment	  	19
		  	8.2	  	Liability	  	19
		  	8.3	  	Governing Law	  	20
		  	8.4	  	Submission	  	20
		  	8.5	  	Service of Process	  	20
		  	8.6	  	Forum Convenience and Enforcement Abroad	  	21
		  	8.7	  	Notices	  	21
		  	8.8	  	Severability of Provisions	  	21
		  	8.9	  	Assignment	  	21
		  	8.10	  	Acknowledgement and Agreement of Account Owner	  	21
		  	8.11	  	Further Assurances	  	22
		  	8.12	  	No Waiver; Cumulative Remedies	  	22
		  	8.13	  	Counterparts	  	22
		  	8.14	  	Binding; Third-Party Beneficiaries	  	22
		  	8.15	  	Merger and Integration	  	22
		  	8.16	  	Headings	  	22
		  	8.17	  	Survival of Representations and Warranties	  	23

  

 i 

 This RECEIVABLES PURCHASE AGREEMENT, is made this 4th day of April, 2007, BETWEEN: 
  

	1.	COMPUCREDIT INTERNATIONAL ACQUISITION CORPORATION (“Receivables Purchaser”); and 

  

	2.	R RAPHAEL & SONS PLC (“Account Owner”). 

 WHEREAS, 
  

	(a)	In connection with to an agreement relating to the sale and purchase of Monument Business, of even date herewith (as the same may be amended, amended and restated, supplemented or
otherwise modified from time to time in accordance with the terms thereof, the “Sale and Purchase Agreement”), between various parties including Barclays Bank PLC (“Seller”) and Receivables Purchaser, Seller has
sold (prior to the Assignment Date, by way of declaration of trust and from and after the Assignment Date, by way of legal assignment), and Account Owner, as Receivables Purchaser’s designee has acquired, certain properties, rights, title,
interest and privileges in and to the Accounts (hereinafter defined) and related receivables outstanding thereunder; 

  

	(b)	Account Owner desires to sell, and Receivables Purchaser desires to purchase, on the terms and subject to the conditions set out herein, the Receivables arising under the Accounts;
and 

  

	(c)	Receivables Purchaser desires to sell and assign from time to time the receivables outstanding under the Accounts to Partridge Funding Corporation, a Nevada corporation (together
with its successors and permitted assigns, “Funding”) in connection with the issuance of certain asset backed securities. 

 NOW, it is hereby agreed as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 All capitalised terms used herein and not
otherwise defined herein, shall have the meaning ascribed thereto in the Account Ownership Agreement (as hereinafter defined); in addition, the following words and phrases shall have the following meanings: 
 “Account” shall mean each open-ended, revolving credit card account existing at the Cut-Off Time pursuant to a Cardholder Agreement
between Seller and a Cardholder, which account is identified on the Account Schedule and “Account” will include all rights, remedies, benefits, interests and entitlements with respect thereto. 
 “Account Owner” shall mean R Raphael and Sons plc. 
 “Account Ownership Agreement” shall mean the Account Ownership Agreement of even date herewith, between Receivables Purchaser, as both Receivables Purchaser and Servicer, and Account Owner, as Account
Owner, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof. 
  

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 “Account Schedule” shall mean the list of Accounts together with outstanding balances
and delinquency status of such Accounts prepared as of the Cut-Off Time and delivered to the Receivables Purchaser by Seller pursuant to Clause 3.6 of the Sale and Purchase Agreement, and as amended, if applicable, to exclude any Covered Account
sold or reconveyed to Seller (or a third party designated by the Seller) pursuant to Clause 7.3 of the Sale and Purchase Agreement. 
 “Agreement” shall mean this Receivables Purchase Agreement and all amendments hereof and supplements hereto. 
 “Assignment” shall have the meaning set out in Clause 2.1 
 “Assignment Date” shall mean the date
that is 10 days after the notices referred to in Clause 6.1 of the Sale and Purchase Agreement have been posted to Cardholders in accordance with such Clause. 
 “Business Day” shall mean each day other than Saturday, Sunday or a day on which banking institutions in London are authorised or obligated by law, executive order or governmental decree to be closed.

 “Cardholder” shall mean, with respect to any Account, the person or persons obligated to make payments with respect to
such Account, including any guarantor thereof, but excluding any merchant. 
 “Cardholder Agreements” shall mean all
agreements between Account Owner (or, prior to the Assignment Date, the Seller or Providian National Bank) and a Cardholder containing the terms and conditions of the related Account, as the same may be amended from time to time. 
 “Change in Law” shall mean any amendment, modification, change, deletion or addition to, or precedential change in the interpretation of,
any Requirements of Law (including without limitation, laws relating to Taxes), or the enactment or issuance of any new Requirements of Law (including without limitation, laws relating to Taxes), the imposition by any Governmental Authority of
conditions or requirements for the issuance or maintenance of any licenses, consents, approvals, registrations or permits or any other change in the specified standards therefore, in each case occurring and which has an adverse effect on the ability
of a Party to perform any of its obligations (including, without limitation, by causing any delay therein) under this Agreement or which causes an increase in the cost of such performance. 
 “Collections” shall mean all payments by or on behalf of Cardholders received in respect of the Receivables, in the form of cash, checks,
SWIFT payments, wire transfers, electronic transfers, direct debits, bank giro credits, ATM transfers or any other form of payment and all other amounts specified by this Agreement as constituting Collections, including Interchange, Insurance
Proceeds, and Recoveries with respect to the Receivables. 
 “CompuCredit UK” shall mean CompuCredit UK Limited, a company
incorporated in England and Wales with company number 6032187 and having its registered office at One Bishops Square, London E1 6AO. 
 “Credit Adjustment” shall have the meaning set forth in Clause 3.2. 
  

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 “Credit Card Purchase Price” shall have the meaning specified in the Sale and Purchase
Agreement. 
 “Credit Card System” shall mean VISA Europe Services Inc., VISA International Service Association, VISA Europe
Limited and any other VISA entity, as appropriate. 
 “Cut-Off Time” shall mean 11:59:59 P.M. London time on the date of this
Agreement. 
 “Declaration of Trust” shall mean the declaration of trust of even date herewith made by Seller in respect of
the Receivables and the other Purchased Assets in favour of Account Owner as Receivable Purchaser’s designee. 
 “Dissolution
Event” shall mean in respect of any party if such party: 
  

	 	(a)	ceases or threatens to cease to carry on business or a substantial part of its business; 

  

	 	(b)	is or is deemed unable to pay its debts as and when they fall due within the meaning of Section 123(1) and (2) of the Insolvency Act 1986; 

  

	 	(c)	has an order made or an effective resolution passed for its winding-up; 

  

	 	(d)	has proceedings initiated against it under any applicable liquidation, insolvency, composition, reorganisation or other similar laws (including, but not limited to, presentation of
a petition for an administration order); 

  

	 	(e)	an administration order shall be granted or an administrative receiver or other receiver, liquidator or other similar official shall be appointed in relation to it or in relation to
the whole or any substantial part of its undertaking or assets; 

  

	 	(f)	an encumbrance shall take possession of the whole or any substantial part of its undertaking or assets; 

  

	 	(g)	a distress or execution or other process shall be levied or enforced upon or sued out against the whole or any substantial part of its undertaking or assets and such possession or
process (as the case may be) shall not be discharged or otherwise ceases to apply within 60 (sixty) days of the commencement of such process; 

  

	 	(h)	it initiates or consents to judicial proceedings relating to itself under applicable liquidation, insolvency, composition, reorganisation or other similar laws or makes a conveyance
or assignment for the benefit of its creditors generally other than a solvent reorganisation which has been approved in advance of the same by each other party to this Agreement (such approval not to be unreasonably withheld or delayed); or

  

	 	(i)	at any time it no longer has legal power to perform its obligations under this Agreement or to carry on its business or it becomes unlawful for such person to do the same or any of
the obligations of such person are not or cease to be legal, valid and binding, in each case, to the extent that the same would have a material adverse effect; 

  

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 “Encumbrance” shall mean any security interest, mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, equity interest, encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including
any conditional sale or other title retention agreement, or any financing lease having substantially the same economic effect as any of the foregoing. 
 “Finance Charge Receivables” shall mean all Receivables that constitute (i) periodic rate finance charges, (ii) cash advance fees, (iii) annual membership fees and annual service
charges, (iv) late fees, and (v) overlimit fees. Collections of Finance Charge Receivables shall also include (a) Interchange and (b) all Recoveries. 
 “FSA” means the Financial Services Authority of the United Kingdom. 
 “Funding” shall mean Partridge Funding Corporation, a corporation organised and existing under the laws of the State of Nevada with registered company number E0041952007-3 and having its registered office at 3993 Howard
Hughes Parkway, Suite 250 Office 215, Las Vegas, Nevada 89169, USA, and its successors and permitted assigns. 
 “Governmental
Authority” shall mean any governmental, regulatory or self-regulatory authority, agency, court, tribunal, commission or other regulatory or self-regulatory entity, in the UK or any applicable foreign governmental state or other political
subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Indenture” shall mean the Master Indenture of even date herewith, among Partridge Acquired Portfolio Business Trust, the Indenture Trustee, and Receivables Purchaser, as servicer, as the same may be
amended, supplemented or otherwise modified from time to time. 
 “Indenture Trustee” shall mean Deutsche Bank Trust Company
Americas in its capacity as indenture trustee under the Indenture, or its successor in interest, or any successor indenture trustee appointed as provided in the Indenture. 
 “Insurance Proceeds” shall mean any amounts received pursuant to any credit insurance policies covering any Cardholder with respect to Receivables under such Cardholder’s Account. 
 “Interchange” shall mean the interchange fees paid through the Credit Card System in connection with cardholder charges for goods or
services with respect to the Accounts. 
 “Legal Assignment of Assets” shall mean the legal assignment of the Receivables and
the other Purchased Assets dated the Assignment Date between Seller, (as the assignor), Receivables Purchaser and Account Owner (as the Receivable Purchaser’s designee). 
 “Personal Data” shall have the meaning set forth in the United Kingdom Data Protection Act 1998. 
  

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 “Post-Signing Receivables” shall have the meaning specified in the Sale and Purchase
Agreement. 
 “Pre-Signing Receivables” shall have the meaning specified in the Sale and Purchase Agreement. 
 “Principal Receivables” shall mean all Receivables other than Finance Charge Receivables. 
 “Purchase Price” shall have the meaning set forth in Clause 3.1. 
 “Purchased Assets” shall have the meaning set forth in Clause 2.1. 
 “Receivables” shall mean all amounts payable by the Cardholders on the Accounts from time to time, including amounts payable for
Principal Receivables and Finance Charge Receivables. 
 “Receivables Purchaser” shall mean CompuCredit International
Acquisition Corporation, a corporation organised and existing under the laws of the State of Nevada with registered company number E0041862007-2 and having its registered address at 101 Convention Center Drive, Las Vegas, Nevada 89109, USA.

 “Recoveries” shall mean all amounts received with respect to Receivables which have been previously charged off.

 “Requirements of Law” shall mean, with respect to any person or entity, the Operating Regulations and the requirements of
any national, supra-national or local law, statute, rule or regulation or judicial, governmental, or administrative order, decree or ruling or any provision of any organisational, corporate, constitutional or governing documents, applicable to the
Accounts or the Account Owner in relation to the Credit Card business conducted pursuant to the Account Ownership Agreement or the actions of any party to this Agreement in the performance of its respective obligations hereunder or under any Related
Agreements. 
 “Sale and Purchase Agreement” shall mean the Agreement Relating to the Sale and Purchase of Monument Business
between Receivables Purchaser, Seller and other parties, of even date herewith. 
 “Securitisation” shall have the meaning
specified in Clause 5.1(h). 
 “Securitisation Materials” shall have the meaning specified in Clause 5.1(i)(i). 

“Servicer” shall mean the Servicer under the Account Ownership Agreement. 
 “Tax” shall be construed so as to include any tax, levy, import, duty or other charge of a similar nature (including, without limitation,
any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 “Transfer and
Servicing Agreement” shall mean the Transfer and Servicing Agreement of even date herewith among Receivables Purchaser (as Servicer), Funding and the Indenture Trustee, and all amendments and supplements thereto. 
 “Transfer Instruments” shall have the meaning set forth in Clause 4.1(a)(iii). 
  

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	1.2	Other Definitional Provisions 

  

	 	(a)	All terms defined in this Agreement shall have the defined meanings when used in any certificate, other document, or Assignment made or delivered pursuant hereto unless otherwise
defined therein. 

  

	 	(b)	The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement; and Clause, Subclause, Schedule and Exhibit references contained in this Agreement are references to Clauses, Subclauses, Schedules and Exhibits in or to this Agreement unless otherwise specified.

  

	2.	PURCHASE AND ASSIGNMENT OF RECEIVABLES 

  

	2.1	Purchase 

  

	 	(a)	Account Owner hereby sells, transfers, assigns, sets over and otherwise conveys to Receivables Purchaser (collectively, the “Assignment”), without recourse except
as provided herein, all its right, title, and interest in, to, and under all Receivables in the Accounts at the Cut-Off Time, and thereafter created from time to time until the termination of this Agreement pursuant to Clause 6, all monies due or to
become due and all amounts received or receivable with respect thereto, all Collections with respect to such Receivables and the trust over the foregoing created by Seller in favour of Account Owner pursuant to the Declaration of Trust (all of the
foregoing being the “Purchased Assets”). Prior to the Assignment Date, such sale shall be by way of Account Owner’s interest in the trust created by the Declaration of Trust, and from and after the Assignment Date, such sale
shall be by way of the Legal Assignment of Assets. 

  

	 	(b)	In connection with such Assignment, Account Owner agrees (i) to authorise and to cooperate with Receivables Purchaser, and Receivables Purchaser agrees to file, at the expense
of Receivables Purchaser, any notices, registrations, statements or other documents (including amendments or updates thereto) with respect to the Receivables and the other Purchased Assets now existing and hereafter created, meeting the requirements
of applicable law in such manner and in such jurisdictions as are necessary to perfect, and maintain the perfection of, the Assignment of such Purchased Assets from Account Owner to Receivables Purchaser and (ii) that such notices,
registrations, statements or other documents shall name Account Owner, as seller, and Receivables Purchaser, as purchaser, of the Purchased Assets. Account Owner hereby authorises and ratifies all such filings or notices. 

 

	 	(c)	In connection with such Assignment, Account Owner and Receivables Purchaser further agree that they will, on or prior to the Closing Date, indicate in their computer files or
microfiche lists that the Receivables created in connection with the Accounts have been sold to Receivables Purchaser. 

  

	 	(d)	 The parties hereto intend that the conveyance of Account Owner’s right, title and interest in and to the Receivables and the other Purchased Assets (to the

  

 6 

	 	 
extent that Account Owner has such rights, title and interest in the same) shall constitute a sale conveying good title, free and clear of any liens, claims,
Encumbrances or rights of others arising through or under Account Owner from Account Owner to Receivables Purchaser and that the Receivables and the other Purchased Assets shall not be part of Account Owner’s estate in the event of the
insolvency of Account Owner or a Dissolution Event or similar event with respect to Account Owner. It is the intention of the parties hereto that the arrangements with respect to the Receivables and the other Purchased Assets shall constitute a
purchase and sale of such Receivables and the other Purchased Assets and not a loan, including for accounting purposes. 

  

	 	(e)	Account Owner and Receivables Purchaser agree and acknowledge that any Personal Data transferred between the parties shall only be transferred in accordance with the provisions of
the Account Ownership Agreement. 

  

	 	(f)	In the event that any additional requirements are imposed or recommended by the Credit Card System in writing detailing such requirements, each party undertakes to comply with such
requirements and to agree and make appropriate changes to the Cardholder Agreements and/or their operating procedures as soon as reasonably practicable and in any case within the timescale required by the Credit Card System.

  

	3.	CONSIDERATION AND PAYMENT 

  

	3.1	Purchase Price 

 The purchase price (the “Purchase
Price”) for the Receivables and the related Purchased Assets shall be divided into two parts. The Purchase Price for the Pre-Signing Receivables and the related Purchased Assets shall equal the Credit Card Purchase Price. The Credit Card
Purchase Price shall be payable by the Receivables Purchaser on behalf of the Account Owner directly to the Seller pursuant to Clauses 3.4 and 3.9 of the Sale and Purchase Agreement. The Purchase Price for the Post-Signing Receivables arising in the
Accounts on or after the Cut-Off Time, shall be an amount equal to 100% of the aggregate balance of the Principal Receivables so conveyed. The Parties acknowledge that the foregoing Purchase Price is the fair market value of the Receivables and the
related Purchased Assets. The Purchase Price for the Post-Signing Receivables shall be paid by Receivables Purchaser to Account Owner or, prior to the Assignment Date, if applicable, to Seller directly, on each Business Day in immediately available
funds payable by electronic transfer to the following account: 
  

			
	 A/C Name:
	  	R. Raphael & Sons plc
	 Bank:
	  	Lloyds TSB
	 Sort Code:
	  	30-93-38
	 A/C No.:
	  	01346310

 All amounts hereunder are exclusive of value added tax (“VAT”) and any applicable
VAT shall be paid within fourteen (14) days of presentation of a valid VAT invoice. The parties intend and believe that the sale of the Receivables to Receivables Purchaser hereunder shall not be a taxable supply for VAT purposes. 

 

 7 

	3.2	Credit Adjustment 

 The Purchase Price shall be reduced on
the second Business Day of each calendar month (a “Credit Adjustment”) with respect to any Receivable previously assigned to Receivables Purchaser by Account Owner which has since been reduced by Account Owner or the Servicer
because of a rebate, refund, unauthorised charge or billing error to a Cardholder or because such Receivable was created in respect of merchandise which was refused or returned by a Cardholder. The amount of such reduction shall equal the reduction
in the balance of such Receivable resulting from the occurrence of such event. In the event that a reduction pursuant to this Clause 3.2 causes the Purchase Price to be a negative number in respect of which Account Owner holds such surplus sums,
Account Owner agrees that, not later than 11:00 a.m., London time or as soon as possible thereafter upon receipt of funds, on such date, Account Owner shall pay to Receivables Purchaser cash in an amount equal to the amount by which the Credit
Adjustment exceeds the unadjusted Purchase Price. For the avoidance of doubt, any and all risk in relation to “charge back” (i.e., cancelled purchases or other transactions in which the Cardholder demands or is entitled to any
rebate or refund in connection with an unauthorised charge or billing error or because such Receivable was created in respect of merchandise which was refused or returned) and fraud shall lie with Receivables Purchaser. 
  

	4.	WARRANTIES 

  

	4.1	Warranties of Account Owner Relating to Account Owner 

  

	 	(a)	Warranties 

 The warranties of the Account Owner under this
Agreement are given subject to, and on the basis that, the warranties of Seller in the Sale and Purchase Agreement are true and correct in all material respects and that Account Owner has made no enquiries or investigations relating to such
warranties of Seller. In the event any of the warranties of Seller in the Sale and Purchase Agreement are not true and correct and, as a result, but for this provision a warranty of the Account Owner hereunder would fail to be true and correct in
any respect, Account Owner shall have no liability for such incorrect warranty. Subject to the foregoing, Account Owner hereby warrants to, and agrees with, Receivables Purchaser as of the Closing Date and as of each date that Receivables and other
Purchased Assets are assigned hereunder (or as of such other date specified in such representation and warranty), with respect to the Receivables and the related Purchased Assets assigned on such date, that: 
  

	 	(i)	Organisation 

 Account Owner is duly organised, validly
existing and in good standing under the laws of England and Wales and has, in all material respects, full power and authority to own the Accounts and the Purchased Assets and to operate its business relating to such Accounts and the Purchased Assets
as currently owned or operated, and to execute, deliver and perform its obligations under this Agreement. 
  

	 	(ii)	Due Qualification 

 Account Owner is duly authorised to do
banking business in England and Wales and has obtained all necessary licenses and approvals, in 

  

 8 

 
each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would have a material adverse effect on this Agreement or the
transactions contemplated hereby or on the ability of Account Owner to perform its obligations under this Agreement. 
  

	 	(iii)	Due Authorisation 

 This Agreement and any other document
or instrument delivered by Account Owner pursuant hereto (such other documents or instruments, collectively, the “Transfer Instruments”) have been duly authorised by Account Owner by all necessary action on the part of Account
Owner. 
  

	 	(iv)	No Conflict 

 Neither the execution and delivery by
Account Owner of this Agreement nor the performance by Account Owner of its obligations under this Agreement will conflict with, result in a material breach of or violation of any of the terms of, or constitute (with or without notice or the lapse
of time or both) a default under, the organisational documents or by-laws of Account Owner, or any rule, order, statute or regulation of the FSA or of any other Governmental Authority having jurisdiction over Account Owner or the terms of any
material indenture or other material agreement or instrument to which Account Owner is a party or by which it or its properties are bound (other than violations of such rules, orders, statutes, regulations, indentures, agreements and other
instruments which do not affect the legality, validity or enforceability of any of such agreements or the Receivables and which, individually or in the aggregate, would not have a material adverse effect on Account Owner or the transactions
contemplated by, or its ability to perform its obligations under, this Agreement). 
  

	 	(v)	No Proceedings 

 There are no actions, proceedings or
investigations pending or, to the best knowledge of Account Owner, threatened, against Account Owner before the FSA or any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of
any of the transactions contemplated by this Agreement, (iii) seeking any determination or ruling that, in the reasonable judgment of Account Owner, would materially and adversely affect the performance by Account Owner of its obligations under
this Agreement or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement which, in each case, if adversely defined would be reasonably likely to result in a material
adverse effect on the transactions contemplated by, or Account Owner’s ability to perform its respective obligations under, this Agreement. 
  

 9 

	 	(vi)	All Consents 

 As far as Account Owner is aware after
reasonable inquiry, no consent, approval, authorisation or order of, or filing with the FSA or any Governmental Authority is required on the part of Account Owner under the Financial Services and Markets Act 2000, the Consumer Credit Act 1974 or the
Data Protection Act 1998 or otherwise in connection with the performance of the transactions contemplated by this Agreement by Account Owner except such as have been obtained or made and are in full force and effect, and those which the failure to
obtain would not have a material adverse effect on this Agreement or the transactions contemplated hereby or on the ability of Account Owner to perform its obligations under this Agreement. 
  

	 	(vii)	Insolvency 

 No Dissolution Event with respect to Account
Owner has occurred and the transfer of the Receivables and the related Purchased Assets by Account Owner to Receivables Purchaser has not been made in contemplation of the occurrence thereof. 
  

	 	(viii)	Performance of Obligations 

 As far as Account Owner is
aware, (i) Account Owner has performed all material obligations required to be performed by it to date under the Cardholder Agreements and all actions of Account Owner prior to the Closing Date have been in compliance with the Cardholder
Agreements, (ii) Account Owner is not in material default under the Cardholder Agreements, and (iii) no event has occurred with respect to Account Owner’s performance under the Cardholder Agreements which, with the lapse of time or
action by a third party, is reasonably likely to result in a material default by Account Owner under any such agreements that would reasonably be expected to have a material adverse effect on the Accounts, the Receivables or the Purchased Assets.

  

	 	(ix)	Operation of Business 

 As at the Closing Date, Account
Owner has not entered into any transaction or made any commitment or agreement with Cardholders in connection with the Accounts, other than in the ordinary course of Account Owner’s business consistent with the Policies and Procedures in all
material respects. Account Owner has not offered any settlement options to the Cardholders of any Accounts that were (i) contained on the Account Schedule delivered to Receivables Purchaser and (ii) less than 90 days delinquent, other than
in accordance with the Policies and Procedures. 
  

	 	(x)	Compliance with Laws 

 As far as Account Owner is aware,
other than in the Cardholder Agreements, Account Owner has not made any promise, agreement or commitment to any Cardholder in connection with an Account, except in the ordinary course of business and in compliance in all material respects with the
Policies and Procedures in connection with collection and customer service activities. 
  

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	 	(xi)	Effect of Law on Sales 

 As far as Account Owner is aware
after reasonable inquiry, there is no applicable law, rule or regulation, or order or rule of any regulatory agency that would prevent Account Owner from selling the Receivables and other Purchased Assets to Receivables Purchaser as contemplated by
this Agreement. 
  

	 	(b)	Notice of Breach 

 The warranties set forth in this Clause
4.1 shall survive the sale of the Purchased Assets to Receivables Purchaser. Upon discovery by either Account Owner or Receivables Purchaser of a breach of any of the foregoing warranties, the party discovering such breach shall give written notice
to the other party within three (3) Business Days following such discovery, provided that failure to give such notice shall not prejudice that party’s ability to claim in respect of the breach of warranty. 
  

	4.2	Warranties of Account Owner Relating to the Agreement and the Receivables 

  

	 	(a)	Warranties 

 The warranties of the Account Owner under this
Agreement are given subject to, and on the basis that, the warranties of Seller in the Sale and Purchase Agreement are true and correct in all material respects and that Account Owner has made not enquiries or investigations relating to such
warranties of Seller. In the event any of the warranties of the Seller in the Sale and Purchase Agreement are not true and correct and, as a result, but for this provision a warranty of the Account Owner hereunder would fail to be true and correct
in any respect, Account Owner shall have no liability for such incorrect warranty. Subject to the foregoing, Account Owner hereby warrants to, and agrees with, Receivables Purchaser as of the Cut-Off Time and as of each date that Receivables and
other Purchased Assets are assigned hereunder (or as of such other date specified in such representation and warranty), with respect to the Receivables and the related Purchased Assets assigned on such date, that: 
  

	 	(i)	as of the date hereof, and as of the date of each assignment of Purchased Assets hereunder, this Agreement constitutes a legal, valid and binding obligation of Account Owner
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganisation, moratorium or other similar laws now or hereafter in effect, affecting the enforcement of creditors’
rights generally and except as such enforcement may be limited by general principles of equity; 

  

	 	(ii)	as of the date of each assignment of a Receivable to Receivables Purchaser hereunder, such Receivable has been assigned to Receivables Purchaser free and clear of any Encumbrances
arising through or under Account Owner; 

  

 11 

	 	(iii)	as of the date of each assignment of Receivables to Receivables Purchaser hereunder, all authorisations, consents, orders or approvals of or registrations or declarations with the
FSA or any other Governmental Authority required to be obtained, effected or given by Account Owner in connection with the assignment of such Receivables to Receivables Purchaser or to enable such lawful assignment pursuant to the Consumer Credit
Act 1974, the Data Protection Act 1998 or any other Requirement of Law have been duly obtained, effected or given and are in full force and effect; and 

  

	 	(iv)	as of the date of each assignment of Purchased Assets to Receivables Purchaser hereunder, this Agreement constitutes a valid sale to Receivables Purchaser of all right, title and
interest of Account Owner in such Purchased Assets (to the extent Account Owner has such right, title and interest in the same). 

  

	 	(b)	Notice of Breach 

 The warranties set forth in this Clause
4.2 shall survive the sale of the Receivables to Receivables Purchaser. Upon discovery by either Account Owner or Receivables Purchaser of a breach of any of the warranties set forth in this Clause 4.2, the party discovering such breach shall give
written notice to the other party within three (3) Business Days following such discovery, provided that failure to give such notice shall not prejudice that party’s ability to claim in respect of the breach of warranty. Account Owner
hereby acknowledges that Receivables Purchaser intends to rely on the warranties hereunder in connection with warranties made by Receivables Purchaser to secured parties, assignees or subsequent transferees, including but not limited in connection
with transfers made by Receivables Purchaser and Funding in connection with the securitisation of the Receivables. 
  

	4.3	Warranties of Receivables Purchaser 

  

	 	(a)	Warranties of Receivables Purchaser 

 As of the date
hereof, Receivables Purchaser hereby warrants to, and agrees with, Account Owner that: 
  

	 	(i)	Organisation 

 Receivables Purchaser is a corporation duly
organised, validly existing and in good standing under the laws of the State of Nevada. 
  

	 	(ii)	Capacity; Authority; Enforceability 

 Receivables
Purchaser has all necessary power and authority and has obtained all necessary licenses and approvals in each relevant jurisdiction to enter into this Agreement and to perform all of the obligations to be performed by it under this Agreement. This
Agreement and the consummation by Receivables Purchaser of the 

  

 12 

 
transactions contemplated hereby and by the Transfer Instruments have been duly and validly authorised by all necessary action on the part of Receivables
Purchaser, and this Agreement has been duly executed and delivered by Receivables Purchaser and constitutes the valid and binding obligation of Receivables Purchaser and is enforceable in accordance with its terms (except as such enforceability may
be limited by equitable limitations on the availability of equitable remedies and by bankruptcy and other laws affecting the rights of creditors generally). 
  

	 	(iii)	No Conflicts or Defaults 

 Neither the execution and
delivery of this Agreement or the Transfer Instruments by Receivables Purchaser nor the consummation of the transactions contemplated by or the performance of its obligations under this Agreement and the Transfer Instruments by Receivables
Purchaser, will (i) conflict with, result in the breach of, constitute a default under, or accelerate the performance provided by the terms of any contract, instrument or commitment to which Receivables Purchaser is a party or by which it is
bound, (ii) violate the articles of incorporation or by-laws of Receivables Purchaser, (iii) require any consent or approval under any judgment, order, writ, decree, permit or license to which Receivables Purchaser is a party or by which
it is bound, or (iv) require the consent or approval of any other party to any contract, instrument or commitment to which Receivables Purchaser is a party or by which it is bound. Receivables Purchaser is not subject to any agreement with any
regulatory authority which would prevent the consummation by Receivables Purchaser of the transactions contemplated by this Agreement. 
  

	 	(iv)	Litigation 

 There is no claim, or any litigation,
proceeding, arbitration, investigation or controversy pending, relating to Receivables Purchaser, which adversely affects or could be reasonably expected to adversely affect Receivables Purchaser’s ability to consummate the transactions
contemplated hereby and, to the best of Receivables Purchaser’s knowledge, no facts exist which would provide a basis for any such claim, litigation, proceeding, arbitration, investigation or controversy. 
  

	 	(v)	No Consent, Etc 

 No consent of any person (including
without limitation any stockholder or creditor of Receivables Purchaser) and no consent, license, permit or approval or authorisation or exemption by notice or report to, or registration, filing or declaration with, any Governmental Authority is
required with respect to Receivables Purchaser (other than those previously obtained and delivered to Account Owner) in connection with the execution or delivery of this Agreement or the Transfer Instruments by Receivables Purchaser, the validity or
enforceability of this Agreement or the Transfer Instruments against 

  

 13 

 
Receivables Purchaser, the consummation by Receivables Purchaser of the transactions contemplated hereby or by the Transfer Instruments, or the performance
by Receivables Purchaser of its obligations hereunder and under the Transfer Instruments. 
  

	 	(vi)	Insolvency 

 No Dissolution Event with respect to
Receivables Purchaser has occurred and the execution of this Agreement by Receivables Purchaser has not been made in contemplation of the occurrence thereof. 
  

	 	(vii)	Performance of Obligations 

 As far as Receivables
Purchaser is aware, (i) the Seller has performed all obligations required to be performed by it to date under the Cardholder Agreements and all actions of the Seller (and of Receivables Purchaser) prior to the Closing Date have been in
compliance with the Cardholder Agreements, (ii) the Seller is not in default under the Cardholder Agreements, and (iii) no event has occurred with respect to the Seller’s performance under the Cardholder Agreements which, with the
lapse of time or action by a third party, is reasonably likely to result in a material default by the Seller under any such agreements that would reasonably be expected to have a material adverse effect on the Accounts, the Receivables or the
Purchased Assets. 
  

	 	(viii)	Operation of Business 

 As of the Closing Date,
Receivables Purchaser has not entered into any transaction or made any commitment or agreement with Cardholders in connection with the Accounts, and has not offered any settlement options to the Cardholders of any Accounts. 
  

	 	(ix)	Compliance with Laws 

 As of the Closing Date, Receivables
Purchaser has not made any promise, agreement or commitment to any Cardholder in connection with any Account. 
  

	 	(b)	Notice of Breach 

 The warranties in this Clause 4.3 shall
survive the sale of the Receivables to Receivables Purchaser. Upon discovery by Receivables Purchaser or Account Owner of a breach of any of the foregoing warranties, the party discovering such breach shall give written notice to the other party
within three (3) Business Days following such discovery, provided that failure to give such notice shall not prejudice that party’s ability to claim in respect of the breach of warranty. 
  

 14 

	5.	COVENANTS 

  

	5.1	Covenants of Account Owner 

 Account Owner hereby covenants
and agrees with Receivables Purchaser as follows: 
  

	 	(a)	Receivables Not to Be Evidenced by Promissory Notes or other Instruments 

 Except in connection with its enforcement or collection of an Account or a Receivable, Account Owner will take no action to cause any Receivable sold to Receivables Purchaser hereunder to be evidenced by any
promissory note or other instrument, and if any Receivable is so evidenced as a result of any action by Account Owner it shall be deemed to be a Receivable described in Clause 7.1(a) and shall be reassigned to Account Owner in accordance with Clause
7.1(b). 
  

	 	(b)	Security Interests 

 Except for the assignments hereunder,
Account Owner will not sell, pledge, assign or transfer to any other Person, or take any other action inconsistent with Receivables Purchaser’s ownership of, the Purchased Assets, or grant, create, incur, assume or suffer to exist any
Encumbrance arising through or under Account Owner on, any Purchased Assets or any interest therein, and Account Owner shall not claim any ownership interest in any Purchased Assets and shall defend the right, title and interest of Receivables
Purchaser in, to and under the Purchased Assets against all claims of third parties claiming through or under Account Owner. 
  

	 	(c)	Account Allocations 

 In the event that Account Owner is
unable for any reason to sell the Receivables to Receivables Purchaser in accordance with the provisions of this Agreement (including by reason of the application of the provisions of Clause 6.2 or any order of any Governmental Authority), then
Account Owner agrees (except as prohibited by any such order or any Requirement of Law) to allocate and pay to Receivables Purchaser, after the date of such inability, all Collections received by Account Owner with respect to Principal Receivables
previously sold to Receivables Purchaser. To the extent that it is not clear to Account Owner whether Collections relate to a Principal Receivable that was sold to Receivables Purchaser or to a Principal Receivable that Account Owner is unable to
sell to Receivables Purchaser, Account Owner agrees that it shall allocate payments on each Account with respect to the principal balance of such Account first to the oldest principal balance of such Account. Notwithstanding any cessation of the
sale to Receivables Purchaser of additional Principal Receivables and subject to the foregoing, Principal Receivables sold to Receivables Purchaser prior to the occurrence of the event giving rise to such inability, Collections in respect of such
Principal Receivables, Finance Charge Receivables, whenever created, that accrue in respect of such Principal Receivables, and Collections in respect of such Finance Charge Receivables, shall continue to be property of Receivables Purchaser.

  

	 	(d)	Delivery of Collections 

 In the event that Account Owner
receives Collections or any other amounts in respect of the Purchased Assets sold to Receivables Purchaser hereunder, 

  

 15 

 
Account Owner agrees to pay to Receivables Purchaser (or to the Servicer or the Indenture Trustee if Receivables Purchaser so directs) all such Collections
and other amounts as soon as practicable after receipt thereof. 
  

	 	(e)	Notice of Encumbrances 

 Account Owner shall notify
Receivables Purchaser promptly after becoming aware of any Encumbrance arising through or under Account Owner on any Purchased Asset other than the conveyances hereunder. 
  

	 	(f)	Documentation of Transfer 

 Account Owner hereby authorises
Receivables Purchaser to serve such notices or file such documents as are necessary or advisable to perfect and maintain the perfection of the sale of the Purchased Assets to Receivables Purchaser. 
  

	 	(g)	Name and Type and Jurisdiction of Organisation 

 Account
Owner shall not change its name or its type or jurisdiction of organisation without previously having delivered to Receivables Purchaser an opinion of counsel to the effect that all actions have been taken, and all filings have been made (if any),
as are necessary to continue and maintain the ownership interest of Receivables Purchaser in the Purchased Assets. 
  

	 	(h)	Account Owner’s Further Assistance 

 For a period of
two years from the Closing Date, Account Owner will also cooperate with and provide reasonable assistance to Receivables Purchaser and its representatives in obtaining access to information to assist Receivables Purchaser in securitising the
Purchased Assets (or any portion thereof) (a “Securitisation”) as Receivables Purchaser may reasonably request; provided, however, that Account Owner shall be compensated by Receivables Purchaser for reasonable out-of-pocket
expenses and significant management time in connection with performing its obligations under this Clause 5.1(h); provided further, however, that the foregoing (1) shall not require Account Owner to permit any inspection, or to disclose any
information, that would result in the disclosure of any confidential information or trade secrets of third parties, or confidential information or trade secrets of Account Owner or any Affiliate of Account Owner unrelated to the transactions
contemplated by this Agreement or a Securitisation, or violate any obligations of Account Owner to any third party with respect to confidentiality if Account Owner shall have used its reasonable efforts to obtain the consent of such third party to
such inspection or disclosure, (2) shall not require any disclosure by Account Owner that shall, as a result of such disclosure, have the effect of causing the waiver of any attorney-client privilege or (3) otherwise than as provided in
Clause 5.1(a) (and subject to the limitations set forth in Clause 5.1(a)), in the case of any information provided by Account Owner for inclusion in any disclosure documents or otherwise in connection with a Securitisation, shall not result in the
assumption (by contract, by law or otherwise) of any liability by Account Owner or any of its Affiliates or representatives in relation to such information or such documents. The parties agree that Account Owner shall have no obligation to prepare
or provide any reports other than the reports currently 

  

 16 

 
prepared by it in the ordinary course of business in accordance with the Policies and Procedures relating to the Accounts. Except as otherwise provided in
this Agreement or the Related Agreements, Account Owner shall take no action after the Closing Date that would be inconsistent with or adversely affect the effective transfer by Account Owner to Receivables Purchaser hereunder of Account
Owner’s entire right, title and interest in and to the Purchased Assets. 
  

	 	(i)	Securitisation 

  

	 	(i)	Account Owner shall deliver or cause to be delivered, for use by Receivables Purchaser in and in connection with the marketing, pricing or placement of any securities backed by the
Purchased Assets (including, without limitation, any offering document relating thereto, including any exhibits, amendments, attachments or supplements thereto, and other materials to be delivered to investors in connection with a Securitisation
(“Securitisation Materials”)), relevant and necessary historical information regarding the Accounts (other than sensitive or confidential information and trade secrets) that it may have that is not also available to the Servicer and
related information regarding Account Owner, any of its Affiliates and Account Owner’s ultimate parent company, which Receivables Purchaser shows is reasonably necessary for such required purposes. Account Owner agrees that none of the
information supplied or to be supplied by it for inclusion or incorporation into the Securitisation Materials will as of the date of the Securitisation Materials and as far as Account Owner is aware at such time, contain any untrue statement of
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not materially misleading, and Account Owner shall provide an appropriate officer’s certificate to that effect. Account
Owner shall not be required to make any certification regarding the completeness of the information used in any Securitisation Materials and, in particular, Account Owner shall not make, other than as explicitly set forth in any Securitisation
Materials provided by Account Owner, any certification or representation regarding the credit quality, targeting, underwriting or credit criteria or the future performance of the Accounts or the Receivables. Account Owner’s obligations
hereunder shall be subject to (1) its right to review and approve in advance the use of all information provided by it pursuant to this Clause or otherwise in any Securitisation Materials and (2) its right to require the inclusion of such
additional information regarding Account Owner or the Purchased Assets in any Securitisation Materials that it reasonably believes appropriate. Any Securitisation Materials proposed to be used by Receivables Purchaser shall be presented to Account
Owner no less than five (5) Business Days prior to the proposed first use thereof by Receivables Purchaser, so as to allow Account Owner to review and approve such materials. 

  

	 	(ii)	 Receivables Purchaser hereby acknowledges and agrees that no issuance of any securities under the Securitistion will be made by any public or registered offering,
and all offers and sales of such securities shall be pursuant to transactions exempt from the registration 

  

 17 

	 	 
requirements of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934 and the Trust Indenture Act of 1939, as amended.

  

	 	(iii)	Account Owner shall have no liability or obligation under or in connection with a Securitisation except (A) with respect to any information provided by it under Clause 5.1(i)
and (B) with respect to the other liabilities and obligations to be undertaken by Account Owner pursuant to this Agreement and the Related Agreements. 

  

	6.	TERM AND PURCHASE TERMINATION 

  

	6.1	Term 

 This Agreement shall commence as of the date of
execution and delivery hereof and shall continue until (i) the termination of the Account Ownership Agreement, (ii) mutual agreement of the parties hereto, or (iii) upon ninety (90) days written notice to the other Party upon the
occurrence of a Change In Law or a change in the requirements of the Credit System in respect of which the parties are unable to agree a mutually satisfactory alternate approach (or such shorter notice period as required by such Change In Law or
such change in the requirements of the Credit Card System) that the performance of the Party giving such termination notice is or has been materially and adversely affected by a Change in Law or a change in the requirements of the Credit Card System
in respect of which the parties are unable to agree a mutually satisfactory alternate approach. 
  

	6.2	Purchase Termination 

 Upon the occurrence of a Dissolution
Event, Account Owner shall immediately cease to transfer Principal Receivables to Receivables Purchaser and shall promptly give notice to Receivables Purchaser of such Dissolution Event. Notwithstanding any cessation of the transfer to Receivables
Purchaser of additional Principal Receivables, Principal Receivables transferred to Receivables Purchaser prior to the occurrence of such Dissolution Event, Collections in respect of such Principal Receivables, Finance Charge Receivables, whenever
created, accrued in respect of such Principal Receivables, and Collections in respect of such Finance Charge Receivables shall continue to be property of Receivables Purchaser. 
  

	7.	REPURCHASE OBLIGATION 

  

	7.1	Reassignment of Receivables 

  

	 	(a)	In the event any warranty under Clause 4.2(a) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account,
Account Owner at the request of Receivables Purchaser shall accept reassignment of such Receivables on the terms and conditions set forth in Clause 7.1(b). 

  

	 	(b)	 Account Owner shall accept reassignment from Receivables Purchaser of all Receivables in any Account in which any Receivables described in Clause 7.1(a) are
outstanding, and shall pay for such reassigned Receivables by paying to Receivables Purchaser in immediately available funds prior to the 

  

 18 

	 	 
fifth (5th) succeeding Business Day, an amount equal to the unpaid principal balance of such Receivables plus an amount equal to the product of
(i) such Receivables, multiplied by (ii) the weighted average LIBOR Rate for such period, divided by (iii) 365, multiplied by the number of days during the period from the date such Receivables were created to the date such
Receivables were reassigned. Upon reassignment of such Receivables, Receivables Purchaser shall automatically and without further action sell, transfer, assign, set-over and otherwise convey to Account Owner, without recourse, representation or
warranty, all the right, title and interest of Receivables Purchaser in and to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds
thereof. Receivables Purchaser shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by Account Owner to effect the transfer of such Receivables and other property
pursuant to this Clause. 

  

	8.	MISCELLANEOUS PROVISIONS 

  

	8.1	Amendment 

 This Agreement and the rights and obligations
of the parties hereunder may not be changed orally, but only by an instrument in writing signed by Account Owner and Receivables Purchaser in accordance with this Clause 8.1. This Agreement and any Transfer Instruments may be amended from time to
time by Account Owner and Receivables Purchaser (i) to cure any ambiguity, (ii) to correct or supplement any provisions herein which may be inconsistent with any other provisions herein or in any such other Transfer Instruments,
(iii) to add any other provisions with respect to matters or questions arising under this Agreement or any Transfer Instruments which shall not be inconsistent with the provisions of this Agreement or any Transfer Instruments, (iv) to
change or modify the Purchase Price and (v) to change, modify, delete or add any other obligation of Receivables Purchaser or Account Owner. 
  

	8.2	Liability 

 If either party becomes aware of a matter that
could give rise to a claim under this Agreement, such party shall notify the other party as soon as reasonably practicable and in any event within thirty (30) days of a responsible officer of such party becoming actually aware of the facts
giving rise to such claim (such notice to contain reasonable particulars of such facts and the amount of such claim). 
 Without prejudice to
any duty it may have at common law or otherwise, each party shall use reasonable endeavours to mitigate any loss or damage which it may suffer in consequence of any breach by the other party of the warranties or provisions of this Agreement.

 Account Owner shall have no liability in respect of any claim made by Receivables Purchaser for breach of any of the warranties or other
provisions of this Agreement in relation to any fact omission circumstance or occurrence which occurs, arises or comes to the attention of Account Owner after the date of this Agreement but before the Assignment Date and which occurs or arises due
to circumstances beyond the reasonable control of Account Owner. 
  

 19 

 Neither party shall be liable to the other party for loss of future contracts or opportunity or any harm
to the goodwill or reputation of the other party or indirect or consequential loss or damage, in each case, whether arising from tort, including negligence, breach of contract, under any indemnity under this Agreement, or at law or otherwise.

 Subject to the provisions of Clause 6.1, neither party shall be entitled to rescind this Agreement after the Closing Date in any
circumstances. 
 Notwithstanding any other provision of this Agreement, in calculating the liability of the Account Owner under this
Agreement for a breach of a warranty claim, the losses suffered by the Receivables Purchaser shall be assessed on the basis that the amount of such losses are deemed to be the same amount as that which the Receivables Purchaser would have suffered
had it not taken any action to securitise any of the Purchased Assets but had retained the entire legal and beneficial interest. 
  

	8.3	Governing Law 

 This Agreement shall be governed by and
construed in accordance with the laws of England and Wales. 
  

	8.4	Submission 

 For the benefit of Account Owner Receivables
Purchaser agrees that the courts of England have jurisdiction to settle any disputes in connection with this Agreement and accordingly submits to the jurisdiction of the English courts. 
  

	8.5	Service of Process 

 Without prejudice to any other mode of
service Receivables Purchaser: 
  

	 	(i)	irrevocably appoints CompuCredit UK as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement;

  

	 	(ii)	agrees to maintain such an agent for service of process in England during the term of this Agreement; 

  

	 	(iii)	agrees that failure by a process agent to notify Receivables Purchaser of the process will not invalidate the proceedings concerned; 

  

	 	(iv)	consents to the service of process relating to any such proceedings by prepaid posting of a copy of the process to its address for the time being applying under this Agreement; and

  

	 	(v)	agrees that if the appointment of any person mentioned in above ceases to be effective, Receivables Purchaser shall immediately appoint a further person in England to accept service
of process on its behalf in England and, failing such appointment within five (5) days, Account Owner is entitled to appoint such a person by notice to Receivables Purchaser. 

  

 20 

	8.6	Forum Convenience and Enforcement Abroad 

 Receivables
Purchaser: 
  

	 	(i)	waives objection to the English courts on grounds of inconvenient forum or otherwise as regards proceedings in connection with this Agreement; and 

  

	 	(ii)	agrees that a judgment or order of an English court in connection with this Agreement is conclusive and binding on it and may be enforced against it in the courts of any other
jurisdiction. 

  

	8.7	Notices 

 All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed or sent by telecopy, to (a) in the case of Receivables Purchaser, CompuCredit International Acquisition Corp., 3993 Howard Hughes Parkway,
Suite 250, Office 269, Las Vegas, NV 98169, Attention: Joshua Miller, Facsimile: 1-702-598-3651 and (b) in the case of Account Owner, R Raphael & Sons Plc, Walton Lodge, Walton Street, Aylesbury, Buckinghamshire HP21 7QY, Attention:
Tony Pooley, Facsimile: 44 01 296 423 041 (and a courtesy copy to Clintons, 55 Drury Lane, London WC2B 5RZ, Attention: TAF). 
  

	8.8	Severability of Provisions 

 If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, and
terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
  

	8.9	Assignment 

 Notwithstanding anything to the contrary
contained herein, other than any assignment of all or any portion of Receivables Purchaser’s right, title, and interest in, to, and under this Agreement pursuant to a Securitisation, this Agreement may not be assigned by the parties hereto;
provided, however, that Receivables Purchaser shall, with the prior written consent of Account Owner, which consent shall not be unreasonably withheld, have the right to assign its right, title and interest in, to and under this Agreement to any
successor by merger assuming this Agreement. 
  

	8.10	Acknowledgement and Agreement of Account Owner 

 Account
Owner expressly acknowledges and agrees that all or any portion of Receivables Purchaser’s right, title, and interest in, to, and under this Agreement, including, without limitation, all or any portion of Receivables Purchaser’s right,
title, and interest in and to the Receivables purchased pursuant to this Agreement, may be assigned by Receivables Purchaser to Funding for purposes of a securitisation, and a security interest therein may be granted to Funding or the Indenture
Trustee for the benefit of noteholders and series enhancers, and Account Owner consents to such 

  

 21 

 
assignments and security interests. Account Owner further agrees that notwithstanding any claim, counterclaim, right of setoff or defense which it may have
against Receivables Purchaser, due to a breach by Receivables Purchaser of this Agreement or for any other reason, and notwithstanding the bankruptcy of Receivables Purchaser or any other event whatsoever, in no event shall Account Owner assert any
claim on or any interest in the Purchased Assets or any proceeds thereof or take any action which would reduce or delay receipt by Funding or the Indenture Trustee of collections with respect to the Purchased Assets. 
  

	8.11	Further Assurances 

 Account Owner and Receivables
Purchaser agree to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the other party, the Credit Card System or the Indenture Trustee more fully to effect the
purposes of this Agreement, including, without limitation, the authorisation or execution of any notices or amendments thereto or equivalent documents relating to the Purchased Assets. 
  

	8.12	No Waiver; Cumulative Remedies 

 No failure to exercise and
no delay in exercising, on the part of Account Owner or Receivables Purchaser, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers
and privileges provided by law. 
  

	8.13	Counterparts 

 This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 
  

	8.14	Binding; Third-Party Beneficiaries 

 This Agreement will
inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. The parties to this Agreement do not intend that any other person shall have the right to enforce any term of the Agreement by
virtue of the Contracts (Rights of Third Parties) Act 1999. 
  

	8.15	Merger and Integration 

 Except as specifically stated
otherwise herein, this Agreement and the Transfer Instruments sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Transfer
Instruments. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 
  

	8.16	Headings 

 The headings are for purposes of reference only
and shall not otherwise affect the meaning or interpretation of any provision hereof. 
  

 22 

	8.17	Survival of Representations and Warranties 

 All
representations, warranties and agreements contained in this Agreement shall remain operative and in full force and effect and shall survive assignment of the Receivables by Account Owner to Receivables Purchaser. 
  

 23 

 IN WITNESS WHEREOF, Receivables Purchaser and Account Owner have caused this Receivables Purchase
Agreement to be duly executed by their respective officers as of the date first above written. 
  

			
	COMPUCREDIT INTERNATIONAL ACQUISITION CORP
		
	By:	 	 /s/ Joshua C. Miller

	Name:	 	Joshua C. Miller
	Title:	 	Assistant Secretary
	
	R RAPHAEL & SONS PLC
		
	By:	 	 /s/ Firoz Tejani

	Name:	 	Firoz Tejani
	Title:	 	DirectorReceivables Purchase Agreement with Partridge Funding Corporation

 Exhibit 10.4 
 EXECUTION COPY 
 RECEIVABLES PURCHASE AGREEMENT 
 Dated as of April 4, 2007 
 between

 COMPUCREDIT INTERNATIONAL ACQUISITION CORPORATION 
 and 
 PARTRIDGE FUNDING CORPORATION 
  

					
		 	 ARTICLE I
 DEFINITIONS
	  	
			
	 Section 1.01.
	 	Definitions	  	2
	 Section 1.02.
	 	Other Definitional Provisions	  	9
	 Section 1.03.
	 	Incorporation By Reference	  	9
			
		 	 ARTICLE II
 PURCHASE AND CONVEYANCE OF RECEIVABLES
	  	
			
	 Section 2.01.
	 	Purchase	  	10
			
		 	 ARTICLE III
 CONSIDERATION AND PAYMENT
	  	
			
	 Section 3.01.
	 	Purchase Price	  	11
	 Section 3.02.
	 	Adjustments to Purchase Price	  	11
	 Section 3.03.
	 	Payments to the Accounts Owner	  	13
			
		 	 ARTICLE IV
 REPRESENTATIONS AND WARRANTIES
	  	
			
	 Section 4.01.
	 	Representations and Warranties of Seller	  	14
	 Section 4.02.
	 	Representations and Warranties of Seller Relating to the Agreement and the Receivables	  	15
	 Section 4.03.
	 	Representations and Warranties of Purchaser	  	16
			
		 	 ARTICLE V
 COVENANTS
	  	
			
	 Section 5.01.
	 	Covenants of Seller	  	18
	 Section 5.02.
	 	Covenants of Seller with Respect to each Partridge Receivables Purchase Agreements and the Sale and Purchase Agreement	  	19
	 Section 5.03.
	 	Personal Data	  	19
			
		 	 ARTICLE VI
 REPURCHASE OBLIGATION
	  	
			
	 Section 6.01.
	 	Seller’s Repurchase Obligations	  	20
	 Section 6.02.
	 	Repurchase Price	  	20
	 Section 6.03.
	 	Reassignment of Noteholders’ Interest in Trust Portfolio	  	20
			
		 	 ARTICLE VII
 TERM AND PURCHASE TERMINATION
	  	
			
	 Section 7.01.
	 	Term	  	22
	 Section 7.02.
	 	Purchase Termination	  	22

  

 -i- 

					
			
		 	 ARTICLE VIII
 MISCELLANEOUS PROVISIONS
	  	
			
	 Section 8.01.
	 	Amendment	  	23
	 Section 8.02.
	 	Governing Law	  	23
	 Section 8.03.
	 	Notices	  	23
	 Section 8.04.
	 	Severability of Provisions	  	23
	 Section 8.05.
	 	Assignment	  	24
	 Section 8.06.
	 	Acknowledgement and Agreement of Seller	  	24
	 Section 8.07.
	 	Further Assurances	  	24
	 Section 8.08.
	 	No Waiver; Cumulative Remedies	  	24
	 Section 8.09.
	 	Counterparts	  	24
	 Section 8.10.
	 	Binding; Third-Party Beneficiaries	  	24
	 Section 8.11.
	 	Merger and Integration	  	25
	 Section 8.12.
	 	Headings	  	25
	 Section 8.13.
	 	Schedules and Exhibits	  	25
	 Section 8.14.
	 	Survival of Representations and Warranties	  	25
	 Section 8.15.
	 	Nonpetition Covenant	  	25

  

 -ii- 

 RECEIVABLES PURCHASE AGREEMENT, dated as of April 4, 2007, by and between CompuCredit International
Acquisition Corporation, a corporation organized and existing under the laws of the State of Nevada (together with its permitted successors and assigns, “Seller”) and Partridge Funding Corporation, a corporation organized and
existing under the laws of the State of Nevada (together with its permitted successors and assigns, “Purchaser”). 
 W I T N
E S S E T H: 
 WHEREAS, under the terms of an Agreement Relating to the Sale and Purchase of Partridge Business (as amended, amended and
restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Sale and Purchase Agreement”), dated as of April 4, 2007, among Barclays Bank PLC, a company incorporated in England and
Wales (“Barclays Bank”), CompuCredit UK Limited, a company incorporated in England and Wales (“CompuCredit UK”), CompuCredit Services Corp., a Nevada corporation, and Seller, Barclays will sell, among other items,
certain credit card accounts and receivables to Seller’s designee, R. Raphael & Sons PLC, a company incorporated in England and Wales (“Raphaels Bank”); 
 WHEREAS, under the terms of a Receivables Purchase Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time in
accordance with the terms thereof, the “RB Receivables Purchase Agreement”), dated as of April 4, 2007, between Raphaels Bank and Seller, Raphaels Bank will sell and Seller will purchase from time to time certain Receivables
(hereinafter defined) arising under the Accounts (hereinafter defined) existing at the Cut-Off Time (hereinafter defined) and thereafter created; 
 WHEREAS, Purchaser desires to purchase from the Seller, from time to time, certain Receivables arising under the Accounts existing at the Cut-Off Time and thereafter created; 
 WHEREAS, Seller desires to sell and assign from time to time Receivables to Purchaser upon the terms and conditions hereinafter set forth; 
 WHEREAS, it is contemplated that the Receivables purchased hereunder will be transferred by Purchaser to the Issuer and a security interest therein will
be granted by the Issuer to the Indenture Trustee (hereinafter defined) in connection with the issuance of certain notes; and 
 WHEREAS,
Seller agrees that all representations, warranties, covenants and agreements made by Seller herein with respect to the Accounts and Receivables shall also be for the benefit of the Issuer and the Indenture Trustee for the benefit of the holders of
the Notes and any Series Enhancers. 
 NOW, THEREFORE, it is hereby agreed by and between Purchaser and Seller as follows: 

 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. All capitalized terms used herein and not
defined herein shall have the meaning ascribed thereto in the Indenture, the Trust Agreement or the Transfer and Servicing Agreement; in addition, the following words and phrases shall have the following meanings: 
 “Account” shall mean each VISA®1 consumer revolving credit card account conveyed by Barclays to Raphaels
Bank pursuant to the Sale and Purchase Agreement and identified by name and account number on the Account Schedule, including Related Accounts and Transferred Accounts. 
 “Account Owner” shall mean (i) prior to the Conversion Date, Barclays Bank and (ii) on and after the Conversion Date, Raphaels Bank or any other entity which is the owner or issuer of the
credit card relating to an Account pursuant to a Credit Card Agreement. 
 “Account Ownership Agreement” shall mean the
Account Ownership Agreement dated as of April 4, 2007 between Raphaels Bank, CIAC and the Seller. 
 “Account Schedule”
shall mean a computer file or microfiche list containing a true and complete list of all Accounts delivered to Purchaser by Seller on or prior to the Closing Date. 
 “Agreement” shall mean this Receivables Purchase Agreement, as it may be amended, amended and restated, supplemented, or otherwise modified from time to time. 
 “Barclays Bank” shall have the meaning set forth in the Recitals hereto. 
 “Cash Advance Fees” shall have the meaning set forth in the Credit Card Agreement applicable to each Account for cash advance fees or
similar terms if such fees are provided for with respect to such Account. 
 “Charged-Off Accounts” shall mean the Accounts
that are identified by name and account number on the Account Schedule as having been charged-off by Barclays Bank in accordance with its applicable policy as of the Cut-Off Time. 
 “CIAC” shall mean CompuCredit International Acquisition Corporation, a Nevada Corporation. 
 “Closing Date” shall mean April 4, 2007. 
 “Closing Purchase Price” shall have the meaning set forth in subsection 3.01(a). 
 “Collections” shall mean, to the extent transferred to Seller pursuant to a Partridge Receivables Purchase Agreement, all payments by or on behalf of Obligors received in respect of 
  

	 1
	 VISA® is a registered trademark of VISA U.S.A., Inc. 

  

 2 

 
the Receivables, in the form of cash, checks, SWIFT payments, wire transfers, direct debits, bank giro credits, electronic transfers, ATM transfers or any
other form of payment and all other amounts specified by this Agreement as constituting Collections, including Interchange, Insurance Proceeds, and Recoveries with respect to the Receivables. 
 “CompuCredit UK” shall have the meaning set forth in the Recitals hereto. 
 “Conversion Date” shall mean the date on which Seller provides notice to Purchaser that Raphaels Bank has issued replacement Credit
Cards to all Obligors bearing the name of Raphaels Bank in place of the existing Credit Cards bearing the name of Barclays Bank. 
 “Conveyance” shall have the meaning set forth in subsection 2.01(a). 
 “Conveyance Papers”
shall have the meaning set forth in subsection 4.01(a)(iii). 
 “Covered Account” shall have the meaning set forth in
Section 6.01. 
 “Credit Adjustment” shall have the meaning set forth in Section 3.02(c).

 “Credit Card” shall mean the plastic VISA credit card issued by the Account Owner to each Obligor pursuant to the
relevant Credit Card Agreement. 
 “Credit Card Agreement” shall mean, with respect to a revolving credit card account, the
agreements between the Account Owner and the Obligor governing the terms and conditions of such account, as such agreements or statements may be amended, modified or otherwise changed from time to time and as distributed (including any amendments
and revisions thereto) to holders of such Account. 
 “Credit Card Guidelines” shall mean the respective policies and
procedures of the Servicer or the Account Owner as such policies and procedures relate to the Accounts and as such may be amended from time to time, (a) relating to the operation of its credit card business, which generally are applicable to
its portfolio of revolving credit card accounts or, in the case of an Account Owner that has only a portion of its portfolio subject to a Partridge Receivables Purchase Agreement, applicable to such portion of its portfolio, and in each case which
are consistent with prudent practice, including the policies and procedures for determining the creditworthiness of credit card customers and the extension of credit to credit card customers, and (b) relating to the maintenance of credit card
accounts and collection of credit card receivables. 
 “Cut-Off Time” shall mean 11:59 p.m. London time on April 3,
2007. 
 “Debtor Relief Laws” shall mean (i) the United States Bankruptcy Code and (ii) all other applicable
liquidation, conservatorship, bankruptcy, moratorium, arrangement, receivership, insolvency, reorganization, suspension of payments, adjustment of debt, marshalling of assets or similar debtor relief laws of the United States, any state or any
foreign country from time to time in effect affecting the rights of creditors generally. 
  

 3 

 “Declaration of Trust” shall mean the declaration of trust, dated the date hereof, made
by Barclays Bank in respect of the Receivables and the other Purchased Assets in favor of Raphaels Bank as CIAC’s designee. 
 “Eligible Account” shall mean a VISA consumer revolving credit card account which, as of the Cut-Off Time, has the following characteristics: 
 (a) is in existence, owned and maintained by the Account Owner; 
 (b) is not a Charged-Off Account; and

 (c) is not an Excluded Account. 
 “Eligible Receivable” shall mean each Receivable: 
 (a) which has arisen in an Eligible Account; 
 (b) which was created in compliance in all material respects with all Requirements of Law applicable to the institution which owned such Receivable at
the time of its creation and pursuant to a Credit Card Agreement which complies in all material respects with all Requirements of Law; 
 (c)
with respect to which all material consents, licenses, approvals or authorizations of, or registrations or declarations in respect of the Financial Services and Markets Act 2000, the Consumer Credit Act 1974 and the Data Protection Act 1998 or with
any Governmental Authority required to be obtained, effected or given in connection with the creation of such Receivable or the execution, delivery and performance by the Account Owner of its obligations, if any, under the related Credit Card
Agreement pursuant to which such Receivable was created, have been duly obtained, effected or given and are in full force and effect; 
 (d)
as to which, at the time of the transfer of such Receivable to Purchaser, Seller has good and marketable title thereto free and clear of all Encumbrances; 
 (e) which, at the time of the transfer of such Receivable to Purchaser, is the legal, valid and binding payment obligation of the Obligor thereon enforceable against such Obligor in accordance with its terms, except
as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in equity); 
 (f) which, at the time of transfer to Purchaser, has not been waived or modified except as permitted in accordance with the Credit Card Guidelines and
which waiver or modification is reflected in the Account Owner’s or Servicer’s computer file of revolving credit card accounts or, with respect to terms other than pricing terms, otherwise on its books and records; 
 (g) which, at the time of transfer to Purchaser, is not subject to any right of rescission, setoff, counterclaim or any other defense (including defenses
arising out of violations of usury laws) of the Obligor, other than defenses arising out of applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or
equity); 
  

 4 

 (h) as to which, at the time of transfer to Purchaser, Seller has satisfied all of its obligations under
the applicable Credit Card Agreement to the applicable Obligor required to be satisfied by such time; and 
 (i) as to which, at the time of
transfer to Purchaser, Seller has not taken any action which would impair, or omitted to take any action the omission of which would impair, the rights of Purchaser in such Receivable. 
 “Encumbrance” shall mean any security interest, mortgage, claim, charge (fixed or floating), deed of trust, pledge, hypothecation,
assignment, deposit arrangement, equity interest, encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including any
conditional sale or other title retention agreement, or any financing lease having substantially the same economic effect as any of the foregoing. 
 “Excluded Account” shall mean a credit card account which, as of the Cut-Off Time, has one or more of the following characteristics: 
 (a) is the subject of a dispute as to the validity, enforceability or existence of the account, or the underlying Credit Card Agreement,
which dispute has either been notified to Account Owner in writing or is recorded in the Account Owner’s records as of the Cut-Off Time; 
 (c) is charged off or should have been charged off in accordance with the Policies and Procedures; 
 (d) is subject to litigation, other than credit card accounts that are in litigation solely as a result of legal collection initiated by the Account Owner; 
 (e) does not have an address located in the United Kingdom; 
 (f) in respect of which the first payment has become due and payable and the Obligor has never made a payment; 
 (g) has been re-aged other than in accordance with the Policies and Procedures (but excluding any accounts which have been re-aged
incorrectly as a result of a conversion as disclosed to Seller by Barclays Bank) and the aggregate amount of outstanding Receivables related thereto as of the Cut-Off Time exceed £125,000; 
 (h) any test accounts opened or maintained by the Account Owner with respect to the VISA system for verification or other internal
purposes; 
 (i) the Obligor in respect of which has pledged assets or made a cash collateral deposit as full or partial
security for payment of Receivables outstanding as of the Cut-Off Time, which assets or deposits are held by the Account Owner as of the Closing Date; 
  

 5 

 (j) the Obligor in respect of which is dead or has had an individual voluntary
arrangement approved by the Account Owner on or before the Cut-Off Time; 
 (k) has been originated by fraud or fraudulent
action on or before the Cut-Off Time; 
 (l) is not identified on the Account Schedule as a “B” account or as a
“C” account; or 
 (m) the Obligor in respect of which has been declared bankrupt. 
 “Finance Charge Receivables” shall mean, to the extent transferred to Seller pursuant to a Partridge Receivables Purchase Agreement, all
Receivables that constitute (i) Periodic Rate Finance Charges, (ii) Cash Advance Fees, (iii) annual membership fees and annual service charges, (iv) Late Fees and (v) Overlimit Fees. 
 “Governmental Authority” shall mean any governmental, regulatory or self-regulatory entity, in the United Kingdom or in the United
States of America, or any state thereof or any other foreign governmental state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 “Indenture” shall mean the Master Indenture, dated as of April 4, 2007, among the Issuer, the Indenture Trustee and
CIAC as Servicer, as modified or supplemented by any indenture supplement thereto. 
 “Indenture Trustee” shall mean
Deutsche Bank Trust Company Americas in its capacity as indenture trustee under the Indenture, or its successor in interest, or any successor indenture trustee appointed as provided in the Indenture. 
 “Insolvency Event” shall have the meaning set forth in Section 7.02. 
 “Insurance Proceeds” shall mean, to the extent transferred to Seller pursuant to a Partridge Receivables Purchase Agreement, any amounts
received pursuant to any credit insurance policies covering any Obligor with respect to Receivables under such Obligor’s Account. 
 “Interchange” shall mean, to the extent transferred to Seller pursuant to a Partridge Receivables Purchase Agreement, all interchange fees payable to the Account Owner (net of any interchange fees paid by such Account
Owner), in its capacity as credit card issuer, through VISA in connection with cardholder charges for goods or services with respect to the Accounts. 
 “Issuer” shall mean Partridge Acquired Portfolio Business Trust, a Nevada business trust. 
 “Late Fees” shall have the meaning set forth in the Credit Card Agreement applicable to each Account for late fees or similar terms if such fees are provided for with respect to such Account. 
  

 6 

 “Obligor” shall mean, with respect to any Account, the Person or Persons obligated to
make payments with respect to such Account, including any guarantor thereof, but excluding any merchant. 
 “Operating
Regulations” shall mean the by-laws, rules and regulations of Visa. 
 “Overlimit Fees” shall have the meaning set
forth in the Credit Card Agreement applicable to each Account for overlimit fees or similar terms if such fees are provided for with respect to such Account. 
 “Owner Trustee” shall mean Wilmington Trust FSB, a federal savings bank, not in its individual capacity but solely as Owner Trustee under the Trust Agreement (unless otherwise specified therein), and
any successor Owner Trustee thereunder. 
 “Partridge Receivables Purchase Agreement” shall mean the RB Receivables Purchase
Agreement and any receivables purchase agreement, substantially in the form of such agreement, entered into between Seller and an Account Owner in the future. 
 “Periodic Rate Finance Charges” shall have the meaning set forth in the Credit Card Agreement applicable to each Account for finance charges (due to periodic rate) or any similar term. 
 “Person” shall mean any person or entity, including any individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of any nature, whether or not a legal entity. 
 “Personal Data” shall have the meaning given to that term in the United Kingdom Data Protection Act 1998, as amended. Personal Data shall not include the Account numbers of the Obligors. 

“Principal Receivables” shall mean, to the extent transferred to Seller pursuant to a Partridge Receivables Purchase Agreement, all
Receivables other than Finance Charge Receivables. 
 “Purchase Price” shall have the meaning set forth in subsection
3.01(a). 
 “Purchased Assets” shall have the meaning set forth in subsection 2.01(a). 
 “Purchase Price Adjustment” shall have the meaning set forth in subsection 3.02(a). 
 “Purchaser” shall have the meaning set forth in the Preamble hereto. 
 “Raphaels Bank” shall have the meaning set forth in the Recitals hereto. 
 “RB Receivables Purchase Agreement” shall mean the Receivables Purchase Agreement between Raphaels Bank and Seller, dated as of
April 4, 2007, as it may be further amended, amended and restated, supplemented, or otherwise modified from time to time. 
  

 7 

 “Receivable” shall mean any amount owing by the Obligor under an Account from time to
time to the extent, but only to the extent, that such amount owing has been conveyed to Seller pursuant to a Partridge Receivables Purchase Agreement. 
 “Recoveries” shall mean, to the extent transferred to Seller pursuant to a Partridge Receivables Purchase Agreement, all amounts received with respect to Receivables which have been previously charged
off. 
 “Related Account” shall mean an Account with respect to which a new credit account number has been issued by the
Account Owner or Servicer under circumstances resulting from an error or a lost or stolen credit card not requiring standard application and credit evaluation procedures under the Credit Card Guidelines, provided that such Related Account can be
traced or identified, by reference to or by way of an Account Schedule, as an Account into which an Account has been transferred. 
 “Related Agreements” shall mean the Sale and Purchase Agreement, the Account Ownership Agreement, each Partridge Receivables Purchase Agreement, the Trust Agreement, the Indenture and the Transfer and Servicing Agreement.

 “Repurchase Price” shall have the meaning set forth in Section 6.02. 
 “Requirements of Law” shall mean, with respect to any Person, the Operating Regulations and the requirements of any national,
supra-national or local law, statute, rule or regulation or judicial, governmental, or administrative order, decree or ruling or any provision of any organizational, corporate, constitutional or governing documents, applicable to the Seller or the
Accounts or the Account Owner in relation to the credit card business conducted pursuant to the Account Ownership Agreement or the actions of any party to this Agreement in the performance of its respective obligations hereunder or under any Related
Agreements. 
 “Sale and Purchase Agreement” shall have the meaning set forth in the Recitals hereto. 
 “Seller” shall have the meaning set forth in the Preamble hereto. 
 “Servicer” shall mean the Servicer from time to time under the Transfer and Servicing Agreement. 
 “Signing Statement” shall mean a statement reflecting the net daily cash settlements of cash receipts and cash disbursements with regard
to the Accounts for the period between the Valuation Date and the Closing Date to be delivered by Seller to Purchaser within twenty (20) Business Days following the Closing Date. 
 “Transfer and Servicing Agreement” shall mean the Transfer and Servicing Agreement, dated as of April 4, 2007, among CIAC, as
Servicer, Purchaser, as Transferor, the Issuer and the Indenture Trustee. 
 “Transferred Account” shall mean each account
(other than a Related Account) into which an Account shall be transferred, provided that such transfer was made in accordance with the Credit Card Guidelines, and further provided that such Transferred Account can be traced or identified, by
reference to or by way of an Account Schedule, as an Account into which an Account has been transferred. 
  

 8 

 “Trust Agreement” shall mean the Partridge Acquired Portfolio Master Business Amended
and Restated Trust Agreement, dated as of April 4, 2007, between Purchaser and Wilmington Trust FSB. 
 “Valuation
Date” shall mean 11:59 p.m. London time on February 28, 2007. 
 “UCC” shall mean the Uniform Commercial Code
as in effect in the applicable jurisdiction. 
 “VISA” shall mean Visa International Services Association, Visa Europe
Limited and any other Visa entity, as appropriate, and their successors in interest. 
 Section 1.02. Other Definitional
Provisions. 
 (a) All terms defined in this Agreement shall have the defined meanings when used in any certificate, other document, or
Conveyance Paper made or delivered pursuant hereto unless otherwise defined therein. 
 (b) The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and Section, subsection, Schedule and
Exhibit references contained in this Agreement are references to Sections, subsections, Schedules and Exhibits in or to this Agreement unless otherwise specified. 
 (c) Terms used herein that are defined in the New York UCC and not otherwise defined shall have the meanings set forth in the New York UCC unless the context requires otherwise. 
 Section 1.03. Incorporation By Reference. 
 Each reference herein to the Sale and Purchase Agreement, the Account Ownership Agreement, the RB Receivables Purchase Agreement, the Trust Agreement, the Indenture, the Transfer and Servicing Agreement, or any other
Related Agreement, refers to such agreement as in effect on the Closing Date unless otherwise agreed to by Seller and Purchaser. 
 [END OF
ARTICLE I] 
  

 9 

 ARTICLE II 
 PURCHASE AND CONVEYANCE OF RECEIVABLES 
 Section 2.01. Purchase. 
 (a) In consideration of the payment of the Purchase Price as provided herein, Seller does hereby sell, transfer, assign, set over and otherwise convey to
Purchaser (collectively, the “Conveyance”), without recourse except as provided herein, all its right, title and interest in, to and under, whether now owned or hereafter acquired, all Receivables existing as of the Cut-Off Time
arising in the Accounts (including Transferred Accounts and Related Accounts related to such Accounts), and thereafter created from time to time in such Accounts, all monies due or to become due and all amounts received or receivable with respect
thereto, all Collections with respect to such Receivables, the trust over the foregoing created by Barclays Bank in favor of Raphaels Bank pursuant to the Declaration of Trust, each Partridge Receivables Purchase Agreement, the Sale and Purchase
Agreement and all documents executed from time to time in connection therewith (all of the foregoing being the “Purchased Assets”). 
 (b) The Receivables existing in the Accounts as of the Cut-Off Time and thereafter arising in the Accounts on or prior to the Closing Date, and the related Purchased Assets, shall be and hereby are sold by Seller and
purchased by Purchaser on the Closing Date. Receivables arising in the Accounts after the Closing Date and the related Purchased Assets shall be and hereby are sold by Seller and purchased by Purchaser on the date such Receivables arise. 

(c) Seller shall record and file, at its own expense, any financing statements (and amendments with respect to such financing statements when
applicable) with respect to the Purchased Assets meeting the requirements of applicable law in such manner and in such jurisdictions as are necessary to perfect, and maintain the perfection of, the Conveyance of such Purchased Assets from Seller to
Purchaser. 
 (d) Seller shall, at its own expense, (i) on or prior to the Closing Date, indicate in its books and records that the
Purchased Assets have been conveyed to Purchaser in accordance with this Agreement and (ii) on or prior to the Closing Date, deliver to Purchaser an Account Schedule. Such Account Schedule, as supplemented from time to time, shall be delivered
to Purchaser. Once the books and records referenced in clause (i) of this paragraph have been indicated with respect to any Purchased Asset, Seller further agrees not to alter such indication during the remaining term of this Agreement unless
and until Seller has taken such action as is necessary or advisable to cause the interest of Purchaser in the Purchased Assets to continue to be perfected and of first priority. 
 (e) The parties hereto intend that the conveyance of the Purchased Assets by Seller to Purchaser shall constitute an absolute sale, conveying good title,
free and clear of any Encumbrances, from Seller to Purchaser. In the event, however, that it were to be determined that the transactions evidenced hereby constitute a loan and not a purchase and sale, this Agreement shall constitute a security
agreement under applicable law, and Seller hereby grants to Purchaser a first priority perfected security interest in all of Seller’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Purchased Assets and
the proceeds thereof to secure the obligations of Seller hereunder. 
 [END OF ARTICLE II] 
  

 10 

 ARTICLE III 
 CONSIDERATION AND PAYMENT 
 Section 3.01. Purchase Price. 
 (a) The “Closing Purchase Price” for the Receivables and the related Purchased Assets conveyed to Purchaser under this Agreement on the
Closing Date shall be payable on the Closing Date and shall be an amount equal to the sum of the amounts paid by Seller to purchase such Receivables pursuant to the Sale and Purchase Agreement. The “Purchase Price” for the
Receivables and the related Purchased Assets to be conveyed to Purchaser under this Agreement after the Closing Date shall be an amount equal to 100% of the aggregate balance of the Principal Receivables so conveyed, adjusted to reflect such factors
as Purchaser and Seller mutually agree will result in a Purchase Price determined to be the fair market value of such property. The Closing Purchase Price for the Receivables arising in the Accounts on or before the Closing Date and the related
Purchased Assets shall be paid on the Closing Date, and the Purchase Price for all other Receivables and the related Purchased Assets, shall be payable on the Business Day following the day on which such Receivables and the related Purchased Assets
are conveyed by Seller to Purchaser; provided, however, the Purchase Price for the Receivables arising in the Accounts after the Closing Date and on or before April 12, 2007 shall be payable as soon as Purchaser receives
sufficient Collections to pay therefor but in any case by May 15, 2007. The Closing Purchase Price and the Purchase Price shall be paid in cash. 
 (b) Notwithstanding any other provision of this Agreement, Seller shall not be obligated to sell Receivables or other Purchased Assets to Purchaser to the extent that Seller is not paid the Closing Purchase Price or
the Purchase Price therefor as provided herein. 
 Section 3.02. Adjustments to Purchase Price. 
 (a) Upon final determination of the Signing Statement, the Closing Purchase Price shall be adjusted
to reflect net daily cash settlements of cash receipts and cash disbursements with regard to the Accounts for the period between the Valuation Date and the Closing Date as reflected on the Signing Statement. Seller shall pay Purchaser, or Purchaser
shall pay Seller, as the case may be, the aggregate amount reflected on the Signing Statement as the adjustment to the Closing Purchase Price (the “Purchase Price Adjustment”). Such payment shall be remitted no later than the fifth
(5th) Business Day after the Signing Statement has been agreed to by Seller and Purchaser to an account
designated by the party to which payment is due. 
 (b) The Closing Purchase Price shall also be adjusted due to the occurrence of any of the
following events: 
 (i) If the Account Owner is debited by VISA after the Cut-Off Time for a chargeback in respect of which the Account
Owner provided an Obligor with a credit on an Account prior to the Cut-Off Time and such debit has not been included in the Closing Purchase Price or any Purchase Price Adjustment then Purchaser agrees to pay to Seller an amount equal to
(a) 88%, in the case of an Account with a “B” designation on the Account Schedule and (b) 21.5%, in the case of an Account with a “C” designation on the Signing Statement, in each case multiplied by the amount of such
debit by VISA. 
  

 11 

 (ii) If a check from a Obligor in payment of amounts owed on an Account, which was credited to such
Account prior to the Cut-Off Time, is returned unpaid by the drawee after the Cut-Off Time and such return payment has not been included in the Closing Purchase Price or any Purchase Price Adjustment) then Purchaser agrees to pay to Seller an amount
equal to (a) 88%, in the case of an Account with a “B” designation on the Signing Statement and (b) 21.5%, in the case of an Account with a “C” designation on the Signing Statement, in each case multiplied by the amount
of such returned check. 
 (iii) If Purchaser, the Account Owner or the Servicer provides a credit on an Account pursuant to the Policies
and Procedures or the policies and procedures of the Account Owner, as applicable, in compliance with all Requirements of Law, with respect to the use of an Account by a person other than the Obligor who did not have actual, implied or apparent
authority for such use and from which the Obligor received no benefit prior to the Cut-Off Time, then Seller agrees to pay to Purchaser (a) 88%, in the case of an Account with a “B” designation on the Signing Statement and
(b) 21.5%, in the case of an Account with a “C” designation on the Signing Statement, in each case multiplied by the amount of such credit, provided that if such credit is reversed then Purchaser agrees to repay to Seller the amount
paid by Seller with respect to such credit. 
 (iv) If an amount received by the Account Owner prior to the Cut-Off Time and held in a
suspense account at the Cut-Off Time is identified after the Cut-off Time as a payment which should have been posted to an Account, then Seller agrees to pay to Purchaser (a) 88%, in the case of an Account with a “B” designation on
the Signing Statement and (b) 21.5%, in the case of an Account with a “C” designation on the Signing Statement, in each case multiplied by the amount of such credit. 
 Each of the amounts determined above may be netted together to result in either a net amount due to Seller or a net amount due to Purchaser. Any party
with knowledge of any facts relating to any event described in this Section 3.2(b) shall provide, or cause to be provided, to the other party written notice and supporting documentation (to the extent available to such party) in a monthly
request. Seller or Purchaser, as the case may be, shall, within five (5) Business Days after receipt of such monthly request, reimburse the other party, in immediately available funds, for the amount of said adjustment Notwithstanding the
foregoing, the parties agree that this Section 3.2(b) shall be implemented fairly and equitably so as to avoid the double payment or failure to pay any amount which would result in the unjust enrichment of any party pursuant to the terms
hereof. 
 (c) The Purchase Price shall be reduced on the second Business Day of each calendar month (a “Credit Adjustment”)
with respect to any Receivable previously conveyed to Purchaser by Seller which has since been reduced by Seller or the Servicer because of a rebate, refund, unauthorized charge or billing error to an Obligor or because such Receivable was created
in respect of merchandise which was refused or returned by an Obligor. The amount of such reduction shall equal the reduction in the balance of such Receivable resulting from the occurrence of such event. In the event that a reduction pursuant to
this Section 3.02(d) causes the Purchase Price to be a negative number, Seller agrees that, not later than 11:00 a.m., New York City time, on such date, Seller shall pay to Purchaser cash in an amount equal to the amount by which the
Credit Adjustment exceeds the unadjusted Purchase Price. 
  

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 Section 3.03. Payments to the Accounts Owner. To the extent that an Account Owner has not
been paid any amounts owed to it with respect to the purchase price of newly created Receivables under any Partridge Receivables Purchase Agreement, Seller hereby directs Purchaser to pay, or cause to be paid, the Purchase Price directly to the
Account Owner in an amount equal to such unpaid purchase price. 
 [END OF ARTICLE III] 
  

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 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and Warranties of Seller.

 (a) Representations and Warranties of Seller Relating to Seller. Seller hereby represents and warrants to, and agrees with,
Purchaser as of the Closing Date that: 
 (i) Organization and Good Standing. Seller is a corporation duly organized
and validly existing in good standing under the laws of the State of Nevada and has, in all material respects, full power and authority to own its properties and conduct its business as such properties are presently owned and such business is
presently conducted, and to execute, deliver and perform its obligations under this Agreement. 
 (ii) Due
Qualification. Seller is duly qualified to do business and is in good standing as a foreign corporation (or is exempt from such requirements) and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so
qualify or to obtain such licenses and approvals would have a material adverse effect on Purchaser, the Issuer or the Noteholders. 
 (iii) Due Authorization. The execution, delivery and performance by Seller of this Agreement, the Sale and Purchase Agreement, each Partridge Receivables Purchase Agreement and any other document or instrument delivered pursuant
hereto on the Closing Date (such other documents or instruments, collectively, the “Conveyance Papers”), and the consummation by Seller of the transactions provided for in this Agreement, the Sale and Purchase Agreement, each
Partridge Receivables Purchase Agreement and such Conveyance Papers have been duly authorized by Seller by all necessary action on the part of Seller. 
 (iv) No Conflict. The execution and delivery of this Agreement, the Sale and Purchase Agreement, each Partridge Receivables Purchase Agreement and the Conveyance Papers by Seller, the performance by Seller of
the transactions contemplated by this Agreement, the Sale and Purchase Agreement, each Partridge Receivables Purchase Agreement and the Conveyance Papers, and the fulfillment by Seller of the terms of this Agreement, the Sale and Purchase Agreement,
each Partridge Receivables Purchase Agreement and the Conveyance Papers applicable to Seller will not conflict with, violate or result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of
time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which Seller is a party or by which it or any of its properties are bound. 
 (v) No Violation. The execution, delivery and performance by Seller of this Agreement, the Sale and Purchase Agreement, each
Partridge Receivables Purchase Agreement, and the Conveyance Papers and the fulfillment by Seller of the terms contemplated herein and therein applicable to Seller will not conflict with or violate any Requirements of Law applicable to Seller.

  

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 (vi) No Proceedings. There are no proceedings or investigations pending or, to the
best knowledge of Seller, threatened, against Seller, before any Governmental Authority (A) asserting the invalidity of this Agreement, the Sale and Purchase Agreement, any Partridge Receivables Purchase Agreement or the Conveyance Papers,
(B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, the Sale and Purchase Agreement, any Partridge Receivables Purchase Agreement or the Conveyance Papers, (C) seeking any determination or
ruling that, in the reasonable judgment of Seller, would materially and adversely affect the performance by Seller of its obligations under this Agreement, the Sale and Purchase Agreement, any Partridge Receivables Purchase Agreement or the
Conveyance Papers, or (D) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement, the Sale and Purchase Agreement, any Partridge Receivables Purchase Agreement or the
Conveyance Papers. 
 (vii) All Consents. All authorizations, consents, orders or approvals of or registrations or
declarations with any Governmental Authority required to be obtained, effected or given by Seller in connection with the execution and delivery by Seller of this Agreement, the Sale and Purchase Agreement, each Partridge Receivables Purchase
Agreement and the Conveyance Papers and the performance by Seller of the transactions contemplated by this Agreement, the Sale and Purchase Agreement, each Partridge Receivables Purchase Agreement or the Conveyance Papers have been duly obtained,
effected or given and are in full force and effect. 
 (viii) Insolvency. No Insolvency Event with respect to Seller
has occurred and the transfer of the Purchased Assets has not been made in contemplation of the occurrence thereof. 
 (b) Notice of
Breach. The representations and warranties set forth in subsection 4.01(a) shall survive the transfer and assignment of the Purchased Assets to Purchaser. Upon discovery by Seller or Purchaser of a breach of any of the
representations and warranties set forth in subsection 4.01(a), the party discovering such breach shall give written notice to the other party, the Issuer and the Indenture Trustee within three Business Days following such discovery;
provided that the failure to give notice within three Business Days does not preclude subsequent notice. 
 Section 4.02.
Representations and Warranties of Seller Relating to the Agreement and the Receivables. 
 (a) Representations and Warranties.
Seller hereby represents and warrants to Purchaser as of the Closing Date (unless expressly stated otherwise) that: 
 (i) this Agreement
constitutes a legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws or general principles of equity; 
 (ii) this Agreement constitutes a valid sale, transfer, assignment and conveyance to Purchaser of all right, title and interest of Seller in the
Purchased Assets and such sale is perfected under the UCC; 
  

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 (iii) each Receivable existing as of the Cut-Off Time is an Eligible Receivable and each Account existing
as of the Cut-Off Time is an Eligible Account; 
 (iv) as of the date of transfer by Seller to Purchaser (after the Cut-Off Time) of any new
Receivable, such Receivable is an Eligible Receivable; 
 (v) the Receivables constitute “accounts” or “payment
intangibles” within the meaning of the applicable UCC; 
 (vi) Seller has caused or will have caused, within ten (10) days of the
date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the ownership interest of Purchaser in the Receivables described in
Section 2.01; and 
 (vii) other than the ownership interest conveyed to Purchaser pursuant to this Agreement, Seller has not pledged,
charged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables described in Section 2.01. Seller has not authorized the filing of and is not aware of any financing statements against Seller that
include a description of collateral covering such Receivables other than any financing statement (i) relating to the ownership interest conveyed to Purchaser hereunder, or (ii) that has been terminated. 
 (b) Notice of Breach. The representations and warranties set forth in subsection 4.02(a) shall survive the sale of the Purchased
Assets to Purchaser. Upon discovery by either Seller or Purchaser of a breach of any of the representations and warranties set forth in subsection 4.02(a), the party discovering such breach shall give written notice to the other party,
the Issuer and the Indenture Trustee within three Business Days following such discovery; provided that the failure to give notice within three Business Days does not preclude subsequent notice. Seller hereby acknowledges that Purchaser
intends to rely on the representations in Sections 4.01 and 4.02 in connection with representations made by Purchaser to its assignees, including but not limited to in connection with the transfer made by Purchase to the Issuer
pursuant to the Transfer and Servicing Agreement and the security interest granted by the Issuer to the Indenture Trustee pursuant to the Indenture, and that the Indenture Trustee and the Issuer may enforce such representations directly against
Seller. 
 Section 4.03. Representations and Warranties of Purchaser. 
 (a) Representations and Warranties. As of the Closing Date, Purchaser hereby represents and warrants to, and agrees with, Seller that: 

(i) Organization and Good Standing. Purchaser is a corporation duly organized and validly existing under the laws of the State of Nevada and
has, in all material respects, full power and authority to own its properties and conduct its business as such properties are presently owned and such business is presently conducted and to execute, deliver and perform its obligations under this
Agreement. 
 (ii) Due Authorization. The execution and delivery by Purchaser of this Agreement and the Conveyance Papers to which
Purchaser is a party and the consummation by Purchaser of the transactions provided for in this Agreement and the Conveyance Papers to which Purchaser is a party have been duly authorized by Purchaser by all necessary action on the part of
Purchaser. 
  

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 (iii) No Conflict. The execution and delivery by Purchaser of this Agreement and the Conveyance
Papers to which Purchaser is a party, the performance by Purchaser of the transactions contemplated by this Agreement and the Conveyance Papers to which Purchaser is a party, and the fulfillment by Purchaser of the terms of this Agreement and the
Conveyance Papers to which Purchaser is a party, will not conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture,
contract, agreement, mortgage, deed of trust or other instrument to which Purchaser is a party or by which it or any of its properties are bound. 
 (iv) No Violation. The execution, delivery and performance of this Agreement and the Conveyance Papers to which Purchaser is a party by Purchaser and the fulfillment by Purchaser of the terms contemplated herein and therein
applicable to Purchaser will not conflict with or violate any Requirements of Law applicable to Purchaser. 
 (v) No Proceedings.
There are no proceedings or investigations pending or, to the best knowledge of Purchaser, threatened, against Purchaser, before any Governmental Authority (i) asserting the invalidity of this Agreement or the Conveyance Papers,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or the Conveyance Papers, (iii) seeking any determination or ruling that, in the reasonable judgment of Purchaser, would materially and
adversely affect the performance by Purchaser of its obligations under this Agreement or the Conveyance Papers to which Purchaser is a party or (iv) seeking any determination or ruling that would materially and adversely affect the validity or
enforceability of this Agreement or the Conveyance Papers. 
 (vi) All Consents. All authorizations, consents, orders or approvals of
or registrations or declarations with any Governmental Authority required to be obtained, effected or given by Purchaser in connection with the execution and delivery by Purchaser of this Agreement and the Conveyance Papers to which it is a party
and the performance by Purchaser of the transactions contemplated by this Agreement and the Conveyance Papers to which it is a party have been duly obtained, effected or given and are in full force and effect. 
 (b) Notice of Breach. The representations and warranties set forth in subsection 4.03(a) shall survive the conveyance of the Purchased
Assets to Purchaser. Upon discovery by Purchaser or Seller of a breach of any of the representations and warranties set forth in subsection 4.03(a), the party discovering such breach shall give prompt written notice to the other party.

 [END OF ARTICLE IV] 
  

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 ARTICLE V 
 COVENANTS 
 Section 5.01. Covenants of Seller. Seller hereby covenants and agrees with
Purchaser as follows: 
 (a) Receivables Not To Be Evidenced by Instruments or Chattel Paper. Except in connection with its enforcement
or collection of a Receivable, Seller will take no action to cause any Receivable sold to Purchaser hereunder to be evidenced by any instrument or chattel paper (as defined in the applicable UCC) and if any Receivable is so evidenced as a result of
any action by Seller it shall be deemed to be a Receivable described in Section 6.01 and shall be repurchased by Seller in accordance with Section 6.01. 
 (b) Security Interests. Except for the Conveyances hereunder, Seller will not sell, pledge, assign or transfer to any other Person, or take any
other action inconsistent with Purchaser’s ownership of the Purchased Assets or grant, create, incur, assume or suffer to exist any Encumbrance arising through or under Seller on, any Purchased Asset, whether now existing or hereafter created,
and Seller shall not claim any ownership interest in any Purchased Asset and shall defend the right, title and interest of Purchaser in, to and under the Purchased Assets, whether now existing or hereafter created, against all claims of third
parties claiming through or under Seller. 
 (c) Account Allocations. In the event that Seller is unable for any reason to sell
Receivables to Purchaser in accordance with the provisions of this Agreement (including by reason of the application of the provisions of Section 7.02 or any order of any Governmental Authority), then Seller agrees (except as prohibited
by any such order or any Requirement of Law) to allocate and pay to Purchaser, after the date of such inability, all Collections with respect to Principal Receivables previously sold to Purchaser. To the extent that it is not clear to Seller whether
collections relate to a Principal Receivable that was sold to Purchaser or to a principal receivable that Seller is unable to sell to Purchaser, Seller agrees that it shall allocate payments on each Account with respect to the principal balance of
such Account first to the oldest principal balance of such Account. Notwithstanding any cessation of the sale to Purchaser of additional Principal Receivables, Principal Receivables sold to Purchaser prior to the occurrence of the event giving rise
to such inability, Collections in respect of such Principal Receivables, Finance Charge Receivables whenever created that accrue in respect of such Principal Receivables, and Collections in respect of such Finance Charge Receivables, shall continue
to be property of Purchaser. 
 (d) Delivery of Collections. In the event that Seller receives Collections with respect to the
Receivables (or any other amounts in respect of the Purchased Assets transferred in accordance with this Agreement), Seller agrees to pay to Purchaser (or to the Servicer if Purchaser so directs) all such Collections with respect to the Receivables
or such other amounts as soon as practicable after receipt thereof. 
 (e) Notice of Encumbrances. Seller shall notify Purchaser
promptly after becoming aware of any Encumbrance arising through or under it on any Receivable other than the Conveyances hereunder. 
  

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 (f) Conduct of Business. Seller shall do all things necessary to remain duly organized, validly
existing and in good standing as a corporation in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 
 (g) Compliance with Laws. Seller will comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which
it or its respective properties may be subject. 
 (h) Sale Treatment. Seller will not account for (including for accounting
purposes), or otherwise treat, the transactions contemplated by this Agreement in any manner other than as a sale of the Purchased Assets by Seller to Purchaser. 
 (i) No Sales, Encumbrances, Etc. Except as contemplated hereunder, Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Encumbrance arising
through or under Seller upon, any of the Purchased Assets. 
 (j) No Change in Business or Credit Card Guidelines. Seller will not
make any change in the character of its business or in any credit card guidelines it may have, which change would, in either case, impair the collectibility of any of the Receivables or have a material adverse effect on the condition (financial or
otherwise), business or properties of Seller or the ability of Seller to perform its obligations hereunder. 
 (k) Protection of Interest
in Purchased Assets. Seller shall authorize, execute and file such financing statements, amendments to financing statements, and any other documents reasonably requested by Purchaser or its successors and assigns which may be required by law to
perfect the ownership interest of Purchaser in and to the Purchased Assets. 
 Section 5.02. Covenants of Seller with Respect to each
Partridge Receivables Purchase Agreements and the Sale and Purchase Agreement. (a) Seller, in its capacity as purchaser of Receivables from Raphaels Bank or any other Account Owner pursuant to a Partridge Receivables Purchase Agreement
hereby covenants that Seller will at all times enforce the covenants and agreements of Raphaels Bank or such other Account Owner in the Account Ownership Agreement and applicable Partridge Receivables Purchase Agreement. 
 (b) Seller also covenants that it will at all times enforce the covenants and agreements of Barclays Bank in the Sale and Purchase Agreement. 

(c) Seller covenants that it will provide Purchaser with such information as Purchaser may reasonably request to enable Purchaser to determine
compliance with the covenants contained in this Section. 
 Section 5.03. Personal Data. The parties acknowledge and agree that
no Personal Data shall be transferred between the parties pursuant to or in connection with this Agreement. Any data relating to the Accounts that is processed under this Agreement shall be done in an anonymous format, without the use of Personal
Data. 
 [END OF ARTICLE V] 
  

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 ARTICLE VI 
 REPURCHASE OBLIGATION 
 Section 6.01. Seller’s Repurchase Obligations. In the event
any Account is (a)(i) within six (6) months of the Closing Date, determined to be an Account that was an Excluded Account as of the Cut-Off Time or (ii) within eight (8) months of the Closing Date, determined to be an Account
that was an Excluded Account as of the Cut-Off Time pursuant to clause (l) of the definition of Excluded Account, or (b) within 90 days of transfer to the Purchaser, an Account for which any representation or warranty under
(i) Section 4.02(a)(iii) or (ii) Section 4.02(a)(iv) is not true and correct on the date of transfer of the related Receivable arising therein in any material respect for any related Receivable as a result of any
action or failure to act by Seller to the extent such failure to be so true and correct results in such Receivable not being an Eligible Receivable (in each case, a “Covered Account”), Seller shall pay to Purchaser an amount equal
to the Repurchase Price for all Receivables in such Covered Account, calculated in the manner set forth in Section 6.02. Upon payment of any such Repurchase Price with respect to any such Receivables, Purchaser shall automatically and
without further action sell, transfer, assign, set-over and otherwise convey to Seller, without recourse, representation or warranty, all the right, title and interest of Purchaser in and to such Receivables, all Collections related thereto, all
monies and amounts due or to become due with respect thereto, all proceeds thereof, and all other Purchased Assets related thereto. Purchaser shall execute such documents and instruments of transfer or assignment and take such other actions as shall
reasonably be requested by Seller to effect the conveyance of such property pursuant to this Section. 
 Section 6.02. Repurchase
Price. 
 (a) The “Repurchase Price” for Receivables in the Covered Accounts classified as such pursuant to Sections
6.01(a) or (b)(i) shall be the amount paid by Barclays Bank for such Receivables under the Sale and Purchase Agreement. The “Repurchase Price” for Receivables in the Covered Accounts classified as such pursuant to
Section 6.01(b)(ii) shall be an amount equal to the unpaid balance of such Receivables. 
 (b) Upon payment of the Repurchase
Price as set forth herein, Purchaser shall deliver, or cause to be delivered, to Seller all files and books and records relating to such repurchased Receivables and the related Covered Accounts. 
 Section 6.03. Reassignment of Noteholders’ Interest in Trust Portfolio. In the event any representation or warranty set forth in
subsection 4.01(a) or subsection 4.02(a)(i) or (ii) is not true and correct in any material respect and as a result of such breach Purchaser is required to accept a reassignment of the Receivables previously sold by Seller to
Purchaser pursuant to Section 2.06 of the Transfer and Servicing Agreement, Seller shall be obligated to accept a reassignment of such Receivables from Purchaser on the terms set forth below. 
 Seller shall pay to Purchaser by depositing in the Collection Account established under the Indenture in immediately available funds, not later than
11:00 a.m., London time, on the fifth Business Day after the day on which Seller receives notice of such reassignment obligation, in payment for such reassignment, an amount equal to the amount specified in 

  

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Section 2.06 of the Transfer and Servicing Agreement. Upon any such reassignment of the Receivables on such date, Purchaser shall automatically and
without further action sell, transfer, assign, set-over and otherwise convey to Seller, without recourse, representation or warranty, all the right, title and interest of Purchaser in and to the Receivables, all Collections related thereto, all
monies and amounts due or to become due with respect thereto, all proceeds thereof, and all other Purchased Assets related thereto. Purchaser shall execute such documents and instruments of transfer or assignment and take such other actions as shall
reasonably be requested by Seller to effect the conveyance of such property pursuant to this Section. 
 [END OF ARTICLE VI] 
  

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 ARTICLE VII 
 TERM AND PURCHASE TERMINATION 
 Section 7.01. Term. This Agreement shall commence as of
the date of execution and delivery hereof and shall continue until such date as may be mutually agreed by Purchaser and Seller after the termination of the Issuer as provided in Article VIII of the Trust Agreement. 
 Section 7.02. Purchase Termination. If Seller shall fail generally to, or admit in writing its inability to, pay its debts as they become
due; or if a proceeding shall have been instituted in a court having jurisdiction in the premises seeking a decree or order for relief in respect of Seller in an involuntary case under any Debtor Relief Law, or for the appointment of a receiver,
liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of Seller or for any substantial part of Seller’s property, or for the winding-up or liquidation of Seller’s affairs and, if instituted against
Seller, any such proceeding shall continue undismissed or unstayed and in effect for a period of 60 consecutive days or upon entry of any order or decree providing for such relief, or any of the actions sought in such proceeding shall occur; or if
Seller shall commence a voluntary case under any Debtor Relief Law, or if Seller shall consent to the entry of an order for relief in an involuntary case under any Debtor Relief Law, or consent to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator, conservator or other similar official of, or for, any substantial part of its property, or Seller shall make any general assignment for the benefit of its creditors; or Seller shall
have taken any corporate action in furtherance of any of the foregoing actions (each an “Insolvency Event”); then Seller shall immediately cease to sell Principal Receivables to Purchaser and shall promptly give notice to Purchaser,
the Issuer and the Indenture Trustee of such Insolvency Event. Notwithstanding any cessation of the transfer to Purchaser of additional Principal Receivables, Principal Receivables transferred to Purchaser prior to the occurrence of such Insolvency
Event, Collections in respect of such Principal Receivables, Finance Charge Receivables whenever created, accrued in respect of such Principal Receivables, and the Collections thereon, shall continue to be property of Purchaser. 
 [END OF ARTICLE VII] 
  

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 ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 
 Section 8.01. Amendment. This Agreement and the rights and
obligations of the parties hereunder may not be changed orally, but only by an instrument in writing signed by Purchaser and Seller in accordance with this Section 8.01. This Agreement may be amended from time to time by Purchaser and
Seller (i) to cure any ambiguity, (ii) to correct or supplement any provisions herein which may be inconsistent with any other provisions herein, (iii) to add any other provisions with respect to matters or questions arising under
this Agreement which shall not be inconsistent with the provisions of this Agreement, (iv) to change or modify the Purchase Price and (v) to change, modify, delete or add any other obligation of Seller or Purchaser; provided,
however that no amendment pursuant to clause (iv) or (v) of this Section 8.01 shall be effective unless any rating agency rating (at the request of the Issuer) any notes issued by the Issuer has confirmed in writing to
Seller and Purchaser that such amendment will not result in a reduction or withdrawal of the then-existing rating of any such notes. A copy of any amendment to this Agreement shall be sent to the rating agencies rating (at the request of the Issuer)
any notes issued by the Issuer. 
 Section 8.02. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 8.03. Notices. All demands, notices and communications hereunder shall
be in writing and shall be deemed to have been duly given if personally delivered at or mailed by certified mail, return receipt requested, to (a) in the case of Seller, CompuCredit International Acquisition Corp., 101 Convention Center Drive,
Suite 850-33A, Las Vegas, NV 89109 (facsimile no. (702)-734-0144), (b) in the case of Purchaser, Partridge Funding Corporation, 3993 Howard Hughes Parkway, Suite 250, Office 215, Las Vegas, Nevada 89169 (facsimile no. (702) 866-2244)
Attention: Rebecca Howell, with a copy to Lionel, Sawyer & Collins, 50 W. Liberty Street, Suite 1100, Reno, Nevada 89501, Attention: Colleen Dolan, Esq., (c) in the case of the Owner Trustee, Wilmington Trust FSB, 3993 Howard Hughes
Parkway, Suite 250, Las Vegas, Nevada 89169, Attention: Corporate Trust Administration (facsimile no. (702) 866-2244), or (d) in the case of the Indenture Trustee, Deutsche Bank Trust Company Americas, 60 Wall Street, MSNYC 60-2606, New
York, New York 10005; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
 Section 8.04. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements, provisions, and terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
  

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 Section 8.05. Assignment. Notwithstanding anything to the contrary contained herein, other
than as provided in Section 8.06, this Agreement may not be assigned by the parties hereto; provided, however, that Seller shall have the right to assign its right, title and interest in, to and under this Agreement
to (i) any successor by merger which assumes the obligations of this Agreement or (ii) any entity; provided that any rating agency then rating (at the request of the Issuer) any notes issued by the Issuer has confirmed in writing to
Seller and Purchaser that such assignment will not result in a reduction or withdrawal of the then-existing rating of any of such notes. 
 Section 8.06. Acknowledgement and Agreement of Seller. Seller expressly acknowledges and agrees that all of Purchaser’s right, title, and interest in, to, and under this Agreement, including, without limitation, all of
Purchaser’s right, title, and interest in and to the Purchased Assets, will be assigned by Purchaser to the Issuer, and a security interest therein will be granted by the Issuer to the Indenture Trustee, and Seller consents to such assignment
and grant. Seller further agrees that notwithstanding any claim, counterclaim, right of setoff or defense which it may have against Purchaser, due to a breach by Purchaser of this Agreement or for any other reason, and notwithstanding the bankruptcy
of Purchaser or any other event whatsoever, Seller’s sole remedy shall be a claim against Purchaser for money damages, and then only to the extent of funds available to Purchaser, and in no event shall Seller assert any claim on or any interest
in the Purchased Assets or any proceeds thereof or take any action which would reduce or delay receipt by Purchaser or the Issuer of collections with respect to the Purchased Assets. Additionally, Seller agrees that any amounts payable by Seller to
Purchaser hereunder which are to be paid by Purchaser to the Issuer shall be paid by Seller, at the written request of Purchaser, directly to the Issuer. 
 Section 8.07. Further Assurances. Purchaser and Seller agree to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the
other party, the Issuer or the Indenture Trustee more fully to effect the purposes of this Agreement and the Conveyance Papers, including, without limitation, the authorization or execution of any financing statements, amendments thereto, or
continuation statements or equivalent documents relating to the Purchased Assets for filing under the provisions of the UCC or other law of any applicable jurisdiction. 
 Section 8.08. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of Purchaser or Seller, any right, remedy, power or privilege hereunder, shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers
and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 
 Section 8.09. Counterparts. This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and
the same instrument. 
 Section 8.10. Binding; Third-Party Beneficiaries. This Agreement will inure to the benefit of and be
binding upon the parties hereto and their respective successors and permitted assigns. The Issuer and the Indenture Trustee shall be considered third-party beneficiaries of this Agreement. 
  

 24 

 Section 8.11. Merger and Integration. Except as specifically stated otherwise herein, this
Agreement and the Conveyance Papers set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Conveyance Papers. This Agreement
may not be modified, amended, waived or supplemented except as provided herein. 
 Section 8.12. Headings. The headings are for
purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 
 Section 8.13.
Schedules and Exhibits. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes. 
 Section 8.14. Survival of Representations and Warranties. All representations, warranties and agreements contained in this Agreement shall
remain operative and in full force and effect and shall survive conveyance of the Purchased Assets by Purchaser to the Issuer pursuant to the Transfer and Servicing Agreement and the grant of a security interest therein by the Issuer to the
Indenture Trustee pursuant to the Indenture. 
 Section 8.15. Nonpetition Covenant. Notwithstanding any prior termination of this
Agreement, Seller shall not, prior to the date which is one year and one day after the termination of this Agreement, acquiesce, petition or otherwise invoke or cause Purchaser or the Issuer to invoke the process of any Governmental Authority for
the purpose of commencing or sustaining a case against Purchaser or the Issuer under any Debtor Relief Law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Purchaser or the
Issuer or any substantial part of its property or ordering the winding-up or liquidation of the affairs of Purchaser or the Issuer. 
 [END OF
ARTICLE VIII] 
  

 25 

 IN WITNESS WHEREOF, Seller and Purchaser have caused this Receivables Purchase Agreement to be duly
executed by their respective officers as of the date first above written. 
  

			
	 COMPUCREDIT INTERNATIONAL
 ACQUISITION
CORPORATION,
 as Seller

		
	By:	 	 /s/ Joshua C. Miller

	Name:	 	Joshua C. Miller
	Title:	 	Assistant Secretary
	
	 PARTRIDGE FUNDING CORPORATION,
 as Purchaser

		
	By:	 	 /s/ Rebecca Howell

	Name:	 	Rebecca Howell
	Title:	 	Assistant Secretary

 [Signature Page to Receivables Purchase Agreement between CCIA and Partridge]

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