Document:

EX-10.8

 Exhibit 10.8 
  

 
  

RECEIVABLES PURCHASE AGREEMENT 

dated as of October 30, 2020 

by and among 
 THE
VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO, 
 as
Originators, 
 CONCENTRIX CORPORATION 

as Servicer, 
 and 

CONCENTRIX RECEIVABLES, INC. 

as Company 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE I
	 	 AGREEMENT TO PURCHASE AND SELL
	  	 	2	 
			
	 SECTION 1.1
	 	 Agreement To Purchase and Sell
	  	 	2	 
	 SECTION 1.2
	 	 Timing of Purchases
	  	 	3	 
	 SECTION 1.3
	 	 Consideration for Purchases
	  	 	3	 
	 SECTION 1.4
	 	 Purchase and Sale Termination Date
	  	 	3	 
	 SECTION 1.5
	 	 Intention of the Parties
	  	 	4	 
			
	 ARTICLE II
	 	 PURCHASE REPORT; CALCULATION OF PURCHASE PRICE
	  	 	4	 
			
	 SECTION 2.1
	 	 Purchase Report
	  	 	4	 
	 SECTION 2.2
	 	 Calculation of Purchase Price
	  	 	5	 
			
	 ARTICLE III
	 	 PAYMENT OF PURCHASE PRICE
	  	 	6	 
			
	 SECTION 3.1
	 	 Initial Purchase Price Payment
	  	 	6	 
	 SECTION 3.2
	 	 Subsequent Purchase Price Payments
	  	 	6	 
	 SECTION 3.3
	 	 Settlement as to Specific Receivables and Dilution
	  	 	7	 
	 SECTION 3.4
	 	 Reconveyance of Receivables
	  	 	8	 
			
	 ARTICLE IV
	 	 CONDITIONS OF PURCHASES; ADDITIONAL ORIGINATORS
	  	 	8	 
			
	 SECTION 4.1
	 	 Conditions Precedent to Initial Purchase
	  	 	8	 
	 SECTION 4.2
	 	 Certification as to Representations and Warranties
	  	 	9	 
	 SECTION 4.3
	 	 Additional Originators
	  	 	10	 
			
	 ARTICLE V
	 	 REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS
	  	 	11	 
			
	 ARTICLE VI
	 	 COVENANTS OF THE ORIGINATORS
	  	 	17	 
			
	 SECTION 6.4
	 	 Substantive Consolidation
	  	 	23	 
			
	 ARTICLE VII
	 	 ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF RECEIVABLES
	  	 	24	 
			
	 SECTION 7.1
	 	 Rights of the Company
	  	 	24	 
	 SECTION 7.2
	 	 Responsibilities of the Originators
	  	 	25	 
	 SECTION 7.3
	 	 Further Action Evidencing Purchases
	  	 	25	 
	 SECTION 7.4
	 	 Application of Collections
	  	 	26	 
			
	 ARTICLE VIII
	 	 PURCHASE AND SALE TERMINATION EVENTS
	  	 	26	 
			
	 SECTION 8.1
	 	 Purchase and Sale Termination Events
	  	 	26	 
	 SECTION 8.2
	 	 Remedies
	  	 	26	 

  
 - i - 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE IX
	 	 INDEMNIFICATION
	  	 	27	 
			
	 SECTION 9.1
	 	 Indemnities by the Originators
	  	 	27	 
			
	 ARTICLE X
	 	 MISCELLANEOUS
	  	 	29	 
			
	 SECTION 10.1
	 	 Amendments, etc
	  	 	29	 
	 SECTION 10.2
	 	 Notices, etc
	  	 	30	 
	 SECTION 10.3
	 	 No Waiver; Cumulative Remedies
	  	 	30	 
	 SECTION 10.4
	 	 Binding Effect; Assignability
	  	 	30	 
	 SECTION 10.5
	 	 Governing Law
	  	 	30	 
	 SECTION 10.6
	 	 Costs, Expenses and Taxes
	  	 	31	 
	 SECTION 10.7
	 	 SUBMISSION TO JURISDICTION
	  	 	31	 
	 SECTION 10.8
	 	 WAIVER OF JURY TRIAL
	  	 	32	 
	 SECTION 10.9
	 	 Captions and Cross References; Incorporation by Reference
	  	 	32	 
	 SECTION 10.10
	 	 Execution in Counterparts
	  	 	32	 
	 SECTION 10.11
	 	 Acknowledgment and Agreement
	  	 	33	 
	 SECTION 10.12
	 	 No Proceeding
	  	 	33	 
	 SECTION 10.13
	 	 Limited Recourse
	  	 	33	 
	 SECTION 10.14
	 	 Severability
	  	 	33	 

  
 - ii - 

			
	SCHEDULES	  	
	Schedule I	  	Jurisdiction of Organization of the Originators
	Schedule II	  	Location of Books and Records of the Originators
	Schedule III	  	Trade Names

  

			
	EXHIBITS	  	
	Exhibit A	  	Form of Purchase Report
	Exhibit B	  	Form of Subordinated Note
	Exhibit C	  	Form of Joinder Agreement

  
 - iii - 

 This RECEIVABLES PURCHASE AGREEMENT (as
amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of October 30, 2020, is entered into by and among the VARIOUS ENTITIES LISTED
ON SCHEDULE I HERETO (the “Originators”, and individually, each an “Originator”), CONCENTRIX CORPORATION
(“Concentrix”), as the initial Servicer and as the Contributing Originator (as defined below), and CONCENTRIX RECEIVABLES, INC., a Delaware corporation (the “Company”).

 BACKGROUND: 

1.    The Company is a special purpose corporation, all of the issued and outstanding equity interests of which are owned
by Concentrix; 
 2.    The Originators (other than Concentrix) generate Receivables in the ordinary course of their
business; 
 3.    The Originators wish to sell and/or, in the case of Concentrix in its capacity as an Originator
(Concentrix, in such capacity, the “Contributing Originator”), contribute Receivables to the Company, and the Company is willing to purchase and/or accept Receivables from the Originators, on the terms and subject to the conditions
set forth herein; and 
 4.    The Originators and the Company intend this transaction to be a true sale and/or, in the
case of the Contributing Originator, an absolute contribution and conveyance of Receivables by the Originators to the Company, providing the Company with the full benefits of ownership of the Receivables, and the Originators and the Company do not
intend the transactions hereunder to be a loan from the Company to the Originators. 
 5.    The Company intends to
grant a security interest in the Receivables and their Related Rights to the Administrative Agent (for the ratable benefit of the Secured Parties according to their Capital as increased or reduced from time to time) pursuant to the Receivables
Financing Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and for other
good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

DEFINITIONS 
 Unless otherwise
indicated herein, capitalized terms used and not otherwise defined in this Agreement are defined in Section 1.01 of the Receivables Financing Agreement, dated as of the date hereof (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Receivables Financing Agreement”), among the Company, as borrower, Concentrix, as the initial Servicer (in such capacity, the “Servicer”), the Persons from
time to time party thereto as Lenders and as Group Agents, and PNC Bank, National Association, as Administrative Agent, and PNC Capital Markets LLC, as Structuring Agent. The usage of terms and provisions set forth in
Section 1.02 of the Receivables Financing Agreement shall apply hereto as though set forth herein in their entirety. All references herein to months are to calendar months unless otherwise expressly indicated. 

 

 ARTICLE I 

AGREEMENT TO PURCHASE AND SELL 

SECTION 1.1     Agreement To Purchase and Sell. On the terms and subject to the conditions set forth in this
Agreement, each Originator agrees to sell, or in the case of the Contributing Originator, contribute to the Company, and the Company agrees to purchase, or in the case of the Contributing Originator and contributed Receivables, accept from such
Originator, from time to time on or after the Initial Funding Date, but before the Purchase and Sale Termination Date (as defined in Section 1.4), all of such Originator’s right, title and interest in and to: 

(a)    each Receivable of such Originator that existed and was owing to such Originator at the closing of
such Originator’s business on the Cut-Off Date, as defined below; 

(b)    each Receivable generated by such Originator after the
Cut-Off Date to, but excluding, the Purchase and Sale Termination Date; 

(c)    all of such Originator’s interest in any goods (including returned goods), and documentation of
title evidencing the shipment or storage of any goods (including returned goods), the sale of which gave rise to such Receivable; 

(d)    all instruments and chattel paper that may evidence such Receivable; 

(e)    all other security interests or liens and property subject thereto from time to time purporting to
secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto; 

(f)    all of each Originator’s rights, interests and claims under the related Contracts and all
supporting obligations, guaranties, indemnities, letters of credit (including any letter of credit rights), insurance and other agreements (including the related Contract) or arrangements of whatever character from time to time supporting or
securing payment of such Receivable or otherwise relating to such Receivable, whether pursuant to the Contract related to such Receivable or otherwise; 

(g)    all books and records of each Originator to the extent related to any of the foregoing, and all
rights, remedies, powers, privileges, title and interest (but not obligations) in and to each Lock-Box and all Collection Accounts, into which any Collections or other proceeds with respect to such Receivables
may be deposited, and any related investment property acquired with any such Collections or other proceeds (as such term is defined in the applicable UCC); and 

  
 - 2 - 

 (i)    all Collections and other proceeds (as defined
in the UCC) of any of the foregoing. 
 All purchases and contributions hereunder shall be made without recourse, but shall be made pursuant
to, and in reliance upon, the representations, warranties and covenants of such Originator set forth in this Agreement and each other Transaction Document. No obligation or liability to any Obligor on any Receivable is intended to be assumed by the
Company hereunder, and any such assumption is expressly disclaimed. The property and the proceeds and rights described in clauses (c) through (i) are referred to herein, collectively, as the “Related Rights”, and
the Company’s foregoing commitment to purchase or accept Receivables and Related Rights is herein called the “Purchase Facility.” 

As used herein, “Cut-Off Date” means (a) with respect to each Originator party
hereto on the date hereof, the date mutually agreed in writing among each Originator, the Company and the Administrative Agent in connection with the Initial Funding Date, and (b) with respect to any Originator that first becomes a party hereto
after the date hereof, the Business Day immediately prior to the date on which such Originator becomes a party hereto or such other date as the Company and such Originator agree to in writing. 

SECTION 1.2     Timing of Purchases. 

(a)    Initial Funding Date Purchases. Each Originator’s entire right, title and interest in (i) each
Receivable that existed and was owing to such Originator at the Cut-Off Date, (ii) all Receivables created by such Originator after the Cut-Off Date, to and
including, the Initial Funding Date, and (iii) all Related Rights with respect thereto automatically shall be deemed to have been sold or contributed, as applicable, by such Originator to the Company on the Initial Funding Date; provided that
the sale, contribution or other conveyance of the Receivables and Related Rights hereunder on the Initial Funding Date shall be deemed to have occurred on the opening of the business on the date on which the first Advance is made under the
Receivables Financing Agreement. 
 (b)    Subsequent Purchases. After the Initial Funding Date, until the
Purchase and Sale Termination Date, each Receivable and the Related Rights generated by each Originator shall be deemed to have been sold or contributed, as applicable, by such Originator to the Company immediately (and without further action) upon
the creation of such Receivable (or, in in the case of contributed Receivables, immediately upon the transfer of such Receivable by the applicable Originator to the Contributing Originator). 

SECTION 1.3     Consideration for Purchases. On the terms and subject to the conditions set forth in this
Agreement, the Company agrees to make Purchase Price payments to the Originators and to reflect all capital contributions in accordance with Article III. 

SECTION 1.4     Purchase and Sale Termination Date. The “Purchase and Sale Termination Date” shall
be the earlier to occur of (a) the date the Purchase Facility is terminated pursuant to Section 8.2; (b) the Early Amortization Date and (c) the Final Payout Date. 

  
 - 3 - 

 SECTION 1.5     Intention of the Parties. It is the express
intent of each Originator and the Company that each conveyance by such Originator to the Company pursuant to this Agreement of any Receivables and Related Rights, including, without limitation, all Receivables, if any, constituting “general
intangibles” (as defined in the UCC), and all Related Rights be construed as a valid and perfected sale (or contribution) and absolute assignment (without recourse except as provided herein) of such Receivables and Related Rights by such
Originator to the Company (rather than the grant of a security interest to secure a debt or other obligation of such Originator) and that the right, title and interest in and to such Receivables and Related Rights conveyed to the Company be prior to
the rights of and enforceable against all other Persons at any time, including, without limitation, lien creditors, secured lenders, purchasers and any Person claiming through such Originator. However, if, contrary to the mutual intent of the
parties, any conveyance of Receivables, including without limitation any Receivables constituting general intangibles as defined in the UCC, and all Related Rights is not construed to be both a valid and perfected sale (or contribution) and absolute
assignment of such Receivables and Related Rights, and a conveyance of such Receivables and Related Rights that is prior to the rights of and enforceable against all other Persons at any time, including without limitation lien creditors, secured
lenders, purchasers and any Person claiming through such Originator, then, it is the intent of such Originator and the Company that, (i) this Agreement also shall be deemed to be, and hereby is, a security agreement within the meaning of the
UCC; and (ii) such Originator shall be deemed to have granted to the Company as of the date of this Agreement, and such Originator hereby grants to the Company, a security interest in, to and under, all of such Originator’s right, title
and interest in and to the Receivables and the Related Rights transferred or purported to be transferred hereunder, whether now existing or hereafter created by such Originator, which security interest shall secure the obligations of such Originator
under this Agreement. 
 ARTICLE II 

PURCHASE REPORT; CALCULATION OF PURCHASE PRICE 

SECTION 2.1     Purchase Report. On the Initial Funding Date and on each date when an Information Package or
Interim Report is due to be delivered under the Receivables Financing Agreement (each such date, a “Purchase Report Date”), the Servicer shall deliver to the Company and each Originator a report in substantially the form of
Exhibit A (each such report being herein called a “Purchase Report”) setting forth, among other things: 

(a)    the Purchase Price of all Receivables purchased by the Company from each Originator, or contributed
to the capital of the Company by the Contributing Originator, as of the Cut-Off Date (in the case of the Purchase Report to be delivered on the Initial Funding Date); 

(b)    the Purchase Price of all Receivables purchased by the Company from each Originator, or contributed
to the capital of the Company by the Contributing Originator, during the calendar month, week or day, as applicable, immediately preceding such Purchase Report Date (in the case of each subsequent Purchase Report); and 

  
 - 4 - 

 (c)    the calculations of reductions of the Purchase
Price for any Receivables as provided in Sections 3.3(a) and (b). 
 SECTION 2.2     Calculation of
Purchase Price. The “Purchase Price” to be paid to each Originator on any Payment Date in accordance with the terms of Article III for the Receivables that are purchased hereunder from such Originator shall be
(i) determined in accordance with the following formula and (ii) subject to the reductions as provided in Sections 3.3(a) and (b): 
  

					
	PP	  	=	  	OB x FMVD
			
	where:	  		  	
			
	PP	  	=	  	The Purchase Price for each Receivable as calculated on the relevant Payment Date (or, for the Initial Funding Date, on the Cut-Off Date).
			
	OB	  	=	  	The Outstanding Balance of such Receivable on the relevant Payment Date (or, for the Initial Funding Date, on the Cut-Off Date).
			
	FMVD	  	=	  	Fair Market Value Discount, as measured on such Payment Date, which is equal to a percentage calculated to provide the Company with a reasonable return on its investment in the Receivables after taking account of (i) the time
value of money based upon the anticipated dates of collection of the Receivables and the cost to the Company of financing its investment in the Receivables during such period and (ii) the risk of nonpayment by the Obligors. The Originators and
the Company may agree from time to time to change the Fair Market Value Discount based on changes in one or more of the items affecting the calculation thereof; provided that any change to the Fair Market Value Discount shall take effect as
of the first day of a calendar month, shall apply only prospectively and shall not affect the Purchase Price payment in respect of Receivables which came into existence during any calendar month ending prior to the calendar month during which the
Originators and the Company agree to make such change.

  
 - 5 - 

 “Payment Date” means (i) the Initial Funding Date and (ii) each
Business Day thereafter that the Originators are open for business. 
 ARTICLE III 

PAYMENT OF PURCHASE PRICE 

SECTION 3.1     Initial Purchase Price Payment. On the terms and subject to the conditions set forth in this
Agreement, the Company agrees to pay to each Originator the Purchase Price for the purchase to be made from such Originator on the Initial Funding Date (i) to the extent the Company has cash available thereof, partially in cash (in an amount to
be agreed between the Company and such Originator and set forth in the initial Purchase Report), (ii) the remainder by issuing a promissory note in the form of Exhibit B to such Originator (each such promissory note, as it may be amended,
supplemented, endorsed or otherwise modified from time to time, together with all promissory notes issued from time to time in substitution therefor or renewal thereof in accordance with the Transaction Documents, each being herein called a
“Subordinated Note”) with an initial principal amount equal to the remaining Purchase Price payable to such Originator not paid in cash or contributed to the Company’s capital, and (iii) in the case of the Contributing
Originator, at the Contributing Originator’s election, by accepting a contribution to its capital. 
 SECTION 3.2
    Subsequent Purchase Price Payments. On each Payment Date subsequent to the Initial Funding Date, on the terms and subject to the conditions set forth in this Agreement, the Company shall pay to each Originator the
Purchase Price for the Receivables and the Related Rights generated by such Originator on such Payment Date: 

(a)    FIRST, in cash to the extent the Company has cash available therefor and such payment
is not prohibited under the Receivables Financing Agreement; 
 (b)    SECOND, to the
extent any portion of the Purchase Price remains unpaid, (i) the principal amount outstanding under the applicable Subordinated Note shall , subject to subclause (ii) below, be automatically increased by an amount equal to such
remaining Purchase Price in an amount not to exceed the lesser of (A) the remaining unpaid portion of such Purchase Price and (B) the maximum aggregate amount of borrowings that could be borrowed under the Subordinated Notes without
rendering the Borrower’s Net Worth less than the Required Capital Amount; and (ii) to the extent any portion of the Purchase Price remains unpaid after the allocations in clause (a) above, at the Contributing Originator’s
election (in its sole discretion) by accepting a contribution to its capital in an amount equal to the remaining unpaid balance of such Purchase Price. 

All amounts paid by the Company to any Originator shall be allocated first to the payment of any Purchase Price then due and unpaid,
second to the payment of accrued and unpaid interest on the Subordinated Note of such Originator; third to the repayment of the principal outstanding on the Subordinated Note of such Originator to the extent of such outstanding
principal thereof as of the date of such payment before such amounts may be allocated for any other purpose and fourth, as a distribution on capital. The Servicer shall make all appropriate record keeping entries with respect to each of the
Subordinated Notes to reflect 

  
 - 6 - 

 
the foregoing payments and reductions made pursuant to Section 3.3, and the Servicer’s books and records shall constitute rebuttable presumptive evidence of the
principal amount of, and accrued interest on, each of the Subordinated Notes at any time. Each Originator hereby irrevocably authorizes the Servicer to mark the Subordinated Notes “CANCELLED” and to return the Subordinated Notes to the
Company upon the final payment thereof after the occurrence of the Purchase and Sale Termination Date. 
 If, on any Business Day,
(i) the Contributing Originator has determined in its discretion that it no longer wishes to contribute Receivables to the Company or (ii) the Company is unable to pay the Purchase Price for Receivables and Related Rights pursuant to this
Section 3.2, then the Contributing Originator or the Originators (as applicable) shall on such Business Day provide written notice thereof to the Administrative Agent and the Lenders. 

SECTION 3.3     Settlement as to Specific Receivables and Dilution. 

(a)    If, (i) on the day of purchase or contribution of any Receivable from an Originator hereunder, any of the
representations or warranties set forth in Sections 5.8, 5.11, 5.13, 5.14, 5.20, 5.22, 5.23 and 5.24 are not true with respect to such Receivable or (ii) as a result of any action or
inaction (other than solely as a result of the failure to collect such Receivable due to a discharge in bankruptcy or similar insolvency proceeding or other credit related reasons with respect to the relevant Obligor) of an Originator, on any
subsequent day, any of such representations or warranties set forth in Sections 5.8, 5.11, 5.13, 5.14, 5.20, 5.22, 5.23 and 5.24 is no longer true with respect to such
Receivable, then the Purchase Price with respect to such Receivable shall be reduced by an amount equal to the Outstanding Balance of such Receivable and shall be accounted to such Originator as provided in clause (c) below;
provided, that if the Company thereafter receives payment on account of Collections due with respect to such Receivable, the Company promptly shall deliver such funds to such Originator. 

(b)    If, on any day, the Outstanding Balance of any Receivable purchased or contributed hereunder is reduced or adjusted
as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment made by the Company, any Originator, the Servicer, or any
Affiliate of the Servicer or any setoff, counterclaim or dispute between or among the Company or any Affiliate of the Company, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate of the Servicer, and an Obligor, then
the Purchase Price with respect to such Receivable shall be reduced by the amount of such net reduction or adjustment and shall be accounted to such Originator as provided in clause (c) below. 

(c)    Subject to clause (d) below, any reduction in the Purchase Price of any Receivable pursuant to
clause (a) or (b) above shall be applied as a credit for the account of the Company against the Purchase Price of Receivables subsequently purchased by the Company from such Originator hereunder; provided, however if
as of any Settlement Date there have been insufficiently large purchases of Receivables from any Originator to create a Purchase Price sufficient to so apply such aggregate credits against, then on such Settlement Date the aggregate amount of such
excess credits: 
 (i)    to the extent of any outstanding principal amount under the Subordinated Note
payable to such Originator, shall be deemed to be a payment under, and shall be deducted from the principal amount outstanding under, the Subordinated Note payable to such Originator; and 

  
 - 7 - 

 (ii)    after making any deduction pursuant to clause
(i) above, shall be paid in cash to the Company by such Originator. 
 (d)     At any time (i) at and
following the request of the Company (either with respect to any specific payment or all such payments), (ii) when an Event of Default or an Unmatured Event of Default exists under the Receivables Financing Agreement, (iii) when the
Aggregate Capital exceeds the Borrowing Base at such time under the Receivables Financing Agreement or (iv) on or after the Purchase and Sale Termination Date or the Termination Date, the amount of any such credit shall be paid by such
Originator to the Company by deposit in immediately available funds into a Collection Account for application by the Servicer to the same extent as if Collections of the applicable Receivable in such amount had actually been received on such date.

 SECTION 3.4     Reconveyance of Receivables. In the event that an Originator has paid to the Company the full
Outstanding Balance of any Receivable pursuant to Section 3.3, the Company shall reconvey such Receivable to such Originator, without representation or warranty, but free and clear of all liens, security interests, charges,
and encumbrances created by the Company. 
 ARTICLE IV 

CONDITIONS OF PURCHASES; ADDITIONAL ORIGINATORS 

SECTION 4.1     Conditions Precedent to the Closing Date. The Closing Date hereunder is subject to the condition
precedent that the Company and the Administrative Agent (as the Company’s assignee) shall have received, on or before the Closing Date, the following, each (unless otherwise indicated) dated the Closing Date, and each in form and substance
reasonably satisfactory to the Company and the Administrative Agent (as the Company’s assignee): 

(a)    A copy of the resolutions or written consent of the board of directors or managers or other
equivalent governing body of each Originator approving the Transaction Documents to be executed and delivered by it and the transactions contemplated thereby, certified by the Secretary or Assistant Secretary (or equivalent) of such Originator; 

(b)    Good standing certificates, or an equivalent certificate, for each Originator issued as of a recent
date reasonably acceptable to the Company and the Administrative Agent (as the Company’s assignee) by the Secretary of State, or other equivalent authority, of the jurisdiction of such Originator’s organization; 

(c)    A certificate of the Secretary or Assistant Secretary (or equivalent) of each Originator certifying
the names and true signatures of the officers authorized on such Person’s behalf to sign the Transaction Documents to be executed and delivered by it (on 

  
 - 8 - 

 
which certificate the Servicer, the Company and the Administrative Agent (as the Company’s assignee) may conclusively rely until such time as the Servicer, the Company and the Administrative
Agent (as the Company’s assignee) shall receive from such Person a revised certificate meeting the requirements of this clause (c)); 

(d)    The certificate or articles of incorporation, certificate of formation or other organizational
document of each Originator (including all amendments and modifications thereto) duly certified by the Secretary of State, or other equivalent authority, of the jurisdiction of such Originator’s organization as of a recent date, together with a
copy of the by-laws, limited liability company agreement, or equivalent governing document of such Originator (including all amendments and modifications thereto), each duly certified by the Secretary or an
Assistant Secretary (or equivalent) of such Originator; 
 (e)    The forms of financing statements (Form
UCC-1) that name each Originator as the debtor/seller and the Company as the buyer/assignor (and the Administrative Agent, for the benefit of the Secured Parties, as secured party/assignee) of the Receivables
sold or contributed by such Originator as may be necessary or, in the Company’s or the Administrative Agent’s reasonable opinion, desirable under the UCC of all appropriate jurisdictions to perfect the Company’s ownership interest in
all Receivables and Related Rights (including, without limitation, Related Security) in which an ownership or security interest has been assigned to the Company hereunder; 

(f)    Written lien search results listing all effective financing statements that name the Originators as
debtors or sellers and that are filed in each Originator’s jurisdiction of organization, together with copies of such financing statements (none of which, except for those described in the foregoing clause (e) (and/or released or
terminated, as the case may be, on or prior to the Initial Funding Date), shall cover any Receivable or any Related Rights which are to be sold or contributed to the Company hereunder), and tax and judgment lien search results showing no evidence of
such liens filed against any Originator; 
 (g)    Favorable opinions of counsel to the Originators, in
form and substance reasonably satisfactory to the Company, the Administrative Agent (as the Company’s assignee), and each Group Agent; 

(h)    A Subordinated Note in favor of each Originator, duly executed by the Company; and 

(i)    Evidence of (i) the execution and delivery by each Originator and the Company of each of the
other Transaction Documents to be executed and delivered in connection herewith; and (ii) that each of the conditions precedent to the execution, delivery and effectiveness of such other Transaction Documents has been satisfied to the
Company’s and the Administrative Agent’s (as the Company’s assignee) satisfaction. 
 SECTION 4.2
    Certification as to Representations and Warranties. Each Originator, by accepting the Purchase Price related to each purchase of Receivables generated by such 

  
 - 9 - 

 
Originator, shall be deemed to have certified that the representations and warranties of such Originator contained in Article V, as from time to time amended in accordance with the terms
hereof, are true and correct in all material respects (unless such representation or warranty contains a materiality qualification and, in such case, such representation or warranty shall be true and correct as made) on and as of such day, with the
same effect as though made on and as of such day (except for representations and warranties which apply to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (unless such
representation or warranty contains a materiality qualification and, in such case, such representation or warranty shall be true and correct as made) as of such earlier date). 

SECTION 4.3     Additional Originators. (a) Additional Persons may be added as Originators hereunder, with the
prior written consent of the Company, the Administrative Agent and each Group Agent (which consents may be granted or withheld in their sole discretion); provided that the following conditions are satisfied or waived in writing by the
Administrative Agent and each Group Agent on or before the date of such addition: 
 (i)    the Servicer
shall have given the Company, the Administrative Agent and each Group Agent at least thirty (30) days’ prior written notice of such proposed addition and the identity of the proposed additional Originator and shall have provided such other
information with respect to such proposed additional Originator as the Company, the Administrative Agent or any Group Agent may reasonably request; 

(ii)    such proposed additional Originator shall have executed and delivered to the Company, the
Administrative Agent, each Group Agent and the Servicer an agreement substantially in the form attached hereto as Exhibit C (a “Joinder Agreement”); 

(iii)    the Performance Guarantor shall have delivered a reaffirmation, acknowledgment and consent with
respect to the Joinder Agreement of such proposed additional Originator; 
 (iv)    such proposed
additional Originator shall have delivered to the Company and the Administrative Agent (as the Company’s assignee) each of the documents with respect to such Originator described in Section 4.1, in each case in form
and substance reasonably satisfactory to the Company and the Administrative Agent (as the Company’s assignee); 

(v)    no Purchase and Sale Termination Event shall have occurred and be continuing; and 

(vi)    no Event of Default shall have occurred and be continuing. 

  
 - 10 - 

 ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS 

In order to induce the Company to enter into this Agreement and to make purchases hereunder, each Originator hereby makes with respect to
itself the representations and warranties set forth in this Article V. 
 SECTION 5.1     Existence and
Power. Each Originator is a corporation, limited liability company or limited partnership, as applicable. Each Originator is (i) duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or
formation, (ii) and has full power and authority under its organizational documents and under the laws of the jurisdiction of its organization or formation to own its properties and to conduct its business as such properties are currently owned
and such business is presently conducted and (iii) is duly qualified to do business, is in good standing as a foreign entity, and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business
requires such qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.2     Power and Authority; Due Authorization. Each Originator (i) has all necessary power and
authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and (C) sell,
contribute or grant a security interest in the Receivables and the Related Rights to the Company on the terms and subject to the conditions herein provided, and (ii) has duly authorized by all necessary action such sale, contribution or grant
and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party. 

SECTION 5.3     Binding Obligations. This Agreement and each of the other Transaction Documents to which each
Originator is a party constitutes the legal, valid and binding obligations of each such Originator, enforceable against each such Originator in accordance with their respective terms, except (i) as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law. 
 SECTION 5.4     No Violation.
The execution, delivery and performance of, and the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents to which each Originator is a party, and the fulfillment of the terms hereof and thereof, will
not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement, credit agreement,
loan agreement, security agreement, mortgage, deed of trust, or other material agreement or instrument to which such Originator is a party or by which it or any of its properties is bound, (ii) result in the creation or imposition of any
Adverse Claim other than Permitted Encumbrances upon any of its properties 

  
 - 11 - 

 
pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument other than this Agreement and the
other Transaction Documents or (iii) conflict with or violate any Applicable Law, except in each case to the extent that any such conflict, breach, default, Adverse Claim or violation could not reasonably be expected to have a Material Adverse
Effect. 
 SECTION 5.5     Litigation and Other Proceedings. (i) There is no action, suit, proceeding or
investigation pending, or to such Originator’s knowledge threatened in writing, against such Originator before any Governmental Authority and (ii) such Originator is not subject to any order, judgment, decree, injunction, stipulation or
consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement or any other Transaction Document, (B) seeks to prevent the
grant of a security interest in any Receivables or Related Rights transferred by such Originator to the Company, the ownership or acquisition by the Company of any Receivables or Related Rights or the consummation of any of the transactions
contemplated by this Agreement or any other Transaction Document, (C) is reasonably likely to be adversely determined and, if adversely determined, could reasonably be expected to materially and adversely affect the performance by each
Originator of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations could reasonably be
expected to have a Material Adverse Effect. 
 SECTION 5.6     Governmental Approvals. Except where the failure
to obtain or make such authorization, consent, order, approval or action could not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that
are required to be obtained by each Originator in connection with the sale, contribution or grant of a security interest in the Receivables or Related Rights to the Company hereunder or the due execution, delivery and performance by each Originator
of this Agreement or any other Transaction Document to which it is a party and the consummation by each Originator of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or
made and are in full force and effect. 
 SECTION 5.7     Margin Regulations. No Originator is engaged,
principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System).

 SECTION 5.8     Valid Sale. Each sale of Receivables and the Related Rights made by each Originator pursuant
to this Agreement shall constitute a valid sale, transfer and assignment of Receivables and Related Rights to the Company, enforceable against creditors of, and purchasers from, each such Originator, except (i) as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in equity or at law. 

  
 - 12 - 

 SECTION 5.9     Names and Location. Except as described in
Schedule III, each Originator has not used any company or corporate names, trade names or assumed names since the date occurring five calendar years prior to the Closing Date other than its name set forth on the signature pages hereto. Each
Originator is “located” (as such term is defined in the applicable UCC) in the jurisdiction specified in Schedule I and since the date occurring five calendar years prior to the Closing Date, has not been “located” (as
such term is defined in the applicable UCC) in any other jurisdiction (except as specified in Schedule I). The office(s) where each Originator keeps its records concerning the Receivables is at the address(es) set forth on Schedule II.

 SECTION 5.10     No Material Adverse Effect. Since November 30, 2019, there has been no Material Adverse
Effect with respect to such Originator. 
 SECTION 5.11     Accuracy of Information. All certificates, reports,
financial statements, documents and other information furnished to the Company, the Administrative Agent or any other Credit Party in writing by or on behalf of each Originator pursuant to any provision of this Agreement or any other Transaction
Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date
the same are furnished to the Company, the Administrative Agent or such other Credit Party, and does not contain any untrue statement of a material fact or omit to state a material fact or any fact necessary to make the statements contained therein,
in light of the circumstances under which they were made, not misleading; provided, that, with respect to projected business plans, forecasts and other projected financial information, the Originator represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery, the
Originator’s reasonable estimate of its plans, forecasts or projections, as applicable, based on the information available at the time (it being acknowledged that actual results may vary, and such variations may be material). 

SECTION 5.12     Compliance with Law. Each Originator has complied in all respects with all Applicable Laws to
which it may be subject, except in such instances in which the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.13     Eligible Receivables. Each Receivable sold, contributed, transferred or assigned hereunder is an
Eligible Receivable on the date of such sale, contribution, transfer or assignment, unless otherwise specified in the first Information Package or Interim Report that includes such Receivable. 

SECTION 5.14     Credit and Collection Policy. Each Originator has complied in all material respects with the
Credit and Collection Policy with regard to each Receivable sold or contributed by it hereunder and the related Contracts. 

  
 - 13 - 

 SECTION 5.15     Investment Company Act. No Originator is an
“investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act. 

SECTION 5.16     Anti-Money Laundering/International Trade Law Compliance. No Originator is a Sanctioned Person. To
the actual knowledge of each Originator, no Obligor was a Sanctioned Person at the time of origination of any Receivable owing by such Obligor. No Originator, either in its own right or through any third party, (i) has any of its assets in a
Sanctioned Country or in the possession, custody or control of a Sanctioned Person; (ii) does business in or with, or derives any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person, in each case
in violation of any Anti-Terrorism Law. Each Originator, its Subsidiaries and, to each Originator’s knowledge, the Obligors have conducted their business in compliance in all material respects with all applicable Sanctions and in compliance
with any other Anti-Terrorism Law and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 

SECTION 5.17     Financial Condition. 

(a)    The combined balance sheet of the customer experience services business of SYNNEX Corporation (the
“CX Business”) as of August 31, 2020 and the related statements of operations and parent equity of the CX Business for the nine months then ended, copies of which have been furnished to the Administrative Agent and the Group
Agents, present fairly in all material respects the combined financial position of the CX Business for the period ended on such date, all in accordance with GAAP, subject to normal year-end audit adjustments
and the absence of footnotes. 
 (b)    On the date hereof, and on the date of each purchase hereunder
(both before and after giving effect to such purchase), each Originator is, and will be on such date, Solvent and no Insolvency Proceeding with respect to such Originator is, or will be on such date, pending. 

SECTION 5.18     Taxes. Each Originator has (i) timely filed or caused to be filed all material tax returns
(federal, state and local) required to be filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, if
any, other than (a) taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings, (b) as to which adequate reserves have been provided in accordance with GAAP, or (c) to the extent failure
to do so could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.19     Bulk Sales
Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar law. 
 SECTION 5.20
    No Fraudulent Conveyance. No sale or contribution or transfer hereunder constitutes a fraudulent transfer or conveyance under any United States federal or applicable state bankruptcy or insolvency laws or is otherwise
void or voidable under such laws or similar laws or principles or for any other reason. 

  
 - 14 - 

 SECTION 5.21     Ordinary Course of Business. If notwithstanding
the intention of the parties hereto, the transactions are characterized as loans and not sales or contributions, each of the Originators represents and warrants as to itself that each remittance of Collections by or on behalf of such Originator to
the Company under this Agreement will have been (i) in payment of a debt incurred by such Originator in the ordinary course of business or financial affairs of such Originator and (ii) made in the ordinary course of business or financial
affairs of such Originator. 
 SECTION 5.22     Good Title Perfection. 

(a)    Immediately preceding its sale or contribution of each Receivable hereunder, the applicable
Originator was the owner of such Receivable sold or purported to be sold or contributed or purported to be contributed, free and clear of any Adverse Claims, and each such sale hereunder constitutes a valid sale or contribution, transfer and
assignment of all of such Originator’s right, title and interest in, to and under the Receivables sold or contributed by it, free and clear of any Adverse Claims. 

(b)    On or before the Closing Date and before the generation by such Originator of any new Receivable to
be sold, contributed or otherwise conveyed hereunder, all financing statements and other documents, if any, required to be recorded or filed in order to perfect and protect the Company’s ownership interest in Receivables to be sold, contributed
or otherwise conveyed hereunder against all creditors of and purchasers from such Originator will have been duly filed in each filing office necessary for such purpose, and all filing fees and taxes, if any, payable in connection with such filings
shall have been paid in full. 
 (c)    Upon the creation (or the transfer to the Contributing
Originator with respect to contributed Receivables) of each new Receivable sold, contributed or otherwise conveyed or purported to be conveyed hereunder and on the Initial Funding Date for then existing Receivables, the Company shall have a valid
and perfected first priority ownership or security interest in each Receivable sold or contributed to it hereunder, free and clear of any Adverse Claim. 

SECTION 5.23     Perfection Representations. 

(a)    This Agreement creates a valid and continuing ownership or security interest (as defined in the
applicable UCC) in each Originator’s right, title and interest in, to and under the Receivables and Related Rights which (A) ownership or security interest has been perfected and is enforceable against creditors of and purchasers from each
Originator and (B) will be free of all Adverse Claims in such Receivables and Related Rights. 

(b)    The Receivables constitute “accounts” or “general intangibles” within the
meaning of Section 9-102 of the UCC. 

  
 - 15 - 

 (c)    Prior to the sale or contribution of, or grant
of security interest in, the Receivables and Related Rights transferred hereunder, each Originator owned and had good and marketable title to such Receivables and Related Rights free and clear of any Adverse Claim of any Person. 

(d)    All appropriate financing statements, financing statement amendments and continuation statements
have been filed in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of) the sale or contribution of and/or grant of a security interest in the Receivables and Related
Rights from each Originator to the Company pursuant to this Agreement. 
 (e)    Other than the
ownership or security interest granted to the Company pursuant to this Agreement, no Originator has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables or Related Rights except (in the case of the
contributed Receivables) for transfer to the Contributing Originator or as otherwise permitted by this Agreement and the other Transaction Documents. Each such Originator has not authorized the filing of and is not aware of any financing statements
filed against such Originator that include a description of collateral covering the Receivables or Related Rights other than any financing statement (i) in favor of the Administrative Agent, (ii) that has been terminated or
(iii) which, in respect of any Receivables or Related Rights covered under such financing statement or other lien filing, such Receivables or Related Rights has been or will be, upon the sale or contribution of such Receivables or Related
Rights pursuant to the Transaction Documents, released under the governing documents establishing the lien or security interest described by such financing statement or other lien filing. No Originator is aware of any judgment lien, ERISA lien or
tax lien filings against such Originator. 
 (f)    Notwithstanding any other provision of this
Agreement or any other Transaction Document, the representations contained in this Section 5.23 shall be continuing and remain in full force and effect until the Final Payout Date. 

SECTION 5.24     Enforceability of Contracts. Each Contract related to any Receivable sold or contributed by an
Originator hereunder is effective to create, and has created, a legal, valid and binding obligation of the related Obligor to pay the outstanding balance of such Receivable, enforceable against the Obligor in accordance with its terms, except
(i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited
by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law, without being subject to any defense, deduction, offset or counterclaim and such Originator has fully performed its
obligations under such Contract. 

  
 - 16 - 

 SECTION 5.25     Other Transaction Documents. Each representation
and warranty made by each Originator under each other Transaction Document to which it is a party is true and correct in all material respects (or if already qualified by materiality or Material Adverse Effect, in all respects) as of the date when
made. 
 SECTION 5.26     Reaffirmation of Representations and Warranties by each Originator. On each day
that a new Receivable is sold or contributed to the Company hereunder, such Originator shall be deemed to have certified that all representations and warranties of such Originator hereunder are true and correct in all material respects (or if
already qualified by materiality or Material Adverse Effect, in all respects) on and as of such day as though made on and as of such day, except for representations and warranties which apply as to an earlier date (in which case such representations
and warranties shall be true and correct in all material respects (or if already qualified by materiality or Material Adverse Effect, in all respects) as of such date). 

ARTICLE VI 
 COVENANTS OF THE
ORIGINATORS 
 SECTION 6.1     Covenants of the Originators. At all times from the Closing Date until the
Final Payout Date, each Originator will, unless the Administrative Agent, the Majority Group Agents, and the Company shall otherwise consent in writing, perform the following covenants: 

(a)    Existence. Each Originator will preserve and maintain its legal existence, rights, franchises,
qualifications and privileges except where the failure to preserve and maintain such existence, rights, franchises, qualifications and privileges could not reasonably be expected to result in a Material Adverse Effect. 

(b)    Financial Reporting. Each Originator will maintain a system of accounting established and administered in
accordance with GAAP, and each Originator shall furnish to the Company, the Administrative Agent and each Group Agent such information regarding the operations, business affairs and financial condition of such Originator as the Company, the
Administrative Agent or any Group Agent may from time to time reasonably request, including any information available to such Originator as the Company, the Administrative Agent or any Group Agent may from time to time reasonably request in order to
protect the interests of the Company and the Administrative Agent as the Company’s assignee. 

(c)    Notices. Each Originator will notify the Company, the Administrative Agent and each Group Agent in writing
of any of the following events promptly upon (but in no event later than two (2) Business Days after (other than with respect to clause (v) below)) a Financial Officer or other officer of such Originator learning of the occurrence thereof:

 (i)    Notice of Purchase and Sale Termination Events, Unmatured Purchase and Sale Termination
Events, Events of Default or Unmatured Events of Default. A statement of a Financial Officer of such Originator setting forth details of any Purchase and Sale Termination Event (as defined in Section 8.1), Unmatured
Purchase 

  
 - 17 - 

 
and Sale Termination Event (as defined in Section 8.1), Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the
applicable Originator has taken or proposes to take with respect thereto. 
 (ii)    Litigation.
The institution of any litigation, arbitration proceeding or governmental proceeding with respect to such Originator which could reasonably be expected to have a Material Adverse Effect. 

(iii)    Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon the
Receivables or Related Rights or any material portion thereof, (B) any Person other than the Company, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Collection Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to Receivable(s) from a Person other than the Company, the Originators at the request of the Company, the Servicer or
the Administrative Agent. which is not acknowledged by the applicable Obligor as fraudulent or ineffective 

(iv)    Name Changes. At least thirty (30) days before any change in any Originator’s or
the Company’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements, a notice setting forth such changes and the effective date thereof. 

(v)    Change in Accountants or Accounting Policy. Any change in (i) the external accountants
of such Originator or (ii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in which any
Originator accounts for the Receivables shall be deemed “material” for such purpose). 

(vi)    Material Adverse Change. Any Material Adverse Effect with respect to such Originator. 

(d)    Conduct of Business. Each Originator will carry on and conduct its business in substantially the same manner
and in substantially the same fields of enterprise as it is presently conducted, and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic organization in its jurisdiction of organization and
maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted if the failure to have such authority could reasonably be expected to have a Material Adverse Effect. 

(e)    Compliance with Laws. Each Originator will comply with all Applicable Laws to which it may be subject if the
failure to comply could reasonably be expected to have a Material Adverse Effect. 
 (f)    Furnishing of Information
and Inspection of Receivables. Each Originator will furnish or cause to be furnished to the Company, the Administrative Agent and each Group Agent from time to time such information with respect to the Receivables and Related Rights as

  
 - 18 - 

 
the Company, the Administrative Agent, any Group Agent or any Lender may reasonably request. Each Originator will, at such Originator’s expense, during regular business hours with reasonable
prior written notice (i) permit the Company, the Administrative Agent and each Group Agent or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool
Receivables or Related Rights, (B) visit the offices and properties of such Originator for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the Related Rights or such
Originator’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors or employees of such Originator (provided that representatives of such Originator are present during such
discussions) having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at such Originator’s expense, upon reasonable prior written notice from the Company or
the Administrative Agent, permit certified public accountants or other auditors acceptable to the Company or the Administrative Agent, to conduct a review of its books and records with respect to such Pool Receivables and Related Rights;
provided, that such Originator shall be required to reimburse the Company, the Administrative Agent or any Group Agent for only one (1) such review pursuant to clause (ii) above in any twelve-month period,
unless an Event of Default has occurred and is continuing. 
 (g)    Payments on Receivables, Collection
Accounts. Each Originator will, on and after the Initial Funding Date, instruct all Obligors to deliver payments on the Pool Receivables (other than Foreign Currency Receivables) to a Collection Account or, solely with respect to Physical Check
Obligors, to a Lock-Box or directly to the Servicer or the applicable Originator. Each Originator will, at all times, maintain such books and records necessary to identify Collections received from time to
time on Pool Receivables and to segregate such Collections from other property of such Originator. If any payments on the Pool Receivables (other than Foreign Currency Receivables) or other Collections are received by an Originator, the Company or
the Servicer, it shall hold such payments in trust for the benefit of the Administrative Agent, the Group Agents, the Lenders and the other Secured Parties and promptly (but in any event within two (2) Business Day after receipt) remit such
funds into a Collection Account. If at any time after the Closing Date funds other than Collections on Pool Receivables and Related Rights are deposited into any Collection Account, such Originator will, within two (2) Business Days identify
and transfer such funds to the appropriate Person entitled to such funds. The Originators will not, and will not permit the Servicer or any other Person to, commingle Collections or other funds to which the Company, the Administrative Agent, any
Group Agent or any other Secured Party is entitled, with any other funds. The Originators shall only add a Collection Account (or a related Lock-Box) or a Collection Account Bank to those listed on Schedule II
to the Receivables Financing Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) in form and substance reasonably acceptable to
the Administrative Agent from the applicable Collection Account Bank. An Originator shall only terminate a Collection Account Bank or close a Collection Account (or a related Lock-Box) with the prior written
consent of the Administrative Agent. Each Originator shall ensure that no disbursements are made from any Collection Account, other than such disbursements that are made at the direction and for the account of the Company. 

  
 - 19 - 

 (h)    Sales, Liens, etc. Except as otherwise provided herein, no
Originator will sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Pool
Receivable or Related Rights, or assign any right to receive income in respect thereof. 
 (i)    Extension or
Amendment of Pool Receivables. Except as otherwise permitted in Section 9.02 of the Receivables Financing Agreement, no Originator will, or will permit the Servicer to, alter the delinquency status or adjust the Outstanding Balance
or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract that affects or could affect any Pool Receivable. Each Originator shall
at its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Pool Receivables, and timely and fully comply with the
Credit and Collection Policy with regard to each Pool Receivable and the related Contract. 
 (j)    Change in Credit
and Collection Policy. No Originator will make any material change in the Credit and Collection Policy without the prior written consent of the Administrative Agent. Promptly following any change in the Credit and Collection Policy, such
Originator will deliver a copy of the updated Credit and Collection Policy to the Company, the Administrative Agent and each Group Agent. 

(k)    Fundamental Changes. No Originator shall make any change in such Originator’s name or location or make
any other change in such Originator’s identity or corporate structure that could impair or otherwise render any UCC financing statement filed in connection with this Agreement or any other Transaction Document “seriously misleading”
as such term (or similar term) is used in the applicable UCC, in each case, unless the Company, the Administrative Agent and each Group Agent have each (A) received at least 30 days’ prior written notice thereof, (B) received such
other information and documentation as may reasonably be requested by the Company, the Administrative Agent or the Group Agents for purposes of compliance with Applicable Laws, (C) received executed copies of all documents, certificates and
opinions (including opinions relating to UCC matters) as the Company, the Administrative Agent or the Majority Group Agents shall reasonably request and (D) been reasonably satisfied that all other action to perfect and protect the interests of
the Company and the Administrative Agent, on behalf of the Secured Parties, in and to the Receivables to be sold or contributed by it hereunder and the Related Rights, as reasonably requested by the Company, the Administrative Agent or the Majority
Group Agents shall have been taken by, and at the expense of, such Originator (including the filing of any UCC financing statements, the receipt of certificates and other requested documents from public officials and all such other actions required
pursuant to Section 7.3). 
 (l)    Books and Records. Each Originator shall maintain
and implement (or cause the Servicer to maintain and implement) administrative and operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals
thereof), and keep and maintain (or cause the Servicer to 

  
 - 20 - 

 keep and maintain) all documents, books, records, computer tapes and disks and other information reasonably
necessary or advisable for the collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing Pool Receivable). 

(m)    Security Interest, Etc. Each Originator shall (and shall cause the Servicer to), at its expense, take all
action necessary or reasonably desirable to establish and maintain a valid and enforceable ownership or security interest in the Pool Receivables, the Related Rights and Collections with respect thereto, and a first priority perfected security
interest in the Receivables and the Related Rights, in each case free and clear of any Adverse Claim, in favor of the Company (and the Administrative Agent (on behalf of the Secured Parties), as the Company’s assignee), including taking such
action to perfect, protect or more fully evidence the security interest of the Company (and the Administrative Agent (on behalf of the Secured Parties), as the Company’s assignee) as the Company, the Administrative Agent or any Secured Party
may reasonably request. In order to evidence the security interests of the Company under this Agreement, each Originator shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including, without
limitation, such actions as are reasonably requested by the Company or the Administrative Agent, as the Company’s assignee) to maintain and perfect, as a first-priority interest, the Company’s (and the Administrative Agent’s (on
behalf of the Secured Parties), as the Company’s assignee) security interest in the Pool Receivables, Related Rights and Collections. Such Originator shall, from time to time and within the time limits established by applicable law, prepare and
present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary
to continue, maintain and perfect the Company’s (and the Administrative Agent’s, as the Company’s assignee) security interest as a first-priority interest. The Administrative Agent’s approval of such filings shall authorize such
Originator to file such financing statements under the UCC without the signature of the Company, any Originator or the Administrative Agent where allowed by Applicable Law. Notwithstanding anything else in the Transaction Documents to the contrary,
such Originator shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with
the Transaction Documents, without the prior written consent of the Administrative Agent. 
 (n)    Further
Assurances. (i) Each Originator hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be
necessary or desirable, or that the Company or the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the transfers made hereunder and the security interest granted pursuant to this Agreement or any other
Transaction Document, or to enable the Company or the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies under this Agreement and the other Transaction Documents. Without limiting the
foregoing, each Originator hereby authorizes, and will, upon the request of the Company or the Administrative Agent, at such Originator’s own expense, execute (if necessary) and file such financing statements or continuation statements, or
amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Company or the 

  
 - 21 - 

 
Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing. Upon the occurrence and during the continuance of an Event of Default, each Originator shall
take such actions and provide such documentation (and hereby authorizes the Administrative Agent to do the same) as may be requested by the Administrative Agent in order to satisfy the requirements of the Assignment of Claims Act of 1940, and any
similar state legislation, with respect to any Receivable the Obligor of which is a United States federal, state or local Governmental Authority. 
 (ii)
Each Originator authorizes the Company, the Servicer or the Administrative Agent to file financing statements, continuation statements and amendments thereto and assignments thereof, relating to the Receivables, the Related Rights, the related
Contracts, Collections with respect thereto and the other Collateral without the signature of such Originator. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. 

(o)    Mergers, Acquisitions, Sales, etc. No Originator shall (i) be a party to any merger, consolidation or
other restructuring, except a merger, consolidation or other restructuring where the Company, the Administrative Agent and each Group Agent have each (A) received 30 days’ prior notice thereof, (B) received such other information and
documentation as may reasonably be requested by the Company, the Administrative Agent and each Group Agent for purposes of compliance with Applicable Laws, (C) received executed copies of all documents, certificates and opinions (including
opinions relating to bankruptcy, insolvency, and UCC matters) as the Company, the Administrative Agent and the Majority Group Agents shall reasonably request and (D) been satisfied that all other action to perfect and protect the interests of
the Company and the Administrative Agent, on behalf of the Secured Parties, in and to the Receivables to be sold or contributed by it hereunder and the Related Rights, as reasonably requested by the Company, the Administrative Agent or the Majority
Group Agents shall have been taken by, and at the expense of, such Originator (including the filing of any UCC financing statements, the receipt of certificates and other requested documents from public officials and all such other actions required
pursuant to Section 7.3) or (ii) directly or indirectly sell, transfer, assign, convey or lease (A) whether in one or a series of transactions, all or substantially all of its assets or (B) any Receivables or any interest therein
(other than pursuant to this Agreement). 
 (p)    Receivables Not to Be Evidenced by Promissory Notes or Chattel
Paper. No Originator shall take any action to cause or permit any Receivable created, acquired or originated by it to become evidenced by any “instrument” or “chattel paper” (as defined in the applicable UCC) without the
prior written consent of the Company, the Administrative Agent and the Majority Group Agents. 
 (q)    Anti-Money
Laundering/International Trade Law Compliance. Such Originator will not become a Sanctioned Person. Such Originator, either in its own right or through any third party, will not (a) have any of its assets in a Sanctioned Country or in the
possession, custody or control of a Sanctioned Person; (b) do business in or with, or derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person; (c) engage in any dealings or
transactions prohibited by any Anti-Terrorism Law or (d) 

  
 - 22 - 

 
use the proceeds of any sale or contribution of the Receivables to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned
Person in violation of any Anti-Terrorism Law. Such Originator shall comply with all Anti-Terrorism Laws applicable to it. Such Originator shall promptly notify the Company, the Administrative Agent and each Lender in writing upon the occurrence of
a Reportable Compliance Event. 
 (r)    Legend. Each Originator shall identify (or cause the Servicer to
identify) its master data processing records relating to the Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been sold or contributed and/or pledged in accordance with this Agreement and the
Receivables Financing Agreement. 
 (s)    Insurance. Such Originator will maintain in effect, at such
Originator’s expense, such casualty and liability insurance as such Originator deems appropriate in its good faith business judgment. 

SECTION 6.2     Substantive Consolidation. Each Originator hereby acknowledges that the transactions contemplated
by this Agreement and the other Transaction Documents are being entered into in reliance upon the Company’s identity as a legal entity separate from such Originator and its Affiliates. Therefore, each Originator shall take all steps
specifically required by this Agreement and the other Transaction Documents or reasonably required by the Company, the Administrative Agent, any Group Agent or any Lender to continue the Company’s identity as a separate legal entity and to make
it apparent to third Persons that the Company is an entity with assets and liabilities distinct from those of such Originator, its Affiliates and any other Person, and is not a division of such Originator, its Affiliates or any other Person. Without
limiting the generality of the foregoing and in addition to and consistent with the other covenants set forth herein, such Originator shall take such actions as shall be required in order that: 

(a)    such Originator shall maintain separate records and books of account from the Company and otherwise
will observe corporate formalities; 
 (b)    the financial statements and books and records of such
Originator shall be prepared after the date of creation of the Company to reflect and shall reflect the separate existence of the Company; provided, that the Company’s assets and liabilities may be included in a consolidated financial
statement issued by an Affiliate of the Company; provided, however, that any such consolidated financial statement or the notes thereto shall make clear that the Company’s assets are not available to satisfy the obligations of
such Affiliate; 
 (c)    except as contemplated hereby or permitted by the Receivables Financing
Agreement, (i) such Originator shall maintain its assets (including deposit accounts) separately from the assets (including deposit accounts) of the Company and (ii) the Company’s assets, and records relating thereto, have not been,
are not, and shall not be, commingled with those of any Originator; 

  
 - 23 - 

 (d)    such Originator shall not act as an agent for the
Company, other than in the capacity of the Servicer or a Sub-Servicer, as applicable; 

(e)    such Originator shall not conduct any of the business of the Company in its own name (except in the
capacity of the Servicer or a of Sub-Servicer, as applicable); 

(f)    other than with respect to initial organization expenses, such Originator shall not pay any
liabilities of the Company out of its own funds or assets; 
 (g)    except as contemplated by the
Transaction Documents, such Originator shall maintain an arm’s-length relationship with the Company; 

(h)    such Originator shall not assume or guarantee or become obligated for the debts of the Company or
hold out its credit as being available to satisfy the obligations of the Company; 
 (i)    such
Originator shall not acquire obligations of the Company (other than the Subordinated Notes); 

(j)    such Originator shall allocate fairly and reasonably overhead or other expenses that are properly
shared with the Company; 
 (k)    such Originator shall identify and hold itself out as a separate and
distinct entity from the Company; 
 (l)    such Originator shall correct any known misunderstanding
respecting its separate identity from the Company; 
 (m)    such Originator shall not enter into, or be
a party to, any transaction with the Company, except in the ordinary course of its business and on terms which could be obtained in a comparable arm’s-length transaction with an unrelated third party; and

 (n)    such Originator shall not pay the salaries of the Company’s employees, if any. 

ARTICLE VII 
 ADDITIONAL RIGHTS AND
OBLIGATIONS 
 IN RESPECT OF RECEIVABLES 

SECTION 7.1     Rights of the Company. Each Originator hereby authorizes the Company and the Servicer or their
respective designees or assignees under the Receivables Financing Agreement (including, without limitation, the Administrative Agent) to take any and all steps in such Originator’s name reasonably necessary or desirable, in their respective
determination, to collect all amounts due under any and all Receivables sold, contributed or otherwise conveyed or purported to be conveyed by it hereunder, including, without limitation, endorsing the name of such Originator on checks and other
instruments representing Collections and enforcing such Receivables and the provisions of the related Contracts that concern 

  
 - 24 - 

 
payment and/or enforcement of rights to payment; provided, however, the Administrative Agent or any other assignee under this Agreement shall not take any of the foregoing actions
unless a Purchase and Sale Termination Event or an Event of Default has occurred and is continuing. 
 SECTION 7.2
    Responsibilities of the Originators. Anything herein to the contrary notwithstanding: 

(a)    Each Originator shall perform its obligations hereunder, and the exercise by the Company or its designee of its
rights hereunder shall not relieve such Originator from such obligations. 
 (b)    None of the Company, the Servicer,
the Group Agents, or the Administrative Agent shall have any obligation or liability to any Obligor or any other third Person with respect to any Receivables, Contracts related thereto or any other related agreements, nor shall the Company, the
Servicer, the Group Agents, or the Administrative Agent be obligated to perform any of the obligations of any Originator thereunder. 

(c)    Each Originator hereby grants to the Administrative Agent an irrevocable power of attorney, with full power of
substitution, coupled with an interest, during the occurrence and continuation of an Event of Default to take in the name of such Originator all steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of
any kind held or transmitted by such Originator or transmitted or received by the Company (whether or not from such Originator) in connection with any Receivable sold, contributed or otherwise conveyed or purported to be conveyed by it hereunder or
Related Right. 
 SECTION 7.3     Further Action Evidencing Purchases. Each Originator agrees that from time to
time, at its expense, it will promptly execute and deliver all further instruments and documents, and take all further action that the Company, the Servicer, or the Administrative Agent may reasonably request in order to perfect, protect or more
fully evidence the Receivables and Related Rights purchased by or contributed to the Company hereunder, or to enable the Company to exercise or enforce any of its rights hereunder or under any other Transaction Document. Without limiting the
generality of the foregoing, upon the request of the Company or the Administrative Agent, such Originator will execute (if applicable), authorize and file such financing or continuation statements, or amendments thereto or assignments thereof, and
such other instruments or notices, as may be necessary or appropriate. 
 Each Originator hereby authorizes the Company or its designee or
assignee (including, without limitation, the Administrative Agent) to file one or more financing or continuation statements, and amendments thereto and assignments thereof, without the signature of such Originator, relative to all or any of the
Receivables and Related Rights sold, contributed or otherwise conveyed or purported to be conveyed by it hereunder, whether now existing or hereafter generated by such Originator. If any Originator fails to perform any of its agreements or
obligations under this Agreement, the Company or its designee or assignee (including, without limitation, the Administrative Agent) may (but shall not be required to) itself perform, or cause the performance of, such agreement or obligation, and the
expenses of the Company or its designee or assignee (including, without limitation, the Administrative Agent) incurred in connection therewith shall be payable by such Originator. 

  
 - 25 - 

 SECTION 7.4     Application of Collections. Any payment by an
Obligor in respect of any indebtedness owed by it to any Originator shall, except as otherwise specified by such Obligor, required under the related contract with respect to such indebtedness, or required by applicable law and unless otherwise
instructed by the Servicer (with the prior written consent of the Administrative Agent) or the Administrative Agent, be applied as a Collection of any Receivable or Receivables of such Obligor to the extent of any amounts then due and payable
thereunder (applied in order from the oldest outstanding Receivable to the newest outstanding Receivable) before being applied to any other indebtedness of such Obligor. 

ARTICLE VIII 
 PURCHASE AND SALE
TERMINATION EVENTS 
 SECTION 8.1     Purchase and Sale Termination Events. Each of the following events or
occurrences described in this Section 8.1 shall constitute a “Purchase and Sale Termination Event” (each event which with notice or the passage of time or both would become a Purchase and Sale Termination
Event being referred to herein as an “Unmatured Purchase and Sale Termination Event”): 

(a)    the Termination Date shall have occurred; 

(b)    any Originator shall fail to make when due any payment or deposit to be made by it under this
Agreement or any other Transaction Document to which it is a party and such failure shall continue unremedied for two (2) Business Days; 

(c)    any representation or warranty made or deemed to be made by any Originator (or any of its officers)
under or in connection with this Agreement, any other Transaction Document to which it is a party or any information or report delivered by an Originator pursuant hereto or thereto shall prove to have been incorrect or untrue in any material respect
(or if already qualified by materiality or Material Adverse Effect, in all respects) when made or deemed made or delivered; or 

(d)    any Originator shall fail to perform or observe any term, covenant or agreement under this Agreement
or any other Transaction Document to which it is a party to be performed or observed by such Originator (other than any such failure which would constitute a Purchase and Sale Termination Event under clause (a) or (b) of this Section 8.1),
and such failure, solely to the extent capable of cure, shall continue for ten (10) Business Days. 
 SECTION 8.2
    Remedies. 
 (a)    Optional Termination. Upon the occurrence and during the
continuation of a Purchase and Sale Termination Event, the Company, with the prior written consent of the Administrative Agent and the Majority Group Agents, shall have the option, by notice to the Originators (with a copy to the Administrative
Agent and the Group Agents), to declare the Purchase Facility as terminated. 

  
 - 26 - 

 (b)    Remedies Cumulative. Upon any termination of the Purchase
Facility pursuant to Section 8.2(a), the Company (and the Administrative Agent as the Company’s assignee) shall have, in addition to all other rights and remedies under this Agreement, all other rights and remedies
provided under the UCC of each applicable jurisdiction and other applicable laws, which rights shall be cumulative. 
 ARTICLE IX 

INDEMNIFICATION 
 SECTION 9.1
    Indemnities by the Originators. Without limiting any other rights which the Company may have hereunder or under Applicable Law, each Originator jointly and severally hereby agrees to indemnify and hold harmless, on an after-tax basis, the Company (and its assigns, including the Administrative Agent) and each of its officers, directors, employees and agents (each of the foregoing Persons being individually called a
“Purchase and Sale Indemnified Party”), on demand, from and against any and all damages, losses, claims, judgments, liabilities, penalties, Taxes, reasonable costs and expenses, (including Attorney Costs) (all of the foregoing being
collectively called “Purchase and Sale Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of the failure of such Originator to perform its obligations under this Agreement or any other
Transaction Document, or arising out of the claims asserted against a Purchase and Sale Indemnified Party relating to the transactions contemplated herein or therein or the use of proceeds thereof or therefrom, excluding, only Purchase and Sale
Indemnified Amounts to the extent, (i) a final non-appealable judgment of a court of competent jurisdiction holds that such Purchase and Sale Indemnified Amounts resulted from the gross negligence or
willful misconduct by the Purchase and Sale Indemnified Party seeking indemnification, (ii) resulting from a claim brought by any Originator, the Servicer, or the Performance Guarantor against a Purchase and Sale Indemnified Party for breach in
bad faith of such Purchase and Sale Indemnified Party’s obligations hereunder or under any other Transaction Document, if such party has obtained a final and nonappealable judgment in its favor on such claim against the Purchase and Sale
Indemnified Party as determined by a court of competent jurisdiction (iii) due to Pool Receivables that are uncollectible solely on account of the insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the
related Obligor or otherwise due to the credit risk of the Obligor and for which reimbursement would constitute recourse to any Originator, for uncollectible Receivables or (iv) such Purchase and Sale Indemnified Amounts include Taxes imposed
or based on, or measured by, the gross or net income or receipts of such Purchase and Sale Indemnified Party by the jurisdiction under the laws of which such Purchase and Sale Indemnified Party is organized (or any political subdivision thereof);
provided, that nothing contained in this sentence shall limit the liability of such Originator or limit the recourse of any Purchase and Sale Indemnified Party to such Originator for any amounts otherwise specifically provided to be paid by
such Originator hereunder. Without limiting the foregoing indemnification, but subject to the limitations set 

  
 - 27 - 

 
forth in clauses (i), (ii) and (iii) of the previous sentence, each Originator jointly and severally shall indemnify each Purchase and Sale Indemnified Party for
Purchase and Sale Indemnified Amounts relating to or resulting from: 
 (a)    any representation,
warranty or statement made or deemed made by such Originator (or any officer of such Originator) under or in connection with this Agreement or any of the other Transaction Documents, or any information or report delivered by or on behalf of such
Originator pursuant hereto or thereto which shall have been untrue or incorrect when made or deemed made; 

(b)    the failure by such Originator to comply with its covenants, obligations and agreements contained in
this Agreement or any other Transaction Document or with any Applicable Law with respect to any Pool Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such Applicable Law; 

(c)    the failure of any Receivable sold or contributed by such Originator included in the calculation of
Net Receivables Pool Balance as an Eligible Receivable to be an Eligible Receivable at such time; 

(d)    the transfer by such Originator of any interest in any Pool Receivable or Related Right other than
the transfer of any Pool Receivable and Related Rights to the Company pursuant to this Agreement and the grant of a security interest to the Company pursuant to this Agreement; 

(e)    the lack of an enforceable ownership interest, or a first priority perfected lien, in the Pool
Receivables (and all Related Rights) originated by such Originator against all Persons (including any bankruptcy trustee or similar Person), in either case, free and clear of any Adverse Claim; 

(f)    the failure to have filed, or any delay in filing, financing statements, financing statement
amendments, continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Pool Receivable or the Related Rights; 

(g)    any suit or claim related to the Pool Receivables originated by such Originator (including any
products liability or environmental liability claim arising out of or in connection with the property, products or services that are the subject of any Pool Receivable originated by such Originator); 

(h)    any dispute, claim, offset or defense (other than discharge in bankruptcy) of the Obligor to the
payment of any Pool Receivable (including a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim
resulting from or relating to collection activities with respect to such Pool Receivable or any other claim resulting from the sale of goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish any
such goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed indebtedness; 

  
 - 28 - 

 (i)    the commingling of Collections of Pool
Receivables at any time with other funds; 
 (j)    the failure or delay to provide any Obligor with an
invoice or other evidence of indebtedness; 
 (k)    any failure of such Originator to perform any of its
duties or obligations in accordance with the provisions hereof and of each other Transaction Document related to Pool Receivables, or of such Originator to timely and fully comply with the Credit and Collection Policy in regard to each Pool
Receivable; 
 (l)    any investigation, litigation or proceeding (actual or threatened) related to this
Agreement or any other Transaction Document or in respect of any Pool Receivable or any Related Rights; 

(m)    any claim brought by any Person other than a Purchase and Sale Indemnified Party arising from any
activity by such Originator or any Affiliate of such Originator in servicing, administering or collecting any Pool Receivable; or 

(n)    the failure by the Originator to pay when due any taxes, including, without limitation, material
sales, excise or personal property taxes. 
 If for any reason the indemnification provided above in this
Section 9.1 is unavailable to a Purchase and Sale Indemnified Party or is insufficient to hold such Purchase and Sale Indemnified Party harmless, then each Originator jointly and severally with each other Originator, shall
contribute to the amount paid or payable by such Purchase and Sale Indemnified Party to the maximum extent permitted under applicable law. 

ARTICLE X 
 MISCELLANEOUS 

SECTION 10.1     Amendments, etc. 

(a)    The provisions of this Agreement may from time to time be amended, modified or waived, if such amendment,
modification or waiver is in writing and executed by the Company and the Originators, with the prior written consent of the Administrative Agent and the Majority Group Agents. 

(b)    No failure or delay on the part of the Company, the Servicer, any Originator or any third party beneficiary in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to
or demand on the Company, the Servicer or any Originator in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by the Company or the Servicer under this Agreement shall, except as may otherwise
be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

  
 - 29 - 

 (c)    The Transaction Documents contain a final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or
written understandings. 
 SECTION 10.2     Notices, etc. All notices and other communications provided for
hereunder shall, unless otherwise stated herein, be in writing (including facsimile and email communication) and shall be delivered or sent by facsimile, email, or by overnight mail, to the intended party at the mailing or email address or facsimile
number of such party set forth under its name on the signature pages hereof or at such other address or facsimile number as shall be designated by such party in a written notice to the other parties hereto or in the case of the Administrative Agent
and each Lender at its address for notices pursuant to the Receivables Financing Agreement. All such notices and communications shall be effective (i) if delivered by overnight mail, when received, and (ii) if transmitted by facsimile or
email, when sent, receipt confirmed by telephone or electronic means. 
 SECTION 10.3     No Waiver; Cumulative
Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Without limiting the foregoing, each Originator hereby authorizes the Company, the Administrative Agent and each Lender (collectively, the
“Set-Off Parties”), at any time and from time to time, to the fullest extent permitted by law, to set off, against any obligations of such Originator to such
Set-Off Party arising in connection with the Transaction Documents (including, without limitation, amounts payable pursuant to Section 9.1) that are then due and payable or that are
not then due and payable but have accrued, any and all deposits (general or special, time or demand, provisional or final) at any time held by, and any and all indebtedness at any time owing by any Set-Off
Party to or for the credit or the account of such Originator. 
 SECTION 10.4     Binding Effect; Assignability.
This Agreement shall be binding upon and inure to the benefit of the Company and each Originator and their respective successors and permitted assigns. No Originator may assign any of its rights hereunder or any interest herein without the prior
written consent of the Company, the Administrative Agent and each Group Agents except as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its
terms, and shall remain in full force and effect until such time as the parties hereto shall agree. The rights and remedies with respect to any breach of any representation and warranty made by any Originator pursuant to
Article V and the indemnification and payment provisions of Article IX and Section 10.6 shall be continuing and shall survive any termination of this Agreement. 

SECTION 10.5     Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

  
 - 30 - 

 SECTION 10.6     Costs, Expenses and Taxes. In addition to the
obligations of the Originators under Article IX, each Originator, jointly and severally, agrees to pay on demand: 

(a)    to the Company (and any successor and permitted assigns thereof) and any third-party beneficiary of
the Company’s rights hereunder all reasonable and documented out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery
and administration of this Agreement (together with all amendments, restatements, supplements, consents and waivers, if any, from time to time hereto), including, without limitation, (i) the reasonable Attorney Costs for the Company (and any
successor and permitted assigns thereof) and any third-party beneficiary of the Company’s rights hereunder with respect thereto and with respect to advising any such Person as to their rights and remedies under this Agreement and the other
Transaction Documents and (ii) subject to Section 6.1(f), reasonable and documented accountants’, auditors’ and consultants’ fees and expenses for the Company (and any successor and permitted assigns
thereof) and any third-party beneficiary of the Company’s rights hereunder incurred in connection with the administration and maintenance of this Agreement or advising any such Person as to their rights and remedies under this Agreement or as
to any actual or reasonably claimed breach of this Agreement or any other Transaction Document; 

(b)    to the Company (and any successor and permitted assigns thereof) and any third-party beneficiary of
the Company’s rights hereunder all reasonable and documented costs and expenses incurred by such Person in connection with the enforcement of any of their respective rights or remedies under the provisions of this Agreement and the other
Transaction Documents; and 
 (c)    all stamp and other taxes and fees payable in connection with the
execution, delivery, filing and recording of this Agreement or the other Transaction Documents to be delivered hereunder, and agrees to indemnify each Purchase and Sale Indemnified Party against any liabilities with respect to or resulting from any
delay in paying or omitting to pay such taxes and fees. 
 SECTION 10.7     SUBMISSION TO JURISDICTION . (a) EACH
PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.
NOTHING IN THIS SECTION 10.7 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST ANY ORIGINATOR OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER
JURISDICTIONS. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN 

  
 - 31 - 

 
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (b)    EACH PARTY HERETO CONSENTS
TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED HEREIN. NOTHING IN THIS SECTION 10.7 SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW. 
 SECTION 10.8     WAIVER OF JURY TRIAL . EACH PARTY HERETO HEREBY WAIVES, TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS
AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT. 
 SECTION 10.9     Captions and Cross References; Incorporation by
Reference. The various captions (including, without limitation, the table of contents) in this Agreement are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. References in this
Agreement to any underscored Article, Section, Schedule or Exhibit are to such Article, Section, Schedule or Exhibit of this Agreement, as the case may be. The Schedules and Exhibits hereto are hereby incorporated by reference into and made a part
of this Agreement. 
 SECTION 10.10     Execution in Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. The parties agree to
electronic contracting and signatures with respect to this Agreement. Delivery of an electronic signature to, or a signed copy of, this Agreement by facsimile, email or other electronic transmission shall be fully binding on the parties to the same
extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any
document to be signed in connection with this Agreement and the other Transaction Documents (other than the Notes) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Company, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the
case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act. Notwithstanding the foregoing, if the Company, the Administrative Agent or any Group Agent shall request manually signed counterpart signatures to this Agreement, the Company and each Originator hereby agrees
to use its reasonable 

  
 - 32 - 

 
endeavors to provide such manually signed signature pages as soon as reasonably practicable (but in any event within 30 days of such request or such longer period as the requesting Company,
Administrative Agent or Group Agent and the Company and the Originators may mutually agree). 
 SECTION 10.11
    Acknowledgment and Agreement. By execution below, each Originator expressly acknowledges and agrees that all of the Company’s rights, title, and interests in, to, and under this Agreement (but not its
obligations), shall be assigned by the Company to the Administrative Agent (for the benefit of the Secured Parties) pursuant to the Receivables Financing Agreement, and such Originator consents to such assignment. Each of the parties hereto
acknowledges and agrees that the Secured Parties and the Administrative Agent are third party beneficiaries of the rights of the Company arising hereunder and under the other Transaction Documents to which such Originator is a party, and
notwithstanding anything to the contrary contained herein or in any other Transaction Document, during the occurrence and continuation of an Event of Default under the Receivables Financing Agreement, the Administrative Agent, and not the Company,
shall have the sole right to exercise all such rights and related remedies. 
 SECTION 10.12     No Proceeding.
Each Originator hereby agrees that it will not institute, or join any other Person in instituting, against the Company any Insolvency Proceeding so long as any obligations of the Company pursuant to the Receivables Financing Agreement or any other
Transaction Document remains outstanding and for at least one year and one day following the day on which such obligations are paid in full. Each Originator further agrees that notwithstanding any provisions contained in this Agreement to the
contrary, the Company shall not, and shall not be obligated to, pay any amount in respect of any Subordinated Note or otherwise to such Originator pursuant to this Agreement unless the Company has received funds which may, subject to
Section 4.01 of the Receivables Financing Agreement, be used to make such payment. Any amount which the Company does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in
§101 of the Bankruptcy Code) against or corporate obligation of the Company by such Originator for any such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this
Section 10.12 shall survive any termination of this Agreement. 
 SECTION 10.13     Limited
Recourse. Except as explicitly set forth herein, the obligations of the Company under this Agreement or any other Transaction Documents to which it is a party are solely the obligations of the Company. No recourse under any Transaction Document
shall be had against, and no liability shall attach to, any officer, employee, director, or beneficiary, whether directly or indirectly, of the Company. The agreements in this Section 10.13 shall survive any termination of
this Agreement. 
 SECTION 10.14     Severability. If any provision of this Agreement is held to be in conflict
with any applicable statute or rule of law or is otherwise held to be unenforceable for any reason whatsoever, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or
circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative, or unenforceable to any extent whatsoever. 

[SIGNATURE PAGES FOLLOW] 

  
 - 33 - 

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

			
	CONCENTRIX RECEIVABLES, INC.
		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Concentrix Receivables, Inc.
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald
	
	CONCENTRIX CORPORATION
		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Executive Vice President, Legal
		
		 	Address: Concentrix Corporation
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald

  
 [Signature Page to
Receivables Purchase Agreement] 

 
			
	Concentrix Services US, Inc., as an Originator
		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Concentrix Services US, Inc.
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald
	
	Concentrix CVG Corporation, as an Originator
		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Concentrix CVG Corporation
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald
	
	 Concentrix CVG Delaware International Inc., as an Originator

		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Concentrix CVG Delaware International Inc.
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald

  
 [Signature Page to
Receivables Purchase Agreement] 

 
			
	 Concentrix CVG Customer Management Group Inc. as an Originator

		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Concentrix CVG Customer Management Group Inc.
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald
	
	 Concentrix CVG CMG Insurance Services LLC, as an Originator

		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Authorized Signatory
		
		 	Address: Concentrix CVG CMG Insurance
		 	Services LLC
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald
	
	 Encore Receivable Management, Inc, as an Originator

		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Encore Receivable Management, Inc.
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald

  
 [Signature Page to
Receivables Purchase Agreement] 

 
			
	Concentrix Solutions Corporation, as an Originator
		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Concentrix Solutions Corporation
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald
	
	 Concentrix Insurance Administration Solutions Corporation, as an
Originator

		
	By:	 	 /s/ Steven L. Richie

	Name:	 	Steven L. Richie
	Title:	 	Corporate Secretary
		
		 	Address: Concentrix Insurance Administration
		 	Solutions Corporation
		 	201 E. 4th Street
		 	Cincinnati, OH 45202
		 	Attention: David Wiedwald

  
 [Signature Page to
Receivables Purchase Agreement] 

 Schedule I 

JURISDICTION OF ORGANIZATION OF THE ORIGINATORS 
  

			
	 Originator
	  	State of Organization
	Concentrix Corporation	  	Delaware
		
	Concentrix Services US, Inc.	  	Delaware
		
	Concentrix CVG Corporation	  	Delaware
		
	Concentrix CVG Delaware International Inc.	  	Delaware
		
	Concentrix CVG Customer Management Group Inc.	  	Ohio
		
	Concentrix CVG CMG Insurance Services LLC	  	Ohio
		
	Encore Receivable Management, Inc.	  	Kansas
		
	Concentrix Solutions Corporation	  	New York
		
	Concentrix Insurance Administration Solutions Corporation	  	South Carolina

  
 Schedule I-1 

 Schedule II 

LOCATION OF BOOKS AND RECORDS OF THE ORIGINATORS 
  

			
	 Originator
	  	 Location of Books and Records

	Concentrix Corporation	  	201 East 4th Street, Cincinnati OH 45202
		
	Concentrix Services US, Inc.	  	201 East 4th Street, Cincinnati OH 45202
		
	Concentrix CVG Corporation	  	201 East 4th Street, Cincinnati OH 45202
		
	Concentrix CVG Delaware International Inc.	  	201 East 4th Street, Cincinnati OH 45202
		
	Concentrix CVG Customer Management Group Inc.	  	201 East 4th Street, Cincinnati OH 45202
		
	Concentrix CVG CMG Insurance Services LLC	  	201 East 4th Street, Cincinnati OH 45202
		
	Encore Receivable Management, Inc.	  	201 East 4th Street, Cincinnati OH 45202
		
	Concentrix Solutions Corporation	  	201 East 4th Street, Cincinnati OH 45202
		
	Concentrix Insurance Administration Solutions Corporation	  	201 East 4th Street, Cincinnati OH 45202

  
 Schedule II-1 

 Schedule III 

TRADE NAMES 
  

			
	 Legal Name
	  	 Trade Names

	 Concentrix Corporation
	  	Concentrix Global Holdings, Inc.
		
	 Concentrix Services US, Inc.
	  	The Minacs Group (USA) Inc.
		
	 Concentrix CVG Corporation
	  	 Delta Merger Sub II, LLC
 Convergys
Corporation

		
	 Concentrix CVG Delaware International Inc.
	  	Stream International Inc.
		
	 Concentrix CVG Customer Management Group Inc.
	  	Convergys Customer Management Group Inc.
		
	 Concentrix CVG CMG Insurance Services LLC
	  	Convergys CMG Insurance Services LLC
		
	 Encore Receivable Management, Inc.
	  	—
		
	 Concentrix Solutions Corporation
	  	Concentrix Corporation
		
	 Concentrix Insurance Administration Solutions Corporation
	  	—

  
 Schedule III-1 

 Exhibit A 

FORM OF PURCHASE REPORT 

Originator:    [                 
   ] 
 Company:    [    ] 

Purchase Report
Date:                                 

 

	 	1.	 Outstanding             Balance
            of             Receivables
$                     

Purchased[/Accepted]: 
  

	 	2.	 Fair Market Value Discount: 

 

	 	3.	 Purchase Price (1 x 2) = $         

 

	 	4.	 Reductions in the Purchase Price = $         

 

	 	5.	 Net Purchase Price (3-4) =
$         

  
 Exhibit A-1 

 Exhibit B 

FORM OF SUBORDINATED NOTE 

New York, New York 

[            ], 20[    ] 

FOR VALUE RECEIVED, the undersigned, Concentrix Receivables, Inc., a Delaware corporation (the “Company”), promises to pay to
[                    ], a [                    ]
(the “Originator”), on the terms and subject to the conditions set forth herein and in the Receivables Purchase Agreement referred to below, the aggregate unpaid Purchase Price of all Receivables purchased by the Company from the
Originator pursuant to such Receivables Purchase Agreement, as such unpaid Purchase Price is shown in the records of the Servicer. 

1.    Receivables Purchase Agreement. This Subordinated Note is one of the Subordinated Notes described in, and is
subject to the terms and conditions set forth in, that certain Receivables Purchase Agreement dated as of October [        ], 2020 (as the same may be amended, restated, supplemented or otherwise modified from
time to time, the “Receivables Purchase Agreement”), among the Company, Concentrix Corporation, as Servicer and as an originator, the Originator, and the other originators from time to time party thereto. Reference is hereby made to
the Receivables Purchase Agreement for a statement of certain other rights and obligations of the Company and the Originator. 

2.    Definitions. Capitalized terms used (but not defined) herein have the meanings assigned thereto in the
Receivables Purchase Agreement and in Section 1.01 of the Receivables Financing Agreement (as defined in the Receivables Purchase Agreement). In addition, as used herein, the following terms have the following meanings:

 “Bankruptcy Proceedings” has the meaning set forth in clause (b) of paragraph 9
hereof. 
 “Final Maturity Date” means the date that is one year and one day after the Final Payout Date.

 “Interest Period” means (a) initially the period commencing on the date of the initial advance under
this note of any unpaid purchase for Receivables and ending on (but not including) the next Monthly Settlement Date and (b) thereafter, each period commencing on such Monthly Settlement Date and ending on (but not including) the next Monthly
Settlement Date. 
 “LIBOR” means, with respect to any amount owing under this Subordinated Note for any
Interest Period, at the discretion of the Originator either (a) the rate of interest determined by the Originator in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the rate for
deposits in Dollars as reported by Bloomberg Finance L.P. and shown on US0001M Screen as the composite offered rate for one month London interbank deposits (or, if such rate is no longer available on such screen, on any successor or substitute page
of such service, or any successor to or substitute for such 

  

			
	Exhibit B-1	  	Receivables Purchase Agreement

 
service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Company from time to time for purposes of providing quotations of
interest rates applicable to Dollar deposits in the London interbank market) at or about 11:00 a.m. (London time) on the Business Day which is two (2) Business Days prior to the first day of such applicable Interest Period or (b) the
Euro-Rate for such Interest Period with respect to any Lender under the Receivables Financing Agreement as reported to the Servicer and selected by such Originator. 

“Senior Interest Holders” means, collectively, the Lenders, the Group Agents, the Administrative Agent, the
Borrower Indemnified Parties, the Servicer Indemnified Parties and the Affected Persons. 
 “Senior
Interests” means, collectively, (i) the Aggregate Interest, (ii) the Aggregate Capital, (iii) the fees referred to in Section 2.03 of the Receivables Financing Agreement, (iv) all amounts
payable pursuant to Sections 5.01, 5.02, 5.03, 13.01. 13.02 or 14.04 of the Receivables Financing Agreement and (v) all other obligations of the Company and the Servicer that are due and payable, to
(a) the Lenders, the Group Agents, the Administrative Agent and their respective successors, permitted transferees and assigns arising in connection with the Transaction Documents and (b) any Borrower Indemnified Party, Servicer
Indemnified Party or Affected Person arising in connection with the Receivables Financing Agreement or any other Transaction Document, in each case, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or
hereafter existing, or due or to become due, together with any and all interest accruing on any such amount after the commencement of any Bankruptcy Proceedings, notwithstanding any provision or rule of law that might restrict the rights of any
Senior Interest Holder, as against the Company or anyone else, to collect such interest. 
 “Subordination
Provisions” means, collectively, clauses (a) through (l) of paragraph 9 hereof. 

3.    Interest. Subject to the Subordination Provisions set forth below, the Company promises to pay interest on
this Subordinated Note as follows: to (but excluding) the date on which the entire aggregate unpaid Purchase Price is fully paid, the aggregate unpaid Purchase Price from time to time outstanding shall bear interest at a rate equal to LIBOR for the
applicable Interest Period plus 1.5%. 
 4.    Interest Payment Dates. Subject to the Subordination Provisions
set forth below, the Company shall pay accrued interest on this Subordinated Note for each Interest Period on each Monthly Settlement Date, and shall pay accrued interest on the amount of each principal payment made in cash on a date other than a
Monthly Settlement Date at the time of such principal payment. 
 5.    Basis of Computation. Interest accrued
hereunder shall be computed for the actual number of days elapsed on the basis of a 365- or 366-day year, as the case may be. 

  

			
	Exhibit B-2	  	Receivables Purchase Agreement

 6.    Principal Payment Dates. Subject to the Subordination
Provisions set forth below, payments of the principal amount of this Subordinated Note shall be made as follows: 

(a)    The principal amount of this Subordinated Note shall be reduced by an amount equal to each payment
deemed made pursuant to Section 3.3 of the Receivables Purchase Agreement. 

(b)    The entire outstanding principal amount of this Subordinated Note shall be paid on the Final
Maturity Date. 
 (c)    Subject to the Subordination Provisions set forth below, the principal amount of
and accrued interest on this Subordinated Note may be prepaid by, and in the sole discretion of the Company, on any Business Day without premium or penalty. 

7.    Payment Mechanics. All payments of principal and interest hereunder are to be made in lawful money of the
United States of America in the manner specified in Article III of the Receivables Purchase Agreement. 

8.    Enforcement Expenses. In addition to and not in limitation of the foregoing, but subject to the Subordination
Provisions set forth below and to any limitation imposed by Applicable Law, the Company agrees to pay all expenses, including Attorney Costs, incurred by the Originator in seeking to collect any amounts payable hereunder which are not paid when due.

 9.    Subordination Provisions. The Company covenants and agrees, and the Originator and any other holder of
this Subordinated Note (collectively, the Originator and any such other holder are called the “Holder”), by its acceptance of this Subordinated Note, likewise covenants and agrees on behalf of itself and any Holder, that the payment
of the principal amount of and interest on this Subordinated Note is hereby expressly subordinated in right of payment to the payment and performance of the Senior Interests to the extent and in the manner set forth in the following clauses of this
paragraph 9: 
 (a)    No payment or other distribution of the Company’s
assets of any kind or character, whether in cash, securities, or other rights or property, shall be made on account of this Subordinated Note except to the extent such payment or other distribution is (i) permitted under
Section 6.03 of the Receivables Financing Agreement or (ii) made pursuant to clause (a) or (b) of paragraph 6 of this Subordinated Note; 

(b)    In the event of any dissolution, winding up, liquidation, readjustment, reorganization or other
similar event relating to the Company, whether voluntary or involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership proceedings, or upon an assignment for the benefit of creditors, or any other marshalling of the
assets and liabilities of the Company or any sale of all or substantially all of the assets of the Company other than as permitted by the Receivables Financing Agreement (such proceedings being herein collectively called “Bankruptcy
Proceedings”), the Senior Interests shall first be paid and performed in full and in cash before the Holder shall be entitled to receive and to retain any payment or distribution in respect of this Subordinated Note. In order to implement
the foregoing: (i) all payments and distributions of any kind or character in respect of this Subordinated Note to which the 

  

			
	Exhibit B-3	  	Receivables Purchase Agreement

 
Holder would be entitled except for this clause (b) shall be made directly to the Administrative Agent (for the benefit of the Senior Interest Holders); (ii) the Holder shall promptly
file a claim or claims, in the form required in any Bankruptcy Proceedings, for the full outstanding amount of this Subordinated Note, and shall use commercially reasonable efforts to cause said claim or claims to be approved and all payments and
other distributions in respect thereof to be made directly to the Administrative Agent (for the benefit of the Senior Interest Holders) until the Senior Interests shall have been paid and performed in full and in cash; and (iii) the Holder
hereby irrevocably agrees that the Administrative Agent (acting on behalf of the Secured Parties), may in the name of the Holder or otherwise, demand, sue for, collect, receive and receipt for any and all such payments or distributions, and file,
prove and vote or consent in any such Bankruptcy Proceedings with respect to any and all claims of the Holder relating to this Subordinated Note, in each case until the Senior Interests shall have been paid and performed in full and in cash; 

(c)    In the event that the Holder receives any payment or other distribution of any kind or character
from the Company or from any other source whatsoever, in respect of this Subordinated Note, other than as expressly permitted by the terms of this Subordinated Note, such payment or other distribution shall be received in trust for the Senior
Interest Holders and shall be turned over by the Holder to the Administrative Agent (for the benefit of the Senior Interest Holders) forthwith. The Holder will mark its books and records so as clearly to indicate that this Subordinated Note is
subordinated in accordance with the terms hereof. All payments and distributions received by the Administrative Agent in respect of this Subordinated Note, to the extent received in or converted into cash, may be applied by the Administrative Agent
(for the benefit of the Senior Interest Holders) first to the payment of any and all expenses (including Attorney Costs) paid or incurred by the Senior Interest Holders in enforcing these Subordination Provisions, or in endeavoring to collect or
realize upon this Subordinated Note, and any balance thereof shall, solely as between the Holder and the Senior Interest Holders, be applied by the Administrative Agent (in the order of application set forth in
Section 4.01(a) of the Receivables Financing Agreement) toward the payment of the Senior Interests; but as between the Company and its creditors, no such payments or distributions of any kind or character shall be deemed to
be payments or distributions in respect of the Senior Interests; 
 (d)    Notwithstanding any payments
or distributions received by the Senior Interest Holders in respect of this Subordinated Note, while any Bankruptcy Proceedings are pending the Holder shall not be subrogated to the then existing rights of the Senior Interest Holders in respect of
the Senior Interests until the Senior Interests have been paid and performed in full and in cash. If no Bankruptcy Proceedings are pending, the Holder shall only be entitled to exercise any subrogation rights that it may acquire (by reason of a
payment or distribution to the Senior Interest Holders in respect of this Subordinated Note) to the extent that any payment arising out of the exercise of such rights would be permitted under Section 8.01(r) of the
Receivables Financing Agreement; 

  

			
	Exhibit B-4	  	Receivables Purchase Agreement

 (e)    These Subordination Provisions are intended
solely for the purpose of defining the relative rights of the Holder, on the one hand, and the Senior Interest Holders on the other hand. Nothing contained in these Subordination Provisions or elsewhere in this Subordinated Note is intended to or
shall impair, as between the Company, its creditors (other than the Senior Interest Holders) and the Holder, the Company’s obligation, which is unconditional and absolute, to pay the Holder the principal of and interest on this Subordinated
Note as and when the same shall become due and payable in accordance with the terms hereof or to affect the relative rights of the Holder and creditors of the Company (other than the Senior Interest Holders); 

(f)    The Holder shall not, until the Senior Interests have been paid and performed in full and in cash,
(i) cancel, waive, forgive, transfer or assign, or commence legal proceedings to enforce or collect, or subordinate to any obligation of the Company, howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent,
or now or hereafter existing, or due or to become due, other than the Senior Interests, this Subordinated Note or any rights in respect hereof or (ii) convert this Subordinated Note into an equity interest in the Company, unless the Holder
shall, in either case, have received the prior written consent of the Administrative Agent and the Majority Group Agents; 

(g)    The Holder shall not, without the advance written consent of the Administrative Agent and the
Majority Group Agents, commence, or join with any other Person in commencing, any Bankruptcy Proceedings with respect to the Company until at least one year and one day shall have passed since the Senior Interests shall have been paid and performed
in full and in cash; 
 (h)    If, at any time, any payment (in whole or in part) of any Senior Interest
is rescinded or must be restored or returned by a Senior Interest Holder (whether in connection with Bankruptcy Proceedings or otherwise), these Subordination Provisions shall continue to be effective or shall be reinstated, as the case may be, as
though such payment had not been made; 
 (i)    Each of the Senior Interest Holders may, from time to
time, at its sole discretion, without notice to the Holder, and without waiving any of its rights under these Subordination Provisions, take any or all of the following actions: (i) retain or obtain an interest in any property to secure any of
the Senior Interests; (ii) retain or obtain the primary or secondary obligations of any other obligor or obligors with respect to any of the Senior Interests; (iii) extend or renew for one or more periods (whether or not longer than the
original period), alter or exchange any of the Senior Interests, or release or compromise any obligation of any nature with respect to any of the Senior Interests; (iv) amend, supplement, amend and restate, or otherwise modify any Transaction
Document; and (v) release its security interest in, or surrender, release or permit any substitution or exchange for all or any part of any rights or property securing any of the Senior Interests, or extend or renew for one or more periods
(whether or not longer than the original period), or release, compromise, alter or exchange any obligations of any nature of any obligor with respect to any such rights or property; 

  

			
	Exhibit B-5	  	Receivables Purchase Agreement

 (j)    The Holder hereby waives: (i) notice of
acceptance of these Subordination Provisions by any of the Senior Interest Holders; (ii) notice of the existence, creation, non-payment or non-performance of all or
any of the Senior Interests; and (iii) all diligence in enforcement, collection or protection of, or realization upon, the Senior Interests, or any thereof, or any security therefor; 

(k)    Each of the Senior Interest Holders may, from time to time, on the terms and subject to the
conditions set forth in the Transaction Documents to which such Persons are party, but without notice to the Holder, assign or transfer any or all of the Senior Interests, or any interest therein; and, notwithstanding any such assignment or transfer
or any subsequent assignment or transfer thereof, such Senior Interests shall be and remain Senior Interests for the purposes of these Subordination Provisions, and every immediate and successive assignee or transferee of any of the Senior Interests
or of any interest of such assignee or transferee in the Senior Interests shall be entitled to the benefits of these Subordination Provisions to the same extent as if such assignee or transferee were the assignor or transferor; and 

(l)    These Subordination Provisions constitute a continuing offer from the Holder to all Persons who
become the holders of, or who continue to hold, Senior Interests; and these Subordination Provisions are made for the benefit of the Senior Interest Holders, and the Administrative Agent may proceed to enforce such provisions on behalf of each of
such Persons. 
 10.    General. No failure or delay on the part of the Originator in exercising any power or
right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No amendment, modification or waiver
of, or consent with respect to, any provision of this Subordinated Note shall in any event be effective unless (i) the same shall be in writing and signed and delivered by the Company and the Holder and (ii) all consents required for such
actions under the Transaction Documents shall have been received by the appropriate Persons, including, for the avoidance of doubt, in the case of any such amendment, modification, waiver or consent, the consent of the Administrative Agent and the
Majority Group Agents. 
 11.    Maximum Interest. Notwithstanding anything in this Subordinated Note to the
contrary, the Company shall never be required to pay unearned interest on any amount outstanding hereunder and shall never be required to pay interest on the principal amount outstanding hereunder at a rate in excess of the maximum nonusurious
interest rate that may be contracted for, charged or received under applicable federal or state law (such maximum rate being herein called the “Highest Lawful Rate”). If the effective rate of interest which would otherwise be
payable under this Subordinated Note would exceed the Highest Lawful Rate, or if the holder of this Subordinated Note shall receive any unearned interest or shall receive monies that are deemed to constitute interest which would increase the
effective rate of interest payable 

  

			
	Exhibit B-6	  	Receivables Purchase Agreement

 
by the Company under this Subordinated Note to a rate in excess of the Highest Lawful Rate, then (i) the amount of interest which would otherwise be payable by the Company under this
Subordinated Note shall be reduced to the amount allowed by Applicable Law, and (ii) any unearned interest paid by the Company or any interest paid by the Company in excess of the Highest Lawful Rate shall be refunded to the Company. Without
limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received by the Originator under this Subordinated Note that are made for the purpose of determining whether such rate exceeds the Highest Lawful Rate
applicable to the Originator (such Highest Lawful Rate being herein called the “Originator’s Maximum Permissible Rate”) shall be made, to the extent permitted by usury laws applicable to the Originator (now or hereafter
enacted), by amortizing, prorating and spreading in equal parts during the actual period during which any amount has been outstanding hereunder all interest at any time contracted for, charged or received by the Originator in connection herewith. If
at any time and from time to time (i) the amount of interest payable to the Originator on any date shall be computed at the Originator’s Maximum Permissible Rate pursuant to the provisions of the foregoing sentence and (ii) in respect
of any subsequent interest computation period the amount of interest otherwise payable to the Originator would be less than the amount of interest payable to the Originator computed at the Originator’s Maximum Permissible Rate, then the amount
of interest payable to the Originator in respect of such subsequent interest computation period shall continue to be computed at the Originator’s Maximum Permissible Rate until the total amount of interest payable to the Originator shall equal
the total amount of interest which would have been payable to the Originator if the total amount of interest had been computed without giving effect to the provisions of the foregoing sentence. 

12.    No Negotiation. This Subordinated Note is not negotiable. 

13.    Governing Law. THIS SUBORDINATED NOTE, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO,
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF). 
 14.    Captions.
Paragraph captions used in this Subordinated Note are for convenience only and shall not affect the meaning or interpretation of any provision of this Subordinated Note. 

  

			
	Exhibit B-7	  	Receivables Purchase Agreement

 IN WITNESS WHEREOF, the Company has caused this Subordinated Note to be executed as of the
date first written above. 
  

			
	CONCENTRIX RECEIVABLES, INC.
		
	By:	 	
                    

	Name:	 	  

	Title:	 	  

  

			
	Exhibit B-8	  	Receivables Purchase Agreement

 Exhibit C 

FORM OF JOINDER AGREEMENT 

THIS JOINDER AGREEMENT, dated as of
[                    ], 20[        ] (this “Agreement”) is executed
by[                    ], a
[                    ] organized under the laws of the State of
[                    ] (the “Additional Originator”), with its principal place of business located at
[                    ]. 
 BACKGROUND:

 A.    CONCENTRIX RECEIVABLES, INC., A
DELAWARE CORPORATION (the “Company”) and the various entities from time to time party thereto, as Originators (collectively, the “Originators”), have entered into that certain
Receivables Purchase Agreement, dated as of October [        ], 2020 (as amended, restated, supplemented or otherwise modified through the date hereof, and as it may be further amended, restated, supplemented
or otherwise modified from time to time, the “Receivables Purchase Agreement”). 
 B.    The Additional
Originator desires to become an Originator pursuant to Section 4.3 of the Receivables Purchase Agreement. 
 NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Additional Originator hereby agrees as follows: 

SECTION 1.    Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the
meanings assigned thereto in the Receivables Purchase Agreement or in the Receivables Financing Agreement (as defined in the Receivables Purchase Agreement). 

SECTION 2.    Transaction Documents. The Additional Originator hereby agrees that it shall be bound by all of the
terms, conditions and provisions of, and shall be deemed to be a party to (as if it were an original signatory to), the Receivables Purchase Agreement and each of the other relevant Transaction Documents. From and after the later of the date hereof
and the date that the Additional Originator has complied with all of the requirements of Section 4.3 of the Receivables Purchase Agreement, the Additional Originator shall be an Originator for all purposes of the
Receivables Purchase Agreement and all other Transaction Documents. The Additional Originator hereby acknowledges that it has received copies of the Receivables Purchase Agreement and the other Transaction Documents. 

SECTION 3.    Representations and Warranties. The Additional Originator hereby makes all of the representations and
warranties set forth in Article V (to the extent applicable) of the Receivables Purchase Agreement as of the date hereof (unless such representations or warranties relate to an earlier date, in which case as of such earlier date), as if such
representations and warranties were fully set forth herein. The Additional Originator hereby represents and warrants that its “location” (as defined in the applicable UCC) is
[                    ], and the 

  

			
	Exhibit C-1	  	Receivables Purchase Agreement

 
offices where the Additional Originator keeps all of its books and records concerning the Receivables and Related Rights is as follows: 

[                       
 ] 

[                        
] 

[                        
] 
 SECTION 4.    Miscellaneous. This Agreement, including the rights and duties of the parties hereto, shall be
governed by, and construed in accordance with, the laws of the State of New York (including Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New
York, but without regard to any other conflicts of law provisions thereof). This Agreement is executed by the Additional Originator for the benefit of the Company, and its assigns, and each of the foregoing parties may rely hereon. This Agreement
shall be binding upon, and shall inure to the benefit of, the Additional Originator and its successors and permitted assigns. 
 [Signature
Pages Follow] 

  

			
	Exhibit C-2	  	Receivables Purchase Agreement

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed by its duly
authorized officer as of the date and year first above written. 
  

					
	[NAME OF ADDITIONAL ORIGINATOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	Consented to:
	
	CONCENTRIX RECEIVABLES, INC.
		
	By:	 	
                    

		 	Name:	 	
                    

		 	Title:	 	  

 

					
	Acknowledged by:
	
	PNC BANK , N.A., as Administrative Agent
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

					
	[GROUP AGENTS]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

					
	CONCENTRIX CORPORATION, as Servicer
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

			
	Exhibit C-3	  	Receivables Purchase AgreementForm of Note for the Company's 0.776% Fixed Rate / Floating Rate

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no
transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited
circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CITIGROUP INC. 
 0.776%
Fixed Rate / Floating Rate Callable Senior Notes due October 30, 2024 
  

			
	REGISTERED	  	REGISTERED
		
		  	CUSIP: 172967MT5
		  	ISIN: US172967MT50

  

			
	No. R-00*	  	$            

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $             on October 30, 2024 (the
“Maturity Date”) and to pay interest thereon from and including October 30, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for. The Company shall pay interest (i) from
October 30, 2020 to, but excluding, October 30, 2023 (the “Fixed Rate Period”) at a fixed rate of 0.776% per annum semi-annually, on April 30th and October 30th of each year (each such date, a “Fixed Rate Period Interest
Payment Date”), commencing April 30, 2021 and (ii) from, and including, October 30, 2023 (the “Floating Rate Period”), at an annual rate equal to SOFR (and defined on the reverse hereof and compounding daily over each
Interest Period during the Floating Rate Period as described below) plus 0.686% quarterly, on the second business day following each Interest Period End Date (each such business day, a “Floating Rate Period Interest Payment Date” and
together with any Fixed Rate Period Payment Date, an “Interest Payment Date”), commencing February 1, 2024, until the principal hereof is paid or made available for payment and provided that the Interest Payment Date with respect to
the final Interest Period will be a redemption date or the Maturity Date. An Interest Period End Date is the 30th of each January, 

 
April, July and October, beginning on January 30, 2024 and ending on a redemption date or the Maturity Date. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the holder on such Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a
subsequent Record Date, such subsequent Record Date to be not less than ten days prior to the date of payment of such defaulted interest, notice whereof shall be given to holders of Notes of this series not less than ten days prior to such
subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture. 
 During the Fixed Rate Period, interest hereon will be calculated on the basis of a 360-day year comprised of twelve 30-day months, and an Interest Period shall be the period from and including an Interest Payment Date (or October 30, 2020 in the case of
the first Interest Period) to and including the day immediately preceding the next Interest Payment Date. During the Fixed Rate Period, if an Interest Payment Date falls on a day that is not a Business Day, such Interest Payment Date will be the
next succeeding Business Day, and no further interest will accrue in respect of such postponement. For these purposes, “Business Day” means any day on which commercial banks settle payments and are open for general business in The City of
New York. 
 During the Floating Rate Period, interest hereon will be calculated on the basis of the actual number of days elapsed in an interest period and
a 360-day year, and an Interest Period shall be the period from and including an Interest Period End Date (or October 30, 2023 in the case of the first Interest Period during the Floating Rate Period) to,
but excluding, the next succeeding Interest Period End Date; provided that the Interest Period following an election by the Company to redeem the Notes and the final Interest Period will be the period from, and including, the immediately
preceding Interest Period End Date to, but excluding, the redemption date or the Maturity Date; and provided further that SOFR for each calendar day from, and including, the Rate Cut-Off Date (as
defined on the reverse hereof) to, but excluding, the redemption date or the Maturity Date will equal SOFR in respect of the Rate Cut-Off Date. In the event that any Interest Period End Date (other than a
redemption date or the Maturity Date) is not a Business Day, then such date will be postponed to the next succeeding Business Day, unless that day falls in the next calendar month, in which case the interest period end date will be the immediately
preceding Business Day. For these purposes, “Business Day” means any day on which commercial banks settle payments and are open for general business in The City of New York and a U.S. Government Securities Business Day (as defined on the
reverse hereof) 
 Dollar amounts resulting from such calculations will be rounded to the nearest cent, with
one-half cent being rounded upward. In the event that the Maturity Date or a redemption date is not a Business Day, then such date will be postponed to the next succeeding Business Day, and no further interest
will accrue with respect to such postponement. No interest will accrue on any amounts payable for the period from and after the due date for payment of such principal or interest. 

 Payment of the principal of and interest on this Note will be made at the office or agency of the Trustee
maintained for that purpose in The City of New York. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has
been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: October 30, 2020 
  

			
		 	CITIGROUP INC.
		
	By:	 	
		 	Name:
		 	Title:

  

			
		 	ATTEST:
		
	By:	 	
		 	Name:
		 	Title:

 This is one of the Notes of the series issued under the within-mentioned Indenture. 

Dated: October 30, 2020 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
		
	-or-	 	
	
	CITIBANK, N.A., as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

 This Note is one of a duly authorized issue of Securities of the Company (the “Notes”), issued and
to be issued in one or more series under the senior debt indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York Mellon, as trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in
aggregate principal to $2,500,000,000. 
 During the Floating Rate Period, this Note will bear interest for each Interest Period at a rate determined by
Citibank, N.A., London Branch, acting as Calculation Agent. The interest rate on this Note for a particular Interest Period during the Floating Rate Period will be a per annum rate equal to SOFR (compounding daily over each Interest Period as
described below) plus 0.686%. Interest during the Floating Rate Period will be calculated by multiplying the principal amount of the Notes by an accrued interest factor equal to the sum of the interest factors calculated for each day during the
applicable Interest Period; provided that in no event will the interest payable on the Notes be less than zero. The interest factor for each such day will be computed by dividing the interest rate applicable to that day by 360. The interest
rate applicable to such day will be the sum of the Accrued Interest Compounding Factor plus 0.686%. Promptly upon determination, the Calculation Agent will inform the Trustee and the Company of the interest rate for the next Interest Period. Absent
manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on the holders of Notes, the Trustee and the Company. 

For the purposes of calculating interest with respect to any Interest Period during the Floating Rate Period: 

“Accrued Interest Compounding Factor” means the result of the following formula: 

 
 

 
 where 

“do”, for any Interest Period, is the number of U.S. Government Securities Business Days in the relevant Interest Period. 

“i” is a series of whole numbers from one to do, each representing the relevant U.S. Government Securities Business Days in
chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Interest Period. 

“SOFRi”, for any day “i” in the relevant Interest Period, is a reference rate equal to SOFR in respect of that day.

 “ni”, for any day “i” in the relevant Interest Period, is the number of calendar days from, and including,
such U.S. Government Securities Business Day “i” to, but excluding, the following U.S. Government Securities Business Day. 

 “d” is the number of calendar days in the relevant Interest Period. 

“U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and
Financial Markets Association (SIFMA) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“SOFR” means, with respect to any day, the rate determined by the Calculation Agent in accordance with the following provisions:

 (1) the Secured Overnight Financing Rate for trades made on such day that appears at approximately 3:00 p.m. (New York City time) on the
NY Federal Reserve’s Website on the U.S. Government Securities Business Day immediately following such U.S. Government Securities Business Day; or 

(2) if the rate specified in (1) above does not so appear, unless a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred as described in (3) below, the Secured Overnight Financing Rate published on the NY Federal Reserve’s Website for the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was
published on the NY Federal Reserve’s Website; or 
 (3) if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred prior to the relevant interest period end date, the Calculation Agent will use the Benchmark Replacement to determine the rate and for all other purposes relating to the Notes. 

In connection with the SOFR definition above, the following definitions apply: 

“Benchmark” means, initially, SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by Citigroup (or one of its
affiliates) as of the Benchmark Replacement Date: 
 (1) the sum of: (a) the alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; or 

(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or 

(3) the sum of: (a) the alternate rate of interest that has been selected by the Company (or one of its affiliates) as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and
(b) the Benchmark Replacement Adjustment. 

 “Benchmark Replacement Adjustment” means the first alternative set forth in the
order below that can be determined by the Company (or one of its affiliates) as of the Benchmark Replacement Date: 
 (1) the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement; 
 (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company (or one of
its affiliates) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time. 
 “Benchmark Replacement Conforming Changes” means,
with respect to any Benchmark Replacement, any technical, administrative or operational changes that the Company (or one of its affiliates) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially
consistent with market practice (or, if the Company (or such affiliate) decides that adoption of any portion of such market practice is not administratively feasible or if the Company (or such affiliate) determines that no market practice for use of
the Benchmark Replacement exists, in such other manner as the Company (or such affiliate) determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such
administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

 (2) a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative. 
 “Business Day” means any weekday that is not a legal holiday in New York City and is not
a day on which banking institutions in New York City are authorized or required by law or regulation to be closed and is a U.S. Government Securities Business Day. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same
length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “ISDA” means the
International Swaps and Derivatives Association, Inc. or any successor thereto. 
 “ISDA Definitions” means the 2006 ISDA
Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve” means the Federal Reserve Bank of New York. 

“NY Federal Reserve’s Website” means the website of the NY Federal Reserve, currently at http://www.newyorkfed.org, or any
successor website of the NY Federal Reserve or the website of any successor administrator of the Secured Overnight Financing Rate. 

“Rate Cut-Off Date” means the second U.S. Government Securities Business Day prior to a
redemption date or the Maturity Date. 
 “Reference Time” with respect to any determination of the Benchmark means the time
determined by Citigroup (or one of its affiliates) in accordance with the Benchmark Replacement Conforming Changes. 

 “Relevant Governmental Body” means the Federal Reserve Board and/or the NY Federal
Reserve, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NY Federal Reserve or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

Upon request from any Noteholder, the Calculation Agent will provide the interest rate in effect on this Note for the current Interest Period during the
Floating Rate Period and, if it has been determined, the interest rate to be in effect for the next Interest Period during the Floating Rate Period. 
 If
an event of default (as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire indebtedness of this
Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture. 
 The
Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more
supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the
holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof
or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series then outstanding, or (iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 This
Note is a Global Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described.
Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository. 
 The Notes represented by this Global Security are exchangeable for definitive Notes in certificated form of like
tenor as such Notes in denominations of $1,000 and whole multiples of $1,000 in 

 
excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Notes and the Company is unable to appoint a successor
depository or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive Notes
in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon surrender of the definitive
Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the holder thereof or his
attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Subject
to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Company will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is
a non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a “net
payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge of the United States. These Additional
Amounts will constitute additional interest on the Note. 
 The Company will not be required to pay Additional Amounts, however, in any of the circumstances
described in items (1) through (13) below. 
 (1) Additional Amounts will not be payable if a payment on a Note is reduced as a result
of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner: 
  

	 	(a)	 having a relationship with the United States as a citizen, resident or otherwise; 

 

	 	(b)	 having had such a relationship in the past; or 

 

	 	(c)	 being considered as having had such a relationship. 

(2) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner: 

	 	(a)	 being treated as present in or engaged in a trade or business in the United States; 

 

	 	(b)	 being treated as having been present in or engaged in a trade or business in the United States in the past; or

  

	 	(c)	 having or having had a permanent establishment in the United States. 

(3) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

 

	 	(a)	 personal holding company; 

 

	 	(b)	 foreign private foundation or other foreign tax-exempt organization;

  

	 	(c)	 passive foreign investment company; 

 

	 	(d)	 controlled foreign corporation; or 

 

	 	(e)	 corporation which has accumulated earnings to avoid United States federal income tax. 

(4) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason
of the beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 
 For purposes
of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or
a person holding a power over an estate or trust administered by a fiduciary holder. 
 (5) Additional Amounts will not be payable to any
beneficial owner of a Note that is a: 
  

	 	(a)	 fiduciary; 

  

	 	(b)	 partnership; 

  

	 	(c)	 limited liability company; or 

 

	 	(d)	 other fiscally transparent entity 

or that is not the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation to pay Additional
Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the
payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

(6) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the
obligation to pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a
precondition to exemption from such tax, assessment or other governmental charge. 

 (7) Additional Amounts will not be payable if a payment on a Note is reduced as a result of
any tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding from a payment on a Note by the Company or a paying agent. 

(8) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

(9) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

(10) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

 

	 	(a)	 estate tax; 

  

	 	(b)	 inheritance tax; 

  

	 	(c)	 gift tax; 

  

	 	(d)	 sales tax; 

  

	 	(e)	 excise tax; 

  

	 	(f)	 transfer tax; 

  

	 	(g)	 wealth tax; 

  

	 	(h)	 personal property tax; or 

 

	 	(i)	 any similar tax, assessment, withholding, deduction or other governmental charge. 

(11) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge
required to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 

(12) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment
or other governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the
Note is made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that
jurisdiction and the United States) or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial
institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 
 (13)
Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (12) above. 

 Except as specifically provided herein, the Company will not be required to make any payment
of any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Note, “United States person” means: 
  

	 	(a)	 any individual who is a citizen or resident of the United States; 

 

	 	(b)	 any corporation, partnership or other entity created or organized in or under the laws of the United States or
any political subdivision thereof; 

  

	 	(c)	 any estate if the income of such estate falls within the federal income tax jurisdiction of the United States
regardless of the source of such income; and 

  

	 	(d)	 any trust if (i) a United States court is able to exercise primary supervision over its administration and
one or more United States persons have the authority to control all of the substantial decisions of the trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States
person. 

 Additionally, “non-United States person” means a person who
is not a United States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Notes may not be redeemed prior to maturity. 
  

	 	(1)	 The Company may, at its option, redeem the Notes if: 

 

	 	(a)	 the Company becomes or will become obligated to pay Additional Amounts as described above;

  

	 	(b)	 the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings
of the United States, or an official position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after October 23, 2020; and 

 

	 	(c)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company. 

 

	 	(2)	 The Company may also redeem the Notes, at its option, if: 

 

	 	(a)	 any act is taken by a taxing authority of the United States on or after October 23, 2020 whether or not
such act is taken in relation to the Company or any subsidiary, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 

 

	 	(b)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company; and 

 

	 	(c)	 the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of
the United States results in a substantial 

	 	
probability that the Company will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that
based on such opinion the Company is entitled to redeem the Notes pursuant to their terms. 

 Any redemption of the Notes as set forth in
clauses (1) or (2) above shall be in whole, and not in part, and will be made at a redemption price equal to 100% of the principal amount of the Notes Outstanding plus accrued and unpaid interest thereon to the date of redemption. 

 

	 	(3)	 The Company may also redeem the Notes, at its option, in whole at any time or in part from time to time, on or
after April 30, 2021 (or, if additional notes are issued after October 30, 2020, beginning six months after the issue date of such additional notes) and prior to October 30, 2023, at a redemption price equal to the sum of (i) 100% of
the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding the date of redemption; and (ii) the Make-Whole Amount, if any, with respect to such Notes. The Reinvestment Rate will equal the
Treasury Yield calculated to October 30, 2023, plus 0.100%. 

  

	 	•	 	 “Make-Whole Amount” means the excess, if any, of: (i) the aggregate present value as of the date
of such redemption of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable in respect of each such dollar if such redemption had not been made,
determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as defined below) (determined on the third business day preceding the date that notice of such redemption is given) from the respective dates on
which such principal and interest would have been payable if such redemption had not been made, to the date of redemption, over (ii) the aggregate principal amount of the Notes being redeemed. 

 

	 	•	 	 “Reinvestment Rate” means the yield on Treasury securities at a constant maturity corresponding to the
remaining life (as of the date of redemption, and rounded to the nearest month) to October 30, 2023, of the principal being redeemed (the “Treasury Yield”), plus 0.100%. For purposes of the Notes, the Treasury Yield shall be equal to
the arithmetic mean of the yields published in the Statistical Release (as defined below) under the heading “Week Ending” for “U.S. Government Securities — Treasury Constant Maturities” with a maturity equal to such
remaining life; provided that if no published maturity exactly corresponds to such remaining life, then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest
and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the format or content of the
Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by
the Company. 

  

	 	•	 	 “Statistical Release” means the statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Federal Reserve and which reports yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any
determination under the Indenture, then such other reasonably comparable index which shall be designated by the Company. 

	 	(4)	 The Company may also redeem the Notes, at its option, (i) in whole, but not in part, on October 30,
2023, or (ii) in whole at any time or in part from time to time, on or after September 30, 2024 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but
excluding, the date of redemption. 

 Holders shall be given not less than 15 days’ nor more than 60 days’ prior notice by the
Trustee of the date fixed for such redemption described in (1) and (2) above. Holders shall be given not less than 5 days’ nor more than 30 days’ prior notice by the Trustee of the date fixed for such redemption described in
(3) and (4) above. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The
Notes are governed by the laws of the State of New York. 

 Schedule 1 

Redemptions and Amount of Securities 
  

							
	Date of partial redemption	 	Aggregate principal amount of Securities then redeemed	 	Remaining principal amount of this Global Security	 	Authorized Signature

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]