Document:

Participation Agreement

 Exhibit 4.4 

CURRENCYSHARESSM JAPANESE YEN TRUST 
 PARTICIPANT AGREEMENT 
 This Participant Agreement (this “Agreement”),
dated as of March 25, 2010, is entered into by and between Knight Clearing Services, LLC (with respect to this Agreement, the “Authorized Participant”, and with respect to the Trust Agreement referred to below, an
“Authorized Participant”), The Bank of New York, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the CurrencyShares Japanese Yen Trust (the
“Trust”), and Rydex Specialized Products LLC, d/b/a Rydex Investments, as sponsor (the “Sponsor”) of the Trust. 
 SUMMARY 
 The Trustee serves as the trustee of the Trust pursuant to the Depositary Trust
Agreement dated as of             , 2007 among the Sponsor, the Trustee, the registered owners and beneficial owners from time to time of Japanese Yen Shares issued thereunder and
all depositors (the “Trust Agreement”). As provided in the Trust Agreement and described in the Prospectus (defined below), units of fractional undivided beneficial interests in and ownership of the Trust (the
“Shares”) may be created or redeemed by the Trustee for an Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the
registration statement of the Trust on Form S-1, as amended (Registration No: 333-138881), as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter
(collectively, the “Registration Statement”) together with the prospectus of the Trust in the form first filed with the SEC pursuant to Rule 424 (the “Prospectus”) adopted under the Securities Act of 1933, as
amended (the “1933 Act”). Under the Trust Agreement, the Trustee is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants under the Trust Agreement, only through the facilities of The Depository Trust
Company (“DTC”) or a successor depository, and only in exchange for an amount of Japanese Yen that is transferred between such Authorized Participant and the Trust. Under the Trust Agreement, the Trustee issues Baskets in exchange
for Japanese Yen which are transferred by an Authorized Participant to the London Branch of JPMorgan Chase Bank, N.A. (the “Depository”), and when the Trustee redeems Baskets tendered for redemption by an Authorized Participant in
exchange for Japanese Yen, the Japanese Yen held in the Trust Account are transferred to the Authorized Participant by the Depository. The foregoing Japanese Yen transfers are also governed by the Deposit Account Agreement the Trust has entered into
with the Depository (the “Deposit Account Agreement”). This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 
 Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a “distribution,” as such term is used in the 1933 Act, may be occurring. The
Authorized Participant is cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability
provisions of the 1933 Act. The Authorized Participant should review the “Plan of Distribution” portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined
below). 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To
the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. 
 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 

Section 1. Order Placement. To place orders for the Trustee to create or redeem one or more Baskets, Authorized Participants must follow the
procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented from time to time.

 Section 2. Status, Representations and Warranties of the Parties. 

(a) The Authorized Participant represents and warrants and covenants the following on the date hereof and at each time of purchase by the
Authorized Participant of a Basket from the Trust (each such time, the “Time of Purchase”), that: 
 (i) The
Authorized Participant is a participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Trustee of such
event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 

(ii) Unless Section 2(a)(iii) applies, the Authorized Participant either (A) is registered as a broker-dealer under the
Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of the National Association of Securities Dealers, Inc. (the “NASD”), or (B) is exempt from being, or otherwise is not
required to be, licensed as a broker-dealer or a member of the NASD, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. In connection with the purchase or
redemption of Baskets and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The
Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of the NASD (if
it is a NASD member), and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 
 (iii) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be
registered, qualified or a member of the NASD as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection with such offers and sales, (A) observe the applicable laws of the jurisdiction in which such offer and/or
sale is made, (B) comply with the prospectus delivery and other requirements of the 1933 Act, and the regulations promulgated thereunder, and (C) conduct its business in accordance with the NASD Conduct Rules. 

(iv) The Authorized Participant is in compliance with the money laundering and related provisions of the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the regulations promulgated thereunder (“USA PATRIOT Act”), if the Authorized Participant is subject to the requirements of
the USA PATRIOT Act. 
 (v) The Authorized Participant has the capability to send and receive communications via authenticated
telecommunication facility to and from the Trustee. The Authorized Participant shall confirm such capability to the satisfaction of the Trustee by the end of the Business Day before placing its first order with the Trustee (whether such order is to
create or to redeem Baskets). 

 (b) The Sponsor represents and warrants that: 

(i) on the effective date of the Registration Statement and at each Time of Purchase, the Trust’s Registration Statement shall be
effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement
complies in all material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of the 1933 Act; and the conditions to the use
of Form S-1 have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, the
Prospectus will not, as of its date and at the Time of Purchase, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading and, as of              a.m./p.m. on the date of this Agreement (the “Time of Sale”), the documents
comprising the Disclosure Package (as defined below) did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation with respect to any statement contained in the Registration Statement, the Prospectus or the Disclosure Package in
reliance upon and in conformity with information concerning the Authorized Participant and furnished in writing by or on behalf of the Authorized Participant to the Sponsor expressly for use therein. The “Disclosure Package” is the
Prospectus and any amendments and supplements thereto at the Time of Sale and any free writing prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor before the Time of Sale and
intended for general distribution; 
 (ii) the Shares, when issued and delivered against payment of consideration therefor, as
provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 

(iii) the Sponsor has been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be
validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all
requisite power and authority to execute and deliver this Agreement; and 
 (iv) at the time the Sponsor makes an offer of Shares
following the filing of the Registration Statement, neither the Trust nor the Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act. 
 Section 3. Orders. 
 (a) All orders to create or redeem Baskets shall
be made in accordance with the terms of the Trust Agreement, the Deposit Account Agreement, this Agreement and the Procedures. Each 

 
party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such
use is reflected in the Procedures. The Trustee and Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant
will comply with such procedures of which it has received notice in accordance with Section 18(c). 
 (b) The Authorized
Participant acknowledges and agrees that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order and Redemption Order, an
“Order”) may not be revoked by the Authorized Participant upon its delivery to the Trustee. A form of Purchase Order is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit C. 

(c) The delivery of the Shares against deposits of Japanese Yen may be suspended generally, or refused with respect to particular
requested deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. Except as otherwise
provided in the Trust Agreement, the surrender of Shares for purposes of withdrawing Japanese Yen may not be suspended. 
 Section 4.
Japanese Yen Transfers. Any Japanese Yen to be transferred in connection with any Order shall be transferred between the Authorized Participant’s account and the Trust’s deposit accounts established for such transfers pursuant to the
Deposit Account Agreement (the “Deposit Accounts”) in accordance with the Procedures. The Authorized Participant shall be responsible for all costs and expenses relating to or connected with any transfer of Japanese Yen between its
account and the Deposit Accounts, including any late fees and other charges, if any, for which the Trustee becomes responsible in the event that Japanese Yen are not transferred from the Authorized Participant’s account in accordance with the
Procedures. 
 Section 5. Fees. In connection with each Order by an Authorized Participant to create or redeem one or more Baskets,
the Trustee shall charge, and the Authorized Participant shall pay to the Trustee, the transaction fee prescribed in the Trust Agreement applicable to such creation or redemption. The initial transaction fee shall be five hundred dollars ($500). The
transaction fee may be waived or otherwise adjusted from time to time as set forth in the Prospectus. 
 Section 6. Authorized
Persons. Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized Participant shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official,
a certificate in the form of Exhibit A setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized
Participant (each, an “Authorized Person”). The Trustee may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the
Trustee receives a superseding certificate bearing a subsequent date. Upon the termination or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact
to the Trustee and such notice shall be effective upon receipt by the Trustee. The Trustee shall issue to each Authorized Person a unique personal identification number (the “PIN”) by which such Authorized Person shall be identified
and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized
Person’s PIN is changed, the new PIN shall become effective on a date mutually agreed upon by the Authorized Participant and the Trustee. 

Section 7. Redemption. The Authorized Participant represents and warrants that it will not obtain an Order Number (as described in the
Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it owns outright or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to
receive the entire proceeds of the redemption, and (ii) such 

 
Baskets have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement or any other arrangement which would preclude the delivery
of such Baskets to the Trustee on the third Business Day following the date of the Redemption Order. 
 Section 8. Role of Authorized
Participant. 
 (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement,
the Authorized Participant is and shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Sponsor, the Trustee or the Depository, in any matter or in any respect. 

(b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with
the Trustee, the Depository or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 
 (c) The Authorized Participant will maintain records of all sales of Shares made by or through it as required by law and will furnish copies of such records to the Sponsor upon the reasonable request of
the Sponsor, subject to any privacy or confidentiality obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self regulatory organization. The Sponsor will not use any information
provided by the Authorized Participant pursuant to this paragraph or disclose such information to others except in connection with the performance of its duties and responsibilities hereunder, including making servicing and informational mailings
related to the Trust, or except as may be required by applicable law. 
 Section 9. Indemnification. 

(a) The Authorized Participant hereby indemnifies and holds harmless the Trustee, the Depository, the Trust, the Sponsor, their respective
direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including
attorney’s fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provision of this Agreement, including any of its
representations, warranties or covenants; (ii) any failure on the part of the Authorized Participant to perform any of its other obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply with
applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the Procedures reasonably
believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares,
any AP Indemnified Party or the Trust that is not consistent with the Trust’s Prospectus as then-supplemented made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or alleged
untrue statement of a material fact (1) contained in any research report, marketing material or sales literature described in Section 13(b) or in any FWP prepared by the Authorized Participant or (2) furnished by the Authorized
Participant for use in a FWP prepared by, for or on behalf of the Sponsor, or any alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading to the extent that
such statement or omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or
is based upon any omission or alleged omission by the Sponsor to state a material fact in connection with such representation, statement or omission necessary in order to make such representation, statement or omission not misleading. 

(b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates,
directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a 

 
“Sponsor Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including attorneys’ fees and the reasonable cost of investigation)
incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of this Agreement that relates to the Sponsor, including its representations, warranties and covenants; (ii) any failure on the part
of the Sponsor to perform any other obligation of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws; or (iv) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement or in any amendment thereof, or in the Prospectus, or in any amendment thereof or supplement thereto, or in the Disclosure Package or in any FWP prepared by, for or on behalf of the Sponsor, or arising out of
or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, except those statements based on information furnished in writing by
or on behalf of the Authorized Participant expressly for use in the Registration Statement, amendment thereof, Prospectus, amendment thereof or supplement thereto, Disclosure Package or FWP. 

(c) (i) This Section 9 shall not apply to any AP Indemnified Party or any Sponsor Indemnified Party (each, an
“Indemnified Party”) to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of, or in connection with, any action or failure to act that constitutes gross negligence, bad faith or willful
misconduct on the part of the such Indemnified Party. (ii) The term “affiliate” in this Section 9 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 
 (d) If the indemnification provided for in this Section 9 is unavailable to an indemnified party under Sections 9(a) or 9(b) or insufficient to hold an indemnified party harmless in respect of any
losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, liabilities, damages, costs and
expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the one hand, and by the Authorized Participant, on the other hand, from the services provided hereunder or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such losses, liabilities, damages, costs and expenses, as well
as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized Participant, on the other hand, shall be deemed to be in the same respective proportions as the amount
of Japanese Yen transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in connection with this Agreement on the other hand. To the extent
applicable, the relative fault of the Sponsor on the one hand and of the Authorized Participant on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or
omission or alleged omission relates to information supplied by the Sponsor or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The amount paid or payable by a party as a result of the losses, liabilities, damages, costs and expenses referred to in this Section 9(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in
connection with investigating, preparing to defend or defending any action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 

(e) The Sponsor and the Authorized Participant agree that it would not be just and equitable if contribution pursuant to this
Section 9 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 9(d) above. The Authorized Participant shall not be required to
contribute any amount in 

 
excess of the amount by which the total price at which the Shares created by the Authorized Participant and distributed to the public were offered to the public exceeds the amount of any damage
which the Authorized Participant has otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (f) The indemnity and contribution agreements contained in this Section 9 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its
partners, stockholders, members, directors, officers, employees and or any person (including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the Sponsor, its partners, stockholders, members, directors, officers, employees or any person who controls the Sponsor within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and, in the case
of the Sponsor, against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration Statement or the Prospectus. 

Section 10. Liability. 
 (a) Limitation of Liability. None of the Sponsor, the Trustee, the Authorized Participant, and the Depository shall be liable to each other or to any other person, including any party claiming by, through
or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of them by each other or any other person or out of any interruption
or delay in the electronic means of communications used by them. 
 (b) Tax Liability. The Authorized Participant shall be
responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement,
regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly
indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. 
 Section 11.
Acknowledgment. The Authorized Participant acknowledges receipt of (i) a copy of the Trust Agreement and (ii) the current Prospectus of the Trust, and represents that it has reviewed and understands such documents. 

Section 12. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective
in this form as of the Time of Sale, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon
notice to the Authorized Participant by the Trustee in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in the circumstances described in
Section 18(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 
 Section 13. Marketing
Materials; Representations Regarding Shares; Identification in Registration Statement. 
 (a) The Authorized Participant
represents, warrants and covenants that (i), without the written consent of the Sponsor, the Authorized Participant will not (A) make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified
Party other than representations contained (1) in the Prospectus of the Trust, as then amended and 

 
supplemented, (2) in printed information approved by the Sponsor as information supplemental to such Prospectus or (3) in any promotional materials or sales literature furnished to the
Authorized Participant by the Sponsor, or (B) issue any FWP pursuant to Rules 164 and 433 of the 1933 Act and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any information or
material relating to the Shares, any AP Indemnified Person or the Trust that are not consistent with the Prospectus, as then amended and supplemented. Copies of the Prospectus of the Trust, as then amended and supplemented, and any such printed
supplemental information will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 

(b) Notwithstanding the foregoing, the Authorized Participant may without the written approval of the Sponsor prepare and circulate in the
regular course of its business research reports, marketing material and sales literature, but in no event FWPs, that include information, opinions or recommendations relating to the Shares (i) for public dissemination, provided that such
research reports, marketing material or sales literature is prepared in accordance with applicable rules and regulations of the 1933 Act, any applicable state securities laws and NASD rules; or (ii) for internal use by the Authorized
Participant. The Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares with the NASD to the extent required by the NASD Conduct Rules. 

(c) The Authorized Participant and its affiliates may prepare and circulate in the regular course of their businesses, without having to
refer to the Shares or the Prospectus, as then amended and supplemented, data and information relating to the price of Japanese Yen. 
 (d) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the Prospectus, and any supplements or amendments thereto or recirculation thereof, to the
Authorized Participant in Portable Document Format (“PDF”) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written
notice to the Sponsor and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form
from the Sponsor. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in
paper form. The Sponsor will, when requested by the Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus.

 (e) For as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized
participant of the Trust (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” (including identifying the Authorized Participant in such section by a supplement to
the Prospectus) and in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) during the period prior to when the Sponsor qualifies and elects to file on Form S-3,
the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the Sponsor qualifies and elects to
file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website
to remove any identification of the Authorized Participant as an authorized participant of the Trust. 
 Section 14. Title To Japanese
Yen. The Authorized Participant represents and warrants that upon delivery of the Basket Japanese Yen Amount (as defined in the Trust Agreement) to the Trustee in accordance with the terms of the Trust Agreement and this Agreement, the Trust
will acquire good and unencumbered title to the Japanese Yen which are the subject of such Basket Japanese Yen Amount, free and clear of all 

 
pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse
claims, including any restriction upon the sale or transfer of all or any part of such Japanese Yen which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a
Purchase Order. 
 Section 15. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this
Agreement, is a third-party beneficiary of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its
own name) to enforce any obligation of the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 
 Section 16. Force Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by
reason of any act of God or war or terrorism, acts and regulations and rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any
reason, to perform its obligations, or any cause beyond its reasonable control, including, without limitation, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer
facilities, any transport, port or airport disruption, or any industrial action. 
 Section 17. Ambiguous Instructions. If a
Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Trustee will attempt to contact
one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized
Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Trustee. If the Trustee is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance
with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Trustee will attempt to contact
one of the Authorized Persons of the Authorized Participant to request retransmission of the Order. 
 Section 18. Miscellaneous.

 (a) Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be
amended, modified or supplemented by the Trustee and the Sponsor, without consent of any Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail a
copy of the proposed amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into
the United States postal system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its
terms. If at any time there is any material amendment, modification or supplement of any Participant Agreement (other than this Agreement), the Trustee will promptly mail a copy of such amendment, modification or supplement to the Authorized
Participant. 
 (b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or
condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation,
covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

 (c) Notices. Except as otherwise specifically provided in this Agreement, all notices
required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized
overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a confirming copy regular mailed, postage prepaid. For avoidance of
doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices shall be directed to the address or telephone or facsimile numbers
indicated below the signature line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and
all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, except that any
entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or
substantially all of the business of the party, shall be the successor of the party under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any
purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor
Trustee or Sponsor under the terms of the Trust Agreement. 
 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction,
effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or
other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non convenient and any objections as to laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of
any claim arising under or in connection with this Agreement. 
 (g) Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to
any party hereto to produce or account for more than one such counterpart executed and delivered by such party. 
 (h)
Interpretation. The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

 (i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant
to this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to
be a party to the Trust Agreement. 

 (j) Severance. If any provision of this Agreement is held by any court or any act,
regulation, rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to
the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein,
unless the Sponsor determines in its discretion, after consulting with the Trustee, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other
provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor’s notification of the Trustee of such a determination, this
Agreement shall immediately terminate and the Trustee will so notify the Authorized Participant immediately. 
 (k) No Strict
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(l) Survival. Sections 9 (Indemnification) and 15 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement.

 (m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or
quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited
to.” 
 * * * * * * * 

 IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Trustee, on behalf of the Trust, have
caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

													
	 THE BANK OF NEW YORK,
 not in its individual capacity,
 but solely as Trustee of the CurrencyShares Japanese Yen
Trust
	 	 KNIGHT CLEARING SERVICES, LLC

					
	By:	 	 /s/ Andrew Pfeifer
	 		 	By:        	 	 /s/ Christopher Pento

		 	        Name:	 		 		 		 	Name:	 	Christopher Pento
		 	        Title  Vice President	 		 		 	Title	 	President

  

									
	Address:	 	         One Wall Street
         New York, NY 10286
	 		 	 Address: 545 Washington Blvd., 2nd Fl.
  Jersey City, NJ 07310

	Telephone:	 	        (212) 635-6314	 		 	Telephone:	 	        201-356-4232
					
	Facsimile:	 		 		 	Facsimile:	 	        201-356-4297

  

					
	RYDEX SPECIALIZED PRODUCTS LLC,
	Sponsor of the CurrencyShares Japanese Yen Trust
		
	 /s/ Nick Bonos
	 	
	Name:	 	Nick Bonos
	Title:	 	CEO

  

			
	Address:	 	9601 Blackwell Rd., Ste 500
		 	Rockville, MD 20850

  

			
	Telephone:	 	301-296-5125

  

			
	Facsimile:	 	301-296-5104

 

 
 Exhibit A 

CURRENCYSHARESSM JAPANESE YEN TRUST 
 FORM OF CERTIFIED AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following are the names,
titles and signatures of all persons (each an “Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the
Authorized Participant pursuant to the CurrencyShares Japanese Yen Trust Participant Agreement. 
 Authorized Participant:  Knight
Clearing Services LLC. 
  

									
	Name:	 	Stacey Boss	 		 	Name:	 	Robert Moseman III
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Stacey Boss
	 		 	Signature:	 	 /s/ Robert Moseman III

  

									
	Name:	 	Eric Malpica	 		 	Name:	 	Sean Siri
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Eric Malpica
	 		 	Signature:	 	 /s/ Sean Siri

  

									
	Name:	 	Erma McClain	 		 	Name:	 	Wayne Solano
	Title:	 	Authorized Person	 		 	Title:	 	Authorized Person

  

									
	Signature:	 	 /s/ Erma McClain
	 		 	Signature:	 	 /s/ Wayne Solano

 The undersigned, Andrew M. Greenstein, Managing Director, Deputy General Counsel and Secretary of Knight Clearing
Services LLC does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to
the CurrencyShares Japanese Yen Trust Participant Agreement by and between Knight Clearing Services LLC and the Trustee and the Sponsor of the CurrencyShares Japanese Yen Trust, dated March 25, 2010, and that their signatures set forth above
are their own true and genuine signatures. 
 In Witness Whereof, the undersigned has hereby set his hand and the seal of Knight Clearing
Services LLC on the date set forth below. 
  

							
		 		 	Knight Clearing Services LLC
				
		 		 	By:	 	 /s/ Andrew M. Greenstein

		 		 	Name:	 	Andrew M. Greenstein
		 		 	Title:	 	Managing Director, Deputy General
	Subscribed and sworn to before me	 		 	Counsel & Secretary
	This 15th day of April, 2010	 		 	Date:	 	4/15/2010 
				
	 /s/ Maria Corona S. Bugarin
	 		 		 	
	Maria Corona S. Bugarin	 		 		 	
	Notary Public of New Jersey	 		 		 	
	My Comm. Expires Sept. 26, 2013	 		 		 	

 EXHIBIT B 

CURRENCYSHARESSM JAPANESE YEN TRUST 
 PURCHASE ORDER FORM 
 THE BANK OF NEW YORK, TRUSTEE 

 
  
 CONTACT INFORMATION FOR ORDER EXECUTION: 

			
	Telephone order number:	  	(718) 315-4970 or 4967
	Fax order number:	  	(718) 315-4881
		  	[                    ]
		  	Acc: JPMorgan Chase Bank, N.A. London (CHASGB2L)
		  	 No:
[                ]

		  	FFC: Currency Shares Japanese Yen Trust [            ]
		  	 IBAN#
[                    ]

  
  
 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	 Broker Name:
	 	  

			
	 DTC Participant Number:
	 	  

			
	 Telephone Number:
	 	  

 

					
	 	 	Time:	 	  

					
		 	Firm Name:	 	  

					
		 	Fax Number:	 	  

		
		 	(One Basket = 50,000 FXY Shares)

 
 

 

 

			
	Number of Baskets Transacted:	 	  

 
 

 

			
	Order #	 	  

 

					
		 	Number written out:	 	  

 
 

  
 This Purchase Order is subject to the
terms and conditions of the Depositary Trust Agreement of the CurrencyShares Japanese Yen Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations
and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Japanese Yen Amount disseminated the previous business day and
recognizes the final Basket Japanese Yen Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Japanese Yen
Amount required for the Purchase Order entered into on this day will be finalized and this Purchase Order will serve as a legally binding contract for settlement on the third New York business day following the date hereof, unless that day is not a
business day in Japan, in which case settlement will be the next following day that is a business day in both New York and Japan. 
  

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:                                      
                                         
                                         

  

									
	Final # of Japanese Yen	 	  
	 		 	Final # of FXY Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 EXHIBIT C 
 CURRENCYSHARES JAPANESE YEN TRUST 
 REDEMPTION ORDER FORM 

THE BANK OF NEW YORK, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 

			
	Telephone order number:	  	(718) 315-4970 or 4967
	Fax order number:	  	(718) 315-4881
	Depository Instructions	  	

  
  
 Participant must complete all items in Part I. The Trustee, in its discretion may reject any order not submitted in complete form. 

 

	I.	TO BE COMPLETED BY PARTICIPANT:

			
	Date:	 	  

			
	Broker Name:	 	  

			
	DTC Participant Number:	 	  

			
	Telephone Number:	 	  

 

					
		 	Time:	 	  

					
		 	Firm Name:	 	  

					
		 	Fax Number:	 	  

			
		
		 	(One Basket = 50,000 FXY Shares)

 
 

 

 

			
	Number of Baskets Surrendered:	  	  

 
 

 

			
	Order #	  	  

 

					
		 	Number written out:	 	  

 
 

  
 This Redemption Order is subject to
the terms and conditions of the Depositary Trust Agreement of the CurrencyShares Japanese Yen Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All
representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is
authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Japanese Yen Amount disseminated the previous business day and
recognizes the final Basket Japanese Yen Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Japanese Yen
Amount required for the Redemption Order entered into on this day will be finalized and this Redemption Order will serve as a legally binding contract for settlement on the third New York business day following the date hereof, unless that day is
not a business day in Japan, in which case settlement will be the next following day that is a business day in both New York and Japan. 
  

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:                                      
                                         
                                         

  

									
	Final # of Japanese Yen	 	  
	 		 	Final # of FXY Shares	 	  

  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee

 ATTACHMENT A 
 CREATION AND REDEMPTION OF JAPANESE YEN SHARES AND 
 RELATED JAPANESE YEN
TRANSACTIONS 
 Scope of Procedures and Overview 
 These procedures (the “Procedures”) describe the processes by which one or more Baskets of Japanese Yen Trust shares (the “Shares”) issuable by The Bank of New York, as
trustee (the “Trustee”) of the CurrencyShares Japanese Yen Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in
blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Japanese Yen between the Authorized Participant and the Trust, certain processes relating to the
underlying transfers of Japanese Yen also are described. 
 Under these Procedures, Baskets may be issued only in consideration for Japanese Yen
transferred to and held in the Trust’s accounts maintained in London, England by London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further
definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of [            ], 2007, between Rydex Specialized Products LLC (the
“Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each
Authorized Participant with the Sponsor and the Trustee. 
 For purposes of these Procedures, a “NY Business Day” is defined as
any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time, and a “Local Business Day” is defined as
any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Japan. 
 The Prospectus describes the
creation and redemption process and the Trust; it will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement. Baskets are issued and redeemed in accordance with the Trust Agreement and the
Participant Agreement. Baskets may be issued and redeemed by the Trustee on any NY Business Day that is also a Local Business Day in exchange for Japanese Yen, which the Trustee receives from Authorized Participants or transfers to Authorized
Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee (the “Transaction Fee”). 

Authorized Participants and the Trust Transfer Japanese Yen and Baskets of Shares 
 Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the
Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together,
“Orders”) for Baskets. 
 Important Notes: 
  

	•	 	 Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement. 

 

	•	 	 All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions. 

 CREATION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets of Shares is
placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created on the
third NY Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day (“CREATION
T+3”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Japanese Yen and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company
(“DTC”) Baskets corresponding to the Japanese Yen the Participant has transferred to the Trust. 
  

	C1	CREATION T (PURCHASE ORDER TRADE DATE) 

 C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized
Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets of Shares (a “Purchase Order”) in accordance with the following process. 

C1.1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls
the Trustee at 718-315-4970 or 4967, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets of Shares and requesting that the Trustee provide an order number.
The Authorized Person provides a PIN as identification to the Trustee. 
 C1.1.2 Incoming telephone calls are queued and will be
handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the
order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 C1.1.3 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected. 
 C1.1.4 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase
Order. 
 C1.1.5 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the
Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement. 
 C1.1.6 The
Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fee (by DTC SPO Charge)
prior to delivery of the Baskets on CREATION T+3. 
 C1.1.7 If the Trustee has not received the Purchase Order Form from the
Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not
fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fee.

  
 A-2

 C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on
time in accordance with the preceding timing rules, then by 4:15 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fee
prior to delivery of Baskets on CREATION T+3” and indicating, on a preliminary basis subject to confirmation, the number of Japanese Yen the Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 3:00 p.m. Tokyo time (usually 2:00 a.m NYC time) on CREATION T+3 that sufficient Japanese Yen
are wire transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

C1.4.1 The Authorized Participant must be a participating member of DTC. 

C1.4.2 The Authorized Participant must be able to transfer Japanese Yen via (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L.

 C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will
accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants. 

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Japanese Yen
transfers with its sending financial institution. 
 C1.4.5 By 3:00 p.m. Tokyo time on CREATION T+3, Japanese Yen in the
amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+3. 
 C1.4.6 An Authorized Participant may only deliver Japanese Yen for credit to the Depository in the following ways (RTGSplus, EBA EURO1 or TARGET). SWIFT BIC – CHASGB2L. 

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+3, the Authorized Participant must accept a DTC SPO Charge
for the applicable Transaction Fee from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fee will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized
Participant will remain obligated to the Trustee for the Transaction Fee. 
 C1.5 NOTES FOR TRUSTEE (CREATION T) 

C1.5.1 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an email message to the Depository (by CREATION
T+1) indicating the approximate total amount of Japanese Yen that the Depository will receive from the Authorized Participant on CREATION T+3. 
  

	C2	CREATION T+1 

 C2.1 The
Purchase Orders and instructions given on CREATION T are all pending with the Trustee. 
 C2.2 The Depository receives the
Trustee’s email message about the approximate total amount of Japanese Yen the Authorized Participant is required to transfer not later than 3:00 p.m. Tokyo time on CREATION T+3. 

  
 A-3

	C3	CREATION T+2 

 C3.1 On
CREATION T+2 the Trustee notifies the Authorized Participant of the final amount of Japanese Yen that must be deposited in the Deposit Account (the “Basket Japanese Yen Amount”) not later than 3:00 p.m. Tokyo time on CREATION T+3.

 C3.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT
MT210) to the Depository indicating the total amount of Japanese Yen that the Depository will receive from the Authorized Participant on CREATION T+3. 
  

	C4	CREATION T+3 

 C4.1 By 3:00
p.m. Tokyo time (usually 2:00 a.m NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket Japanese Yen Amount in the Deposit Account. 

C4.2 As of 3:00 p.m. Tokyo time, the Depository notifies the Trustee that the Basket Japanese Yen Amount has been transferred into the
Deposit Account by an authenticated electronic message (SWIFT MT910). 
 C4.3 Prior to the delivery of the Baskets on CREATION
T+3, the Trustee must have received the Transaction Fee from the Authorized Participant (SPO/DTC Charge). 
 C4.4 At 11:00
a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Japanese Yen Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized
Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Japanese Yen Amount. 
 C4.5 By 11:00 a.m NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Japanese Yen Amount to the Deposit Account, the Trustee notifies its transfer agent
service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has
authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased
number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 
 C4.6 By
11:00 a.m NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares
through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+3 for whom the Trustee has received confirmation from the Depository that the Basket Japanese Yen Amount has been received into
the Deposit Account. 
 C4.7 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+3, the Depository
makes appropriate entries in its books and records to reflect the creation of Baskets. 
 C4.8 Following the close of business
(usually 4:00 p.m. Tokyo time) on CREATION T+3, the Depository Japanese Yen system updates account records, recording the movements of Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of
business (usually 4:00 p.m. Tokyo time) on CREATION T+3. 
 C4.9 Following the close of business (usually 4 p.m. Tokyo time)
on CREATION T+3, the Depository Japanese Yen system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

  
 A-4

 C4.10 If the Authorized Participant fails to deliver Japanese Yen by 3:00 p.m. Tokyo time on
CREATION T+3, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices.

 In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment
of such fees. 
 REDEMPTION PROCESS 
 OVERVIEW 
 The following describes the process by which Baskets are
redeemed. In summary, an order to redeem one or more Baskets of Shares is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust Agreement (“REDEMPTION
T”), Baskets to be redeemed are delivered to the Trustee by 2:00 a.m. Tokyo time (usually 1:00 p.m. NYC time) on the second NY Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case Baskets shall be
delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+2”) and the Authorized Participant receives the corresponding Japanese Yen on the third NY Business Day following REDEMPTION
T (“REDEMPTION T+3”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Japanese Yen
corresponding to the Baskets delivered for redemption. 
  

	R1	REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

 R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets of
Shares (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 By the Order Cut-Off Time or
the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-4970 or 4967, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to
redeem an identified number of Baskets of Shares and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

R1.1.2 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s)
if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the
Early Order Cut-Off Time. Accordingly, do not hang up and redial. 
 R1.1.3 Redemption Orders initiated after the Order Cut-Off
Time or the Early Order Cut-Off Time are rejected. 
 R1.1.4 During the phone call from the Authorized Person of the Authorized
Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order. 
 R1.1.5 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of
the Participant Agreement. 
 R1.1.6 The Redemption Order Form provides, among other things, for the number of Baskets that the
Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fee by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery of the Japanese Yen to the Authorized
Participant. 

  
 A-5

 R1.1.7 If the Trustee has not received the Redemption Order Form from the Authorized
Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the
Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fee. 

R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing
rules, then by 4:15 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fee on REDEMPTION T+2 prior to
delivery of the Japanese Yen” and indicating, on a preliminary basis subject to confirmation, the number of Japanese Yen the Participant will receive upon redemption of the indicated Basket(s) of Shares. 

R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T) 
 R1.3.1 On REDEMPTION T, the Trustee will prepare an authenticated electronic message (SWIFT MT202 or MT103plus) containing instructions specifying REDEMPTION T+3 as the date on which the instructions
will be executed. 
 R1.3.2 The Trustee will deliver the authenticated electronic message (SWIFT MT202 or MT103plus) to the
Depository on REDEMPTION T+2 only after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC. 
  

	R2	REDEMPTION T+1 

 R2.1
Redemption Orders and related instructions are in process. 
 R2.2 The Depository receives the authenticated electronic message
(SWIFT) or e-mail from the Trustee notifying the Depository of the approximate amount of Japanese Yen needed to be remitted on REDEMPTION T+3 to each Authorized Participant that has placed a Redemption Order 

 

	R3	REDEMPTION T+2 

 R3.1 On
REDEMPTION T+2 the Trustee notifies the Authorized Participant of the final amount of Japanese Yen that will be delivered to the Authorized Participant on REDEMPTION T+3 (the “Basket Japanese Yen Amount”). 

R3.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Japanese
Yen Amount on REDEMPTION T+3, the Trustee must have received the Transaction Fee from the Authorized Participant (SPO/DTC Charge). 
 R3.3 By 2:00 a.m. Tokyo time (usually 1:00 p.m. NYC time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized
Participant telephones the Trustee’s DTC operations desk ((718) 315-4970 or 4967) to expect the Authorized Participant’s Shares through DTC. 
 R3.3.1 By 2:00 a.m. Tokyo time (usually 1:00 p.m. NYC time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received
into the Trustee’s participant account at DTC. 

  
 A-6

 R3.3.2 By 2:00 a.m. Tokyo time (usually 1:00 p.m. NYC time), if the Shares being redeemed by
the Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized
Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received. 
 R3.3.3 By 2:00
a.m. Tokyo time (usually 1:00 p.m. NYC time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has
not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received. 
 R3.4 By 4:00 a.m Tokyo time (usually 3:00 p.m. NYC time), the Trustee sends an authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository directing the Depository to transfer the Basket
Japanese Yen Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. 
  

	R4	REDEMPTION T+3 

 R4.1 On
REDEMPTION T+3, the Depository executes the instructions from the Trustee to wire the Basket Japanese Yen Amount from the Trust Account and to transfer the Basket Japanese Yen Amount to the Authorized Participant’s designated account. The
Japanese Yen will be sent to the designated accounts by wire (RTGSplus, EBA EURO1 or TARGET). 
 R4.1.1 By DTC free delivery
cut-off time (usually 2:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption. 

R4.1.2 By DTC free delivery cut-off time (usually 2:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the
Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding. 
 R4.2
Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+3, the Depository makes the appropriate entries in its books and records to reflect the redemptions. 

R4.3 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+3, the Depository Japanese Yen system updates its
account records, recording the movements of Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+3. 

R4.4 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+3, the Depository Japanese Yen system
automatically generates an authenticated electronic message (SWIFT MT140 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

  
 A-7

 Schedule to Exhibit 4.4 
 The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Rydex Specialized Products LLC, as sponsor, which is substantially identical in all
material respects to the Participation Agreement filed herewith as Exhibit 4.4 and is dated as of the date listed opposite its name below. 
  

			
	 Name of Party
	  	 Date of Agreement

		
	Goldman Sachs Execution & Clearing LP	  	February 9, 2007
		
	Goldman Sachs & Co.	  	February 12, 2007
		
	Deutsche Bank Securities Inc.	  	March 12, 2007
		
	Merrill Lynch Professional Clearing Corp.	  	May 5, 2007
		
	JPMorgan Securities, Inc. (as assigned by Bear, Stearns & Co. Inc.)	  	May 11, 2007
		
	Timber Hill LLC	  	May 21, 2007
		
	ABN AMRO Clearing Chicago LLC (f/k/a Fortis Clearing Americas LLC, f/k/a O’Connor & Co. LLC)	  	April 21, 2008
		
	EWT, LLC	  	July 14, 2008
		
	Newedge USA, LLC	  	August 26, 2008
		
	Citadel Securities LLC (f/k/a Citadel Derivatives Group, LLC and Citadel Trading Group, LLC)	  	November 13, 2008
		
	Knight Cleaning Services, LLC	  	March 25, 2010
		
	Nomura Securities International Inc.	  	June 14, 2010
		
	Morgan Stanley & Co. Inc.	  	August 26, 2010
		
	Virtu Financial BD LLC	  	December 3, 2010
		
	RBC Capital Markets, LLC	  	April 15, 2011
		
	CitiGroup Global Markets, Inc.	  	August 26, 2011
		
	SG Americas Securities, LLC	  	November 30, 2012

 Except as noted above, there are no material details in which the above Participation Agreements differ from the
Participation Agreement filed herewith as Exhibit 4.4.<![CDATA[Assignment & Acceptance Agreement]]>

 Exhibit 10.1 
 EXECUTION COPY 
 ASSIGNMENT AND ACCEPTANCE AGREEMENT 

AND 

AMENDMENT NO. 1 TO 
 THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
 THIS ASSIGNMENT
AND ACCEPTANCE AGREEMENT AND AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Agreement”) is dated as of February 1, 2013 and is entered into by and among UNITED RENTALS RECEIVABLES LLC II, a
Delaware limited liability company (the “Seller”), UNITED RENTALS, INC., a Delaware corporation (the “Collection Agent”), LIBERTY STREET FUNDING LLC, a Delaware limited liability company
(“Liberty”), MARKET STREET FUNDING LLC, a Delaware limited liability company (“Market Street”), and GOTHAM FUNDING CORPORATION, a Delaware corporation (“Gotham”, and together with Liberty and Market
Street, the “Existing Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as a Bank (as defined in the Purchase Agreement referred to below), as administrative agent (the “Administrative
Agent”) for the Investors and the Banks (as such terms are defined in the Purchase Agreement referred to below) and as purchaser agent for Liberty (the “Liberty Purchaser Agent”), PNC BANK, NATIONAL ASSOCIATION
(“PNC”), as a Bank and as purchaser agent for Market Street (the “Market Street Purchaser Agent”), THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”), as a Bank and as purchaser agent
for Gotham (the “Gotham Purchaser Agent”, and together with the Liberty Purchaser Agent and the Market Street Purchaser Agent, the “Existing Purchaser Agents”), and BANK OF AMERICA, N.A. (“BOA”), as
a new Bank and as a new purchaser agent for itself (the “BOA Purchaser Agent”, and together with the Existing Purchaser Agents, the “Purchaser Agents”). Capitalized terms used and not otherwise defined herein are
used as defined in the Purchase Agreement (as defined below). 
 RECITALS 

WHEREAS, the Seller, the Collection Agent, the Existing Purchasers, the Existing Purchaser Agents, the Banks party thereto and the
Administrative Agent entered into that certain Third Amended and Restated Receivables Purchase Agreement dated as of September 24, 2012 (as amended, supplemented or otherwise modified, the “Purchase Agreement”); 

WHEREAS, pursuant to and in accordance with Section 7.03 of the Purchase Agreement, Scotia Capital, as a Bank and as a Purchaser
Agent, desires to assign, and BOA desires to accept, a portion of Scotia Capital’s corresponding rights and obligations under the Purchase Agreement; 
 WHEREAS, each of the Seller, the Administrative Agent, the Gotham Purchaser Agent and the Market Street Purchaser Agent wishes to confirm their consent to such assignment by Scotia Capital to BOA and the
addition of BOA as a Bank and as a Purchaser Agent under the Purchase Agreement; 

 WHEREAS, pursuant to and in accordance with the Purchase Agreement, the Seller desires to
(i) increase the Purchase Limit and (ii) in connection with such increase in the Purchase Limit, cause certain of the Banks to increase their respective Bank Commitments in an aggregate amount equal to such increase in the Purchase Limit;

 WHEREAS, each of the Administrative Agent, the Purchaser Agents, the Banks, and Liberty wishes to confirm their consent to
such increases; and 
 WHEREAS, in connection with the foregoing assignments and increases, pursuant to Section 7.01 of the
Purchase Agreement, the parties wish to make certain amendments to the Purchase Agreement as hereinafter set forth. 
 NOW,
THEREFORE, the parties agree as follows: 
 Section 1. Assignment and Acceptance. 

(a) Pursuant to and in accordance with Section 7.03(b) of the Purchase Agreement, Scotia Capital hereby assigns absolutely to BOA
that portion and percentage of its rights and obligations as a Bank such that BOA shall have the Bank Commitment and Percentage as set forth in Section 1(e) below together with all corresponding rights and obligations (the “Assumed Bank
Rights and Obligations”); and BOA hereby acknowledges that, upon the execution of this Agreement, it will (i) become a party to the Purchase Agreement as a Bank and (ii) assume, perform and comply with all of the Assumed Bank
Rights and Obligations as if originally named as an original party in the Purchase Agreement as a Bank. 
 (b) Pursuant to and
in accordance with Section 7.03(c) of the Purchase Agreement, the Liberty Purchaser Agent hereby assigns absolutely to the BOA Purchaser Agent, as Purchaser Agent for BOA, that portion and percentage of its rights and obligations as a Purchaser
Agent corresponding to the Assumed Bank Rights and Obligations (the “Assumed Purchaser Agent Rights and Obligations”), and the BOA Purchaser Agent hereby acknowledges that, upon the execution of this Agreement, it will
(i) become a party to the Purchase Agreement as a Purchaser Agent and (ii) assume, perform and comply with all of the Assumed Purchaser Agent Rights and Obligations as if originally named as an original party in the Purchase Agreement as a
Purchaser Agent for BOA. 
 (c) For the avoidance of doubt, upon the effectiveness of this Section 1 and the assumption by
BOA of the Assumed Bank Rights and Obligations and the Assumed Purchaser Agent Rights and Obligations, the rights and obligations of Liberty as a Purchaser corresponding to the Assumed Bank Rights and Obligations shall be extinguished and of no
further force and effect; provided that the foregoing shall in no event limit or otherwise have any impact on any increased or revised rights and obligations of Liberty corresponding to any increased or revised Bank Commitments and Percentages
pursuant to the remaining Sections hereof. 
 (d) (i) Seller hereby consents to (x) the assignment by Scotia Capital of the
Assumed Bank Rights and Obligations to BOA pursuant to Section 7.03(b) of the Purchase Agreement and (y) the assignment by the Liberty Purchaser Agent of the Assumed Purchaser Agent Rights and Obligations to the BOA Purchaser Agent
pursuant to Section 7.03(c) of the Purchase Agreement. 
 (ii) In accordance with Section 1.13(b) of the Purchase
Agreement, each of the Existing Purchaser Agents and the Administrative Agent hereby consents to the addition of BOA as a Bank and the BOA Purchaser Agent as a Purchaser Agent, in each case under the Purchase Agreement. 

  
 2 

 (iii) Each of the Seller, the Administrative Agent, the Banks and the Existing Purchaser
Agents hereby consents to the addition of BOA as a Bank and a Purchaser Agent and agrees and acknowledges that, notwithstanding anything to the contrary contained in the Purchase Agreement (including, without limitation, the definition of
“Eligible Assignee”), each of BOA and the BOA Purchaser Agent shall be an Eligible Assignee for all purposes under the Purchase Agreement. 
 (iv) BOA hereby appoints the BOA Purchaser Agent to act as its Purchaser Agent under the Purchase Agreement. Each of the parties hereto hereby agrees and acknowledges that, notwithstanding anything to the
contrary contained in the Purchase Agreement (including, without limitation, Section 6.01 of the Purchase Agreement), for all purposes of the Purchase Agreement, (x) the Liberty Purchaser Agent shall in no event be deemed to be the
Purchaser Agent for BOA, (y) BOA shall in no event be deemed to be a Related Bank or otherwise related to Liberty, Scotia Capital or the Liberty Purchaser Agent and (z) the BOA Purchaser Agent shall be the Purchaser Agent for BOA.

 (e) Upon the effectiveness of the assignment of the Assumed Bank Rights and Obligations, the Bank Commitment and Percentage
of each of the Banks shall be as follows (which Bank Commitments and Percentages the parties hereto hereby agree and acknowledge shall be immediately superseded by the Bank Commitments and Percentages set forth in Section 3 hereto): 

 

					
	 Bank
	  	Bank Commitment	  	Percentage
	 BOA
	  	$10,000,000	  	2 2/19%
			
	 BTMU
	  	$75,000,000	  	15 15/19%
			
	 PNC
	  	$150,000,000	  	31 11/19%
			
	 Scotia Capital
	  	$240,000,000	  	50 10/19%
			
	 TOTAL
	  	$475,000,000.00	  	

 (f) In connection with the assignments in this Section 1, Scotia Capital and/or Liberty, as
applicable, shall transfer a Receivable Interest or Receivable Interests to BOA in exchange for a cash payment from BOA in an amount equal to the aggregate Capital of such Receivable Interests so transferred, so that after giving effect to such
transfer of Receivable Interests and such cash payment, each of Scotia Capital and Liberty, as applicable, and BOA shall hold aggregate outstanding Capital equal to such Investor’s ratable share of the aggregate outstanding Capital of all
Investors as of such time (based on the applicable Bank’s Percentage, set forth in Section 1(e)). 

  
 3 

 Section 2. Increase in Purchase Limit and Bank Commitments. Immediately after
giving effect to the assignments set forth in Section 1: 
 (a) Pursuant to and in accordance with the Purchase Agreement,
the Purchase Limit is hereby increased by $75,000,000 and the definition of “Purchase Limit” contained in Exhibit I to the Purchase Agreement is hereby amended by deleting the dollar figure “$475,000,000” contained therein and
replacing it with the dollar figure “$550,000,000”. In accordance with Section 7.01 of the Purchase Agreement, each of the Seller, the Administrative Agent, the Banks, and the Purchaser Agents consents to such amendment. 

(b) Pursuant to and in accordance with Section 1.13(b) of the Purchase Agreement, in connection with such increase in the Purchase
Limit, the Seller desires to cause (i) Scotia Capital to increase its Bank Commitment by $10,000,000 and (ii) BOA to increase its Bank Commitment by $65,000,000, and each of Scotia Capital and BOA agrees to such increase in its respective
Bank Commitment. Liberty, the Liberty Purchaser Agent, the BOA Purchaser Agent, the other Purchaser Agents and the Administrative Agent hereby consent to such increase in the respective Bank Commitment of Scotia Capital and BOA. 

Section 3. Adjustment of Bank Commitments. 
 (a) Upon the effectiveness of the assignment in Section 1 and the Bank Commitment increases in Section 2, the Bank Commitment and Percentage of each of the Banks shall be as follows: 

 

					
	 Bank
	  	Bank Commitment	  	Percentage
			
	 BOA
	  	$75,000,000	  	13 7/11%
			
	 BTMU
	  	$75,000,000	  	13 7/11%
			
	 PNC
	  	$150,000,000	  	27 3/11%
			
	 Scotia Capital
	  	$250,000,000	  	45 5/11%
			
	 TOTAL
	  	$550,000,000.00	  	

 (b) In connection with the foregoing adjustments of the Bank Commitments and the Percentages set forth in
Section 3(a), each of the applicable Investors (other than BOA) which holds any Capital shall transfer a Receivable Interest or Receivable Interests to BOA in exchange for a cash payment from BOA in an amount equal to the aggregate Capital of
such Receivable Interests so transferred, so that after giving effect to such transfer of Receivable Interests and such cash payment, each applicable Investor shall hold aggregate outstanding Capital equal to such Investor’s ratable share of
the aggregate outstanding Capital of all Investors as of such time (based on the applicable Bank’s Percentage, as so adjusted). The parties agree that such transfer and such cash payment to be made between Liberty and/or Scotia Capital and BOA
can be aggregated and made together with the cash payment and transfer required to be made pursuant to Section 1(f) above. 

  
 4 

 Section 4. Amendments to the Purchase Agreement. 

(a) The Purchase Agreement and certain Exhibits thereto are hereby amended to incorporate the changes shown on the marked pages attached
hereto as Annex A. 
 (b) The Purchase Agreement is hereby amended by deleting in its entirety the Form of Purchase
Request attached as Annex I thereto and replacing it with the Form of Purchase Request attached hereto as Annex B. 
 Section 5. Bank’s Purchase Decision. 
 BOA acknowledges that it
has, independently and without reliance upon the Administrative Agent, any Purchaser Agent, any of their respective Affiliates or any other Bank and based on such documents and information as it has deemed appropriate, made its own evaluation and
decision to enter into this Agreement and the Purchase Agreement. BOA also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Purchaser Agent, any of their respective Affiliates or any other Bank and
based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement and the Purchase Agreement. 

Section 6. Notices. 
 All notices, demands, consents, requests, reports and other communications hereunder shall be provided in accordance with Section 7.02 of the Purchase Agreement, as amended hereby. 

Section 7. Assignment and Acceptance. 
 This Agreement is an Assignment and Acceptance for all purposes under the Purchase Agreement. 
 Section 8. Effectiveness of this Agreement. This Agreement shall become effective as of the date hereof at such time as: 
 (a) executed counterparts of this Amendment have been delivered by each party hereto to the other parties hereto; 
 (b) the BOA Purchaser Agent shall have received evidence of payment by the Seller of all accrued and unpaid fees contemplated by the BOA Fee Agreement; 

(c) each of the Purchaser Agents shall have received evidence satisfactory to it that the transfers by the applicable Investors of
Receivable Interests to BOA in exchange for a cash payment from BOA in an amount equal to the aggregate Capital of such Receivable Interests so transferred, as contemplated by Sections 1(f) and 3(b) hereof, shall have occurred (or shall occur
simultaneously with the effectiveness hereof); 
 (d) BOA shall have received an executed copy of the BOA Fee Agreement; and

  
 5 

 (e) the Administrative Agent and the Purchaser Agents shall have received, in form and
substance satisfactory to the Administrative Agent and each Purchaser Agent, a certificate of the Secretary or Assistant Secretary of the Seller certifying copies of the resolutions of the Board of Directors of the Seller approving this Agreement
and the transactions contemplated hereby. 
 Section 9. Representations and Warranties. The Seller and the
Collection Agent represent and warrant as follows: 
 (a) The execution, delivery and performance by the Collection Agent and the
Seller of this Agreement (i) are within its corporate or limited liability company powers, as applicable, (ii) have been duly authorized by all necessary corporate or limited liability company action, as applicable, and (iii) do not
contravene (1) its charter, by-laws or limited liability company agreement, as applicable, (2) any law, rule or regulation applicable to it or (3) any contractual restriction binding on or affecting it or its property, the violation
of which could reasonably be expected to have a Material Adverse Effect on the collectibility of any Pool Receivable, on Seller or on the performance of the Collection Agent under the Purchase Agreement. This agreement has been duly executed and
delivered by the Seller and the Collection Agent. 
 (b) No authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Seller or the Collection Agent of this Agreement or any other document to be delivered by the Seller or the Collection
Agent hereunder other than those already obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted by the Federal
Assignment of Claims Act or any similar applicable Law to the extent the Originator thereof or the Seller shall not have complied with the applicable provisions of any such Law in connection with the assignment or subsequent reassignment of any such
Receivable. 
 (c) This Agreement constitutes the legal, valid and binding obligation of the Seller and the Collection Agent,
enforceable against the Seller and the Collection Agent in accordance with its terms subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 (d) The representations and
warranties contained in Exhibit III to the Purchase Agreement (with respect to the Seller) and in Section 4.08 of the Purchase Agreement (with respect to the Collection Agent) are correct on and as of the date hereof as though made
on and as of the date hereof. 
 (e) No event has occurred and is continuing, or would result from the transactions contemplated
hereby, that constitutes an Event of Termination or an Incipient Event of Termination. 
 Section 10. Purchase Agreement
in Full Force and Effect as Amended. 
 (a) All of the provisions of the Purchase Agreement, as amended hereby, and all of
the provisions of all other documentation required to be delivered with respect thereto shall remain in full force and effect and are ratified and confirmed in all respects. 

  
 6 

 (b) The parties hereto agree to be bound by the terms and conditions of the Purchase
Agreement, as amended hereby, as though such terms and conditions were set forth herein. 
 (c) This Agreement may not be
amended or otherwise modified except as provided in the Purchase Agreement. 
 (d) This Agreement shall constitute a Transaction
Document. 
 Section 11. Reference in Other Documents; Affirmation of Performance Undertaking Agreement. 

(a) On and from the date hereof, references to the Purchase Agreement in any agreement or document (including without limitation the
Purchase Agreement) shall be deemed to include a reference to the Purchase Agreement, as amended hereby, whether or not reference is made to this Agreement. 
 (b) United Rentals, Inc. hereby consents to this Agreement and hereby affirms and agrees that the Performance Undertaking Agreement is, and shall continue to be, in full force and effect and is hereby
ratified and affirmed in all respects. Upon the effectiveness of, and on and after the date of, this Agreement, each reference in the Performance Undertaking Agreement to the “Receivables Purchase Agreement”, “thereunder”,
“thereof” or words of like import shall mean and be a reference to the Purchase Agreement as amended by this Agreement, and as hereafter amended or restated. 
 Section 12. Costs and Expenses. 
 The Seller agrees to pay on demand
all reasonable and documented costs and expenses in connection with the preparation, execution and delivery of this Agreement and the other documents and agreements to be delivered hereunder and thereunder, including, without limitation, the
reasonable and documented fees and out-of-pocket expenses of one firm of primary counsel for the Administrative Agent and the Purchaser Agents, the Purchasers and the Banks. 
 Section 13. 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. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile or by electronic mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 14. Headings. 
 The descriptive headings of the various sections of this Agreement are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions
hereof. 

  
 7 

 Section 15. Governing Laws. 

This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed in accordance with,
the laws of the state of New York (without giving effect to the conflict of laws principles thereof, other than Section 5-1401 of the New York General Obligations Law, which shall apply hereto). 

The remainder of this page is intentionally left blank. 

  
 8 

 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. 
  

							
	SELLER:	 		 	UNITED RENTALS RECEIVABLES LLC II
				
		 		 	By:	 	 /s/ Irene Moshouris

		 		 		 	Name: Irene Moshouris
		 		 		 	Title: Vice President and Treasurer
			
	COLLECTION AGENT:	 		 	UNITED RENTALS, INC.
				
		 		 	By:	 	 /s/ Irene Moshouris

		 		 		 	Name: Irene Moshouris
		 		 		 	Title: Senior Vice President and Treasurer

 SOLELY FOR PURPOSES OF 
 SECTION 11(b): 
 UNITED RENTALS, INC. 

 

			
	By:	 	 /s/ Irene Moshouris

		 	 Name: Irene Moshouris

		 	 Title: Senior Vice President and Treasurer

  
 Signature
Page – Assignment and Acceptance Agreement 
 and Amendment No. 1 

							
	ADMINISTRATIVE	 		 	THE BANK OF NOVA SCOTIA
	AGENT:	 		 		 	
		 		 	By:	 	 /s/ Norman Last

		 		 		 	Name: Norman Last
		 		 		 	Title:   Managing Director
			
	PURCHASER:	 		 	LIBERTY STREET FUNDING LLC
				
		 		 	By:	 	 /s/ Jill A. Russo

		 		 		 	Name: Jill A. Russo
		 		 		 	Title:   Vice President
			
	PURCHASER AGENT:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	 /s/ Norman Last

		 		 		 	Name: Norman Last
		 		 		 	Title:   Managing Director
				
		 		 	BANK:	 	    THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	 /s/ Norman Last

		 		 		 	Name: Norman Last
		 		 		 	Title:   Managing Director

  
 Signature
Page – Assignment and Acceptance Agreement 
 and Amendment No. 1 

							
	PURCHASER:	 		 	MARKET STREET FUNDING LLC
				
		 		 	By:	 	 /s/ Doris J. Hearn

		 		 		 	Name: Doris J. Hearn
		 		 		 	Title:   Vice President
			
	PURCHASER AGENT:	 		 	PNC BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ William P. Falcon

		 		 		 	Name: William P. Falcon
		 		 		 	Title:   Vice President
			
	BANK:	 		 	PNC BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ William P. Falcon

		 		 		 	Name: William P. Falcon
		 		 		 	Title:   Vice President

  
 Signature
Page – Assignment and Acceptance Agreement 
 and Amendment No. 1 

							
	PURCHASER:	 		 	GOTHAM FUNDING CORPORATION
				
		 		 	By:	 	 /s/ David V. DeAngelis

		 		 		 	Name: David V. DeAngelis
		 		 		 	Title: Vice President
			
	PURCHASER AGENT:	 		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
				
		 		 	By:	 	 /s/ Van Dusenbury

		 		 		 	Name: Van Dusenbury
		 		 		 	Title: Managing Director
			
	BANK:	 		 	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW
 YORK BRANCH

				
		 		 	By:	 	 /s/ Alan Reiter

		 		 		 	Name: Alan Reiter
		 		 		 	Title: Vice President

  
 Signature
Page – Assignment and Acceptance Agreement 
 and Amendment No. 1 

							
	PURCHASER AGENT:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	 /s/ Brendan Feeney

		 		 		 	Name: Brendan Feeney
		 		 	Title:	 	Vice President
			
	BANK:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	 /s/ Brendan Feeney

		 		 		 	Name: Brendan Feeney
		 		 		 	Title: Vice President

  
 Signature
Page – Assignment and Acceptance Agreement 
 and Amendment No. 1 

 ANNEX A 
 CHANGED PAGES TO PURCHASE AGREEMENT 

 EXECUTION VERSIONCONFORMED COPY INCORPORATING  

AMENDMENT NO. 1 DATED AS OF FEBRUARY 1, 2013 
  

 
  

THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
 Dated as of September 24, 2012 
 Among 

UNITED RENTALS RECEIVABLES LLC II, 
 as Seller, 
 UNITED RENTALS, INC., 

as Collection Agent, 
 LIBERTY STREET FUNDING LLC, 
 as a Purchaser, 

MARKET STREET FUNDING LLC, 
 as a Purchaser, 
 GOTHAM FUNDING CORPORATION, 

as a Purchaser 

THE BANK OF NOVA SCOTIA, 
 as Purchaser Agent for Liberty, as Administrative Agent and as a Bank, 
 PNC BANK,
NATIONAL ASSOCIATION, 
 as Purchaser Agent for Market Street and as a Bank, 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, 
 as Purchaser Agent for Gotham and as a Bank, 
 BANK OF AMERICA, N.A.,

 as a Purchaser Agent for itself and as a Bank 

 
  

 

 Table of Contents 

 

					
	 	  	Page	 
	ARTICLE I	  			
		
	AMOUNTS AND TERMS OF THE PURCHASES	  			
		
	 SECTION 1.01. Purchase Facility
	  	 	2	  
	 SECTION 1.02. Making Purchases
	  	 	2	  
	 SECTION 1.03. Receivable Interest Computation
	  	 	34	  
	 SECTION 1.04. Settlement Procedures
	  	 	4	  
	 SECTION 1.05. Fees
	  	 	5	  
	 SECTION 1.06. Payments and Computations, Etc.
	  	 	5	  
	 SECTION 1.07. Dividing or Combining Receivable Interests
	  	 	9	  
	 SECTION 1.08. Increased Costs and Requirements of Law
	  	 	9	  
	 SECTION 1.09. Intended Characterization; Security Interest
	  	 	6	  
	 SECTION 1.10. [Reserved]
	  	 	12	  
	 SECTION 1.11. Sharing of Payments
	  	 	12	  
	 SECTION 1.12. Repurchase Option
	  	 	7	  
	 SECTION 1.13. Extension; Additional Purchasers; Increased Commitments
	  	 	7	  
		
	ARTICLE II	  			
		
	REPRESENTATIONS AND WARRANTIES; COVENANTS; EVENTS OF TERMINATION	  			
		
	 SECTION 2.01. Representations and Warranties; Covenants
	  	 	1314	  
	 SECTION 2.02. Events of Termination
	  	 	14	  
		
	ARTICLE III	  			
		
	INDEMNIFICATION	  			
		
	 SECTION 3.01. Indemnities by the Seller
	  	 	14	  
		
	ARTICLE IV	  			
		
	ADMINISTRATION AND COLLECTION OF POOL RECEIVABLES	  			
		
	 SECTION 4.01. Designation of Collection Agent
	  	 	16	  
	 SECTION 4.02. Duties of Collection Agent
	  	 	17	  
	 SECTION 4.03. Certain Rights of the Administrative Agent
	  	 	18	  
	 SECTION 4.04. Rights and Remedies
	  	 	19	  
	 SECTION 4.05. Further Actions Evidencing Purchases
	  	 	1920	  
	 SECTION 4.06. Covenants of the Collection Agent and the Seller
	  	 	20	  
	 SECTION 4.07. Indemnities by the Collection Agent
	  	 	2122	  
	 SECTION 4.08. Representations and Warranties of the Collection Agent
	  	 	2223	  

  
 i 

					
		
	ARTICLE V	  			
		
	THE ADMINISTRATIVE AGENT	  			
		
	 SECTION 5.01. Authorization and Action
	  	 	2324	  
	 SECTION 5.02. Administrative Agent’s Reliance, Etc.
	  	 	24	  
	 SECTION 5.03. Indemnification of Administrative Agent
	  	 	248	  
	 SECTION 5.04. Scotia Capital and Affiliates
	  	 	8	  
	 SECTION 5.05. Bank’s Purchase Decision
	  	 	8	  
	 SECTION 5.06. [Reserved]
	  	 	8	  
	 SECTION 5.07. Notice of Event of Termination
	  	 	8	  
		
	ARTICLE VI	  			
		
	THE PURCHASER AGENTS	  			
		
	 SECTION 6.01. Authorization
	  	 	9	  
	 SECTION 6.02. Reliance by Purchaser Agent
	  	 	2610	  
	 SECTION 6.03. Agent and Affiliates
	  	 	11	  
	 SECTION 6.04. Notices
	  	 	2711	  
	 SECTION 6.05. Bank’s Purchase Decision
	  	 	2711	  
		
	ARTICLE VII	  			
		
	MISCELLANEOUS	  			
		
	 SECTION 7.01. Amendments, Etc.
	  	 	11	  
	 SECTION 7.02. Notices, Etc.
	  	 	12	  
	 SECTION 7.03. Assignability
	  	 	3115	  
	 SECTION 7.04. Costs, Expenses and Taxes
	  	 	16	  
	 SECTION 7.05. No Proceedings
	  	 	3317	  
	 SECTION 7.06. Confidentiality
	  	 	3317	  
	 SECTION 7.07. Governing Law
	  	 	17	  
	 SECTION 7.08. SUBMISSION TO JURISDICTION
	  	 	35	  
	 SECTION 7.09. WAIVER OF JURY TRIAL
	  	 	3435	  
	 SECTION 7.10. Execution in Counterparts
	  	 	35	  
	 SECTION 7.11. Survival of Termination
	  	 	35	  
	 SECTION 7.12. Severability
	  	 	35	  
	 SECTION 7.13. Excess Funds
	  	 	36	  
	 SECTION 7.14. No Recourse
	  	 	3536	  
	 SECTION 7.15. Amendment and Restatement; Acknowledgement
	  	 	37	  

  
 ii 

 THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 

Dated as of September 24, 2012 
 UNITED RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the “Seller”), UNITED RENTALS, INC., a Delaware corporation (the “Collection Agent”), LIBERTY
STREET FUNDING LLC (“Liberty”), a Delaware limited liability company, MARKET STREET FUNDING LLC (“Market Street”), a Delaware limited liability company, and GOTHAM FUNDING CORPORATION (“Gotham”), a
Delaware corporation (each of Liberty, Market Street and Gotham, a “Purchaser”, and together the “Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as a Bank, as administrative agent (the
“Administrative Agent”) for the Investors and the Banks (as defined herein) and as purchaser agent for Liberty (the “Liberty Purchaser Agent”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Bank and
as purchaser agent for Market Street (the “Market Street Purchaser Agent”), and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”), as a Bank and as purchaser agent for Gotham (the
“Gotham Purchaser Agent”), and BANK OF AMERICA, N.A. (“BOA”), as a Bank and as purchaser agent for itself (the “BOA Purchaser Agent”, and together with the Liberty Purchaser Agent and, the
Market Street Purchaser Agent and the Gotham Purchaser Agent, the “Purchaser Agents”), agree as follows: 

PRELIMINARY STATEMENTS 
 Certain terms that are capitalized and used throughout this Agreement are defined in Exhibit I to this Agreement. Capitalized terms not defined herein are used as defined in the Purchase Agreement
or, if not defined in the Purchase Agreement, the Credit Agreement. References in the Exhibits to the “Agreement” refer to this Agreement, as amended, modified or supplemented from time to time. All interest rate and yield
determinations referenced herein shall be expressed as a decimal and rounded, if necessary, to the nearest one hundredth of a percentage point. 
 The Seller has acquired, and may continue to acquire, Receivables and Related Security from the Originator, either by purchase or by contribution to the capital of the Seller, in accordance with the terms
of the Purchase Agreement. The Seller is prepared to sell undivided fractional ownership interests (referred to herein as “Receivable Interests”) in the Pool Receivables. The Purchasers may, in their sole discretion, purchase such
Receivable Interests in the Pool Receivables, and the Banks are prepared to purchase such Receivable Interests in the Pool Receivables, in each case on the terms set forth herein. 

Certain parties hereto previously entered into that certain Second Amended and Restated Receivables Purchase Agreement, dated as of
September 28, 2011, as amended by that certain Assignment and Acceptance and Amendment Agreement, dated as of December 23, 2011 and as further amended and supplemented as of February 2, 2012, May 18, 2012 and
September 24, 2012 (the “Existing Agreement”). 
 The parties hereto now desire to amend and restate the
Existing Agreement in its entirety as set forth herein and with effect from the date first set forth above. Accordingly, the parties agree as follows: 

 ARTICLE I 
 AMOUNTS AND TERMS OF THE PURCHASES 
 SECTION 1.01. Purchase Facility.

 (a) On the terms and conditions hereinafter set forth, the Purchasers may, in their sole discretion, and the Banks shall,
ratably in accordance with their respective Bank Commitments, purchase Receivable Interests in the Pool Receivables from the Seller from time to time during the period from the date hereof through the date immediately preceding the Facility
Termination Date, in the case of the Purchasers, and through the date immediately preceding the Commitment Termination Date, in the case of the Banks. Under no circumstances shall the Purchasers make any such purchase, or the Banks be obligated to
make any such purchase, if after giving effect to such purchase (x) the aggregate outstanding Capital of Receivable Interests in the Pool Receivables would exceed the Purchase Limit or (y) the aggregate outstanding Capital of
Receivable Interests in the Pool Receivables held by any Bank plus, in the event such Bank has any related Purchasers, such Bank’s ratable share of the outstanding Capital of Receivable Interests in the Pool Receivables held by
itssuch related Purchasers would exceed its Bank Commitment. 
 (b) The Seller may, upon at least five
Business Days’ notice to the Administrative Agent and each Purchaser Agent, terminate this purchase facility in whole or, from time to time, reduce in part the unused portion of the Purchase Limit, which shall reduce the Bank Commitments
ratably in accordance with each Bank’s Percentage; provided that each partial reduction shall be in the amount of at least $1,000,000; and provided further that the Seller shall pay any related Broken Funding Cost; and
provided further that no partial reduction shall reduce the Purchase Limit below $50,000,000. 
 (c) Subject to the
conditions described in Section 2(b) of Exhibit II to this Agreement, Collections attributable to Receivable Interests in the Pool Receivables shall be automatically reinvested pursuant to Section 1.04(b)(ii) in additional
undivided percentage interests in the Pool Receivables by making an appropriate readjustment of the applicable Receivable Interest percentages. 
 SECTION 1.02. Making Purchases. 
 (a) Each notice of purchase of a
Receivable Interest in the Pool Receivables shall be delivered by the Seller to the Administrative Agent and each Purchaser Agent no later than 10:30 a.m. (New York City time), on the proposed date the purchase is to be made. Each such notice of a
purchase shall be in the form of an irrevocable Purchase Request and shall specify (i) the amount requested to be paid to the Seller by each Purchaser and each Bank which does not have a related Purchaser (such amount, which shall not be
less than $250,000 in the aggregate (inclusive of any amount being rolled over from a previous purchase), being referred to herein as the initial “Capital” of each Receivable Interest in the Pool Receivables then being purchased),
(ii) the date of such purchase (which shall be a Business Day) and (iii) unless the purchase will be funded with Pooled Commercial Paper and except with respect to any purchase being made by BOA, the desired duration of the initial
Fixed Period for each such 

  
 2 

 
Receivable Interest in the Pool Receivables. Each Purchaser Agent which has a related Purchaser shall promptly thereafter (but in no event later than 11:00 a.m. (New York City time) on the
proposed date of purchase) notify the Seller and the Administrative Agent whether thesuch respective Purchaser has determined to make a purchase and, if so, whether all of the terms specified by the Seller are acceptable to
such Purchaser and the yield with respect to such purchase and the amount of interest that will be due for the related Settlement Period. If (a) a Purchaser has determined not to make a proposed purchase, or (b) a Purchaser Agent
does not have a related Purchaser, the respective Purchaser Agent shall promptly send notice of the proposed purchase to all of the related Banks of such Purchaser Agent concurrently specifying the date of such purchase, each such
Bank’s Percentage multiplied by the aggregate amount of Capital of the Receivable Interests in the Pool Receivables being purchased, and, except with respect to any purchase being made by BOA, the Assignee Rate for the Fixed Period for
such Receivable Interest in the Pool Receivables, and the duration of the Fixed Period for such Receivable Interest in the Pool Receivables. The Seller shall indemnify the Purchasers and the Banks against any loss or expense
incurred by the Purchasers and/or the Banks, either directly or indirectly, as a result of any failure by the Seller to complete such transfer, including, without limitation, any loss or expense incurred by the Purchasers and/or the Banks by reason
of the liquidation or reemployment of funds acquired by the Purchasers or the Banks (including, without limitation, funds obtained by issuing notes, obtaining deposits as loans from third parties and reemployment of funds) to fund such transfer.

 (b) On the date of each such purchase of a Receivable Interest in the Pool Receivables, each Purchaser or the Banks, as the
case may be, shall, upon satisfaction of the applicable conditions set forth in Exhibit II hereto, make available to the Seller by wire transfer in U.S. dollars in same day funds, to the account designated by the Seller, no later than 3:00
p.m. (New York City time) an amount equal to each such Purchaser’s or Bank’s ratable share (based on the applicable Bank’s Percentage) of the initial Capital of such Receivable Interest in the Pool Receivables. 

(c) Effective on the date of each purchase pursuant to this Section 1.02 and each reinvestment pursuant to
Section 1.04, the Seller hereby sells and assigns to the Administrative Agent, for the benefit of the parties making such purchase, an undivided percentage ownership interest, to the extent of the Receivable Interests then being
purchased, in each Pool Receivable then existing and in the Related Security and Collections with respect to, and other proceeds of, such Pool Receivable and Related Security. 
 (d) Notwithstanding the foregoing, a Bank shall not be obligated to make purchases under this Section 1.02 at any time in an amount that would exceed the Bank Commitment with respect to such
Bank less, in the event such Bank has any related Purchasers, such Bank’s ratable share of the outstanding and unpaid Capital of itssuch related PurchaserPurchasers. Each Bank’s
obligation shall be several, such that the failure of any Bank to make available to the Seller any funds in connection with any purchase shall not relieve any other Bank of its obligation, if any, hereunder to make funds available on the date of
such purchase, and if any Bank shall fail to make funds available, each remaining Bank shall (subject to the limitation in the preceding sentence) make available its pro rata portion of the funds required to be funded for such purchase pursuant to
clause (b) of this Section 1.02. 

  
 3 

 (g) The Seller shall forthwith deliver (i) to the Collection Agent an amount equal to
all Collections deemed received by the Seller pursuant to Section 1.04(e)(i) or (ii) above and the Collection Agent shall hold or reinvest such Collections in accordance with Section 1.04(b), or (ii) if
Collections are then being paid to the Administrative Agent or the Controlled Account directly or indirectly owned or controlled by the Administrative Agent, the Seller shall forthwith cause such deemed Collections to be paid to the Administrative
Agent or such Controlled Account. So long as the Seller shall hold any Collections or deemed Collections required to be paid to the Collection Agent, the Administrative Agent, a Purchaser Agent, a Purchaser, a Bank, an Indemnified Party, or an
Affected Person, it shall hold such Collections in trust (and, at the request of the Administrative Agent or any Purchaser Agent, separate and apart from its own funds and shall clearly mark its records to reflect such trust). 

(h) With respect to each Bank that is a Nonrenewing Bank that has not been replaced by another Bank pursuant to Section 1.13
(any such PurchaserBank, a “Non-Extending Bank”), the Collection Agent shall implement the procedures set forth in this Section 1.04(h) (a “Partial Liquidation”). On each
Business Day prior to such Non-Extending Bank’s Bank Commitment being reduced to zero (provided that no Event of Termination has occurred and is continuing), the Collection Agent shall apply funds out of the Collections represented by
the Receivable Interest received and not previously applied in the following manner: 
 (i) set aside and hold in
trust in the Collection Account, for the benefit of the Non-Extending Banks and their related Purchasers, if any, an amount equal to all Yield and fee(s) and other payments owed under the Fee Agreements (based on the Receivable Interest at
such time), in each case accrued through such day and not so previously set aside or paid. The Collection Agent shall thereafter pay to each applicable Purchaser Agent (ratably according to accrued Yield and fees and other payments owed under the
Fee Agreements) on the last day of each Settlement Period for the Non-Extending Banks the amount of such accrued and unpaid fees and other payments owed under the Fee Agreements and Yield; 

(ii) pay to each applicable Purchaser Agent for the account of each Non-Extending Bank, if any, related to such Purchaser
Agent (ratably based on the Bank Commitment of the Non-Extending Bank at such time), and, in the event such Non-Extending Bank has any related Purchasers, for the account of anysuch related Purchasers solely to the
extent necessary to reduce any such Purchaser’s pro rata portion of the Purchase Limit to an amount that is equal to or lesser than the amount of any available Bank Commitment of any remaining Banks related to any such Purchaser
at such time, from such Collections remaining after application pursuant to clause (i) above, the amount of such Bank Commitment of the Non-Extending Bank; provided that, solely for purposes of determining such Non-Extending Bank’s
ratable share of such Collections, such Bank Commitment shall be deemed to remain constant from the date such Bank becomes a Non-Extending Bank until the date such Bank Commitment of the Non-Extending Bank has been paid in full; it being understood
that if such day is also a Termination Date or a day on which an Event of Termination has occurred, the Bank Commitment of the Non-Extending Bank shall be recalculated at such time (taking into account amounts received by or on behalf of such Bank
in respect of its Capital pursuant to this clause (ii)), and thereafter Collections shall be set aside for payment to all Investors (ratably according to the Bank Commitment of such Non-Extending Bank) pursuant to paragraph (d) above; and

  
 4 

 (iii) reinvest the balance of such Collections in respect of Capital to the
acquisition of additional undivided percentage interests pursuant to Section 1.02 hereof. 
 (i)
Within one Business Day after the end of each Fixed Period, each Purchaser Agent shall furnish the Seller with an invoice setting forth the amount of the accrued and unpaid Yield and fees for such Fixed Period with respect to the Receivable
Interests held by such Purchaser Agent’s related Investors. 
 SECTION 1.05. Fees. 

(a) The Collection Agent shall be entitled to receive a fee (the “Collection Agent Fee”) of 0.50% per annum on the
aggregate Capital of each Receivable Interest owned by each Investor or Bank on the last day of each calendar month, payable in arrears on the first day of each calendar month following each Settlement Period for such Receivable Interest. Upon three
Business Days’ notice to the Administrative Agent and the Purchaser Agents, the Collection Agent (if not United Rentals) may elect to be paid, as such fee, a different percentage per annum on the aggregate Capital of such Receivable Interest
for such Settlement Period, but in no event in excess for all Receivable Interests relating to a single Receivables Pool of 110% of the reasonable costs and expenses of the Collection Agent in administering and collecting the Receivables in such
Receivables Pool. The Collection Agent Fee shall be payable only from Collections pursuant to, and subject to the priority of payment set forth in, Section 1.04. 
 (b) The Seller agrees to pay to the Administrative Agent and the Purchaser Agents certain fees in the amounts and on the dates set forth in the applicable Fee Agreement with the Administrative Agent and
each of the Purchaser Agents, as applicable. 
 SECTION 1.06. Payments and Computations, Etc. 

(a) No later than the first Business Day of each month, each Purchaser Agent on behalf of
thewhich has a related Purchaser shall calculate, on behalf of such related Purchaser, the aggregate amount of Yield applicable to the portion of all Receivable Interests funded with Pooled Commercial
Paper for the Settlement Period then most recently ended and shall notify Seller of such aggregate amount. 
 (b) All amounts to
be paid or deposited by the Seller or the Collection Agent, including all Broken Funding Costs, hereunder to or for the account of the Administrative Agent, Purchaser Agents, a Purchaser or any other Investor or Bank shall be paid or deposited no
later than 11:00 A.M. (New York City time) on the day when due in same day funds to the Administrative Agent’s Account or the applicable Purchaser Agent’s Account, as applicable. 

(c) The Seller and Collection Agent shall, to the extent permitted by law, pay interest on any amount not paid or deposited by the Seller
or Collection Agent, as applicable (whether as Collection Agent or otherwise), when due hereunder, at an interest rate per annum equal to 2% per annum above the Alternate Base Rate, payable upon the demand of the related Purchaser Agent.

  
 5 

 (d) For the avoidance of doubt, any change in national or international generally accepted
principles of accounting (whether foreign or domestic) that would require the consolidation of some or all of the assets and liabilities of any Purchaser or Bank, including the assets and liabilities that are the subject of this Agreement and/or
other Transaction Documents, but excluding any assets and liabilities that are currently consolidated with those of any Affected Person (other than such Purchaser or Bank), shall constitute a change in the interpretation, administration or
application of a law, regulation, guideline or request subject to Section 1.08(a), (b) and (c). 

(e) The Administrative Agent shall promptly notify the Seller if any event of which it has knowledge, which will entitle an Affected
Person to compensation pursuant to this Section 1.08. Notwithstanding the foregoing, in the event that such notice is not given to the Seller by the Administrative Agent, such Affected Person shall not be entitled to compensation from
the Administrative Agent for any additional costs incurred as a result of such failure to notify. 
 (f) Notwithstanding any
other provision herein, no Affected Person shall demand compensation pursuant to this Section 1.08 if it shall not at the time be the general policy or practice of such Affected Person to demand such compensation in similar circumstances under
comparable provisions of other similar agreements, including, but not limited to, credit agreements and receivables purchase agreements, if any (and such Affected Person so certifies to the Seller). 

SECTION 1.09. Intended Characterization; Security Interest. 

The Seller, the Purchasers, the Administrative Agent, the Investors, the Banks and the Purchaser Agents intend that the sale, assignment
and transfer of the Receivable Interests to the Administrative Agent hereunder shall be treated as a true sale for all purposes, other than federal and state income tax purposes and accounting purposes. If, notwithstanding the intent of the parties,
the sale, assignment and transfer of the Receivable Interests is not treated as a sale for all purposes, other than federal and state income tax purposes, (i) this Agreement also is intended by the parties to be, and hereby is, a security
agreement within the meaning of the UCC; and (ii) the sale, assignment and transfer of the Receivable Interests shall be treated as a grant of, and the Seller does hereby grant to the Administrative Agent, for its benefit and the ratable
benefit of the Investors and the Banks, and as collateral security for the performance by the Seller of all the terms, covenants and agreements on the part of the Seller (whether as the Seller or otherwise) to be performed under this Agreement or
any document delivered in connection with this Agreement, including the punctual payment when due of all obligations of the Seller hereunder or thereunder, whether for indemnification payments, fees, expenses or otherwise, a security interest in,
all of the Seller’s right, title and interest in, to and under (but none of the Seller’s obligations under) all of the following, whether now or hereafter existing or arising: 

  
 6 

 SECTION 1.12. Repurchase Option. 

So long as no Event of Termination or Incipient Event of Termination would occur or be continuing after giving effect thereto, the Seller
shall have the right to repurchase all, but not less than all, of the Receivable Interests held by the Investors and the Banks upon not less than thirty (30) days prior written notice to the Purchaser Agents. Such notice shall specify the date
that the Seller desires that such repurchase occur (such date, the “Repurchase Date”). On the Repurchase Date, the Seller shall transfer to each Purchaser Agent’s Account in immediately available funds an amount equal to
(i) the Capital of the Receivable Interests held by the Investors and the Banks, (ii) all accrued and unpaid Yield thereon to the Repurchase Date, (iii) all accrued and unpaid fees owing to the Investors and the Banks under the Fee
Agreements, (iv) the Liquidation Fee owing to the Investors and the Banks in respect of such repurchase and (v) all expenses and other amounts payable hereunder to any of the Administrative Agent, the Purchaser Agents, the Investors and
the Banks (including, without limitation, reasonable and documented attorneys’ fees and disbursements for a single firm of primary counsel). Any repurchase pursuant to this Section 1.12 shall be made without recourse to or warranty
by the Administrative Agent, the Purchaser Agents, the Investors or the Banks (except for a warranty that all Receivable Interests repurchased are transferred free of any lien, security interest or Adverse Claim created solely by the actions of the
Administrative Agent, the Purchaser Agents, the Investors or the Banks). Further, on the Repurchase Date the Bank Commitments for all the Banks shall terminate, each of the Commitment Termination Date and Facility Termination Date shall have
occurred, and no further purchases or reinvestments of Collections shall be made hereunder. 
 SECTION 1.13. Extension;
Additional Purchasers; Increased Commitments. 
 (a) Extension of Term. The Seller may, at any time during the period
which is no more than forty-five (45) days or less than thirty (30) days immediately preceding the Commitment Termination Date (as such date may have previously been extended pursuant to this Section 1.13), request that the
then applicable Commitment Termination Date be extended for an additional 364 days. Any such request shall be in writing and delivered to the Purchaser Agents, and shall be subject to the following conditions: (i) no Bank shall have an
obligation to extend the Commitment Termination Date at any time, and (ii) any such extension with respect to any Bank shall be effective only upon the written agreement of such Bank and the related Purchaser Agent, the Administrative Agent,
the Seller and the Collection Agent. Each Bank will respond to any such request no later than the fifteenth day prior to the Commitment Termination Date (the “Response Deadline”), provided that a failure by any Bank to
respond by the Response Deadline shall be deemed to be a rejection of the requested extension. Notwithstanding the foregoing, the Commitment Termination Date shall not occur as a result of any Bank’s failure to agree to any such extension (each
such Bank being a “Nonrenewing Bank”) if, on or prior to such date, such Nonrenewing Bank is replaced by another Bank which has a Bank Commitment equal to such Nonrenewing Bank. 

(b) The Seller may, with the written consent of the Administrative Agent and each Purchaser Agent, which consent may be granted or
withheld in their sole discretion, add additional persons as Banks, Purchasers and Purchaser Agents or cause an existing Bank to increase its Bank Commitment in connection with a corresponding increase in the Purchase Limit; provided, that
the Bank Commitment of any Bank may only be increased with the prior written consent of such Bank and, its related Purchaser and Purchaser Agent and, if such Bank has any related Purchasers, such related
Purchasers. Each new Bank, Purchaser and Purchaser Agent shall become a party hereto, by executing and delivering to the Administrative Agent, each Purchaser Agent and the Seller, an assumption agreement pursuant to which such Bank, Purchaser
and/or Purchaser Agent shall agree to become bound by the terms of this Agreement as a Bank, Purchaser or Purchaser Agent, as applicable. 

  
 7 

 SECTION 5.03. Indemnification of Administrative Agent. 

Each Bank agrees to indemnify the Administrative Agent, solely in its capacity as Administrative Agent (to the extent not reimbursed by
or on behalf of the Seller), ratably according to its respective Bank Commitment, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or the other transactions related hereto or any action taken or omitted by the Administrative Agent
under this Agreement or the other transaction related hereto, provided that no Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Administrative Agent’s gross negligence or willful misconduct. 
 SECTION 5.04. Scotia Capital and
Affiliates. 
 With respect to any Receivable Interest or interest therein owned by it, Scotia Capital shall have the same
rights and powers under this Agreement as any Bank and may exercise the same as though it were not Administrative Agent. Scotia Capital and any of its Affiliates may generally engage in any kind of business with the Seller, the Collection Agent, the
Originator or any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of the Seller, the Collection Agent, the Originator or any Obligor or any of their respective Affiliates, all as if Scotia
Capital were not the Administrative Agent and without any duty to account therefor to the Investors or the Banks. 
 SECTION
5.05. Bank’s Purchase Decision. 
 Each Bank acknowledges that it has, independently and without reliance upon the
Administrative Agent, any of its Affiliates or any other Bank and based on such documents and information as they have deemed appropriate, made their own evaluation and decision to enter into this Agreement. Each Bank also acknowledges that it will,
independently and without reliance upon the Administrative Agent, any of their Affiliates or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not
taking action under this Agreement. 
 SECTION 5.06. [Reserved] 

SECTION 5.07. Notice of Event of Termination. 
 Neither any Purchaser Agent nor the Administrative Agent shall be deemed to have knowledge or notice of the occurrence of an Event of Termination unless such Person has received notice from another
Purchaser Agent, a Purchaser, the Seller or the Collection Agent referring to this Agreement, stating that an Event of Termination has occurred hereunder and describing such Event of Termination. If the Administrative Agent receives such a notice,
it shall promptly give notice thereof to each Purchaser Agent whereupon each such Purchaser Agent shall promptly give notice thereof to its related Purchasers, if any, and its related Banks. In the event that any Purchaser Agent
receives such a notice, it shall promptly give notice thereof to the Administrative Agent, the Purchasers and the other Purchaser Agents whereupon each such Purchaser Agent shall promptly give notice thereof to its related
Purchasers, if any, and its related Banks. Subject to the waiver provisions set forth in Section 2.02, the Administrative Agent shall take such action concerning an Event of Termination as may be directed by the Purchaser Agents
(unless such action otherwise requires the consent of all Purchasers or Banks), but until the Administrative Agent receives such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, as the Administrative Agent deems advisable and in the best interests of the Purchasers, Banks and Purchaser Agents. 

  
 8 

 ARTICLE VI 
 THE PURCHASER AGENTS 
 SECTION 6.01. Authorization. 

(a) Liberty, Scotia Capital, and each Bank or other Person that has entered into an Assignment and Acceptance with Liberty or
Scotia Capital and each assignee (directly or indirectly) of any such Purchaser, Bank or other Person, which assignee has entered into anand has agreed in such Assignment and Acceptance has appointed
Scotia Capital as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental
thereto. Market Street, PNC, and each Bank or other Person that has entered into an Assignment and Acceptance with Market Street or PNC and each assignee (directly or indirectly) of any such Purchaser, Bank or other
Person, which assignee has entered into an Assignment and Acceptance has appointed PNC as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the
terms hereof, together with such powers as are reasonably incidental thereto. Gotham, BTMU, and each Bank or other Person that has entered into an Assignment and Acceptance with Gotham or BTMU and each assignee
(directly or indirectly) of any such Purchaser, Bank or other Person, which assignee has entered into an Assignment and Acceptance has appointed BTMUthat Scotia Capital shall act as its Purchaser Agent, has
appointed Scotia Capital as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably
incidental thereto. 
 (b) Market Street, PNC, and each Bank or other Person that has entered into an Assignment and
Acceptance and has agreed in such Assignment and Acceptance that PNC shall act as its Purchaser Agent, has appointed PNC as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are
delegated to such Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental thereto.  

(c) Gotham, BTMU, and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment
and Acceptance that BTMU shall act as its Purchaser Agent, has appointed BTMU as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Purchaser Agent by the terms
hereof, together with such powers as are reasonably incidental thereto. 

  
 9 

 (d) BOA and each Bank or other Person that has entered into an Assignment and Acceptance
and has agreed in such Assignment and Acceptance that BOA shall act as its Purchaser Agent, has appointed BOA as its Purchaser Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such
Purchaser Agent by the terms hereof, together with such powers as are reasonably incidental thereto. 
 As to any matters
not expressly provided for by this Agreement (including, without limitation, enforcement of this Agreement), a Purchaser Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from
acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the majority of its related Banks, and such instructions shall be binding upon all of its related Investors and Banks; provided,
however, that such Purchaser Agent shall not be required to take any action which exposes such Purchaser Agent to personal liability or which is contrary to this Agreement or applicable law. 

SECTION 6.02. Reliance by Purchaser Agent. 
 No Purchaser Agent or any of its respective directors, officers, agents, representatives, employees, attorneys-in-fact or Affiliates shall be liable for any action taken or omitted to be taken by it or
them (in their capacity as or on behalf of such Purchaser Agent) under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, a Purchaser
Agent: 
 (a) may consult with legal counsel, independent certified public accountants and other experts selected by it and shall
not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 
 (b) makes no warranty or representation to the Administrative Agent, any other Purchaser Agent, any Investor or Bank (whether written or oral) and shall not be responsible to the Administrative Agent, any
other Purchaser Agent, any Investor or Bank for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; 
 (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Transaction Document on the part of
the Seller, the Originator, the Banks or the Collection Agent or to inspect the property (including the books and records) of the Seller, the Originator, the Banks or the Collection Agent; 

(d) shall not be responsible to the Administrative Agent, any other Purchaser Agent, any Investor or Bank for the due execution, legality,
validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and 

  
 10 

 (e) shall incur no liability under or in respect of this Agreement by acting upon any notice
(including notice by telephone), consent, certificate or other instrument or writing (which may be by telecopier or telex) believed by it to be genuine and signed or sent by the proper party or parties. 

SECTION 6.03. Agent and Affiliates. 
 With respect to any Receivable Interest or interest therein owned by a Purchaser Agent, such Purchaser Agent shall have the same rights and powers under this Agreement as would any Bank and may exercise
the same as though it were not a Purchaser Agent. A Purchaser Agent and its respective Affiliates may generally engage in any kind of business with the Seller, the Collection Agent, the Banks, the Originator or any Obligor, any of their respective
Affiliates and any Person who may do business with or own securities of the Seller, the Collection Agent, the Banks, the Originator or any Obligor or any of their respective Affiliates, all as if such Purchaser Agent were not a Purchaser Agent and
without any duty to account therefor to the Investors or the Banks. If any Purchaser Agent is removed as a Purchaser Agent, such removal will not affect the rights and interests of such Purchaser Agent as a Bank. 

SECTION 6.04. Notices. 
 A Purchaser Agent shall give each of its related Investors and Banks prompt notice of each written notice received by it from the Seller or the Administrative Agent pursuant to the terms of this
Agreement. 
 SECTION 6.05. Bank’s Purchase Decision. 

Each Bank acknowledges that it has, independently and without reliance upon any Purchaser Agent, any of its Affiliates or any other Bank
and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon any Purchaser Agent, any
of its Affiliates or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement. 

ARTICLE VII 

MISCELLANEOUS 
 SECTION 7.01. Amendments, Etc. 
 Subject to the waiver provisions set forth
in Section 2.02, no amendment or waiver of any provision of this Agreement and no consent to any departure by the Seller or the Collection Agent therefrom shall be effective unless in a writing signed by the Administrative Agent, the
Banks, and each of the Purchaser Agents, for itself and, as applicable, as agent for theits related PurchaserPurchasers, and, in the case of any amendment, also signed by the Seller;
provided, however, that no amendment shall, unless signed by the Collection Agent in addition to the Administrative Agent and the Purchaser Agents, affect the rights or duties of the Collection Agent under this Agreement and
provided further that any such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that, if required by the securitization program
documents governing any Purchaser’s commercial paper program, no such amendment shall be effective until each rating agency rating the Commercial Paper has received written notice of such amendment and, in the case of material amendments,
notified the related Purchaser Agent in writing that such action will not result in a reduction or withdrawal of the rating of any Commercial Paper. No failure on the part of the Investors, the Banks, the Administrative Agent or the Purchaser Agents
to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

  
 11 

 SECTION 7.02. Notices, Etc. 

All notices, demands, consents, requests, reports and other communications provided for hereunder shall, unless otherwise stated herein,
be in writing (which shall include electronic transmission), shall be personally delivered, express couriered, electronically transmitted (in which case receipt shall be confirmed by telephone or return electronic transmission) or mailed by
registered or certified mail and shall, unless otherwise expressly provided herein, be effective when received at the address specified below for the listed parties or at such other address as shall be specified in a written notice furnished to the
other parties hereunder. 
 If to the Seller: 

UNITED RENTALS RECEIVABLES LLC II 
 5 Greenwich Office Park 
 Greenwich, CT 06830 

Attention: Treasurer or Assistant Treasurer 

Tel. No.: (203) 618-7202 
 Facsimile No.: (203) 622-4325 
 If to the Collection Agent: 

UNITED RENTALS, INC. 
 5 Greenwich Office Park 
 Greenwich, CT 06830 

Attention: Treasurer or Assistant Treasurer 

Tel. No.: (203) 618-7202 
 Facsimile No.: (203) 622-4325 
 If to the Liberty Purchaser Agent or the
Administrative Agent: 
 THE BANK OF NOVA SCOTIA 

1 Liberty Plaza, 26th Floor 
 New York, NY 10006 
 Attention: Luke Evans / Alexander Jurecky

 Tel. No.: (212) 225-5118 / (212) 225-5087 

Facsimile No.: (212) 225-52905274 

  
 12 

 If to the Market Street Purchaser Agent: 

PNC BANK, NATIONAL ASSOCIATION 
 Three PNC Plaza 
 225 Fifth Avenue Pittsburgh, 

Pennsylvania 15222 
 Attention: PNC Conduit Group 
 Facsimile No.: (412) 762-9184

 If to the Gotham Purchaser Agent: 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
 34 Exchange Place, Plaza
III 5th Floor 
 Jersey City, NJ 07311 

Attention: John Donoghue 
 Facsimile No.: (201) 369-2149 
 Email:
securitization_reporting@us.mufg.jp 
 With a copy to: 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
 1251 Avenue of the Americas 

New York, NY 10020 
 Attention: The Securitization Group 
 Facsimile No.: (212) 782-6448

 Emails: securitization_reporting@us.mufg.jp 

    vdusenbury@us.mufg.jp 
 If to the BOA Purchaser Agent: 
 BANK OF AMERICA,
N.A. 
 214 North Tryon Street, 21st Floor 

NC1-027-2101 
 Charlotte, North Carolina 28255 
 Attention:
Securitization Finance Group  
 Facsimile No.: (704) 388-9169 

Email:  
 If to a Purchaser: 
 LIBERTY STREET FUNDING LLC 

Global Securitization 
 445 Broad Hollow Rd. 
 Melville, NY 11747 

Tel. No.: (631) 587-4700 
 Facsimile No.: (212) 302-8767 

  
 13 

 MARKET STREET FUNDING LLC 

c/o AMACAR Group, L.L.C. 
 6525 Morrison Blvd., Suite 318 
 Charlotte, North Carolina 28211

 Attention: Doris J. Hearn 

Tel. No.: (704) 365-0569 
 Facsimile No.: (704) 365-1362 
 Email: djhearn@amacar.com

 GOTHAM FUNDING CORPORATION 

c/o Global Securitization Services, LLC 

114 West 47th Street, Suite 2310 
 New York, NY 10036 
 Tel. No.: (212) 295-2777 

Facsimile No.: (212) 302-8767 

Attention: Frank B. Bilotta 
 If to the Banks: 
 THE BANK OF NOVA SCOTIA 

1 Liberty Plaza, 26th Floor 
 New York, NY 10006 
 Attention: Luke Evans / Alexander Jurecky

 Tel. No.: (212) 225-5118 / (212) 225-5087 

Facsimile No.: (212) 225-52905274 

PNC BANK, NATIONAL ASSOCIATION 
 Three PNC Plaza 
 225 Fifth Avenue 

Pittsburgh, Pennsylvania 15222 
 Attention: William Falcon and Tony Stahley 
 Tel. No.:
(412) 762-5442 and (412) 768-2266 
 Facsimile No.: (412) 762-9184 

Emails: ralph.stahley@pnc.com 
 pncconduitgroup@pnc.com 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
NEW YORK BRANCH 
 1251 Avenue of the Americas 

New York, NY 10020 
 Attention: Nicolas Mounier / Van Dusenbury / Ayaka Ishikawa 
 Tel.
No.: (212) 782-5980 / (212) 782-6964 / (212) 782-6986 
 Facsimile No.: (212) 782-6448

 Emails: securitization_reporting@us.mufg.jp 

    vdusenbury@us.mufg.jp 

  
 14 

 BANK OF AMERICA, N.A. 

214 North Tryon Street, 21st Floor 
 NC1-027-2101 
 Charlotte, North Carolina 28255 

Attention: Securitization Finance Group  
 Facsimile No.: (704) 388-9169 
 Email:  

SECTION 7.03. Assignability. 
 (a) This Agreement and the Investors’ rights and obligations herein (including ownership of each Receivable Interest in the Pool Receivables) shall be assignable by participation or otherwise in
whole or in part by the Investors and their successors and assigns with the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed; provided, however, that the Seller’s consent shall not
be required for any assignment or participation from an Investor pursuant to the terms of its applicable liquidity agreement. Each assignor of a Receivable Interest in the Pool Receivables or any interest therein shall notify the applicable
Purchaser Agent, the Administrative Agent and the Seller of any such assignment. Each assignor of a Receivable Interest in the Pool Receivables may, in connection with the assignment or participation, disclose to the assignee or participant any
information relating to the Seller or the Receivables that was furnished to such assignor by or on behalf of the Seller or by the Administrative Agent and the related Purchaser Agent; provided that prior to any such disclosure, the assignee
or participant agrees to preserve the confidentiality of any confidential information relating to the Seller received by it from any of the foregoing entities on terms substantially similar to those set forth in Section 7.06. 

(b) Each Bank may assign, with the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed, to
any Eligible Assignee or to any other Bank all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Bank Commitment and any Receivable Interests in the Pool Receivables or interests
therein owned by it). The parties to each such assignment shall execute and deliver to the Administrative Agent and the related Purchaser Agent for each such party an Assignment and Acceptance. In addition, Scotia Capital, PNC,
BTMUeach Bank or any of theirits respective Affiliates may assign any of theirits rights (including, without limitation, rights to payment of Capital and Yield)
under this Agreement to any Federal Reserve Bank without notice to or consent of the Seller, the Administrative Agent or the Purchaser Agent. 
 (c) Subject to the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed, this Agreement and the rights and obligations of each Purchaser Agent and the
Administrative Agent herein shall be assignable by each Purchaser Agent and the Administrative Agent and its successors and assigns. 
 (d) Neither the Seller nor the Collection Agent may assign its rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent and each Purchaser
Agent, which consent shall not be unreasonably withheld or delayed. 

  
 15 

 (e) Without limiting any other rights that may be available under applicable law, the rights
of the Investors may be enforced through them or by their agents. 
 SECTION 7.04. Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted under Section 3.01 hereof, the Seller agrees to pay on demand all
reasonable and documented costs and expenses in connection with the preparation, execution, delivery and administration (including periodic auditing of Pool Receivables) of this Agreement, any asset purchase agreement or similar agreement relating
to the sale or transfer of interests in Receivable Interests in the Pool Receivables and the other documents and agreements to be delivered hereunder and thereunder, including, without limitation, the reasonable and documented fees and out-of-pocket
expenses of one firm of primary counsel for the Administrative Agent and the Purchaser Agents, the Purchasers, Scotia Capital, PNC and, BTMU and BOA and their respective Affiliates and agents with respect thereto and
with respect to advising the Administrative Agent and the Purchaser Agents, the Purchasers, Scotia Capital, PNC and, BTMU and BOA and their respective Affiliates and agents as to their rights and remedies under this
Agreement, the fees of the Rating Agencies associated with reviewing the Transaction Documents and providing the rating confirmations of each Purchaser’s Commercial Paper required in connection with the execution of this Agreement, and all
costs and expenses, if any (including reasonable and documented attorneys’ fees and expenses of one firm of primary counsel), of the Administrative Agent and the Purchaser Agents, the Investors, the Banks and their respective Affiliates and
agents, in connection with the enforcement of this Agreement and the other documents and agreements to be delivered hereunder. 

(b) To the extent not otherwise included in the Investor Rate, the Seller shall pay, promptly upon the receipt of an invoice, (i) any
and all commissions of placement agents and commercial paper dealers in respect of commercial paper notes issued to fund the purchase or maintenance of any Receivable Interest in the Pool Receivables, (ii) all reasonable costs and expenses of
any issuing and paying agent or other Person responsible for the administration of the Purchasers’ commercial paper program in connection with the preparation, completion, issuance, delivery or payment of commercial paper notes issued to fund
the purchase or maintenance of any Receivable Interest in the Pool Receivables and (iii) any and all stamp and other taxes and fees payable in connection with the execution, delivery, filing and recording of this Agreement or the other
documents or agreements to be delivered hereunder. The Seller agrees to save each Indemnified Party harmless from and against any liabilities with respect to or resulting from any delay by the Seller in paying or omission to pay such taxes and fees.

 (c) The Seller also shall pay on demand all other reasonable and documented costs, expenses and taxes (excluding income taxes)
incurred by a Purchaser or any stockholder or agent of a Purchaser (“Other Costs”), including the reasonable cost of administering the operations of such Purchaser, the reasonable cost of auditing such Purchaser’s books by
certified public accountants, the cost of rating such Purchaser’s commercial paper by independent financial Rating Agencies, the taxes (excluding income taxes) resulting from such Purchaser’s operations, and the reasonable and documented
fees and out-of-pocket expenses of counsel for any stockholder or agent of such Purchaser with respect to advising as to rights and remedies under this Agreement, the enforcement of this Agreement or advising as to matters relating to such
Purchaser’s operations; provided that the Seller and any other Persons who from time to time sell receivables or interests therein to a Purchaser (“Other Sellers”) each shall be liable for such Other Costs ratably in
accordance with such Person’s usage under its respective facility; and provided further that if such Other Costs are attributable to the Seller and not attributable to any Other Seller, the Seller shall be solely liable for such
Other Costs. 

  
 16 

 SECTION 7.05. No Proceedings. 

Each of the Seller, the Administrative Agent, the Purchaser Agents, the Collection Agent, each Investor, each Bank, each assignee of a
Receivable Interest or any interest therein and each entity that enters into a commitment to purchase Receivable Interests or interests therein hereby agrees that it will not institute against, or join any other Person in instituting against, a
Purchaser any proceeding of the type referred to in paragraph (g) of Exhibit V for one year and one day after the latest maturing commercial paper note issued by such Purchaser is paid in full. 

SECTION 7.06. Confidentiality. 
 Each of the parties agrees to maintain the confidentiality of this Agreement and other Transaction Documents (and all drafts thereof); provided that this Agreement may be disclosed to (a) each
of the party’s officers, directors, employees, outside auditors, legal counsel and Affiliates who agree to hold such information confidential and then only in connection with the proposed transaction, (b) third parties who agree in writing
to hold such information confidential, (c) any other commercial paper conduit administered by Scotia Capital, PNC or BTMU, (d) any current or prospective participant in the commercial paper issuance program of the Purchasers or any other
commercial paper conduit administered by Scotia Capital, PNC or BTMU, including but not limited to representatives of Rating Agencies, liquidity providers, commercial paper placement agents and commercial paper dealers; and provided
further that this Agreement may be disclosed if required by applicable law, regulations or legal process, including a filing with the Securities and Exchange Commission through the EDGAR electronic filing system in accordance with United
Rentals’ continuous disclosure obligations under the Securities Exchange Act of 1934, or the listing or quotation requirements of any exchange or quotation system on which securities of it or its parent or other Affiliates may be listed or
quoted. Officers, directors, employees and agents of Scotia Capital, PNC and, BTMU and BOA shall at all times have the right to share information received from United Rentals and its affiliates to appropriate parties
in connection with the proposed transaction on a confidential basis. 
 SECTION 7.07. Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO), EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE INTERESTS OF THE INVESTORS AND THE BANKS IN THE RECEIVABLES
AND IN THE OTHER ITEMS DESCRIBED IN SECTION 1.09, OR REMEDIES HEREUNDER IN RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 

  
 17 

					
	BANKS:	 	THE BANK OF NOVA SCOTIA
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
		 	Percentage: 52 12/19%
		
		 	PNC BANK, NATIONAL ASSOCIATION
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
		 	Percentage: 31 11/19%
		
		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
		 	Percentage: 15 15/19%

  
 Signature Page - Receivables
Purchase Agreement 

 EXHIBIT I 
 DEFINITIONS 
 As used in the Agreement (including its Exhibits and Annexes), the
following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Administrative Agent” means Scotia Capital, in its capacity as administrative agent for the Purchasers and the Banks, or any successor administrative agent. 

“Administrative Agent’s Account” means the special account (account name: United Rentals Receivable, LLC II;
account number: 03454-15) of the Administrative Agent maintained at the office of The Bank of Nova Scotia – NY, ABA 026002532. 
 “Adverse Claim” means a lien, security interest or other charge or encumbrance, or any other type of preferential arrangement, but shall not include the liens in favor of the Seller or
Administrative Agent. 
 “Affected Person” has the meaning specified in Section 1.08(a).

 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is
controlled by or is under common control with such Person or is a director or officer of such Person. 
 “Affiliated
Obligor” means any Obligor that is an Affiliate of another Obligor. 
 “Aged Receivables Ratio” means
the percentage equivalent of a fraction, computed as of the last day of each calendar month, obtained by dividing (a) the sum of (i) the Outstanding Balance of Pool Receivables that were 151 to 180 days past their Invoice Date (or, in the
case of Extended Term Receivables, that were 211 to 240 days past their Invoice Date ) as of the last day of such month, excluding Pool Receivables that have been written off at any time after the date on which they were 150 days past their Invoice
Date (or, in the case of Extended Term Receivables, at any time after the date on which they were 210 days past their Invoice Date ), (ii) (without duplication of any amounts included in clause (i) or (iii)) the Outstanding Balance of Pool
Receivables that were less than 151 days past their Invoice Date (or, in the case of Extended Term Receivables, that were less than 211 days past their Invoice Date ) as of the last day of such month and that, consistent with the Credit and
Collection Policy, were written off as uncollectible during such month (excluding write-offs of United Rentals General Account numbered “6661xxx”), and (iii) (without duplication of any amounts included in clause (i) or
(ii)) the Outstanding Balance of Pool Receivables that were less than 151 days past their Invoice Date (or, in the case of Extended Term Receivables, that were less than 211 days past their Invoice Date ) as of the last day of such month, as to
which the Obligor thereof or any other Person obligated thereon or owning any Related Security in respect thereof has taken any action, or suffered any event to occur, of the type described in paragraph (g) of Exhibit V, by (b) the
aggregate dollar amount of all Pool Receivables created during the month ended five months prior to the most recent month-end. 

  
 I-1

 “Agreement” means this Third Amended and Restated Receivables Purchase
Agreement, dated as of September 24, 2012, as it may be amended, restated, supplemented or otherwise modified from time to time. 
 “Alternate Base Rate” means: 
 (a) For Scotia Capital, Liberty and
each other Bank for Liberty, on any date, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 

(i) the rate of interest determined by Scotia Capital in New York, New York, from time to time in its sole
discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that Scotia Capital charges any corporate customer) (the “Scotia Prime Rate”); and 

(ii) the Federal Funds Rate plus 0.50% per annum; 

(b) For PNC, Market Street and each other Bank for Market Street, on any date, a fluctuating interest rate per annum as shall be in effect
from time to time, which rate shall be at all times equal to the higher of: 
 (i) the rate of interest
determined by PNC in Pittsburgh, Pennsylvania, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that PNC charges any corporate customer); and 

(ii) the Federal Funds Rate plus 0.50% per annum; and 

(c) For BTMU, Gotham and each other Bank for Gotham, on any date, a fluctuating interest rate per annum as shall be in effect from time to
time, which rate shall be at all times equal to the higher of: 
 (i) the rate of interest determined by BTMU in
New York, New York, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that BTMU charges any corporate customer); and 

(ii) the Federal Funds Rate plus 0.50% per annum. 

(d) For BOA and each other Bank for which BOA acts as Purchaser Agent, on any date, a fluctuating interest rate per annum as shall be
in effect from time to time, which rate shall be at all times equal to the higher of: 
 (i) the rate of
interest determined by BOA in New York, New York, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that BOA charges any corporate customer); and 

(ii) the Federal Funds Rate plus 0.50% per annum. 

  
 I-2

 “AMACAR” has the meaning specified in Section 7.14(d).

 “Assignee Rate” for any Fixed Period for any Receivable Interest in the Pool Receivables means an interest
rate per annum equal to the applicable percentage per annum (set forth in the Fee Agreements) above the Eurodollar Rate (Reserve Adjusted) for such Fixed Period; provided, however, that in the case of: 

(a) any Fixed Period on or priorwith respect to the first day
thatwhich an Investor or Bank shall have notified its Purchaser Agent that: 

(i) the introduction of or any change in or in the interpretation of any applicable law or regulation makes it unlawful,
or any central bank or other governmental authority asserts that it is unlawful, for such Investor or Bank to fund such Receivable Interest in the Pool Receivables at the rate set forth above (and such Investor or Bank shall not have subsequently
notified its Purchaser Agent that such circumstances no longer exist), 
 (ii) dollar deposits in the relevant
amounts and for the relevant Fixed Period are not available, 
 (iii) adequate and reasonable means do not exist
for ascertaining the Eurodollar Rate (Reserve Adjusted) for the relevant Fixed Period, or 
 (iv) the Eurodollar
Rate (Reserve Adjusted) determined pursuant hereto does not accurately reflect the cost to the Investors or the Banks (as conclusively determined by the related Purchaser Agent) of maintaining Receivable Interests during such Fixed Period,

 (b) other than with respect to a Fixed Period for BOA, any Fixed Period of one to and including 29 days (other than a
Fixed Period that corresponds to the month of February or that begins on a day in the month of February and runs to the numerically corresponding day of the following month), 
 (c) other than with respect to a Fixed Period for BOA, any Fixed Period as to which the related Purchaser Agent does not receive notice, by no later than 12:00 noon (New York City time) on the
third Business Day preceding the first day of such Fixed Period, that the related Receivable Interest will not be funded by issuance of commercial paper, or 
 (d) any Fixed Period for a Receivable Interest the Capital of which allocated to the Investors or Banks is less than $500,000, 
 the “Assignee Rate” for each such Fixed Period shall be an interest rate per annum equal to the Alternate Base Rate in effect on the first day of such Fixed Period; provided
further that after the occurrence and during the continuation of an Event of Termination, the “Assignee Rate” for each Fixed Period shall be an interest rate per annum equal to 2% plus the Alternate Base Rate in effect on the
first day of such Fixed Period. 

  
 I-3

 “Assignment and Acceptance” means an assignment and acceptance agreement
entered into by a Bank and an Eligible Assignee and approved by the related Purchaser Agent(s) for such Bank and for such Eligible Assignee, pursuant to which such Eligible Assignee may become a party to the Agreement as a Bank. 

“Bank Commitment” of any Bank means, (a) with respect to Scotia Capital, $250,000,000, or such amount as increased
or reduced by any Assignment and Acceptance entered into with other Banks; (b) with respect to PNC, $150,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks, (c) with respect to
BTMU, $75,000,000, or such amount as increased or reduced by any Assignment and Acceptance entered into with other Banks or (d, (d) with respect to BOA, $75,000,000, or such amount as increased or reduced by any Assignment
and Acceptance entered into with other Banks; or (e) with respect to a Bank that has entered into an Assignment and Acceptance, the amount set forth therein as such Bank’s Bank Commitment, in each case as such amount may be increased
or reduced by an Assignment and Acceptance entered into between such Bank and an Eligible Assignee, and as may be further reduced (or terminated) pursuant to the next sentence. Any reduction (or termination) of the Purchase Limit pursuant to the
terms of the Agreement shall reduce ratably (or terminate) each Bank’s Bank Commitment. 
 “Banks” means
each of Scotia Capital, PNC and, BTMU and BOA and each respective Eligible Assignee that shall become a party to the Agreement pursuant to Section 7.03. 

“BOA” has the meaning as set forth in the preamble to this Agreement and its successors and assigns. 

“BOA Fee Agreement” means the separate fee agreement, dated as of February 1, 2013, pertaining to fees among the Seller
and BOA as BOA Purchaser Agent, as the same may be amended or restated from time to time. 
 “BOA Purchaser
Agent” means BOA and its successors and assigns. 
 “Broken Funding Costs” means for any Receivable
Interest that is assigned or terminated prior to the date on which it was originally scheduled to end, an amount equal to the excess, if any, of (A) the Yield that would have accrued during the remainder of the tranche periods for Commercial
Paper determined by the applicable Purchaser Agent to relate to such Receivable Interest (as applicable) subsequent to the date of such reduction, assignment or termination of the Outstanding Balance of such Receivable Interest if such reduction,
assignment or termination had not occurred, over (B) the sum of (x) to the extent all or a portion of such Outstanding Balance is allocated to another Receivable Interest, the amount of Yield actually accrued during the remainder of such
period on such Outstanding Balance for the new Receivable Interest, and (y) to the extent such Outstanding Balance is not allocated to another Receivable Interest, the income, if any, actually received during the remainder of such period by the
holder of such Receivable Interest from investing the portion of such Outstanding Balance not so allocated. In the event that the amount referred to in clause (B) exceeds the amount referred to in clause (A), the relevant Purchaser or
Purchasers agree to pay to the Seller the amount of such excess. 

  
 I-4

 “Dilution Reserve” for any Receivable Interest at any time means an amount
equal to (a) the Net Receivables Pool Balance on such date multiplied by (b) the Dilution Reserve Percentage at such time. 
 “Dilution Reserve Percentage” means for any Receivable Interest at any time an amount equal to: 
 [(Stress Factor x Expected Dilution Ratio) + (Dilution Volatility)] 
 multiplied by
the Dilution Horizon Ratio 
 Where: 
 Stress Factor = 2.25 
 Expected Dilution Ratio = the twelve month rolling average
of the Reserve Dilution Ratio 
 Dilution Volatility = (Dilution Spike—Expected Dilution Ratio) x (Dilution Spike divided by
Expected Dilution Ratio) 
 Dilution Spike = the highest Reserve Dilution Ratio as of the last day of each of the twelve months
immediately preceding such day 
 Dilution Horizon Ratio = the aggregate amount of newly generated Receivables during the most
recent two months divided by the Net Receivables Pool Balance as of the last day of the most recent month. 
 “Eligible
Assignee” means (a) with respect to Scotia Capital, (i) Scotia Capital or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1
by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents, (b) with respect to PNC, (i) PNC or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or
higher) by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents and, (c) with respect to BTMU, (i) BTMU or any of its
Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents and
(d) with respect to BOA, (i) BOA or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc.
and which is otherwise acceptable to the Purchaser Agents. 
 “Eligible Extended Term Receivable” means any
Eligible Receivable that is an Extended Term Receivable that is less than 181 days past its Invoice Date. 
 “Eligible
Receivable” means, at the relevant time of determination, a Receivable or an ENB Receivable, as applicable: 
 (a) the
Obligor of which (i) if a natural person, is a resident of the United States or, if a corporation or other business organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive
office in the United States; and (ii) is not an Affiliate of the Originator or the Seller; 

  
 I-5

 (s) solely with respect to ENB Receivables, the ENB Receivable Conditions are satisfied; and

 (t) that is not an Equipment Sale Receivable. 
 “ENB Receivable” means the U.S. dollar denominated indebtedness of any Obligor resulting from the provision or sale of goods or services (including, without limitation, the lease or
rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which all actions required to be performed by the Originator have been performed (except for the presentment
by the Originator of an invoice to the Obligor), and includes the right to payment of any sales tax, interest or finance charges and other obligations of such Obligor with respect thereto, which Receivable has been acquired or purported to be
acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement. 
 “ENB Receivable
Conditions” means with respect to an ENB Receivable being treated as an Eligible Receivable, the satisfaction of the following conditions: (a) the Senior Secured Leverage Ratio shall not exceed 1.25 to 1.0; or (b) the Collection
Agent maintains at least $50,000,000 in availability under the Credit Agreement. 
 “Equipment Sale Receivable”
means any receivable or other indebtedness owing to the Originator, that but for the proviso to the definition of “Receivable” would constitute a Receivable hereunder, in respect of the sale of tangible personal property which such
Originator uses productively in its trade or business or holds for investment, unless such property is ineligible to become Relinquished Property (as such term is defined in the Master Exchange Agreement). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “Eurocurrency Liabilities” has the meaning assigned to that term
in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Eurodollar
Rate” means,: 
 (a) for any Fixed Period other than any Fixed Period for any
Receivable Interest in the Pool Receivables held by BOA, an interest rate per annum (expressed as a decimal and rounded upwards, if necessary, to the nearest one hundredth of a percentage point) equal to the offered rate per annum for deposits
in U.S. dollars in a principal amount of not less than $1,000,000 for such Fixed Period as of 11:00 A.M., London time, two Business Days before the first day of such Fixed Period, which appears on display designated on page “LIBOR01” on
Reuters Money 3000 Services (or such other page as may replace the LIBOR01 page on that service) or such services displaying the London interbank offered rate for deposits in Dollars as may replace Reuters Money 3000 Service (the “Reuters
Screen LIBOR01 Page”); provided that, if more than one rate is specified on Reuters Screen LIBOR01 Page, the applicable rate shall be the arithmetic mean of all such rates; provided further that if on any Business Day
that the Eurodollar Rate is to be determined any Purchaser Agent shall have determined (which determination shall be conclusive and binding upon the parties hereto), by reason of circumstances affecting the interbank Eurodollar market, either that:
(a) dollar deposits in the relevant amounts and for the relevant Settlement Period are not available, or (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement Period, the Administrative
Agent will request the principal London office of Scotia Capital (the “Eurodollar Reference Bank”), to provide the Administrative Agent with its quotation at approximately 11:00 A.M., London time, on such date of the rate per annum
it offers to prime banks in the London interbank market for deposits in U.S. dollars for the requested Fixed Period in an amount substantially equal to the Capital associated with such Fixed Period; if the Eurodollar Reference Bank does not furnish
timely information to the Administrative Agent for determining the Eurodollar Rate, then the Eurodollar Rate shall be considered to be the Alternate Base Rate for such Fixed Period; and 

  
 I-6

 (b) for any Fixed Period for any Receivable Interest in the Pool Receivables held by BOA,
on any date of determination during such Fixed Period, an interest rate per annum (expressed as a decimal and rounded upwards, if necessary, to the nearest one hundredth of a percentage point) equal to the one-month “Eurodollar Rate” for
deposits in dollars as reported on Reuters Screen LIBOR01 Page or on any successor or substitute page of such service, or any successor or substitute for such service, for the purpose of displaying offered rates of leading banks for London interbank
deposits in United States dollars, as of 11:00 a.m. (London time) on such date, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the BOA Purchaser Agent from another
recognized source for interbank quotation), in each case, changing when and as such rate changes. 
 “Eurodollar
Rate (Reserve Adjusted)” for any Investor or Bank for any Fixed Period means the rate (expressed as a decimal rounded upwards, if necessary, to the nearest one hundredth of a percentage point) determined pursuant to the following formula:

  
 

 
 “Eurodollar Reserve Percentage” means, relative to each Fixed Period, a percentage
(expressed as a decimal) applicable two Business Days before the first day of such Fixed Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) (or if more than one such
percentage shall be applicable, the daily average of such percentages for those days in such Fixed Period during which any such percentage shall be so applicable) for determining the maximum reserve requirement (including, without limitation, any
emergency, supplemental or other marginal reserve requirement) for such Investor or Bank with respect to Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on
Eurocurrency Liabilities is determined) having a term comparable to such Fixed Period. 
 “Event of
Termination” has the meaning specified in Exhibit V. 
 “Existing Agreement” has the meaning as
set forth in the preamble to this Agreement. 

  
 I-7

 “Extended Term Receivable” means the U.S. dollar denominated indebtedness
of any Obligor resulting from the provision, lease or sale of goods or services to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business (except that the stated repayment term is greater
than 30 days but not more than 90 days) for which all actions required to be performed by the Originator have been performed, and includes the right to payment of any sales tax, interest or finance charges and other obligations of such Obligor with
respect thereto, which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement; provided that “Extended Term Receivable” shall not include any
Equipment Sale Receivables. 
 “Facility Termination Date” means the earliest of (a) September 23,
2013, (b) the date determined pursuant to Section 2.02, (c) the date the Purchase Limit is reduced to zero pursuant to Section 1.01(b) or (d) the date upon which the Credit Agreement is terminated in connection
with an Event of Default thereunder. 
 “Federal Assignment of Claims Act” means the Assignment of Claims Act
of 1940, 31 U.S.C. § 3727 and 41 U.S.C. § 15, as amended from time to time. 
 “Federal Bankruptcy
Code” means title 11 of the United States Code, 11 U.S.C. § § 101 et seq. 
 “Federal Funds
Rate” means, with respect to any day, the rate set forth in H.15(519) for that day opposite the caption “Federal Funds (Effective).” If on any date of determination, such rate is not published in H.15(519), such rate will
be the rate set forth in Composite 3:30 P.M. Quotations for U.S. Government Securities for that day under the caption “Federal Funds/Effective Rate.” If on any date of determination, the appropriate rate is not published in either
H.15(519) or Composite 3:30 P.M. Quotations for U.S. Government Securities, such rate will be the arithmetic mean of the rates for the last transaction in overnight federal funds arranged by three leading brokers of federal funds transactions in New
York City prior to 9:00 a.m., New York City time, on that day. 
 “Fee Agreement” means the Scotia Capital Fee
Agreement, the PNC Fee Agreement or, the BTMU Fee Agreement or the BOA Fee Agreement. 

“Fitch” means Fitch, Inc. 
 “Fixed Period” means with respect to any Receivable Interest in the Pool Receivables: 
 (a) initially the period commencing on the date of purchase of such Receivable Interest and ending (i) on the last day of the same calendar month as such date of purchase, or
(ii) other than with respect to any Receivable Interest in the Pool Receivables held by BOA, such other number of days as the Seller shall select and the related Purchaser Agent shall approve pursuant to Section 1.02,
up to 31 days from such date; and 
 (b) thereafter (i) a period of one month commencing on the last day of the immediately
preceding Fixed Period for such Receivable Interest or (ii)(which period shall correspond to a calendar month in the case of any Receivable Interest in the Pool Receivables held by BOA) or (ii) other than with respect
to any Receivable Interest in the Pool Receivables held by BOA, such other period commencing on the last day of the immediately preceding Fixed Period for such Receivable Interest and ending such number of days (not to exceed 31 days) as the
Seller shall select and the related Purchaser Agent shall approve on notice by the Seller received by the related Purchaser Agent (including notice by telephone, confirmed in writing) not later than 11:00 A.M. (New York City time) on such last day;

  
 I-8

 provided that 

(i) the Fixed Period with respect to Pooled Commercial Paper shall be the immediately preceding calendar month;

 (ii) any Fixed Period in respect of which Yield is computed by reference to the Assignee Rate shall be
(x) other than with respect to any Receivable Interest in the Pool Receivables held by BOA, a period from one to and including 29 days, or a period of one month, as the Seller may select as provided above, (y) with respect to any
Receivable Interest in the Pool Receivables held by BOA, a period of one month which shall correspond to a calendar month; 
 (iii) any Fixed Period (other than of one day) that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day (provided, however, that if
Yield in respect of such Fixed Period is calculated by reference to the Eurodollar Rate (other than with respect to any Receivable Interest in the Pool Receivables held by BOA), and such Fixed Period would otherwise end on a day that is not a
Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Fixed Period shall end on the next preceding Business Day); 
 (iv) in the case of any Fixed Period of one day, (x) if such Fixed Period is the initial Fixed Period for a Receivable Interest in the Pool Receivables, such Fixed Period shall be the day of purchase
of such Receivable Interest in the Pool Receivables; (y) any subsequently occurring Fixed Period that is one day shall, if the immediately preceding Fixed Period is more than one day, be the last day of such immediately preceding Fixed Period,
and, if the immediately preceding Fixed Period is one day, be the day next following such immediately preceding Fixed Period; and (z) if such Fixed Period occurs on a day immediately preceding a day that is not a Business Day, such Fixed Period
shall be extended to the next succeeding Business Day; and 
 (v) in the case of any Fixed Period for any
Receivable Interest in the Pool Receivables that commences before the Termination Date for such Receivable Interest and would otherwise end on a date occurring after such Termination Date, such Fixed Period shall end on such Termination Date and the
duration of each Fixed Period that commences on or after the Termination Date for such Receivable Interest shall be of such duration as shall be selected by the related Purchaser Agent. 

  
 I-9

 “Non-Extending Bank” has the meaning set forth in
Section 1.04(h). 
 “Nonrenewing Bank” has the meaning set forth in Section 1.13(a).

 “Notice of Effectiveness” means a notice upon receipt of which the Seller effectively transfers to the
Administrative Agent the exclusive control of the Controlled Account. 
 “Obligor” means a Person obligated to
make payments pursuant to a Contract; provided that in the event that any payments in respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor. 

“Originator” means United Rentals (North America), Inc. (f/k/a UR Merger Sub Corporation, as successor in interest to
United Rentals (North America), Inc. and United Rentals Northwest, Inc.) and its successors and permitted assigns. 

“Other Corporations” means United Rentals, Inc. and all of its Subsidiaries except the Seller. 

“Other Costs” has the meaning specified in Section 7.04(c). 

“Other Investors” means any Person other than the Seller, the Originator or the Collection Agent. 

“Other Sellers” has the meaning specified in Section 7.04(c). 

“Outstanding Balance” of any Receivable at any time means the then outstanding principal balance thereof. 

“Parent” means United Rentals, Inc. and its successors and permitted assigns. 

“Performance Undertaking Agreement” means the Amended and Restated Performance Undertaking Agreement, dated as of the
date hereof, made by United Rentals in favor of the Seller, as the same may, from time to time, be amended, restated, modified or supplemented. 
 “Percentage” of any Bank means, (a) with respect to Scotia Capital, the percentage set forth on the signature page to the Agreement45 5/
11%,
 (b) with respect to PNC, the percentage set forth on the signature page to the Agreement27
3/11
%, (c) with respect to BTMU, the percentage set forth on the signature page to the Agreement and (d13 7/11%,
(d) with respect to BOA, 13 7/11
%, and (e) with respect to a Bank that has entered into an Assignment and Acceptance, the amount set forth therein as such Bank’s Percentage, in each case as such amount may be
modified by an Assignment and Acceptance entered into between a Bank and an Eligible Assignee. 
 “Periodic Report” means the Monthly Report, the Weekly Report or the Daily Report. 

  
 I-10

 “Person” means an individual, partnership, corporation (including a
business trust), joint stock company, limited liability company, unincorporated association, trust, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“PNC” has the meaning as set forth in the preamble to this Agreement and its successors and assigns. 

“PNC Fee Agreement” means the separate fee agreement, dated on or about the date hereof, pertaining to fees among the
Seller and PNC as Market Street Purchaser Agent, as the same may be amended or restated from time to time. 
 “Pool
Balance Dilution Ratio” means the three month rolling average of the percentage equivalent of a fraction, computed as of the last day of each calendar month, obtained by dividing (a) the aggregate Dilutions occurring during such month
by (b) the aggregate Outstanding Balance of Pool Receivables as of the last day of such month. 
 “Pool
Receivable” means a Receivable in the Receivables Pool. 
 “Pooled Commercial Paper” means all
short-term Commercial Paper issued by a Purchaser from time to time, subject to any pooling arrangement by such Purchaser, but excluding short-term Commercial Paper issued by such Purchaser both for a tenor and in an amount specifically requested by
any Person in connection with any receivables purchase facility effected by such Purchaser. 
 “Purchase
Agreement” means the Third Amended and Restated Purchase and Contribution Agreement, dated as of the date of the Agreement, between the Originator, as seller, United Rentals, as collection agent, and United Rental Receivables LLC II, as
buyer, as the same may be amended, modified or restated from time to time. 
 “Purchase Limit” means
$475,000,000,550,000,000, as such amount may be reduced pursuant to Section 1.01(b). References to the unused portion of the Purchase Limit shall mean, at any time, the Purchase Limit, as then reduced pursuant to
Section 1.01(b), minus the then outstanding Capital of Receivable Interests under the Agreement. 

“Purchase Request” means a request, substantially in the form of Annex I hereto, delivered by the Seller pursuant
to Section 1.02 of the Agreement. 
 “Purchaser” means (i) Liberty Street Funding LLC and any
successor or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables, (ii) Market Street
Funding LLC and any successor or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables and
(iii) Gotham Funding Corporation and any successor or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and
maintenance of receivables. 

  
 I-11

 “Purchaser Agent” means (i) Scotia Capital and its permitted
successors and assigns as Liberty Purchaser Agent, (ii) PNC and its permitted successors and assigns as Market Street Purchaser Agent and, (iii) BTMU and its permitted successors and assigns as Gotham Purchaser
Agent, and (iv) BOA and its permitted successors and assigns as BOA Purchaser Agent. 
 “Purchaser Agent’s
Account” means (i) with respect to Scotia Capital, the special account (account number 2158-13, ABA No. 026-002532) of Scotia Capital maintained at the office of Scotia Capital; (ii) with respect to PNC, the special account
(account number 1002422076, ABA No. 043-000-096) of PNC maintained at the office of PNC and, (iii) with respect to BTMU, the special account (account number 310-035-147, ABA No. 026-009-632) of BTMU maintained
at the office of BTMU and (iv) with respect to BOA, the special account (account number 4426457864, ABA No. 026 009 593, Ref: United Rentals) of BOA maintained at the office of BOA. 

“Qualified Intermediary” means United Rentals Exchange, LLC, a qualified intermediary as defined in Treasury Regulation
Section 1.1031(k)-1(g)(4). 
 “Rating Agency” means Standard & Poor’s, Moody’s or
Fitch, or any successor thereto. 
 “Receivable” means the U.S. dollar denominated indebtedness of any Obligor
resulting from the provision or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which
all actions required to be performed by the Originator have been performed (except in the case of ENB Receivables, for which the Originator will not have presented an invoice to the related Obligor), and includes the right to payment of any sales
tax, interest or finance charges and other obligations of such Obligor with respect thereto, which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase Agreement;
provided that “Receivable” shall not include any Equipment Sale Receivables. For the avoidance of doubt, Receivables shall include ENB Receivables. 
 “Receivable Interest” means, at any date of determination, an undivided percentage ownership interest in (a) all then outstanding Pool Receivables arising prior to the time of the
most recent computation or recomputation of such undivided percentage interest pursuant to Section 1.03, (b) all Related Security with respect to such Pool Receivables and (c) all Collections with respect to, and other proceeds
of, such Pool Receivables and Related Security. Each undivided percentage interest shall be computed as 
  
 

 
  
 where: 

 

					
	 C
	 	=	 	the Capital of each such Receivable Interest at the time of computation.
			
	 YR
	 	=	 	the Yield Reserve of each such Receivable Interest at the time of computation.

 

  
 I-12

					
			
	 LR
	 	=	 	the Loss Reserve of each such Receivable Interest at the time of computation.
			
	 CAFR
	 	=	 	the Collection Agent Fee Reserve of each such Receivable Interest at the time ofcomputation.
			
	 DR
	 	=	 	the Dilution Reserve of each such Receivable Interest at the time ofcomputation.
			
	 NRPB
	 	=	 	the Net Receivables Pool Balance at the time of computation.

 Each Receivable Interest shall be determined from time to time pursuant to the provisions of
Section 1.03. 
 “Receivables Pool” means at any time the aggregation of each then outstanding
Receivable, payment of which is directed to one of the Collection Accounts specified in Annex F hereto. 

“Recipient” has the meaning specified in Section 1.11. 

“Related Bank” means (a) with respect to Liberty, Scotia Capital and each Eligible Assignee that shall become a
party to the Agreement as a Related Bank for Liberty pursuant to Section 7.03; (b) with respect to Market Street, PNC and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for Market Street pursuant
to Section 7.03 and; (c) with respect to Gotham, BTMU and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for Gotham pursuant to Section 7.03; and
(d) with respect to any other Purchaser or any Purchaser Agent which has no related Purchaser, each Bank that is an Eligible Assignee identified in the Assignment and Acceptance pursuant to which such Purchaser and/or Purchaser Agent became a
party to this Agreement and each Eligible Assignee that shall become a party to the Agreement as a Related Bank with respect to any such Person pursuant to Section 7.03. 

“Related Security” means with respect to any Receivable all of the Seller’s interest in: 

(a) any goods (including returned goods) relating to any sale giving rise to such Receivable; 

(b) all 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 financing statements authorized or signed by an Obligor describing any collateral securing such Receivable; 

  
 I-13

 “United Rentals” means United Rentals, Inc. and its successors and
permitted assigns. 
 “Weekly Report” means a report, in substantially the form of Annex G-1 hereto,
furnished by the Collection Agent to the Administrative Agent and each Purchaser Agent pursuant to Article IV of the Agreement. 
 “Yield” means, for each Receivable Interest: 
 (a) for
each Receivable Interest forday during any Fixed Period to the extent a Purchaser will be funding such Receivable Interest on such day during such Fixed Period through the issuance of commercial
paper, 
  
 

 
 (b) for each Receivable Interest forday during any
Fixed Period, to the extent the Investors(x) a Purchaser will not be funding such Receivable Interest during such Fixed Period through the issuance of commercial paper or the Banks(y) a Bank will be
funding such Receivable Interest, 
  
 

 
 where: 

 

					
	 AR
	 	=	 	the applicable Assignee Rate for such Receivable Interest for such Fixed Period
			
	 C
	 	=	 	the Capital of such Receivable Interest on such day during such Fixed Period
			
	 ED
	 	=	 	the actual number of days elapsed during such Fixed Period
			
	 IR
	 	=	 	the Investor Rate for such Receivable Interest for such Fixed Period
			
	 LF
	 	=	 	the Liquidation Fee, if any, for such Receivable Interest for such Fixed Period;

 provided that no provision of the Agreement shall require the payment or permit the collection of Yield in
excess of the maximum permitted by applicable law; and provided further that Yield for any Receivable Interest shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is
rescinded or must otherwise be returned for any reason. 
 “Yield Reserve” for any Receivable Interest at any
time means the sum of (a) the then accrued and unpaid Yield for such Receivable Interest and (b) an amount equal to the product of (i) a stress factor of 2.25, (ii) the Capital of such Receivable Interest on such date,
(iii) the Eurodollar Rate for such Receivable Interest for a 30-day Fixed Period deemed to commence on such date and (iv) a fraction having Days Sales Outstanding as its numerator and 360 as its denominator. 

  
 I-14

 EXHIBIT II 
 CONDITIONS OF PURCHASES 
 1. Conditions Precedent to Initial Purchase. The
initial purchase of a Receivable Interest in the Pool Receivables under this Third Amended and Restated Agreement is subject to the conditions precedent that the Administrative Agent and each Purchaser Agent shall have received on or before the date
of such purchase the following, each (unless otherwise indicated) dated such date, in form and substance satisfactory to the Administrative Agent and each Purchaser Agent: 
 (a) A certificate of the Secretary or Assistant Secretary of the Seller and the Originator certifying (i) copies of the resolutions of the Board of Directors of the Seller and the Originator
approving the applicable Transaction Documents, (ii) copies of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the Transaction Documents, (iii) the by-laws of the Seller and the
Originator and (iv) the names and true signatures of the officers of the Seller and the Originator authorized to sign the Transaction Documents to be signed by it hereunder. Until the Administrative Agent and each Purchaser Agent receives a
subsequent incumbency certificate from the Seller or the Originator, as the case may be, the Administrative Agent and each Purchaser Agent shall be entitled to rely on the last such certificate delivered to it by the Seller or the Originator.

 (b) A certificate of the Secretary or Assistant Secretary of the Parent certifying (i) copies of the resolutions (if
required) of the Board of Directors of the Parent approving the Performance Undertaking Agreement, (ii) copies of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the Performance
Undertaking Agreement and (iii) the names and true signatures of the officers thereof authorized to sign the Performance Undertaking Agreement. 
 (c) A copy of the certificate of formation or articles of incorporation of the Seller, certified as of a recent date by the Secretary of State or other appropriate official of the state of its
organization, and a certificate as to the good standing of the Seller from such Secretary of State or other official, dated as of a recent date. 
 (d) Acknowledgment copies or time stamped receipt copies of proper financing statement amendments and assignments, duly filed on or before the date of such initial purchase under the UCC of all relevant
jurisdictions necessary to perfect the ownership and security interests contemplated by the Agreement and the Purchase Agreement. 
 (e) Acknowledgment copies, or time stamped receipt copies of proper financing statements, if any, necessary to release all security interests and other rights of any Person in the Collateral previously
granted by the Seller or the Originator. 
 (f) Evidence of payment by the Seller of all accrued and unpaid fees (including those
contemplated by the Fee Agreements), costs and expenses to the extent then due and payable on the date thereof, including any such costs, fees and expenses arising under or referenced in Section 7.04(b) of the Agreement and the Fee
Agreements. 

  
 II-1

 EXHIBIT III 
 REPRESENTATIONS AND WARRANTIES 
 The Seller represents and warrants as follows:

 (a) The Seller is a limited liability company duly formed, validly existing and in good standing under the laws of Delaware,
and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, except where the failure to be so qualified or in good standing would not reasonably be expected to
have a Material Adverse Effect. 
 (b) The execution, delivery and performance by the Seller of each Transaction Document to
which it is a party (i) are within the Seller’s limited liability company powers, (ii) have been duly authorized by all necessary corporate action, (iii) do not contravene (1) the Seller’s certificate of formation and
limited liability company agreement, (2) any law, rule or regulation applicable to the Seller, (3) any contractual restriction binding on or affecting the Seller or its property, the violation of which could reasonably be expected to have
a Material Adverse Effect on the collectibility of any Pool Receivable or a Material Adverse Effect on Seller or (4) any order, writ, judgment, award, injunction or decree binding on or affecting the Seller or its property, and (iv) do not
result in or require the creation of any Adverse Claim upon or with respect to any of its properties (except for the interest created pursuant to the Agreement). Each of the Transaction Documents to which it is a party has been duly executed and
delivered by a duly authorized officer of the Seller. 
 (c) No authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Seller of the Transaction Documents to which it is a party, except for the filing of UCC financing statements that are
referred to therein other than those which have been obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted by
the Federal Assignment of Claims Act or any similar applicable Law to the extent the Originator thereof or the Seller shall not have complied with the applicable provisions of any such Law in connection with the assignment or subsequent reassignment
of any such Receivable. 
 (d) Each of the Transaction Documents to which it is a party constitutes the legal, valid and binding
obligation of the Seller enforceable against the Seller in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
 III-1

 (e) The consolidated balance sheets of United Rentals and its Subsidiaries as at the end of
its most recent fiscal year, and the related consolidated statements of income and retained earnings of United Rentals and its Subsidiaries for such fiscal year, copies of which have been furnished to the Administrative Agent and each Purchaser
Agent, fairly present in all material respects the consolidated financial condition of United Rentals and its Subsidiaries as at such date and the consolidated results of the operations of United Rentals and its Subsidiaries for the period ended on
such date, all in accordance with generally accepted accounting principles consistently applied, and since the end of its most recent fiscal year there has been no material adverse change in the business, operations, property or financial condition
of United Rentals or its Subsidiaries, except as may have previously been disclosed to the Administrative Agent and each Purchaser Agent. Notwithstanding the foregoing, in the event the due date for delivery of such financials is waived or extended
with respect to the Revolving Loans pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC and, BTMU and BOA are Revolving Credit Lenders thereunder, such waiver or extension will be
deemed to have been made with respect to the delivery of such financials under this Agreement. Since the formation of the Seller, there has been no material adverse change in the business, operations, property or financial or other condition of the
Seller. 
 (f) There is no pending or, to the Seller’s knowledge, threatened action or proceeding affecting United Rentals
or any of its Subsidiaries before any court, governmental agency or arbitrator that may materially adversely affect the financial condition or operations of United Rentals or any of its Subsidiaries or the ability of the Seller or United Rentals to
perform their respective obligations under the Transaction Documents, or which purports to affect the legality, validity or enforceability of the Transaction Documents. To the Seller’s knowledge, neither United Rentals nor any Subsidiary is in
default with respect to any order of any court, arbitration or governmental body except for defaults with respect to orders of governmental agencies that defaults are not material to the business or operations of United Rentals and its Subsidiaries,
taken as a whole. 
 (g) No proceeds of any purchase or reinvestment will be used to acquire any equity security of a class that
is registered pursuant to Section 12 of the Securities Exchange Act of 1934. 
 (h) The Seller is the legal and beneficial
owner of the Pool Receivables and Related Security free and clear of any Adverse Claim (other than any Adverse Claim arising under or permitted by any Transaction Document). Upon each purchase of or reinvestment in a Receivable Interest, the
Investors or the Banks, as the case may be, shall acquire a valid and perfected undivided percentage ownership interest or first priority security interest to the extent of the pertinent Receivable Interest in each Pool Receivable then existing or
thereafter arising and in the Related Security and Collections with respect thereto; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor
may be restricted by the Federal Assignment of Claims Act or any similar applicable Law to the extent the Originator thereof or the Seller shall not have complied with the applicable provisions of any such Law in connection with the assignment or
subsequent reassignment of any such Receivable. No effective financing statement or other instrument similar in effect covering any Contract or any Pool Receivable or the Related Security or Collections with respect thereto is on file in any
recording office, except those filed in favor of the Administrative Agent relating to the Agreement and those filed pursuant to the Purchase Agreement. 

  
 III-2

 EXHIBIT IV 
 COVENANTS OF THE SELLER 
 Until the latest of the Facility Termination Date, the
date on which no Capital of or Yield on any Receivable Interest shall be outstanding or the date all other amounts owed by the Seller hereunder to the Investors, the Banks, the Administrative Agent or the Purchaser Agents are paid in full:

 (a) Compliance with Laws, Etc. The Seller will comply in all material respects with all applicable laws, rules,
regulations and orders and preserve and maintain its existence, rights, franchises, qualifications, and privileges except to the extent that the failure so to comply with such laws, rules and regulations or the failure so to preserve and maintain
such existence, rights, franchises, qualifications and privileges would not materially adversely affect the collectibility of the Receivables Pool or the ability of the Seller to perform its obligations under the Transaction Documents. 

(b) Offices, Records and Books of Account. The Seller will keep its principal place of business and chief executive office and the
office where it keeps its records concerning the Pool Receivables (and all original documents relating thereto) at the address of the Seller set forth in Section 7.02 of the Agreement or, upon 30 days’ prior written notice to the
Administrative Agent, at any other locations in jurisdictions where all actions reasonably requested by the Administrative Agent to protect and perfect the interest in the Collateral have been taken and completed. The Seller also will maintain and
implement administrative and operating procedures (including, without limitation, 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 all
documents, books, records and other information reasonably necessary or advisable for the collection of all Pool Receivables (including, without limitation, records adequate to permit the daily identification of each Pool Receivable and all
Collections of and adjustments to each existing Pool Receivable). 
 (c) Performance and Compliance with Contracts and Credit
and Collection Policy. The Seller will require, at its expense, that the Originator will timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to
the Pool Receivables, and timely and fully comply in all material respects with the Credit and Collection Policy in regard to each Pool Receivable and the related Contract. 
 (d) Sales, Liens, Etc. The Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (other than any Adverse Claim
arising under or permitted by any Transaction Document) upon or with respect to, the Seller’s undivided interest in any Pool Receivable, Related Security, Controlled Account or Collections, or upon or with respect to any account to which any
Collections of any Pool Receivables are sent, or assign any right to receive income in respect thereof. The Seller will not grant or suffer to exist any lien, security interest or other charge or encumbrance or control over the Collection Accounts.

  
 IV-1

 (k) Reporting Requirements. The Seller will provide to the Administrative Agent (in
multiple copies, if requested by the Administrative Agent) the following: 
 (i) as soon as available and in any
event within 45 days after the end of the first three quarters of each fiscal year of United Rentals, balance sheets of United Rentals, its Subsidiaries and the Seller as of the end of such quarter and statements of income and retained earnings of
United Rentals, its Subsidiaries and the Seller for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of United Rentals; notwithstanding the foregoing, in
the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC and, BTMU and BOA
are Revolving Credit Lenders thereunder, such waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement; 

(ii) as soon as available and in any event within 90 days after the end of each fiscal year of United Rentals, a copy of
the annual report for such year for United Rentals and its Subsidiaries, containing financial statements for such year audited by Ernst & Young or other independent public accountants of recognized national standing; notwithstanding the
foregoing, in the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC and, BTMU and
BOA are Revolving Credit Lenders thereunder, such waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement; 

(iii) as soon as possible and in any event within five (5) days after the occurrence of each Event of Termination or
Incipient Event of Termination, a statement of the chief financial officer of the Seller setting forth details of such Event of Termination or Incipient Event of Termination and the action that the Seller has taken and proposes to take with respect
thereto; 
 (iv) promptly after the sending or filing thereof, copies of all reports that United Rentals sends to
any of its securityholders, and copies of all reports and registration statements that United Rentals or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange; 

(v) promptly after the filing or receiving thereof, copies of all reports and notices that the Seller or any Affiliate
files under ERISA with the Internal Revenue Service or the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or that the Seller or any Affiliate receives from any of the foregoing or from any multiemployer plan (within the meaning
of Section 4001(a)(3) of ERISA) to which the Seller or any Affiliate is or was, within the preceding five years, a contributing employer, in each case in respect of the assessment of withdrawal liability or an event or condition that could, in
the aggregate, result in the imposition of liability on the Seller and/or any such Affiliate in excess of $1,000,000; 

  
 IV-2

 EXHIBIT V 
 EVENTS OF TERMINATION 
 Each of the following, unless waived in writing in
accordance with Section 2.02, shall be an “Event of Termination”: 
 (a) A Collection Agent Default shall
have occurred; or 
 (b) The Seller shall fail (i) to transfer or cause to be transferred to the Administrative Agent when
requested any rights, pursuant to the Agreement, of the Collection Agent or (ii) to make any payment required under Section 1.04, and any such failure to transfer or pay shall remain unremedied for two (2) Business Days; or 

(c) Any representation or warranty made or deemed made by the Seller (or any of its officers) pursuant to the Agreement or any other
Transaction Document or any information or report delivered by the Seller pursuant to the Agreement or any other Transaction Document shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered, and
such incorrectness or untruth is incapable of remedy or, if capable of remedy, is not corrected or cured within fifteen (15) days of the earlier of Seller becoming aware of such incorrectness or untruth or written notice thereof being given to the
Seller by the Administrative Agent or any Purchaser Agent; or 
 (d) The Seller shall fail to perform or observe any other term,
covenant or agreement contained in the Agreement or in any other Transaction Document on its part to be performed or observed and any such failure shall remain unremedied for ten (10) days after written notice thereof shall have been given to the
Seller by the Administrative Agent or any Purchaser Agent (or, with respect to a failure to deliver the Monthly Report, the Weekly Report or the Periodic Report pursuant to the Agreement, such failure shall remain unremedied for five (5) days or two
(2) Business Days, respectively, without a requirement for notice); or 
 (e) The Seller shall fail to pay any principal of or
premium or interest on any of its Debt that is outstanding in a principal amount of at least $25,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise),
and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such
Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt
shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made,
in each case prior to the stated maturity thereof; or 
 (f) Any purchase or any reinvestment pursuant to the Agreement shall
for any reason (other than pursuant to the terms hereof) cease to create, or any Receivable Interest shall for any reason cease to be, a valid and perfected undivided percentage ownership or first priority 

  
 V-1

 EXHIBIT VI 
 COLLECTION AGENT DEFAULTS 
 Each of the following, unless waived in writing by the
Required Purchaser Agents (other than as set forth in paragraph (e) which cannot be waived), shall be a “Collection Agent Default”: 
 (a) The Collection Agent (if United Rentals or any of its Affiliates is the Collection Agent) (i) shall fail to perform or observe in any material respect any term, covenant or agreement under the
Agreement (other than as referred to in clause (ii) of this paragraph (a)) and such failure shall remain unremedied for two (2) Business Days or (ii) shall fail to make when due any payment or deposit to be made by it under the Transaction Documents
and such failure to transfer or pay shall remain unremedied for two (2) Business Days; or 
 (b) The Collection Agent shall fail
to transfer to the Administrative Agent when requested any rights, pursuant to the Agreement, which it then has as Collection Agent and any such failure to transfer or pay shall remain unremedied for two (2) Business Days; or 

(c) Any representation or warranty made or deemed made by the Collection Agent (or any of its officers) pursuant to the Agreement or any
other Transaction Document or any information or report delivered by the Collection Agent pursuant to the Agreement or any other Transaction Document shall prove to have been incorrect or untrue in any material respect when made or deemed made or
delivered, and such incorrectness or untruth is incapable of remedy or, if capable of remedy, is not corrected or cured within fifteen (15) days of the earlier of the Collection Agent becoming aware of such incorrectness or untruth or written notice
thereof being given to the Collection Agent by the Administrative Agent or any Purchaser Agent; or 
 (d) The Collection Agent
shall fail to pay any principal of or premium or interest on any of its Debt that is outstanding in a principal amount of at least $25,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under
any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration
of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or
defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; or 
 (e) The Collection
Agent shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors or file a notice of intention to make a proposal to
some or all of its creditors; or any proceeding shall be instituted by or against the Collection Agent seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law
relating to bankruptcy, insolvency or 

  
 VI-1

 ANNEX B 
 FORM OF PURCHASE REQUEST 
  

	
	[•]/[•]/[•]

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Gotham Purchaser Agent 

34 Exchange Place, Plaza III 5th Floor 
 Jersey
City, NJ 07311 
 Attention: John Donoghue, Fax No. (201) 369-2149 
 THE BANK OF NOVA SCOTIA, as Administrative Agent and as Liberty Purchaser Agent 
 1 Liberty Plaza,
26th Floor 
 New York, NY 10006 

Attention: Luke Evans / Alexander Jurecky, Fax No. (212) 225-5274 
 PNC Bank, National Association, as Market Street Purchaser Agent 
 Three PNC Plaza 

225 Fifth Avenue 
 Pittsburgh, Pennsylvania 15222

 Attention: PNC Conduit Group, Fax No. (412) 762-9184 
 BANK OF AMERICA, N.A., as BOA Purchaser Agent 
 214 North Tryon Street, 21st Floor 

NC1-027-2101 
 Charlotte, North Carolina 28255

 Attention: Securitization Finance Group 
 Re: United Rentals Receivables LLC II 
 Ladies and Gentlemen: 

The undersigned, United Rentals Receivables LLC II, refers to that certain Third Amended and Restated Receivables Purchase Agreement, dated as of
September 24, 2012 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), among United Rentals Receivables LLC II, as Seller, United Rentals, Inc., as Collection Agent, The Bank
of Nova Scotia, as Administrative Agent, and the Purchaser Agents, Purchasers and Banks party thereto from time to time. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Agreement. 

 Pursuant to Section 1.02 of the Agreement, Seller hereby requests the following Incremental Purchase:

  

			
	(a) The Purchase Price of the proposed Incremental Purchase is	  	[•]            

  

							
	 Conduit
	  	 Current

Investment
	  	 Incremental

Purchase
	  	 Ending

Investment

				
	 Gotham Funding Corporation
	  	$[•]	  	$[•]	  	$[•]
				
	 Liberty Street Funding LLC
	  	$[•]	  	$[•]	  	$[•]
	 Market Street Funding LLC
	  	$[•]	  	$[•]	  	$[•]
				
	 Bank
	  		  		  	
				
	 Bank of America, N.A.
	  	$[•]	  	$[•]	  	$[•]
				
	 Total
	  	$[•]	  	$[•]	  	$[•]
		
	 (b)    The date of the proposed incremental purchase is
	  	[•]/[•]/[•]
		
	 The maturity date of the Current Investment
	  	[•]/[•]/[•]
		
	 (c)    The funds representing the Purchase Price are to be deposited to
	  	

 Bank of America, NA 
 Acct: 14998-05393 
 ABA: 026-009-593 

 

					
	Very truly yours,
	
	United Rentals Receivables LLC II
		
	By:	 	 see attached e-mail

		 	Name:	 	Irene Moshouris
		 	Title:	 	Senior Vice President
		 		 	and Treasurer

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