Document:

Amendment No 13 to Transfer and Administrative Agmt

 Exhibit 10-BBd 
 AMENDMENT NUMBER 13 TO 
 TRANSFER AND ADMINISTRATION AGREEMENT 
 AMENDMENT NUMBER 13 TO TRANSFER AND ADMINISTRATION AGREEMENT (this “Amendment”), dated as of October 22, 2008 among TECH DATA CORPORATION, a
Florida corporation (“Tech Data”), as collection agent (in such capacity, the “Collection Agent”), TECH DATA FINANCE SPV, INC., a Delaware corporation headquartered in California, as transferor (in such capacity, the
“Transferor”), YC SUSI TRUST, a Delaware statutory trust (“SUSI Issuer” (assignee of RECEIVABLES CAPITAL CORPORATION, a Delaware corporation (“RCC”)), LIBERTY STREET FUNDING CORP., a Delaware
corporation, (“Liberty”), FALCON ASSET SECURITIZATION CORPORATION, a Delaware corporation, (“Falcon” and collectively with the SUSI Issuer, Atlantic, and Liberty, the “Class Conduits”), THE BANK OF
NOVA SCOTIA, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency (“Scotia Bank”), as a Liberty Bank Investor and as agent for Liberty and the Liberty Bank Investors (in such
capacity, the “Liberty Agent”), JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, N.A.), a national banking association (“JPMorgan Chase”), as a Falcon Bank Investor and as agent for Falcon and the Falcon
Bank Investors (in such capacity, the “Falcon Agent”) and BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking association (“Bank of America”), as agent for the SUSI Issuer, Liberty, Falcon, the SUSI Issuer
Bank Investors, the Liberty Bank Investors, and the Falcon Bank Investors (in such capacity, the “Administrative Agent”), as a SUSI Issuer Bank Investor, as agent for the SUSI Issuer and the SUSI Issuer Bank Investors (in such
capacity, the “RCC Agent”) and Lead Arranger, amending that certain Transfer and Administration Agreement dated as of May 19, 2000, among the Transferor, the Collection Agent, the Class Conduits (as defined thereunder) and the
Bank Investors (as amended to the date hereof, the “Original Agreement” and said agreement as amended hereby, the “Agreement”). 
 WHEREAS, the Transferor has requested certain amendments be made to the Original Agreement in respect of, among other things, certain concentration limits; 
 WHEREAS, the Agent, the Class Conduits, the Class Agents and the Bank Investors on the terms and conditions set forth herein, consent to such amendments;
and 
 WHEREAS, capitalized terms used herein shall have the meanings assigned to such terms in the Original Agreement; 

 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties
hereto agree as follows: 
 SECTION 1. Amendment to Original Agreement. The Original Agreement is hereby amended, effective as of the
Effective Date, to incorporate the changes set forth in Exhibit A hereto, wherein deletions to the Original Agreement are marked as stricken text and additions are marked as double-underscored text. No exhibits or schedules or the like are attached
to Exhibit A hereto. 
 SECTION 2. Affirmations. All parties hereto agree and acknowledge that with respect to each Bank Investor
party hereto, each Bank Investor has a Commitment and such Commitment of such Bank Investor shall be the dollar amount set forth opposite such Bank Investor’s signature on the signature page hereto, which may be different from the Original
Agreement. 
 SECTION 3. Conditions Precedent. This Amendment shall not become effective until the later of (i) October 22,
2008 and (ii) the day on which the Administrative Agent shall have received the following: 
 (a) A copy of this Amendment executed by
each party hereto; 
 (b) A copy of the Resolutions of the Board of Directors of the Transferor and Tech Data certified by its Secretary
approving this Amendment and the other documents to be delivered by the Transferor and Tech Data hereunder; 
 (c) A Certificate of the
Secretary of the Transferor and Tech Data certifying (i) the names and signatures of the officers authorized on its behalf to execute this Amendment and any other documents to be delivered by it hereunder (on which Certificates the Class
Conduits, the Class Agents, the Administrative Agent and the Bank Investors may conclusively rely until such time as the Administrative Agent shall receive from the Transferor and Tech Data a revised Certificate meeting the requirements of this
clause (b)(i)) and (ii) a copy of the Transferor’s and Tech Data’s By-Laws. 
 SECTION 4. Representations and
Warranties. The Transferor hereby makes to the Class Investors, the Class Agents and the Administrative Agent, on and as of the date hereof, all of the representations and warranties set forth in Section 3.1 of the Original Agreement. In
addition, the Collection Agent and the Guarantor hereby make to the Class Investors, the Class Agents and the Administrative Agent, on the date hereof, all the representations and warranties set forth in Section 3.3 of the Original Agreement.

 SECTION 5. Successors and Assigns. This Amendment shall bind, and the benefits hereof shall inure
to the parties hereof and their respective successors and permitted assigns; 
 SECTION 6. Governing Law. THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE TRANSFEROR HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT
SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 7. Severability; Counterparts. This Amendment 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 instrument. Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 SECTION 8. Captions. The captions in this Amendment are for convenience of reference only and shall not define or limit any of the
terms or provisions hereof. 
 SECTION 9. Ratification. Except as expressly affected by the provisions hereof, the Original Agreement
as amended by this Amendment shall remain in full force and effect in accordance with its terms and ratified and confirmed by the parties hereto. On and after the date hereof, each reference in the Original Agreement to “this Agreement”,
“hereunder”, “herein” or words of like import shall mean and be a reference to the Original Agreement as amended by this Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	 TECH DATA FINANCE SPV, INC.,
     as Transferor

		
	By:	 	 /s/    Charles V. Dannewitz

	Name:	 	Charles V. Dannewitz
	Title:	 	Senior Vice President & Treasurer
	
	 TECH DATA CORPORATION,
     as Collection Agent

		
	By:	 	 /s/    Charles V. Dannewitz

	Name:	 	Charles V. Dannewitz
	Title:	 	Senior Vice President & Treasurer
	
	 YC SUSI TRUST
     by Bank of America, N.A., as Administrative Trustee

		
	By:	 	 /s/    Leif Rauer

	Name:	 	Leif Rauer
	Title:	 	Vice President
	
	LIBERTY STREET FUNDING CORP.
		
	By:	 	 /s/    Frank B. Billota

	Name:	 	Frank B. Billota
	Title:	 	Manager

 Amendment No. 13 to Transfer and Administration Agreement 

					
		 	FALCON ASSET SECURITIZATION CORPORATION
			
		 	By:	 	 /s/    Richard J. Perez

		 	Name:	 	Richard J. Perez
		 	Title:	 	Vice President
		
	 Commitment
 $115,260,000
	 	 BANK OF AMERICA, NATIONAL ASSOCIATION, as
 Administrative Agent, SUSI Issuer Agent and as
 a SUSI Issuer Bank Investor

			
		 	By:	 	 /s/    Leif Rauer

		 	Name:	 	Leif Rauer
		 	Title:	 	Vice President
		
	 Commitment
 $95,370,000
	 	 THE BANK OF NOVA SCOTIA, as Liberty
 Agent
and as a Liberty Bank Investor

			
		 	By:	 	 /s/    Michael Eden

		 	Name:	 	Michael Eden
		 	Title:	 	Director
		
	 Commitment
 $95,370,000
	 	 JPMORGAN CHASE BANK, N.A, as Falcon Agent
 and as a Falcon Bank Investor

			
		 	By:	 	 /s/    Richard J. Perez

		 	Name:	 	Richard J. Perez
		 	Title:	 	Vice President

 Amendment No. 13 to Transfer and Administration Agreement 

 Exhibit A 
 Marked to show changes 
 TRANSFER AND ADMINISTRATION AGREEMENT 
 TRANSFER AND ADMINISTRATION AGREEMENT (this “Agreement”), dated as of May 19, 2000 among TECH DATA CORPORATION, a Florida
corporation (A“Tech Data@”), as collection agent (in such capacity, the “Collection Agent”), TECH DATA FINANCE SPV, INC., a Delaware corporation headquartered in
California, as transferor (in such capacity, the “Transferor”), YC SUSI TRUST, a Delaware statutory trust (“SUSI Issuer” (assignee of RECEIVABLES CAPITAL CORPORATION, a Delaware corporation
(“RCC”)), LIBERTY STREET FUNDING CORP., a Delaware corporation, (“Liberty”), AMSTERDAM FUNDING CORPORATION, a Delaware corporation (“AFC”), FALCON ASSET SECURITIZATION
COMPANY LLC, a Delaware limited liability company (formerly known as Falcon Asset Securitization Corporation), (“Falcon” and collectively with SUSI Issuer, and Liberty, and AFC, the “Class
Conduits”), THE BANK OF NOVA SCOTIA, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency (“Scotia Bank”), as a Liberty Bank Investor and as agent for Liberty and the
Liberty Bank Investors (in such capacity, the “Liberty Agent”), ABN AMRO BANK N.V., a banking corporation organized and existing under the laws of the Netherlands and acting through its Chicago Branch
(“ABN AMRO”), as an AFC Bank Investor and as agent for AFC and the AFC Bank Investors (in such capacity, the “AFC Agent”),
JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, NA), a national banking association (“JPMorgan”), as a Falcon Bank Investor and as agent for Falcon and the Falcon Bank Investors (in such capacity, the
“Falcon Agent”) and BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking association (“Bank of America”), as agent for SUSI Issuer, Liberty, AFC, Falcon, the SUSI Issuer Bank Investors, the
Liberty Bank Investors, the AFC Bank Investors and the Falcon Bank Investors (in such capacity, the “Administrative Agent”), as an SUSI Issuer Bank Investor, as agent for SUSI Issuer and the SUSI Issuer Bank
Investors (in such capacity, the “SUSI Issuer Agent”) and Lead Arranger, 
 PRELIMINARY STATEMENTS 
 WHEREAS, Tech Data Finance, Inc., the Collection Agent, Enterprise Funding Corporation, Atlantic, Liberty and Bank of America, Credit Lyonnais and Scotia
Bank, as agents and bank investors, have terminated that certain Second Amended and Restated Transfer and Administration Agreement, dated as of February 10, 1999, among Tech Data, as collection agent, Tech Data Finance, Inc., a California
corporation, as transferor, Enterprise, Atlantic, Liberty, Bank of America, Credit Lyonnais and Scotia Bank, as amended to the date hereof (the “Existing Agreement”); 
  

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 WHEREAS, the parties hereto desire to enter into this Agreement to provide, among other things, for the
transfer of certain accounts receivable from the Transferor to the Administrative Agent on behalf of the Class Conduits and the Bank Investors, as applicable; 
 NOW, THEREFORE, the parties hereby agree as follows: 
 ARTICLE I 
 ARTICLE I  
 DEFINITIONS 
 Section 1.1 SECTION 1.1. Certain Defined Terms. As used in this
Agreement, the following terms shall have the following meanings: 
 “ABN
AMRO” means ABN AMRO Bank N.V., a banking corporation organized and existing under the laws of the Netherlands and acting through its Chicago branch,
and its successors and assigns. 
 “Administrative Agent” means Bank of America, National Association, in its
capacity as agent for the Class Investors, and any successors thereto and permitted assigns appointed pursuant to Article X. 
 “Adverse Claim” means a lien, security interest, charge or encumbrance, or other right or claim in, of or on any Person’s assets or properties in favor of any other Person (including any UCC financing statement or any
similar instrument filed against such Person’s assets or properties). 
 “AFC” means Amsterdam Funding Corporation, and its successors and assigns. 
 “AFC Agent” means ABN AMRO Bank, in its capacity as agent for AFC and
the AFC Bank Investors, and any successor thereto appointed pursuant to Article IX. 
 “AFC Bank Investors” shall mean ABN AMRO and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and
Assumption Agreement. 
 “Affected Assets” means, collectively, the Receivables and the Related Security,
Collections and Proceeds relating thereto. 
 “Affiliate” means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under direct or indirect common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the
direction of the management or policies of the controlled Person, whether through ownership of voting stock, by contract or otherwise. 
 “Affiliated Obligor” means any Obligor which is an Affiliate of another Obligor. 
  

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 “Aggregate Facility Limit” means the sum of the Facility Limits for each Class, which
shall not exceed $408,000,000.306,000,000. 
 “Aggregate Maximum Net Investment” means the sum of
the Maximum Net Investments for each Class, which shall not exceed $400,000,000.300,000,000. 
 “Aggregate
Net Investment” means the sum of the Net Investments for each Class. 
 “Aggregate Percentage Factor” means the sum
of the Percentage Factors for each Class. 
 “Aggregate Unpaids” means, with respect to each Class Investor, as applicable,
at any time, an amount equal to the sum of (i) the aggregate accrued and unpaid Discount payable to such Class Investor with respect to all Tranche Periods of such Class Investor at such time, (ii) such Class Investor’s Net Investment
at such time and (iii) all other amounts owed (whether due or accrued) hereunder by the Transferor (or the Collection Agent) to the Class Investors at such time. 
 “Assignment Amount” means with respect to each Class and with respect to each Bank Investor in such Class at any time an amount equal to the lesser of (i) such Bank Investor’s Pro Rata Share
of the Net Investment for the related Class at such time, (ii) such Bank Investor’s unused Commitment and (iii) such other amount as may be separately agreed by a Conduit Investor and each applicable Bank Investor, pursuant to a
Liquidity Provider Agreement. 
 “Assignment and Assumption Agreement” means an Assignment and Assumption Agreement
substantially in the form of Exhibit G attached hereto. 
 “Average Collection Period” means at any time a period of days
equal to the product of (i) a fraction the numerator of which shall be the amount set forth in the most recent Investor Report as the “Beginning Balance” of the Receivables and the denominator of which shall be the Collections
as set forth in the most recent Investor Report and (ii) thirty (30). 
 “Bank Investor” means (i) with respect to
the Class of which SUSI Issuer is a member, the SUSI Issuer Bank Investors, (ii) with respect to the Class of which Liberty is a member, the Liberty Bank Investors, (iii) with respect to the Class of which AFCFalcon
is a member, the AFCFalcon Bank Investors, and (iv) with respect to the Class of which Falcon is a member, the Falcon Bank Investors, and (v) with respect to any other Class, the financial
institutions specified as such in any supplement hereto and their respective successors and permitted assigns.” 
 “Base Rate” or “BR” means, a rate per annum equal to the greater of (i) the prime rate of interest announced by the Administrative Agent from time to time, changing when and as said prime rate changes
(such rate not necessarily being the lowest or best rate charged by the Administrative Agent) and (ii) sum of (a) 1.50% and (b) the rate equal to the weighted average of the rates on overnight Federal funds transactions with members
of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for
any day that is a Business Day, the average of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Transferor or any ERISA
Affiliate of the Transferor, is or at any time during the immediately preceding six years was, an “employer” as defined in Section 3(5) of ERISA. 
 “BR Tranche” means, with respect to a Class, a Tranche of such Class as to which Discount is calculated at the Base Rate. 
  

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 “BR Tranche Period” means, with respect to a BR Tranche, either (i) prior to the
Termination Date for the applicable Class, a period of up to 30 days requested by the Transferor and agreed to by the applicable Class Agent commencing on a Business Day requested by the Transferor and agreed to by such Class Agent, or
(ii) after such Termination Date, a period of one day. If such BR Tranche Period would end on a day which is not a Business Day, such BR Tranche Period shall end on the next succeeding Business Day. 
 “Business Day” means any day excluding Saturday, Sunday and any day on which banks in New York, New York, Charlotte, North Carolina, San
Francisco, California, Clearwater, Florida or Chicago, Illinois are authorized or required by law to close, and, when used with respect to the determination of any Eurodollar Rate or any notice with respect thereto, any such day which is also a day
for trading by and between banks in United States dollar deposits in the London interbank market. 
 “Capitalized Lease” of
a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with generally accepted accounting principles. 
 “Certificate” means the certificate issued to the Administrative Agent for the benefit of the Class Investors pursuant to
Section 2.2(d) hereof. 
 “Class” means each of the following groups of Class Investors: (i) SUSI Issuer and the
SUSI Issuer Bank Investors, (ii) Liberty and the Liberty Bank Investors, (iii) AFC and the AFC Bank Investors, (iv) Falcon and the Falcon Bank Investors, or (viv) any other Class
consisting of a multi-seller commercial paper conduit, its related Bank Investors and its respective assigns and participants, as added from time to time with the consent of the Administrative Agent and the Transferor as set forth in
Section 11.2(b) hereof. 
 “Class Agent” means (i) with respect to the Class of which SUSI Issuer is a
member, the SUSI Issuer Agent, (ii) with respect to the Class of which Liberty is a member, the Liberty Agent, (iii) with respect to the Class of which AFC is a member, the AFC Agent, (iv) with respect to the Class of which
Falcon is a member, the Falcon Agent, and (viv) with respect to any other Class, the financial institution or other Person specified as such in any amendment or supplement hereto for such Class. 
 “Class Conduit” shall mean, with respect to any Class, the member in such Class which is a multi-seller commercial paper conduit (and if
more than one member in such Class is a multi-seller commercial paper conduit, “Class Conduit” shall mean such members collectively). 
 “Class Investors” means (i) with respect to the Class of which SUSI Issuer is a member, SUSI Issuer and the SUSI Issuer Bank Investors, (ii) with respect to the Class of which Liberty is a
member, Liberty and the Liberty Bank Investors, (iii) with respect to the Class of which AFCFalcon is a member, AFCFalcon and the AFCFalcon Bank Investors, and
(iv) with respect to the Class of which Falcon is a member, Falcon and the Falcon Bank Investors, and (v) with respect to any other Class, the related Class Conduit and the related Bank Investors. 
 “Class Percentage” means, with respect to any Class and at any time of determination, the Net Investment with respect to such Class
expressed as a percentage of the aggregate Net Investment with respect to all Classes, each as of such time of determination. 
 “Closing Date” means May 19, 2000. 
 “Collateral Agent” means with respect to any Class, the
Class Agent for such Class, as collateral agent for any Liquidity Provider, any Credit Support Provider, the holders of Commercial Paper and certain other parties. 
  

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 “Collection Account” means the account, established by the Administrative Agent, for the
benefit of the Class Investors pursuant to Section 2.12. 
 “Collection Agent” means at any time the Person then
authorized pursuant to Section 6.1 to service, administer and collect Receivables. 
 “Collection Agent Account” means
the account, established by the Collection Agent, for the benefit of the Class Investors pursuant to Section 2.8(b). 
 “Collection Agent Default” shall mean the Collection Agent shall violate any of the covenants set forth in Section 5.5. 
 “Collections” means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable, including, without limitation, all Finance Charges, if any, insurance proceeds,
and cash proceeds of Related Security with respect to such Receivable and any Deemed Collections of such Receivable. 
 “Commercial
Paper” means the promissory notes issued by one or all, as applicable, of the Class Conduits (or by such Class Conduit’s related commercial paper issuer if the Class Conduit does not itself issue commercial paper) in the commercial
paper market. 
 “Commitment” means (i) with respect to each Bank Investor party hereto, the commitment of such Bank
Investor to make acquisitions from the Transferor or its related Class Conduit in accordance herewith in an amount not to exceed the dollar amount set forth opposite such Bank Investor’s signature on the signature page hereto under the heading
“Commitment”, minus the dollar amount of any Commitment or portion thereof assigned pursuant to an Assignment and Assumption Agreement plus the dollar amount of any increase to such Bank Investor’s Commitment
consented to by such Bank Investor prior to the time of determination, (ii) with respect to any assignee of each Bank Investor party hereto taking pursuant to an Assignment and Assumption Agreement, the commitment of such assignee to make
acquisitions from the Transferor or the related Class Conduit, as applicable, not to exceed the amount set forth in such Assignment and Assumption Agreement minus the dollar amount of any Commitment or portion thereof assigned pursuant to an
Assignment and Assumption Agreement prior to such time of determination plus the dollar amount of any increase to such assignee’s Commitment consented to by such assignee prior to the time of determination and (iii) with respect to
any assignee of an assignee referred to in clause (ii), the commitment of such assignee to make acquisitions from the Transferor or the related Class Conduit not to exceed the amount set forth in an Assignment and Assumption Agreement between such
assignee and its assign minus the dollar amount of any Commitment or portion thereof assigned pursuant to an Assignment and Assumption Agreement plus the dollar amount of any increase to such assignee’s Commitment consented to by
such assignee prior to the time of determination. 
 “Commitment Termination
Date” means, with respect to each Class, August 24, 20071,October 21, 2009, or such later date to which such Commitment Termination Date may be extended by Transferor, the related Class Agent and the related Bank Investors not later than 6030 days
prior to the then current Commitment Termination Date for such Class, provided, however, that the Transferor hereby agrees that unless it notifies each Class Agent and all related Bank Investors to the contrary prior to the commencement of
such 60-30-day period in each year, it shall automatically be deemed to have requested an extension of the then current Commitment Termination Date to the date 364 days following the then current Commitment Termination Date,
and if such consent is given the Transferor shall be deemed to have agreed, without any further acts 
  
  

	 1

	 Current as of Amendment 11 

  

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 or amendments, to an extension of the Commitment Termination Date to the date 364 days from the then current Commitment
Termination Date, provided always that such date as extended shall not be later than December 31, 2007.2010. 
 “Concentration Factor” means (I) for any Designated Obligor or Financing Party (a) 3% of the Outstanding Balance of all Eligible Receivables; provided further, however, that with
respect to any Designated Obligor or Financing Party and itsany of their affiliates whose long term unsecured debt obligations are rated at least “A1” by Moody’s, at least “A+” by
Standard & Poor’s and at least “A+” by Fitch and with respect to which rating neither Moody’s, Standard & Poor’s nor Fitch shall have made a public announcement anticipating a downgrading of such Designated
Obligor or Financing Party’s long term unsecured debt obligations to a rating less than the aforementioned ratings (“A1/A+ Rated Obligors”) 5% of the Outstanding Balance of all Eligible Receivables at such time, or
(b) such other greater amount determined by the Administrative Agent in the reasonable exercise of its good faith judgment and with the consent of all of the Class Agents and disclosed in a written notice delivered to the Transferor and the
Collection Agent, and (II) for each Special Obligor, the Special Concentration Limit (which is expressed as a percentage) applicable to such Special Obligor of the Outstanding Balance of all Eligible Receivables at such time, provided, however, that
any such Special Concentration Limit may be revoked at any time effective upon fivethree Business Days–’ written notice from the Agent or any Class Agent to the Transferor, the Collection
Agent, the Agent (if the Agent did not deliver such notice) and the Class Agents, such notice to be given in good faith and based on reasonable criteria. 
 “Concentration Reserve Floor” means the percentage calculated as of the last day of each month equal to the greater of (i) 12.0%; (ii) the highest Special Concentration Limit in effect at any
time during such month or (iii) the Loss Reserve Percentage. 
 “Conduit Assignee” means, with respect to a Conduit
Investor, any commercial paper conduit that finances its activities directly or indirectly through asset backed commercial paper and is administered by the Class Agent with respect to such Conduit Investor or any of its Affiliates and designated by
such Class Agent from time to time to accept an assignment from such Conduit Investor of all or a portion of the Net Investment held by such Conduit Investor. 
 “Contract” means an agreement or invoice in substantially the form of one of the forms set forth in Exhibit A attached hereto or otherwise approved by the Administrative Agent, pursuant to or under
which an Obligor shall be obligated to pay for merchandise purchased or services rendered. 
 “Contractual Dilution Ratio”
means the ratio (expressed as a percentage) computed as of the last day of each calendar month by dividing (i) the aggregate amount of contractual rebates granted to any Obligor during such month as required under the terms of any Contract or
any other written agreement or exchange of writings evidencing an agreement between the Seller and the applicable Obligor, by (ii) the aggregate amount of sales by the Seller giving rise to Receivables in the month that occurs two months prior
to the month of determination. 
 “Corporate Services Provider” means, (i) with respect to SUSI Issuer, Amacar
Investments LLC, and (ii) with respect to Liberty, Global Securitization Services, LLC, and (iii) with respect to AFC, Global Securitization Services, LLC. 
  

 11 

 “CP Rate” for each Class Conduit listed below, shall have the meaning specified in the
Annex set forth below for such Class Conduit: 
  

			
	 Class Conduit
	 	 Annex

	SUSI Issuer	 	Annex 1
		
	Falcon	 	Annex 2
		
	AFC	 	Annex 3
		
	Liberty	 	Annex 4 3

 “CP Tranche” means, with respect to a Class, a Tranche of such Class as to which
Discount is calculated at the CP Rate. 
 “CP Tranche Period” means, with respect to a CP Tranche, a period of days not to
exceed 90 days commencing on a Business Day requested by the Transferor and agreed to by the applicable Class Agent pursuant to Section 2.3, or if applicable, such a period selected by the applicable Class Agent. If a CP Tranche Period would
end on a day which is not a Business Day, such CP Tranche Period shall end on the next succeeding Business Day. 
 “Credit
Agreement” means that certain Credit Agreement, dated as of May 19, 2000, between Tech Data and the Transferor. 
 “Credit and Collection Policy” shall mean Tech Data’s and the Transferor’s credit and collection policy or policies and practices, relating to Contracts and Receivables existing on the date hereof and referred to
in Exhibit B attached hereto, as modified from time to time in compliance with Section 5.2(c). 
 “Credit Support
Agreement” means with respect to each Class Conduit, any agreement between such Class Conduit (or any related commercial paper issuer that finances the Class Conduit) and a Credit Support Provider evidencing the obligation of such Credit
Support Provider to provide credit support to such Class Conduit (or such related issuer) in connection with the issuance by such Class Conduit (or such related issuer) of its Commercial Paper. 
 “Credit Support Provider” means, with respect to each Class, the Person or Persons who provides credit support to the related Class
Conduit (or any related commercial paper issuer that finances the Class Conduit), in connection with the issuance by such Class Conduit (or such related issuer) of Commercial Paper. 
 “Current Receivable” means any Receivable with respect to which no payment is outstanding beyond the date on which such payment was due.

 “Dealer Fee” means, with respect to each Class, the fee payable by the Transferor to the Administrative Agent on behalf
of the related Class Conduit, pursuant to Section 2.4 hereof, the terms of which are set forth in the Fee Letter. 
  

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 “Deemed Collections” means any Collections on any Receivable deemed to have been
received pursuant to Section 2.9(a) or (b) hereof. 
 “Default Ratio” for any calendar month means the quotient,
calculated as of the last day of each month and expressed as a percentage, of (a) the aggregate Outstanding Balance of all Receivables which became Defaulted Receivables during such month (such amount shall exclude credits), divided by
(b) the aggregate amount of sales by the Seller giving rise to Receivables in the month that occurs four months prior to the month of determination. 
 “Defaulted Receivable” means a Receivable: (i) as to which any payment, or part thereof, remains unpaid for 91 days or more from the original due date for such Receivable; (ii) as to which
an Event of Bankruptcy has occurred with respect to the Obligor thereof; (iii) which has been identified by the Collection Agent as uncollectible; or (iv) which, consistent with the Credit and Collection Policy, has been or should be
written off the Transferor’s books as uncollectible. 
 “Defaulting Bank Investor” shall have the meaning set forth in
Section 2.2 hereof. 
 “Deficit” shall have the meaning set forth in Section 2.2 hereof. 
 “Delinquency Ratio” for any calendar month means the quotient, calculated as of the last day of each month and expressed as a
percentage, of (a) the aggregate Outstanding Balance of all outstanding Receivables as to which on the date of determination, any payment or part thereof, remains unpaid for more than 30 days from the original due date for such Receivable and
which is not a Defaulted Receivable, divided by (b) the aggregate Outstanding Balance of all Receivables as of such date less Defaulted Receivables as of such date. For purposes of this calculation, any credits shall be excluded.

 “Delinquent Receivable” means a Receivable: (i) as to which any payment, or part thereof, remains unpaid for more
than 60 days from the original due date for such Receivable and (ii) which is not a Defaulted Receivable. 
 “Designated
Obligor” means, at any time, each Obligor; provided, however, that any Obligor shall cease to be a Designated Obligor upon notice from the Administrative Agent to the Transferor and the Collection Agent, delivered at any time
in good faith and based upon reasonable criteria. 
 A“Dilution Horizon
Ratio@” means, at any time, the result of (I) the quotient, expressed as a percentage, of (a) the aggregate amount of sales by the Seller giving rise to Receivables
in the two month period ending on the last day of the most recent month, divided by (b) the aggregate initial Outstanding Balance of Eligible Receivables at the last day of the most recent month., multiplied by (II)
0.75. 
 “Dilution Ratio” means, the ratio (expressed as a percentage) computed as of the last day of each
calendar month by dividing (i) the aggregate amount of credits, rebates, discounts, disputes, warranty claims, repossessed or returned goods, charge back allowances and other dilutive factors, and any other billing or other adjustment by the
Transferor or the Collection Agent, provided to Obligor in respect of Receivables during the current month, by (ii) the aggregate amount of sales by the Seller giving rise to Receivables in the month that occurs two months prior to the month of
determination. 
 “Dilution Reserve Floor” means: the greater of (i) the product computed as of the last day of each
calendar month as  
 EDR x DHR 
 Where 
  

 13 

 EDR      =     the Expected Dilution Ratio at such
time; and  
 DHR      =     the Dilution Horizon Ratio at such time; and

 (ii) 3.0%. 
 “Dilution Reserve Percentage” means the percentage computed as of the last day of each calendar month as: 
 [(2.0 x
EDR) - ECDR] + [(DS - EDR) x (DS /EDR)] x DHR 
 Where 
  

					
	 DS
	  	=	  	the Dilution Spike at such time;
			
	 EDR
	  	=	  	the Expected Dilution Ratio at such time;
			
	 ECDR
	  	=	  	the Expected Contractual Dilution Ratio at such time; and
			
	 DHR
	  	=	  	the Dilution Horizon Ratio at such time.

 A“Dilution
Spike@” means, at any time, the highest average of the Dilution Ratios for any two consecutive months occurring in the twelve months ending on the last day of the most recent calendar month.

 “Discount” means, with respect to any Tranche Period: 
 (TR x TNI x AD) 
                     360 
 Where: 
  

					
	 TR
	  	=	  	the Tranche Rate applicable to such Tranche Period.
			
	 TNI    
	  	=	  	the portion of the Net Investment for the applicable Class allocated to such Tranche Period.
			
	 AD
	  	=	  	the actual number of days during such Tranche Period.

 provided, however, that no provision of this Agreement shall require the payment or permit the
collection of Discount in excess of the maximum amount permitted by applicable law; and provided, further, that Discount shall not be considered paid by any distribution if at any time such distribution is rescinded or must be returned
for any reason. For any Discount computed by reference to the CP Rate with respect to any Class Conduit that utilizes “pool” funding, the applicable Tranche Rate shall be determined by the applicable Class Agent on or prior to the fifth
Business Day of the calendar month following the applicable Tranche Period. 
  

 14 

 “Early Collection Fee” means, with respect to any Tranche and for any Tranche Period
(such Tranche Period to be determined without regard to the last sentence in Section 2.3(a) hereof) during which the portion of the Net Investment that was allocated to such Tranche Period is reduced for any reason whatsoever, the excess, if
any, of (i) the additional Discount that would have accrued during such Tranche Period if such reductions had not occurred, minus (ii) the income, if any, received by the recipients of such reductions from investing the proceeds of such
reductions. 
 “Eligible Investments” means any of the following: (a) negotiable instruments or securities represented
by instruments in bearer or registered or in book-entry form which evidence (i) obligations fully guaranteed by the United States of America; (ii) time deposits in, or bankers acceptances issued by, any depositary institution or trust
company incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by Federal or state banking or depositary institution authorities; provided, however, that at the time
of investment or contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a
Person other than such institution or trust company) of such depositary institution or trust company shall have a credit rating from Moody’, S&P and Fitch of at least “P-1”, “A-1” and “F-1”, respectively, in
the case of the certificates of deposit or short-term deposits, or a rating not lower than one of the two highest investment categories granted by Moody’s, S&P and by Fitch; (iii) certificates of deposit having, at the time of
investment or contractual commitment to invest therein, a rating from Moody’s, S&P, and Fitch of at least “P-1”, “A-1” and “F-1”, respectively; or (iv) investments in money market funds rated in the
highest investment category or otherwise approved in writing by the applicable rating agencies, (b) demand deposits in any depositary institution or trust company referred to in (a)(ii) above; (c) commercial paper (having original or
remaining maturities of no more than 30 days) having, at the time of investment or contractual commitment to invest therein, a credit rating from Moody’s, S&P and Fitch of at least “P-1”, “A-1” and “F-1”,
respectively; (d) Eurodollar time deposits having a credit rating from Moody’s, S&P and Fitch of at least “P-1”, “A-1” and “F-1”, respectively; and (e) repurchase agreements involving any of the
Eligible Investments described in clauses (a)(i), (a)(iii) and (d) hereof so long as the other party to the repurchase agreement has at the time of investment therein, a rating from Moody’s, S&P and Fitch of at least “P-1”,
“A-1” and “F-1”, respectively. 
 “Eligible Receivable” means, at any time, any Receivable: 

(i)(i) which has been transferred by Tech Data to the Transferor pursuant to
the Purchase Agreement and to which the Transferor has good title thereto, free and clear of all Adverse Claims; 
 (ii) the Obligor of which is a United States resident, is a Designated Obligor at the time of the initial creation of an interest therein hereunder, is not an Affiliate or employee of any of the parties hereto, and is not a
government or a governmental subdivision or agency; 
 (ii)(iii) which
is not a Defaulted Receivable at the time of the initial creation of an interest of the Administrative Agent therein hereunder; 
  

 15 

 (iii)(iv) which is not a Delinquent Receivable at the time of
the initial creation of an interest of the Administrative Agent therein; 
 (iv)(v)
which, (A) arises pursuant to a Contract that contains an obligation to pay a specified sum of money and with respect to which each of the Seller and the Transferor has performed all obligations required to be performed by it thereunder,
including without limitationalthough payment under such Receivable may be contingent only upon the shipment of the merchandise and/or the performance of the services purchased thereunder; (B) has been billed; and
(C) according to the Contract related thereto, is required to be paid in full within either (x) 6030 days of the original billing date therefor or (y(it being understood that a
Receivable payable in accordance with “no terms” does not satisfy this criteria), (y) in the case of not more than 10% of the Receivables, may be required to be paid in full within 45 days of the original billing date therefor, or
(z) for Receivables with respect to which the Obligor or Financing Party has been designated as a Special Obligor and until fivethree (53) Business Days after such designation may
be revoked by the Agent or any Class Agent, such longer period approved by the Agent and the Class Agents at the time such Obligor or Financing Party was designated a Special Obligor; 
 (v)(vi) which is an “eligible asset” as defined in Rule 3a-7 under the Investment
Company Act of 1940, as amended; 
 (vi)(vii) a purchase of which with the proceeds
of Commercial Paper would constitute a “current transaction” within the meaning of Section 3(a)(3) of the Securities Act of 1933, as amended; 
 (vii)(viii) which is an “account” or “chattel paper” within the meaning of
Article 9 of the UCC of all applicable jurisdictions; 
 (viii)(ix) which is
denominated and payable only in United States dollars in the United States; 
 (ix)(x) which, arises under a Contract that together with the Receivable related thereto, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor
enforceable against such Obligor in accordance with its terms and, to the best knowledge of the Collection Agent or the Transferor is not subject to any litigation, dispute, offset, counterclaim or other defense at such time, it being understood
that if the Transferor or the Seller owes an amount (whether or not then due) to an Obligor, the amount(s) payable by the Transferor and the Seller shall be subtracted from the amount of any Receivable due from such Obligor for the purposes of
calculating the Outstanding Balance of Eligible Receivables; 
 (xi) which, together with the Contract
related thereto, does not contravene in any material respect any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations 

  

 16 

 
relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) and with
respect to which no part of the Contract related thereto is in violation of any such law, rule or regulation in any material respect; 
 (x)(xii) which (A) satisfies, in all material respects, all applicable requirements of the applicable Credit and Collection Policy and (B) is assignable
without the consent of, or notice to, the Obligor or Financing Party thereunder unless such consent has been obtained and is in effect or such notice has been given; 
 (xi)(xiii) which was generated in the ordinary course of Tech Data’s
business; 
 (xii)(xiv) the Obligor or Financing Party of which
has been directed to make all payments to a specified account of the Collection Agent with respect to which there shall be a Lock-Box Agreement in effect; 
 (xiii)(xv) which has not been compromised, adjusted or modified (including by the extension of time for payment or the granting of any discounts, allowances or
credits); provided, however, that only such portion of such Receivable that is the subject of such compromise, adjustment or modification shall be deemed to be ineligible pursuant to the terms of this clause (xv); 
 (xiv)(xvi) the assignment of which under the Purchase Agreement by the Seller to
the Transferor and hereunder by the Transferor to the Administrative Agent does not violate, conflict or contravene any applicable Law or any contractual or other restriction, limitation or encumbrance; and 
 (xv)(xvii) which is not subject to any Adverse Claim and with respect to which no
financing statement has been filed except as permitted by this Agreement or any other Transaction Document.; and 
 (xvi) with respect to the Obligor thereof, not more than 25% of the Receivables (as of the preceding month-end) owed by such Obligor are Defaulted Receivables. 
 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated
and rulings issued thereunder. 
 “ERISA Affiliate” means, with respect to any Person, (i) any corporation which is a
member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code (as in effect from time to time, the “Code”)) as such Person; (ii) a trade or business (whether or not incorporated)
under common control (within the meaning of Section 414(c) of the Code) with such Person; or (iii) a member of the same affiliated service group (within the meaning of Section 414(n) of the Code) as such Person, any corporation
described in clause (i) above or any trade or business described in clause (ii) above. 
  

 17 

 “Eurodollar Rate” means, with respect to any Eurodollar Tranche Period, a rate which is
1.1252.50% in excess of a rate per annum equal to the sum (rounded upwards, if necessary, to the next higher 1/100 of 1%) of (A) the rate obtained by dividing (i) the applicable LIBOR Rate by (ii) a percentage
equal to 100% minus the reserve percentage used for determining the maximum reserve requirement as specified in Regulation D (including, without limitation, any marginal, emergency, supplemental, special or other reserves) that is applicable to the
Administrative Agent during such Eurodollar Tranche Period in respect of eurocurrency or eurodollar funding, lending or liabilities (or, if more than one percentage shall be so applicable, the daily average of such percentage for those days in such
Eurodollar Tranche Period during which any such percentage shall be applicable) plus (B) the then daily net annual assessment rate (rounded upwards, if necessary, to the nearest 1/100 of 1%) as estimated by the Administrative Agent for
determining the current annual assessment payable by the Administrative Agent to the Federal Deposit Insurance Corporation in respect of eurocurrency or eurodollar funding, lending or liabilities. 
 “Eurodollar Tranche” means, with respect to a Class, a Tranche of such Class as to which Discount is calculated at the Eurodollar Rate.

 “Eurodollar Tranche Period” means, with respect to a Eurodollar Tranche, prior to the applicable Termination Date, a
period of up to one month requested by the Transferor and agreed to by the applicable Class Agent, commencing on a Business Day requested by the Transferor and agreed to by such Class Agent; provided, however, that if such Eurodollar Tranche Period
would expire on a day which is not a Business Day, such Eurodollar Tranche Period shall expire on the next succeeding Business Day; provided, further, that if such Eurodollar Tranche Period would expire on (a) a day which is not a Business Day
but is a day of the month after which no further Business Day occurs in such month, such Eurodollar Tranche Period shall expire on the next preceding Business Day or (b) a Business Day for which there is no numerically corresponding day in the
applicable subsequent calendar month, such Eurodollar Tranche Period shall expire on the last Business Day of such month. 
 “Event
of Bankruptcy”, means, with respect to any Person, (i) that such Person (a) shall generally not pay its debts as such debts become due or (b) shall admit in writing its inability to pay its debts generally or (c) shall
make a general assignment for the benefit of creditors; (ii) any proceeding shall be instituted by or against such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement,
adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other
similar official for it or any substantial part of its property or (iii) if such Person is a corporation, such Person or any Subsidiary shall take any corporate action to authorize any of the actions set forth in the preceding clauses
(i) or (ii). 
 “Expected Contractual Dilution Ratio” means, at any time, the average of the Contractual Dilution
Ratios for the twelve consecutive months ending on the last day of the most recent calendar month. 
 “Expected Dilution
Ratio” means, at any time, the average of the Dilution Ratios for the twelve consecutive months ending on the last day of the most recent calendar month. 
 “ Facility Fee” means, with respect to each Class, the fee payable by the Transferor to the Administrative Agent, for distribution to the Class Investors, pursuant to Section 2.7 hereof, the
terms of which are set forth in the Fee Letter. 
  

 18 

 “Facility Limit” means (i) with respect to the Class of which SUSI Issuer is a
member, $117,300,000115,260,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the SUSI Issuer Bank Investors, (ii) with respect to the Class of which Liberty is a
member,$96,900,000 $95,370,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the Liberty Bank Investors, in each case, at any time in effect, (iii) with respect to the
Class of which AFC is a member,$96,900,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the AFC Bank Investors, in each case, at any time in effect, (iv) with respect to the Class of
which Falcon is a member, $96,900,000Falcon is a member, $95,370,000; provided that such amount may not at any time exceed the aggregate Commitments with respect to the Falcon Bank Investors, in each case, at any time in effect, and
(viv) with respect to any other Class, the amount specified as such in any supplement hereto for such Class; provided that, with respect to any other Class, the Facility Limit for such Class shall not at any time exceed
the aggregate Commitments for the Bank Investors in such Class. 
 “Falcon” means Falcon Asset Securitization LLC, and its
successors and assigns. 
 “Falcon Agent” means JPMorgan, in its capacity as agent for Falcon and the Falcon Bank Investors,
and any successor thereto appointed pursuant to Article IX. 
 “Falcon Bank Investors” shall mean JPMorgan and its
successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement. 
 “Fee Letter” means the letter agreement dated March 20, 2007October 22, 2008 among the Transferor, the Collection Agent, the Class Conduits, the Administrative Agent, and the Class Agents with
respect to the fees to be paid by the Transferor hereunder, as amended, modified or supplemented from time to time. 
 “Finance
Charges” means, with respect to a Contract, any finance, interest, late or similar charges owing by an Obligor pursuant to such Contract. 
 “Financing Party” means a third-party who receives an invoice from the Company billed to an Obligor with respect to the provision goods and services to such Obligor under a Contract whereby the Financing Party remits payment to
the Company on behalf of such Obligor in connection with a financing of the goods and/or services covered under such Contract.  
 “Fitch” means Fitch, Inc. 
 “Fluctuation Factor” means 1.2. 
 “Incremental Transfer” means a Transfer which is made pursuant to Section 2.2(a) hereof. 
 “Indebtedness” means, with respect to any Person, such Person’s (i) obligations for borrowed money, (ii) obligations
representing the deferred purchase price of property other than accounts payable arising in the ordinary course of such Person’s business on terms customary in the trade, (iii) obligations, whether or not assumed, secured by liens or
payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) Capitalized Lease obligations and
(vi) obligations for which such Person is obligated pursuant to a Guaranty. 
 “Indemnified Amounts” has the meaning
specified in Section 8.1 hereof. 
 “Indemnified Parties” has the meaning specified in Section 8.1 hereof.

 “Interest Component” shall mean, (A) with respect to any Class Conduit (or any related commercial paper issuer that
finances the Class Conduit) not utilizing “pool” funding (i) with respect to any Commercial Paper issued on an interest-bearing basis, the interest payable on 

  

 19 

 
such Commercial Paper at its maturity (including any dealer commissions) and (ii) with respect to any Commercial Paper issued on a discount basis, the
portion of the face amount of such Commercial Paper representing the discount incurred in respect thereof (including any dealer commissions) and (B) with respect to any Class Conduit (or any related commercial paper issuer that finances the
Class Conduit) utilizing “pool funding,” the aggregate Discount accrued and to accrue through the end of the current Tranche Period for the portion of Net Investment accruing Discount calculated by reference to the CP Rate at such time
(determined for such purpose using the CP Rate most recently determined by the applicable Class Agent, multiplied by the Fluctuation Factor). 
 “Investor Report” means a report, in substantially the form attached hereto as Exhibit E or in such other form as is mutually agreed to by the Transferor and the Administrative Agent, furnished by the
Collection Agent pursuant to Section 2.11. 
 “JPMorgan” means JPMorgan Chase Bank, N.A. , a national banking
association, and its successors and assigns. 
 “Law” means any law (including common law), constitution, statute, treaty,
regulation, rule, ordinance, order, injunction, writ, decree or award of any Official Body. 
 “Lease Agreement” means the
Sublease Agreement, effective as of the date of the effectiveness of this Agreement, between the Transferor, David G. Cartwright and David R. Kelly. 
 “Liberty Agent” means The Bank of Nova Scotia, a banking corporation organized and existing under the laws of Canada, acting through its New York Agency, in its capacity as agent for Liberty
and the Liberty Bank Investors, and any successor thereto appointed pursuant to Article IX. 
 “Liberty Bank Investors”
shall mean The Bank of Nova Scotia, and its successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement. 
 “LIBOR Rate” means, with respect to any Eurodollar Tranche Period, the rate at which deposits in dollars are offered to the Administrative Agent in the London interbank market at approximately 11:00
a.m. (London time) two Business Days before the first day of such Eurodollar Tranche Period in an amount approximately equal to the Eurodollar Tranche to which the Eurodollar Rate is to apply and for a period of time approximately equal to such
Eurodollar Tranche Period. 
 “Liquidity Provider” means, with respect to each Class Conduit (or its related commercial
paper issuer if the Class Conduit does not itself issue commercial paper), the Person or Persons who will provide liquidity support to such Class Conduit (or such related commercial paper issuer), in connection with the issuance by such Class
Conduit (or such related commercial paper issuer) of its Commercial Paper. 
 “Liquidity Provider Agreement” means the
agreement between each Class Conduit (or, if the Class Conduit does not itself issue commercial paper, either such Class Conduit or its related commercial paper issuer) and the related Liquidity Provider(s) evidencing the obligation of such
Liquidity Provider(s) to provide liquidity support to such Class Conduit (or its related commercial paper issuer) in connection with the issuance by such Class Conduit (or such related commercial paper issuer) of its Commercial Paper. 
 “Lock-Box Account” means an account maintained by the Collection Agent at a Lock-Box Bank for the purpose of receiving
Collections from Receivables. 
 “Lock-Box Agreement” means an agreement between the Collection Agent and a Lock-Box
Bank in substantially the form of Exhibit D hereto. 
  

 20 

 “Lock-Box Bank” means each of the banks set forth in Exhibit C hereto and
such banks as may be added thereto or deleted therefrom pursuant to Section 2.8 hereof. 
 “Loss and Dilution Reserve”
means, with respect to each Class, at any time, an amount equal to the product of (i) the greater of (x) the sum of the Loss Reserve Percentage and theLoss and Dilution Reserve Percentage and (y) the
Reserve Floor Percentage and (ii) the Net Receivables Balance at such time and (iii) the Class Percentage with respect to such Class at such time. 
 “Loss and Dilution Reserve Percentage” means the greater of (x) the sum of the Loss Reserve Percentage and the Dilution Reserve
Percentage and (y) the Minimum Reserve Ratio. 
 “Loss Horizon Ratio” means, as of the last day of any month, the
quotient, expressed as a percentage, of (a) the aggregate amount of sales by the Seller giving rise to Receivables in the three month period ending on such day, divided by (b) the aggregate initial Outstanding Balance of Eligible
Receivables at such day. 
 “Loss Reserve Percentage” means on any day the product of (i) 2.0, (ii) the highest
three-month average of the Default Ratio occurring during the twelve-month period ending on the last day of the most recent month, and (iii) the Loss Horizon Ratio. 
 “Majority Investors” shall have the meaning specified in Section 10.1(a) hereof. 
 “Maximum Net Investment” means )(i) with respect to the Class of which SUSI Issuer is a member, $115,000,000,113,000,000, (ii) with respect to the Class of which Liberty is a
member,$95,000,000, $93,500,000, (iii) with respect to the Class of which AFC is a member, $95,000,000, (iv) with respect to the Class of which Falcon is a member, $95,000,000,
93,500,000, and (viv) with respect to any other Class, the amount set forth pursuant to Section 11.2(b) hereof. 
 “Maximum Percentage Factor” means 98%. 
 “Minimum Reserve Ratio” means the sum
calculated as of the last day of each calendar month as the sum of the Concentration Reserve Floor, as at such time, and the greater of (i) Dilution Reserve Floor, as at such time or (ii) the Dilution Reserve Percentage, as at such
time. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer Plan” means a “Multi employer plan” as defined in Section 4001(a)(3) of ERISA which is or was at any time
during the current year or the immediately preceding five years contributed to by the Transferor, or any ERISA Affiliate of the Transferor on behalf of its employees. 
 “Net Investment” means, with respect to each Class, the sum of the cash amounts paid to the Transferor by or on behalf of the Class Investors of such Class for each Incremental Transfer less the
aggregate amount of Collections received and applied by the Administrative Agent to reduce such Net Investment pursuant to Sections 2.5, 2.6 or 2.9 hereof; provided that such Net Investment shall be restored and reinstated in the amount of
any Collections so received and applied if at any time the distribution of such Collections is rescinded or must otherwise be returned for any reason; and provided further that such Net Investment may be increased by the amount described in
Section 10.7(d) as described therein. 
 “Net Receivables Balance” means at any time the Outstanding Balance of the
Eligible Receivables at such time reduced by the sum of (i) the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Designated Obligor or Financing Party exceeds the Concentration Factor for such
Designated Obligor or Financing Party, plus (ii) the aggregate Outstanding Balance of all Eligible Receivables which are Defaulted Receivables, plus  

  

 21 

 
(iii) the aggregate Outstanding Balance of all Eligible Receivables which are Delinquent Receivables, plus (iv) the aggregate amount of cash received
from or on behalf of Obligors and not designated and applied by the Collection Agent to one or more Receivables. 
 “Non-Defaulting Bank Investor” shall have the meaning set forth in Section 2.2 hereof. 
 “Obligor” means a Person obligated to make payments for the provision, to such Person or a third party, of goods and services pursuant to a Contract. 
 “Official Body” means any government or political subdivision or any agency, authority, bureau, central bank, commission, department or
instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not a part of government) which is responsible for the establishment or
interpretation of national or international accounting principles, in each case whether foreign or domestic. 
 “Other
Transferor” means any Person other than the Transferor that has entered into a receivables purchase agreement or transfer and administration agreement with any Class Conduit. 
 “Outstanding Balance” means, with respect to any Receivable at any time, the then outstanding principal amount thereof including any
accrued and outstanding Finance Charges related thereto. 
 “Percentage Factor” shall mean, with respect to each Class, the
fraction (expressed as a percentage) computed at any time of determination as follows: 
 NI + LDR + YSFR 
 NRB 
 Where: 
 NI = the Net Investment for such Class at the time of such computation; 
 LDR = the Loss and Dilution Reserve for such Class at the time of such computation; 
 YSFR = the Yield and Servicing Fee Reserve for such Class at the time of such computation; and 
 NRB = the Net Receivables Balance at the time of such computation. 
  

					
	 NI
	  	=	  	the Net Investment for such Class at the time of such computation;
			
	 LDR
	  	=	  	the Loss and Dilution Reserve for such Class at the time of such computation;
			
	 YSFR
	  	=	  	the Yield and Servicing Fee Reserve for such Class at the time of such computation; and
			
	 NRB
	  	=	  	the Net Receivables Balance at the time of such computation.

 Notwithstanding the foregoing the calculation of Percentage Factor is subject to the last sentence of
Section 2.2(e). 
  

 22 

 “Person” means any corporation, limited liability company, natural person, firm, joint
venture, partnership, trust, unincorporated organization, enterprise, government or any department or agency of any government. 
 “Potential Termination Event” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Termination Event. 
 “Program Fee” with respect to each Class, means the fee payable by the Transferor to the Administrative Agent, for distribution to the
Class Investors, pursuant to Section 2.7 hereof, the terms of which are set forth in the Fee Letter. 
 “Promissory
Note” means that certain Promissory Note, dated as of May 19, 2000, between Tech Data and the Transferor. 
 “Pro Rata
Share” means, (Aa) for an SUSI Issuer Bank Investor, the Commitment of such SUSI Issuer Bank Investor divided by the sum of the Commitments of all the SUSI Issuer Bank Investors, (Bb) for a
Liberty Bank Investor, the Commitment of such Liberty Bank Investor divided by the sum of the Commitments of all Liberty Bank Investors, (c) for an AFC Bank Investor, the Commitment of such AFC Bank Investor divided by the sum of the
Commitments of all AFC Bank Investors, (D) for a Falcon Bank Investor, the Commitment of such Falcon Bank Investor divided by the sum of the Commitments of all Falcon Bank Investors, and (Ed) with respect to any
other Class, for each Bank Investor of such Class, the Commitment of such Bank Investor divided by the sum of the Commitments of all Bank Investors of such Class. 
 “Proceeds” means “proceeds” as defined in Section 9-306(1) of the UCC. 
 “Purchase Agreement” means the Receivables Purchase Agreement dated as of May 19, 2000, between Tech Data and the Transferor, as the same may be amended, supplemented or otherwise modified. 
 “Purchase Termination Date” means the date upon which the Transferor shall cease, for any reason whatsoever, to make purchases of
Receivables from Tech Data under the Purchase Agreement or the Purchase Agreement shall terminate for any reason whatsoever. 
 “Purchased Interest” means the interest in the Receivables acquired by a Liquidity Provider through purchase pursuant to the terms of a Liquidity Provider Agreement. 
 “Receivable” means the indebtedness owed to the Transferor or Tech Data by any Obligor (without giving effect to any purchase hereunder
by any Class Investor at any time) under a Contract whether constituting an account, chattel paper, instrument or general intangible, arising in connection with the sale of merchandise or services by Tech Data and thereafter transferred to the
Transferor by Tech Data pursuant to the Purchase Agreement, and includes the right to payment of any Finance Charges and other obligations of such Obligor with respect thereto. Notwithstanding the foregoing, once a Receivable has been deemed
collected pursuant to Section 2.9 hereof, it shall no longer constitute a Receivable hereunder with respect to such portion which has been deemed collected. 
 “Receivables Systems” means the computer applications involved in the origination, collection, management or servicing of the Receivables. 
 “Records” means all Contracts and other documents, books, records and other information (including, without limitation, computer
programs, tapes, discs, punch cards, data processing software and related property and rights) maintained with respect to Receivables and the related Obligors. 
 “Reinvestment Termination Date” means, with respect to each Class, the second Business Day after the delivery by the related Class Agent to the Transferor of written notice that the related Class
Conduit elects to commence the amortization of the Net Investment for such Class or otherwise liquidate its interest in the Transferred Interest. 
  

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 “Related Commercial Paper” shall mean, with respect to Commercial Paper issued by the
Class Conduits (or their related commercial paper issuer(s) if the Class Conduits do not themselves issue commercial paper) the proceeds of which were used to acquire, or refinance the acquisition of, an interest in Receivables with respect to the
Transferor. 
 “Related Security” means with respect to any Receivable, all of the Transferor’s and the Seller’s
rights, title and interest in, to and under: 
 (i)(i) the merchandise (including returned or
repossessed merchandise), if any, the sale of which by the Seller gave rise to such Receivable; 
 (ii)(ii) all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract
related to such Receivable or otherwise, together with all financing statements signed by an Obligor describing any collateral securing such Receivable; 
 (iii)(iii) all guarantees, indemnities, warranties, insurance (and proceeds and premium refunds thereof) or other agreements or arrangements of any kind from time
to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise; 
 (iv)(iv) all Records related to such Receivable; and 
 (v)(v) all rights and remedies of the Transferor under the Purchase Agreement, together with all financing statements filed by the Transferor against the Seller in connection therewith;
and 
 (vi)(vi) all Collections on and Proceeds of any of the
foregoing. 
 “Required Reserves” means as of the last day of each month an amount equal to the sum of (i) the Loss and
Dilution Reserve for all Classes at such time and (ii) the Yield and Servicing Fee Reserve for all Classes at such time. 
 “Reserve Floor Percentage” means the percentage calculated as of the last day of each month equal to the greater of (i) 12.0% and (ii) the highest Special
Concentration Limit in effect at any time during such month. 
 “Responsible Officer” means, with respect to any
Person, the president, the chief executive officer, the chief financial officer, treasurer or chief accounting officer of such Person. 
 “Revolving Subordinated Note” has the meaning specified in the Purchase Agreement. 
  

 24 

 “Scotia Bank” means The Bank of Nova Scotia, a banking corporation organized and
existing under the laws of Canada, acting through its New York Agency. 
 “Section 8.2 Costs” has the meaning specified in
Section 8.2(d) hereof. 
 “Seller” means Tech Data Corporation, a Florida corporation and its successors and permitted
assigns. 
 “Servicing Fee” means, with respect to each Class, the fees payable by the Class Investors of such Class to the
Collection Agent, with respect to a Tranche in an amount equal to 0.75% per annum on the amount of the Net Investment for such Class, allocated to such Tranche pursuant to Section 2.3. Such fee shall accrue from the date of the initial
purchase of an interest in the Receivables to the later of the Termination Date for such Class or the date on which the Net Investment for such Class is reduced to zero. On or prior to such Termination Date such fee shall be payable only from
Collections pursuant to, and subject to the priority of payments set forth in, Section 2.5 hereof. After such Termination Date, such fee shall be payable only from Collections pursuant to, and subject to the priority of payments set forth in,
Section 2.6 hereof. 
 “Special Concentration Limit” means, for any Obligor or Financing Party while such
Obligor or Financing Party is a Special Obligor, the percentage applicable to such Special Obligor and designated as the “Special Concentration Limit” in the written approval of such Obligor or Financing Party as a Special
Obligor by the Agent and the Class Agents. 
 “Special Obligor” means an Obligor or Financing Party which upon the
request of the Transferor is approved in writing by the Agent and each Class Agent as a Special Obligor and with respect to which none of the Agent or any Class Agent shall have revoked such designation, such revocation to be effective upon
53 Business Days written notice from the Agent or a Class Agent, as applicable, to the Collection Agent, the Transferor, the Agent (if such notice is not given by the Agent) and each Class Agent and which revocation shall be
given in good faith and based upon reasonable criteria. 
 “Standard & Poor’s” or “S&P”
means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 
 “Subsidiary” of a Person means any
corporation more than 50%, partnership, association, limited liability company, joint venture or similar business organization having 50% or more of the outstanding voting interests of which shall at any time be owned or
controlled, directly or indirectly, by such Person or by one or more Subsidiaries of such Person or any similar business organization which is so owned or controlled. 
 “Supplemental Fee Letter” means that certain fee letter, dated as of May 19, 2000, between the Collection Agent, the Transferor and the Administrative Agent. 
 “SUSI Issuer” means YC SUSI Trust, a Delaware statutory trust, and its successors and assigns. 
 “SUSI Issuer Agent” means Bank of America, National Association, in its capacity as agent for SUSI Issuer and the SUSI Issuer Bank
Investors, and any successor thereto appointed pursuant to Article IX. 
  

 25 

 “SUSI Issuer Bank Investors” shall mean Bank of America, National Association and its
successors and assigns who are or become parties to this Agreement as such pursuant to an Assignment and Assumption Agreement. 
 “Tech Data” means Tech Data Corporation, a Florida corporation, and its successors and assigns. 
 “Termination Date” means, with respect to each Class, the earliest of (i) the Business Day designated by the Transferor to the Administrative Agent and the related Class Agent as the Termination Date for such Class at
any time following 60 days’ written notice to the Administrative Agent and such Class Agent, (ii) the date of termination of the commitment of all related Liquidity Providers under the related Liquidity Provider Agreement for the related
Class Conduit for such Class, (iii) the date of termination of the commitment of the related Credit Support Provider under the related Credit Support Agreement for the related Class Conduit, (iv) the day upon which a Termination Date for
such Class is declared or automatically occurs pursuant to Section 7.2(a) hereof, (v) two Business Days prior to the Commitment Termination Date for such Class, (vi) the day on which a Reinvestment Termination Date for such Class
shall occur (provided, that this clause (vi) shall not cause a Termination Date if the applicable Class Conduit assigns its interest in whole to its related Bank Investors pursuant to Section 10.7), and (vii) the Purchase Termination
Date. 
 “Termination Event” means an event described in Section 7.1 hereof. 
 “Tranche” means, with respect to each Class, a portion of the Net Investment for such Class allocated to a Tranche Period for such Class
pursuant to Section 2.3 hereof. 
 “Tranche Period” means a CP Tranche Period, a Eurodollar Tranche Period or a BR
Tranche Period. 
 “Tranche Rate” means either (i) the CP Rate quoted for the CP Tranche; (ii) the Eurodollar Rate
for a Eurodollar Tranche; or (iii) the Base Rate for a BR Tranche. 
 “Transaction Documents” means, collectively, this
Agreement, the Purchase Agreement, the Fee Letter, the Supplemental Fee Letter, the Lock-Box Agreements, the Certificate, the Transfer Certificate, the Credit Agreement, the Promissory Note, the Revolving Subordinated Note and all of the other
instruments, documents and other agreements executed and delivered by Tech Data or the Transferor in connection with any of the foregoing, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 “Transfer” means a conveyance, transfer and assignment by the Transferor to the Class Investors, as applicable, of an
undivided percentage ownership interest in Receivables and Related Security hereunder (including, without limitation, as a result of any reinvestment of Collections in the Transferred Interest pursuant to Section 2.2(b) and 2.5 hereof).

 “Transfer Certificate” has the meaning specified in Section 2.2(a) hereof. 
 “Transfer Date” means, with respect to each Transfer, the Business Day on which such Transfer is made. 
 “Transfer Price” means with respect to any Incremental Transfer, the amount paid to the Transferor by the applicable Class Investors as
described in the applicable Transfer Certificate. 
 “Transferor” means Tech Data Finance SPV, Inc., a Delaware corporation,
and its successors and permitted assigns. 
 “Transferred Interest” means, at any time of determination, an undivided
percentage ownership interest in (i) each and every then outstanding Receivable, (ii) all Related Security with respect to each such Receivable, (iii) all Collections with respect thereto, and (iv)

  

 26 

 
other Proceeds of the foregoing, which undivided ownership interest shall be equal to the Aggregate Percentage Factor at such time, and only at such time
(without regard to prior calculations). The Transferred Interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, shall at all times be equal to the Transferred Interest in each other Receivable,
together with Related Security, Collections and Proceeds with respect thereto. To the extent that the Transferred Interest shall decrease as a result of a recalculation of the Aggregate Percentage Factor, the Administrative Agent on behalf of the
applicable Class Investors shall be considered to have reconveyed to the Transferor an undivided percentage ownership interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, in an amount equal to
such decrease such that in each case the Transferred Interest in each Receivable shall be equal to the Transferred Interest in each other Receivable. 
 “UCC” means, with respect to any state, the Uniform Commercial Code as from time to time in effect in such state. 
 “Unpaid Balance” means, at any time, with respect to any Receivable, the outstanding principal amount of the indebtedness of the related Obligor incurred in connection with a particular purchase under
or evidenced by such Receivable, exclusive of any sales or other tax, if any, included in or payable with respect to such purchase. 
 “Yield and Servicing Fee Reserve” means, with respect to each Class, at any time the product of (i) 2.0%, (ii) the Net Receivables Balance at such time, and (iii) the Class Percentage with respect to such
Class. 
 Section 1.2 SECTION 1.2. Other Terms. All accounting terms not specifically defined herein
shall be construed in accordance with generally accepted accounting principles. All terms used in Article 9 of the UCC in the State of New York, California or Delaware, as applicable, and not specifically defined herein, are used herein as defined
in such Article 9. 
 Section 1.3 SECTION 1.3. Computation of Time Periods. Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including”, the words “to” and “until” each means “to but
excluding” and the word “within” means “from and excluding a specified date and to and including a later specified date”. 
 ARTICLE II 
 ARTICLE II  
 PURCHASES AND SETTLEMENTS 
 Section 2.1 SECTION 2.1.
Facility. With respect to each Class, upon the terms and subject to the conditions herein set forth and provided that the Termination Date for such Class shall not have occurred, (x) the Transferor may, at its option, convey,
transfer and assign to the Administrative Agent, on behalf of the applicable Class Investors for such Class and (y) the Administrative Agent, on behalf of the Class Conduit for such Class may, at the option of such Class Conduit, or the
Administrative Agent on behalf of the Bank Investors for such Class, provided that such Bank Investors shall have previously accepted the assignment by the related Class Conduit of all of such Class Conduit’s interest in the Affected Assets,
shall, if so requested, accept such conveyance, transfer and assignment from the Transferor of, without recourse except 
  

 27 

 as provided herein, undivided percentage ownership interests in the Receivables, together with Related Security,
Collections and Proceeds with respect thereto, from time to time. By accepting any conveyance, transfer and assignment hereunder, neither any Class Investor, Class Agent nor the Administrative Agent assumes or shall have any obligations or liability
under any of the Contracts, all of which shall remain the obligations and liabilities of the Transferor and the Seller. 
 Section 2.2 SECTION 2.2. Transfers; Certificates; Eligible Receivables. 
 (a)
Incremental Transfers. With respect to each Class, upon the terms and subject to the conditions herein set forth and provided that a Termination Event or a Potential Termination Event or the Termination Date for such Class shall not
have occurred and be continuing, the Transferor may, at its option, convey, transfer and assign to the Administrative Agent on behalf of the applicable Class Investors for such Class and the Administrative Agent, on behalf of the Class Conduit for
such Class may, at the option of such Class Conduit, or the Administrative Agent on behalf of the Bank Investors for such Class provided that such Bank Investors shall have previously accepted the assignment by the related Class Conduit of all of
such Class Conduit’s interest in the Affected Assets, shall, if so requested by the Transferor, accept such conveyance, transfer and assignment from the Transferor, without recourse except as provided herein, undivided percentage ownership
interests in the Receivables, together with Related Security, Collections and Proceeds with respect thereto (each, an “Incremental Transfer”); provided that after giving effect to the payment to the Transferor of the Transfer
Price therefor (i) the Net Investment for such Class shall not exceed the Maximum Net Investment for such Class, (ii) the sum of the Net Investment for such Class plus, in the case where the Class Conduit for such Class holds a
portion of the Transferred Interest, the Interest Component of all outstanding Related Commercial Paper issued by such Class Conduit (or its related commercial paper issuer if the Class Conduit does not itself issue commercial paper) shall not
exceed the Facility Limit for such Class and (iii) the Aggregate Percentage Factor shall not exceed the Maximum Percentage Factor; and, provided, that the representations and warranties set forth in Section 3.1 shall be true and
correct both immediately before and immediately after giving effect to any such Transfer. All Incremental Transfers shall be made on a pro rata basis to each Class (based upon the relation of the Maximum Net Investment for such Class
to the Aggregate Maximum Net Investment). 
 The Transferor shall, by notice to the Administrative Agent given by telecopy, offer to convey,
transfer and assign to the Administrative Agent, on behalf of any of the applicable Class Investors, undivided percentage ownership interests in the Receivables and the other Affected Assets relating thereto not later than 3:00 p.m. (New York time)
on the Business Day prior to the proposed date of any Incremental Transfer. With respect to each Class, each such notice shall specify (w) whether such request is made to the Administrative Agent on behalf of the Class Conduit for such Class or
the related Bank Investors for such Class (it being understood and agreed that once any of such Bank Investors acquire any interest in the Transferred Interest hereunder, such Bank Investors shall be required to purchase all of the portion of the
Transferred Interest held by the related Class Conduit in accordance with Section 10.7 and thereafter such Class Conduit shall no longer accept any additional Incremental Transfers hereunder), (x) the desired Transfer Price (which shall be
at least $5,000,000 per Class or integral multiples of $1,000,000 in excess thereof) or, to the extent that the then available unused portion of the Aggregate Maximum Net Investment is less than such amount, such lesser amount equal to such
available portion of such Aggregate Maximum Net Investment), (y) the desired date of such 
  

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 Incremental Transfer and (z) the desired Tranche Period(s) and allocations of the Net Investment for such Class of
such Incremental Transfer thereto as required by Section 2.3. The Administrative Agent will promptly notify each Class Agent and each Class Conduit or related Bank Investors for such Class, as applicable, of the Administrative Agent’s
receipt of any request for an Incremental Transfer to be made to such Person. To the extent that any such Incremental Transfer is requested of a Class Conduit, such Class Conduit shall accept or reject such offer by notice given to the Transferor
and the Administrative Agent by telephone or telecopy by no later than the close of its business on the Business Day following its receipt of any such request. Each notice of proposed Transfer shall be irrevocable and binding on the Transferor and
the Transferor shall indemnify each Class Investor against any loss or expense incurred by such Class Investor, either directly or through a Liquidity Provider Agreement, as a result of any failure by the Transferor to complete such Incremental
Transfer including, without limitation, any loss (including loss of anticipated profits) or expense incurred by such Class Investor, either directly or pursuant to a Liquidity Provider Agreement by reason of the liquidation or reemployment of funds
acquired by such Class Investor (or a related Liquidity Provider) (including, without limitation, funds obtained by issuing commercial paper or promissory notes or obtaining deposits as loans from third parties) to fund such Incremental Transfer.

 On the date of the initial Incremental Transfer to the Class Investors, the related Class Agent on behalf of such Class shall deliver
written confirmation to the Transferor of the Transfer Price, the Tranche Period(s) and the Tranche Rate(s) relating to such Transfer and the Transferor shall deliver to the Administrative Agent the Transfer Certificate in the form of Exhibit F
hereto (the “Transfer Certificate”). The Administrative Agent shall indicate the amount of the initial Incremental Transfer together with the date thereof on the grid attached to the Transfer Certificate. On the date of each
subsequent Incremental Transfer, the applicable Class Agent shall send written confirmation to the Transferor of the Transfer Price, the Tranche Period(s), the Transfer Date and the Tranche Rate(s) applicable to such Incremental Transfer. The
Administrative Agent shall indicate the amount of the Incremental Transfer together with the date thereof as well as any decrease in each Net Investment, on the grid attached to the Transfer Certificate. The Transfer Certificate shall evidence the
Incremental Transfers. 
 By no later than 11:00 a.m. (New York time) on any Transfer Date, each Class Investor participating in the
Incremental Transfer occurring on such date shall remit its share (which, in the case of an Incremental Transfer to the Bank Investors for any Class shall be equal to each such Bank Investor’s Pro Rata Share) of the aggregate Transfer Price for
such Transfer to the account of the Administrative Agent specified therefor from time to time by the Administrative Agent by notice to such Persons. The obligation of each Bank Investor of any Class to remit its Pro Rata Share of any such Transfer
Price shall be several from that of each other Bank Investor of such Class and the failure of any such Bank Investor to so make such amount available to the Administrative Agent shall not relieve any other Bank Investor of such Class of its
respective obligation hereunder. Following each Incremental Transfer and the Administrative Agent’s receipt of funds from the applicable Class Investors, as aforesaid, the Administrative Agent shall remit to the Transferor’s account at the
location indicated in Section 11.3 hereof, in immediately available funds, an amount equal to the Transfer Price for such Incremental Transfer. Unless the Administrative Agent shall have received notice from a Class Investor that such Person
will not make its share of any Transfer Price relating to any Incremental Transfer available on the applicable Transfer Date therefor, the Administrative Agent may (but shall have no obligation to) make such Person’s share of any such Transfer
Price available to the Transferor in anticipation of 

  

 29 

 
the receipt by the Administrative Agent of such amount from such Person. To the extent any Class Investor fails to remit any such amount to the
Administrative Agent after any such advance by the Administrative Agent on such Transfer Date, such Class Investor, on the one hand, and the Transferor on the other hand, shall be required to pay such amount, together with interest thereon at a per
annum rate equal to the Federal funds rate (as determined in accordance with clause (ii) of the definition of “Base Rate”), in the case of such Class Investor, or the Base Rate, in the case of the Transferor, to the
Administrative Agent upon its demand therefor (provided that no Class Conduit shall have any obligation to pay such interest amounts except to the extent that it shall have sufficient funds to pay the face amount of its Commercial Paper (or the
commercial paper of its related issuer if the Class Conduit does not itself issue commercial paper) in full). Until such amount shall be repaid, such amount shall be deemed to be Aggregate Net Investment paid by the Administrative Agent and the
Administrative Agent shall be deemed to be the owner of a Transferred Interest hereunder. Upon the payment of such amount to the Administrative Agent (x) by the Transferor, the amount of the Aggregate Net Investment shall be reduced by such
amount or (y) by such Class Investor, such payment shall constitute such Class Investor’s payment of its share of the applicable Transfer Price for such Transfer. 
 (b) Reinvestment Transfers. With respect to each Class, on each Business Day occurring after the initial Incremental Transfer
hereunder and prior to the Termination Date for such Class, and provided that no Termination Event or Potential Termination Event for such Class shall have occurred and be continuing, the Transferor hereby agrees to convey, transfer and assign to
the Administrative Agent, on behalf of the Class Investors of such Class then owning any portion of the Transferred Interest, and in consideration of the Transferor’s agreement to maintain at all times prior to such Termination Date a Net
Receivables Balance in an amount at least sufficient to maintain the Aggregate Percentage Factor at an amount not greater than the Maximum Percentage Factor, the Administrative Agent on behalf of the applicable Class Conduit may (at the option of
such Class Conduit), and the Administrative Agent on behalf of the applicable Bank Investors shall (in either case, to the extent such Persons then own any portion of the Transferred Interest), purchase from the Transferor undivided percentage
ownership interests in each and every Receivable, together with Related Security, Collections and Proceeds with respect thereto, to the extent that Collections are available for such Transfer in accordance with Section 2.5 hereof, such that
after giving effect to such Transfer, (i) the amount of the Net Investment for such Class at the close of business on such Business Day shall be equal to the amount of the Net Investment for such Class at the close of business on the Business
Day immediately preceding such Business Day plus the Transfer Price of any Incremental Transfer made by or on behalf of such Class Investors, as applicable, on such day, if any, and (ii) the Transferred Interest in each Receivable, together
with Related Security, Collections and Proceeds with respect thereto, shall be equal to the Transferred Interest in each other Receivable, together with Related Security, Collections and Proceeds with respect thereto provided, that the
representations and warranties set forth in Section 3.1 shall be true and correct both immediately before and immediately after giving effect to any such Transfer. 
 (a)(c) All Transfers. With respect to each Class, each Transfer shall constitute a purchase by the Administrative Agent, on behalf of the applicable Class Investors for
such Class, of an undivided percentage ownership interest in each and every Receivable, together with Related Security, Collections and Proceeds with respect thereto, then existing, as well as in each and every Receivable, together with Related
Security, Collections and Proceeds with respect thereto, which arises at any time after the date of such Transfer. The Administrative Agent’s 
  

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 aggregate undivided percentage ownership interest in the Receivables, together with the Related Security, Collections and
Proceeds with respect thereto, held on behalf of all Class Investors, shall equal the Aggregate Percentage Factor in effect from time to time. With respect to each Class, so long as the Administrative Agent on behalf of either the Class Conduit for
such Class, on the one hand, or the Bank Investors for such Class, on the other hand, owns all of the Transferred Interest related to the Net Investment for such Class at such time, each of such Class Conduit’s and each such Bank
Investor’s undivided percentage ownership interest in the Affected Assets shall equal such Person’s ratable share (determined on the basis of the relationship that such Person’s portion of Net Investment for such Class bears to the
Aggregate Net Investment for all Classes at such time) of the Aggregate Percentage Factor at such time. 
 (b)(d) Certificate. The Transferor shall issue to the Administrative Agent the Certificate, in the form of Exhibit M, on or prior to the date hereof. 
 (e) Aggregate Percentage Factor. The Aggregate Percentage Factor shall be initially computed as of the opening of business on
May 19, 2000. Thereafter, with respect to each Class, until the Termination Date for such Class, the Percentage Factor for such Class shall be automatically recomputed as of the close of business of the Collection Agent on each day. The
Percentage Factor for each Class shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such recomputation, if any, shall be made. The Percentage Factor with respect to each
Class, as computed as of the day immediately preceding the Termination Date for such Class, shall remain constant at all times on and after such Termination Date, until the date on which the Net Investment for such Class has been reduced to zero,
and all accrued Discounts and Servicing Fees for such Class have been paid in full and all other Aggregate Unpaids owing to the applicable Class Investor(s) for such Class have been paid in full to such Class Investors. 
 At no time shall the Aggregate Percentage Factor exceed one hundred percent (100%). Notwithstanding anything to the contrary contained herein, should the
Aggregate Percentage Factor exceed one hundred percent (100%) at any time, the Percentage Factor for each Class shall be calculated pro rata, based upon the relationship of the Net Investment for such Class to the Aggregate Net
Investment. 
 (c)(f) Defaulting Bank Investor. If, by 2:00 p.m. (New York City time), one or more Bank
Investors in any Class (each, a “Defaulting Bank Investor,” and each Bank Investor in such class other than any Defaulting Bank Investor being referred to as a “Non-Defaulting Bank Investor”) fails to
make its Pro Rata Share of the Transfer Price available to the Administrative Agent pursuant to Section 2.2(a), or any Assignment Amount payable by it to its related Class Conduit pursuant to Section 10.7(a) (the aggregate amount not so
made available being herein called in either case the “Deficit”), then the Administrative Agent shall, by no later than 2:30 p.m. (New York City time) on the applicable Transfer Date or the applicable date that such Assignment
Amount is payable (the “Assignment Date”), as the case may be, instruct each Non-Defaulting Bank Investor to pay or deposit, by no later than 3:00 p.m. (New York City time), in immediately available funds, to the Administrative
Agent or such Class Conduit, an amount equal to the lesser of (i) such Non-Defaulting Bank Investor’s proportionate share (based upon the relative Commitments of the Non-Defaulting Bank Investors) of the Deficit and (ii) its unused
Commitment. A Defaulting Bank Investor shall forthwith, upon demand, pay to the 

  

 31 

 
Administrative Agent for the ratable benefit of the Non-Defaulting Bank Investors all amounts paid by each Non-Defaulting Bank Investor on behalf of such
Defaulting Bank Investor, together with interest thereon, for each day from the date a payment was made by a Non-Defaulting Bank Investor until the date such Non-Defaulting Bank Investor has been paid such amounts in full, at a rate per
annum equal to the sum of the Base Rate, plus 2.00% per annum. In addition, if, after giving effect to the provisions of the immediately preceding sentence, any Deficit with respect to any Assignment Amount continues
to exist, each such Defaulting Bank Investor shall pay interest to the Administrative Agent, for the account of the related Class Conduit, on such Defaulting Bank Investor’s portion of such remaining Deficit, at a rate per annum,
equal to the sum of the Base Rate, plus 2.00% per annum, for each day from the applicable Assignment Date until the date such Defaulting Bank Investor shall pay its portion of such remaining Deficit in full to such Class
Conduit. For the avoidance of doubt, no Bank Investor shall be obligated pursuant to this paragraph (f) with respect to any Deficit created by a Bank Investor which is not a member of the same Class. 
 SECTION 2.3. Selection of Tranche Periods and Tranche Rates. 
 (d)(a) Transferred Interest held by a Class Conduit Prior to a Termination Event. With respect to each Class, at all times
hereafter, but prior to the occurrence of a Termination Event for such Class and not with respect to any portion of the Transferred Interest held by the Bank Investors for such Class (or any of them), the Transferor may, subject to the applicable
Class Conduit’s approval and the limitations described below, request Tranche Periods with respect to such Class and allocate a portion of the Net Investment for such Class to each such selected Tranche Period, so that the aggregate amounts
allocated to such outstanding Tranche Periods at all times shall equal the Net Investment held by such Class Conduit. The Transferor shall give the Administrative Agent irrevocable notice (which notice the Administrative Agent shall forward to the
applicable Class Agent) by telephone of the new requested Tranche Period(s) and whether the requested Tranche Rate applicable thereto shall be the applicable CP Rate, the Base Rate or the Eurodollar Rate at least (i) three (3) Business
Days prior to the expiration of any then existing Tranche Period if the Tranche Rate to be applicable to the new requested Tranche Period shall be the applicable Eurodollar Rate, (ii) two (2) Business Days prior to the expiration of any
then existing Tranche Period if the Tranche Rate to be applicable to the new requested Tranche Period shall be the Base Rate, and (iii) two (2) Business Days prior to the expiration of any then existing Tranche Period if the Tranche Rate
to be applicable to the new requested Tranche Period shall be the CP Rate; provided, however, that such Class Agent may select, in its reasonable discretion, any such new Tranche Period and the Tranche Rate if (i) the Transferor
fails to provide such notice on a timely basis or (ii) such Class Agent determines, in its reasonable discretion, that the Tranche Rate or the Tranche Period requested by the Transferor is unavailable or for any reason commercially undesirable.
Each Class Conduit confirms that it is its intention to allocate all or substantially all of the Net Investment held by it to one or more of its CP Tranche Periods; provided that such Class Conduit may determine from time to time, in its sole
discretion, that funding such Net Investment by means of one or more of its CP Tranche Periods is not desirable for any reason. If a Liquidity Provider acquires from any Class Conduit a Purchased Interest with respect to the Receivables pursuant to
the terms of the applicable Liquidity Provider Agreement, the applicable Class Agent, on behalf of such Liquidity Provider, may exercise the right of selection granted to such Class Conduit hereby. The initial Tranche Period applicable to any such
Purchased Interest shall be a period of not greater than 14 days. In the case of any Tranche Period 

  

 32 

 
selected pursuant to this paragraph that is outstanding upon the occurrence of a Termination Event, such Tranche Period shall end on such date.
Notwithstanding the foregoing, with respect to any portion of the Transferred Interest held by a Class Conduit which utilizes “pool” funding, such Class Conduit or its Class Agent shall select, in its sole discretion, all Tranche Periods
and shall allocate a portion of the Net Investment for such Class to such Tranche Periods so that the aggregate amounts allocated to such outstanding Tranche Periods at all times shall equal the Net Investment held by such Class Conduit. 

(b) Transferred Interest Held by a Class Conduit After a Termination Event. With respect to each Class, at all times on and
after the occurrence of a Termination Event for such Class, with respect to any portion of the Transferred Interest held by a Class Conduit which shall not have been transferred to the related Bank Investors (or any of them), subject to
Section 7.2(b) such Class Conduit or its Class Agent shall select all Tranche Periods and Tranche Rates applicable thereto. 
 (e)(c) Transferred Interest Held by the Bank Investors Prior to a Termination Event. With respect to each Class, at all times with respect to any portion of the Transferred Interest held by the related Bank
Investors (or any of them), but prior to the occurrence of a Termination Event for such Class, the initial Tranche Period applicable to such portion of the Net Investment for such Class allocable thereto shall be a period of not greater than 14 days
and such Tranche shall be a BR Tranche. Thereafter, with respect to such portion, and with respect to any other portion of the Transferred Interest held by such Bank Investors (or any of them), provided that the Termination Date shall not have
occurred, the Tranche Period applicable thereto shall be, at the Transferor’s option, either a BR Tranche Period or a Eurodollar Tranche Period. The Transferor shall give the Administrative Agent irrevocable notice by telephone of the new
requested Tranche Period at least two (2) Business Days prior to the expiration of any then existing Tranche. In the case of any Tranche Period selected pursuant to this paragraph that is outstanding upon the occurrence of a Termination Event,
the related Tranche Period shall end on the date of such occurrence. 
 (f)(d) Transferred Interest Held by the
Bank Investors After a Termination Date. With respect to each Class, at all times on and after the occurrence of a Termination Event for such Class and with respect to any portion of the Transferred Interest held by the related Bank Investors
for such Class (or any of them), subject to Section 7.2(b), the applicable Class Agent shall select all Tranche Periods and Tranche Rates applicable thereto. 
 (g)(e) Eurodollar Rate Protection; Illegality. (i) If the applicable Class Agent is unable to obtain on a timely basis the information necessary to determine the Eurodollar Rate for
any proposed Eurodollar Tranche, then: 
 (A)(A) the Administrative Agent shall
forthwith notify the applicable Class Investors and the Transferor that the Eurodollar Rate cannot be determined for such Eurodollar Tranche, as applicable; and 
 (B)(B) while such circumstances exist, neither any Class Investor nor the Administrative Agent
shall allocate any 

  

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portion of the Net Investment purchased by such Person during such period or reallocate the Net Investment allocated to any then existing Tranche ending
during such period, to a Eurodollar Tranche. 
 (ii) If, with respect to any outstanding Eurodollar Tranche,
any Class Investor owning any portion of the Transferred Interest therein notifies the Administrative Agent that it is unable to obtain matching deposits in the London interbank market to fund its purchase or maintenance of such portion of the
Transferred Interest or that the Eurodollar Rate applicable to such portion of the Transferred Interest will not adequately reflect the cost to such Class Investor of funding or maintaining its respective portion of the Transferred Interest for such
Tranche Period then the Administrative Agent shall forthwith so notify the Transferor, whereupon neither the Administrative Agent nor any of the Class Investors, as applicable, shall, while such circumstances exist, allocate any portion of the Net
Investment with respect to such Class of any additional Transferred Interest purchased during such period or reallocate the Net Investment with respect to such Class allocated to any Tranche Period ending during such period, to an applicable
Eurodollar Tranche. 
 (ii)(iii) Notwithstanding any other provision
of this Agreement, if any Class Investor, as applicable, shall notify the Administrative Agent that such Class Investor has determined (or has been notified by any related Liquidity Provider) that the introduction of or any change in or in the
interpretation of any law or regulation makes it unlawful (for such Class Investor or such related Liquidity Provider, as applicable), or any central bank or other governmental authority asserts that it is unlawful, for such Class Investor or
Liquidity Provider, as applicable, to fund the purchases or maintenance of the Transferred Interest at the Eurodollar Rate, then (x) as of the effective date of such notice from such Person to the Administrative Agent, the obligation or ability
of such Class Investor to fund its purchase or maintenance of the Transferred Interest at the Eurodollar Rate shall be suspended until such Person notifies the Administrative Agent that the circumstances causing such suspension no longer exist and
(y) the Net Investment of each Eurodollar Tranche in which such Person owns an interest shall either (1) if such Person may lawfully continue to maintain such Transferred Interest at the Eurodollar Rate until the last day of the applicable
Tranche Period be reallocated on the last day of such Tranche Period to another Tranche Period in respect of which such Net Investment allocated thereto accrues Discount at the applicable Tranche Rate other than the Eurodollar Rate or (2) if
such Person shall determine that it may not lawfully continue to maintain such Transferred Interest at the Eurodollar Rate until the end of the applicable Tranche Period such Person’s share of the Net Investment allocated to such Eurodollar
Tranche shall be deemed to accrue Discount at the Base Rate from the effective date of such notice until the end of such Tranche Period. 
  

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 SECTION 2.4. Discount, Fees and Other Costs and Expenses. The Transferor shall
pay, as and when due in accordance with this Agreement, all fees hereunder, all amounts payable pursuant to Article VIII hereof, if any, and the Servicing Fees. With respect to each Class, on the last day of each Tranche Period or, for any Conduit
(or its related commercial paper issuer if the Conduit does not itself issue commercial paper) that utilizes “pool funding” on or prior to the fifth Business Day of the calendar month following the applicable Tranche Period, the Transferor
shall pay to the Administrative Agent on behalf of the related Class Conduit (or its related commercial paper issuer), and the Administrative Agent shall pay such payment to such Class Conduit (or its related commercial paper issuer), in the event
any portion of the Transferred Interest is held by such Class Conduit (or its related commercial paper issuer), an amount equal to the Discount accrued on such Class Conduit’s (or its related commercial paper issuer’s) Commercial Paper to
the extent such Commercial Paper was issued in order to fund such portion of the Transferred Interest in an amount in excess of the Transfer Price of an Incremental Transfer, which excess amount shall not exceed $5,000. The Transferor shall pay to
the Administrative Agent on behalf of the applicable Class Conduit (or its related commercial paper issuer) each day on which Commercial Paper is issued by such Class Conduit (or its related commercial paper issuer), the applicable Dealer Fee, and
the Administrative Agent shall pay such Dealer Fee to such Class Conduit; provided, however, that at the election of a Class Conduit, Dealer Fees accrued over the course of any calendar month in respect of Related Commercial Paper may
be payable by the Transferor on the last day of one or more Tranche Periods ending during the succeeding calendar month. The applicable Discount shall accrue with respect to each respective Tranche on each day occurring during the Tranche Period
related thereto. Nothing in this Agreement shall limit in any way the obligations of the Transferor to pay the amounts set forth in this Section 2.4. 
 Section 2.3 SECTION 2.5. Non-Liquidation Settlement and Reinvestment Procedures. With respect to each Class, on each day after the date of any Incremental Transfer but prior to the
Termination Date for such Class and provided in each case that no Termination Event or Potential Termination Event for which there is no grace period shall have occurred and be continuing for such Class, the Collection Agent shall out of the
Percentage Factor for such Class of Collections received on or prior to such day and not previously applied or accounted for: (i) set aside and hold in trust for the applicable Class Investors for such Class (or deposit into the Collection
Account if so required pursuant to Section 2.12 hereof), an amount equal to all Discount (which, in the case of Discount computed by reference to the CP Rate with respect to any Class Conduit that utilizes “pool” funding, shall be
determined for such purpose using the CP Rate most recently determined by the related Class Agent, multiplied by the Fluctuation Factor) for such Class and the Servicing Fee accrued through such day and not so previously set aside or paid and
(ii) apply the balance of the Aggregate Percentage Factor of Collections remaining after application of Collections as provided in clause (i) of this Section 2.5 to the Transferor, for the benefit of the Class Investors, as
applicable, to the purchase of additional undivided percentage interests in each Receivable pursuant to Section 2.2(b) hereof. On the last day of each Tranche Period for each Class from the amounts set aside as described in clause (i) of
the first sentence of this Section 2.5, the Collection Agent shall deposit to the Administrative Agent’s account, for the benefit of the applicable Class Investors for such Class, an amount equal to the accrued and unpaid Discount for such
Class and for such Tranche Period and shall deposit to its own account an amount equal to the accrued and unpaid Servicing Fee for such Tranche Period. The Administrative Agent, upon its receipt of such amounts in the Administrative Agent’s
account, shall distribute such amounts to the Class Investors entitled thereto as set forth above; provided that if the Administrative Agent shall have insufficient funds to pay all of the above amounts in full on any such date, the
Administrative Agent shall pay such amounts ratably (based on the amounts 
  

 35 

 
owing to each such Class Investor) to all such Class Investors entitled to payment thereof. In addition, the Collection Agent shall remit to the Transferor
at the end of each Tranche Period, as provided in Section 6.2(b), such portion of Collections not allocated to the Class Investors. 
 SECTION 2.6. Liquidation Settlement Procedures. If at any time on or prior to the Termination Date for such Class the Aggregate Percentage Factor is greater than the Maximum Percentage Factor, then the Transferor
shall immediately pay to the Administrative Agent, for the benefit of the Class Investors from previously received Collections, an amount equal to the amount such that, when applied in reduction of the Aggregate Net Investment, will result in an
Aggregate Percentage Factor less than or equal to the Maximum Percentage Factor. Such amounts shall be applied pro rata to the reduction of the Net Investment for each Class of the Tranche Periods selected by the Class Agent for such Class.

 With respect to each Class, on the Termination Date for such Class and on each day thereafter, and on each day on which a Termination
Event or Potential Termination Event has occurred and is continuing for such Class, the Collection Agent shall set aside and hold in trust for the applicable Class Investors for such Class (or deposit into the Collection Account if so required
pursuant to Section 2.12 hereof) the Percentage Factor for such Class of all Collections received on such day and shall set aside and hold in trust for the Transferor such portion of Collections not allocated to the Class Investors. On each
such Termination Date or the day on which a Termination Event or Potential Termination Event for such Class for which there is no grace period occurs, the Collection Agent shall deposit to the Administrative Agent’s account, for the benefit of
the applicable Class Investors for such Class, any amounts set aside pursuant to Section 2.5 above. With respect to each Class, on the last day of each Tranche Period to occur on or after such Termination Date for such Class or during the
continuance of a Termination Event or Potential Termination Event for such Class, the Collection Agent shall deposit to the Administrative Agent’s account to the extent not already so deposited, for the benefit of the Class Investors for such
Class, the amounts so set aside for such Class Investors, pursuant to the second preceding sentence, but not to exceed the sum of (i) the accrued Discount (which, in the case of Discount computed by reference to the CP Rate with respect to any
Class Conduit that utilizes “pool” funding, shall be determined for such purpose using the CP Rate most recently determined by the related Class Agent, multiplied by the Fluctuation Factor) for such Tranche Period (ii) the
portion of the Net Investment allocated to such Tranche Period and (iii) all other Aggregate Unpaids owing to such Class Investors. On such day, the Collection Agent shall deposit to its account, from the amounts set aside for such Class,
pursuant to the preceding sentence which remain after payment in full of the aforementioned amounts, the accrued Servicing Fee for such Tranche Period. If there shall be insufficient funds on deposit for the Collection Agent to distribute funds in
payment in full of the aforementioned amounts, the Collection Agent shall distribute funds first, in payment of the accrued Discount to each Class, second, in payment of
all fees payable by the Transferor to the Administrative Agent or any of the Class Investors, third, if the Transferor, Tech Data or any Affiliate of the Transferor or Tech Data is not then the Collection Agent, to the
Collection Agent’s account, in payment of the Servicing Fee payable to the Collection Agent, second, in payment of all fees payable by the Transferor to the Administrative Agent or any of the Class Investors, third, in payment of the accrued
Discount to each Class, fourth, in reduction of the Net Investment allocated to any Tranche Period ending on such date, fifth, in payment of all other Aggregate Unpaids owing to the Class Investors, as applicable, and sixth,
if the Transferor, Tech Data or any Affiliate of the Transferor or Tech Data is the Collection 

  

 36 

 
Agent, to its account as Collection Agent, in payment of the Servicing Fee payable to such Person as Collection Agent. The Administrative Agent, upon its
receipt of such amounts in the Administrative Agent’s account, shall distribute such amounts to the Class Investors, each as entitled thereto as set forth above; provided that if the Administrative Agent shall have insufficient funds to pay all
of the above amounts in full on any such date, the Administrative Agent shall pay such amounts in the order of priority set forth above and, with respect to any such category above for which the Administrative Agent shall have insufficient funds to
pay all amounts owing on such date, ratably (based on the amounts in such categories owing to such Persons) among all such Persons entitled to payment thereof. 
 Following the date after all Termination Dates on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees have been paid in full and all other Aggregate Unpaids have been
paid in full, (i) the Collection Agent shall recompute the Percentage Factor for each Class, (ii) the Administrative Agent, on behalf of the Class Investors, shall be considered to have reconveyed to the Transferor all of the Class
Investors’ right, title and interest in and to the Affected Assets (including the Transferred Interest), (iii) the Collection Agent shall pay to the Transferor any remaining Collections set aside and held by the Collection Agent pursuant
to the third sentence of this Section 2.6 and (iv) the Administrative Agent, on behalf of the applicable Class Investor(s), shall execute and deliver to the Transferor, at the Transferor’s expense, such documents or instruments as are
necessary to terminate the Class Investors’ respective interests in the Affected Assets. Any such documents shall be prepared by or on behalf of the Transferor. On the last day of each Tranche Period, the Collection Agent shall remit to the
Transferor such portion of Collections set aside for the Transferor pursuant to this Section 2.6. 
 Section 2.4
SECTION 2.7. Fees. Notwithstanding any limitation on recourse contained in this Agreement, the Transferor shall pay, on the last day of each month, to the Administrative Agent, for distribution to the Class Investors, in
each case as agreed between themselves, all of the applicable Program Fee and the applicable Facility Fee. In addition, the Transferor shall pay to the Administrative Agent an administrative fee as set forth in the Supplemental Fee Letter. The
Transferor acknowledges that the foregoing fees are non-refundable. 
 SECTION 2.8. Protection of Ownership Interest of
the Class Investors. (a)(a) The Transferor agrees that it will, and will cause the Seller to, from time to time, at its expense, promptly execute and deliver all instruments and documents and take all actions as may be
necessary or as the Administrative Agent or any Class Agent may reasonably request in order to perfect or protect the Transferred Interest or to enable the Administrative Agent or any of the Class Investors to exercise or enforce any of their
respective rights hereunder. Without limiting the foregoing, the Transferor will, and will cause the Seller to, upon the reasonable request of the Administrative Agent or any of the Class Investors, in order to accurately reflect this purchase and
sale transaction, (x) execute and file such financing or continuation statements or amendments thereto or assignments thereof (as permitted pursuant to Section 11.6 hereof) as may be requested by the Administrative Agent or any of the
Class Investors and (y) mark its and the Seller’s respective master data processing records and other documents with a legend describing the conveyance to the Transferor and the conveyance to the Administrative Agent, for the benefit of
the Class Investors, of the Transferred Interest in the manner required by Section 5.1(n). The Transferor shall, and will cause the Seller to, upon the reasonable request of the Administrative Agent or any of the Class Investors, obtain
such additional search reports as the Administrative 
  

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Agent or any of the Class Investors shall request. To the fullest extent permitted by applicable law, the Administrative Agent shall be permitted to sign and
file continuation statements and amendments thereto and assignments thereof without the Transferor’s or the Seller’s signature. The Transferor shall not, and shall not permit the Seller to, change its respective name, identity or corporate
structure (within the meaning of Section 9-402(7) of the UCC as in effect in the State of New York, Delaware or California, as applicable,) nor relocate its respective chief executive office or any office where Records are kept unless it shall
have: (i) given the Administrative Agent at least thirty (30) days prior notice thereof and (ii) prepared at Transferor’s expense and delivered to the Administrative Agent all financing statements, instruments and other documents
necessary to preserve and protect the Transferred Interest or requested by the Administrative Agent or any Class Agent in connection with such change or relocation. Any filings under the UCC or otherwise that are occasioned by such change in name or
location shall be made at the expense of Transferor. 
 (b)(b) The Collection Agent shall instruct all Obligors
and Financing Parties to cause all Collections to be deposited directly with a Lock-Box Bank. Any Lock-Box Account maintained by a Lock-Box Bank pursuant to the related Lock-Box Agreement shall be under the exclusive ownership and control of the
Administrative Agent which is hereby granted to the Administrative Agent by the Seller and the Transferor. The Collection Agent shall be permitted to give instructions to the Lock-Box Banks for so long as neither a Collection Agent Default nor any
other Termination Event has occurred hereunder. The Collection Agent shall not add any bank as a Lock-Box Bank to those listed on Exhibit C attached hereto unless such bank has entered into a Lock-Box Agreement. The Collection Agent shall not
terminate any bank as a Lock-Box Bank unless the Administrative Agent shall have received fifteen (15) days’ prior notice of such termination. If the Transferor receives any Collections or is deemed to receive any Collections pursuant to
Section 2.9, the Transferor shall immediately remit such Collections to a Lock-Box Account. Any Collections that are received by the Seller or the Collection Agent shall be immediately, but in any event within forty-eight (48) hours of
receipt, deposited into a Lock-Box Account or a bank account (the “Collection Agent Account”) established by the Collection Agent pursuant to an agreement between the Collection Agent, the Administrative Agent and a bank consented
to by the Administrative Agent, which shall be substantially in the form of a Lock-Box Agreement. 
 SECTION 2.9. Deemed
Collections; Application of Payments. (a)(c) If on any day the Outstanding Balance of a Receivable is either (x) reduced as a result of any defective, rejected or returned merchandise or services, any discount,
credit, rebate, dispute, warranty claim, repossessed or returned goods, chargeback, allowance, any billing adjustment, dilutive factor or other adjustment, or (y) reduced or canceled as a result of a setoff or offset in respect of any claim by
any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction), the Transferor shall be deemed to have received on such day a Collection of such Receivable (each, a “Deemed Collection”)
in the amount of such reduction or cancellation and the Transferor shall pay to the Collection Agent an amount equal to such reduction or cancellation and such amount shall be applied by the Collection Agent as a Collection in accordance with
Section 2.5 or 2.6 hereof, as applicable. The Net Investment with respect to each Class shall be reduced by the amount of such payment applied to the reduction of such Net Investment and actually received by the Administrative Agent for the
benefit of the Class Investors. 
  

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 (d)(b) If on any day any of the representations
or warranties in Article III was or becomes untrue with respect to a Receivable (whether on or after the date of any transfer of an interest therein to the Administrative Agent or any of the Class Investors as contemplated hereunder), the Transferor
shall be deemed to have received on such day a Collection of such Receivable (each, a “Deemed Collection”) in full and the Transferor shall on such day pay to the Collection Agent an amount equal to the Outstanding Balance of such
Receivable and such amount shall be allocated and applied by the Collection Agent as a Collection allocable to the Transferred Interest in accordance with Section 2.5 or 2.6 hereof, as applicable. The Net Investment with respect to each Class
shall be reduced by the amount of such payment applied to the reduction of such Net Investment, and actually received by the Administrative Agent for the benefit of the Class Investors. 
 (e)(c) Any payment by an Obligor (or by a Financing Party on its
behalf) in respect of any indebtedness owed by it to the Transferor shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a
Collection of any Receivable of such Obligor included in the Transferred Interest (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other
indebtedness of such Obligor. 
 Section 2.5 SECTION 2.10. Payments and Computations, Etc. All amounts to
be paid or deposited by the Transferor or the Collection Agent hereunder shall be paid or deposited in accordance with the terms hereof no later than 11:00 a.m. (New York City time) on the day when due in immediately available funds; if such amounts
are payable to any Class Investor they shall be paid or deposited in the account notified by the Administrative Agent. The Transferor shall, to the extent permitted by law, pay to the Administrative Agent, for the benefit of the Class Investors,
upon demand, interest on all amounts not paid or deposited when due hereunder at a rate equal to 1% per annum plus the Base Rate. All computations of Discount, interest and all per annum fees hereunder shall be made on the basis of a year of
360 days for the actual number of days (including the first but excluding the last day) elapsed. Any computations by the Administrative Agent of amounts payable by the Transferor hereunder shall be binding upon the Transferor absent manifest error.

 Section 2.6 SECTION 2.11. Reports. (a) Prior to the 15th day of each month, the Collection
Agent shall prepare and forward to each Class Agent and the Administrative Agent (i) an Investor Report (including without limitation, a settlement statement and a certification as to the Net Receivables Balance) together with an aging of all
Receivables, as of the close of business of the Collection Agent on the last day of the immediately preceding month, (ii) if requested by any of the Class Agents, a listing by Obligor of all Receivables together with an aging of such
Receivables and (iii) such other information as any Class Agent or the Administrative Agent may reasonably request, which may include collection, payment rate, default and delinquency data with respect to any one or more Special Obligors.

 (b) Notwithstanding anything in the foregoing Section 2.11(a), if the long term debt rating of Tech Data shall be “BB”
or below from Standard & Poor’s or “Ba2” or  

  

 39 

 
below from Moody’s, prior to the first Business Day of each week, the Collection Agent shall prepare and forward to each Class Agent and the
Administrative Agent an Investor Report (including without limitation, a settlement statement and a certification as to the Net Receivables Balance and the calculation thereof).  
 SECTION 2.12. Collection Account. There shall be established on the day of the initial Incremental Transfer hereunder and
maintained, for the benefit of the Class Investors, with the Administrative Agent, a segregated account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit
of the Class Investors. On and after the occurrence of a Collection Agent Default or a Termination Event, the Collection Agent shall remit daily within forty-eight hours of receipt to the Collection Account all Collections received with respect to
any Receivables. Funds on deposit in the Collection Account (other than investment earnings) shall be invested by the Administrative Agent in Eligible Investments that will mature so that such funds will be available prior to the last day of each
successive Tranche Period following such investment. On the last day of each calendar month, all interest and earnings (net of losses and investment expenses) on funds on deposit in the Collection Account shall be retained in the Collection Account
and be available to make any payments required to be made hereunder (including any Discount) to the Administrative Agent or the applicable Class Investors. On the date after all Termination Dates on which the Aggregate Net Investment is zero, all
accrued Discount and Servicing Fees have been paid in full and all other Aggregate Unpaids have been paid in full, any funds remaining on deposit in the Collection Account shall be paid to the Transferor. 
 Section 2.7 SECTION 2.13. Sharing of Payments, Etc. If any Class Investor (for purposes of this Section only, being a
“Recipient”) shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of any portion of the Transferred Interest owned by it (other than pursuant to
Section 2.7, or Article VIII and other than as a result of the differences in the timing of the applications of Collections pursuant to Section 2.5 or 2.6) in excess of its ratable share of payments on account of any portion of the
Transferred Interest obtained by such Class Investor, each as entitled thereto, such Recipient shall forthwith purchase from the other Class Investors entitled to a share of such amount participations in the portion of the Transferred Interest owned
by such Class Investors as shall be necessary to cause such Recipient to share the excess payment ratably with each such other Person entitled thereto; provided, however, that if all or any portion of such excess payment is thereafter
recovered from such Recipient, such purchase from each such other Class Investor shall be rescinded and each such other Class Investor shall repay to the Recipient the purchase price paid by such Recipient for such participation to the extent of
such recovery, together with an amount equal to such other Class Investor’s ratable share (according to the proportion of (a) the amount of such other Person’s required payment to (b) the total amount so recovered from the
Recipient) of any interest or other amount paid or payable by the Recipient in respect of the total amount so recovered. 
 Section 2.8 SECTION 2.14. Rights of Set-off. Without in any way limiting the provisions of Section 2.13, each Class Investor is hereby authorized (in addition to any other rights it may have) at any
time after the occurrence of the Termination Date for its Class or during the continuance of a Termination Event or a Potential Termination Event for its Class to set-off, appropriate and apply (without presentment, demand, protest or other notice
which are hereby 

  

 40 

 
expressly waived) any deposits and any other indebtedness held or owing by such Class Investor to, or for the account of, the Transferor against the amount
of the Aggregate Unpaids owing by the Transferor to such Class Investor (even if contingent or unmatured). 
 ARTICLE III

 ARTICLE III  
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 SECTION 3.1. Representations and
Warranties of the Transferor. The Transferor represents and warrants to the Class Investors, the Class Agents and the Administrative Agent: 
 (a)(a) CorporateOrganization Existence and
Power; Compliance with Law. The Transferor (i) is a corporation duly organized, validly existing, and in good standing under the laws of itsthe jurisdiction of
incorporation andits organization, (ii) has all corporate power and all material governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its
business is now conductedthe corporate power or other organizational power and authority and the legal right to own and operate its property and to conduct its business, and (iii) is in compliance with all Requirements of Law except
where the failure to be in compliance would not have a Material Adverse Effect. 
 (b)(b) Corporate and
Governmental Authorization; Contravention. The execution, delivery and performance by the Transferor of this Agreement, the Purchase Agreement, the Fee Letter, the Supplemental Fee Letter, the Certificate and the Transfer Certificate are within
the Transferor’s corporate powers, have been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, Official Body or official thereof (except as contemplated by Section 2.8 hereof), and do
not contravene, or constitute a default under, any provision of applicable law or regulation or of the Certificate of Incorporation or Bylaws of the Transferor or of any agreement, judgment, injunction, order, decree or other instrument binding upon
the Transferor or result in the creation or imposition of any Adverse Claim on the assets of the Transferor or any of its Subsidiaries (except as contemplated by Section 2.8 hereof). 
 (c)(c) Binding Effect. Each of this Agreement, the Purchase Agreement, the Fee Letter, the Supplemental Fee Letter and
the Certificate constitutes and the Transfer Certificate upon payment of the Transfer Price set forth therein will constitute, the legal, valid and binding obligation of the Transferor, enforceable against it in accordance with its terms, subject to
applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally. 
 (d)(d) Perfection. Immediately preceding each Transfer hereunder, the Transferor shall be the owner of all of the Receivables, free and clear of all Adverse Claims. On or prior to each Transfer and each
recomputation of the Transferred Interest, all financing statements and other documents required to be recorded or filed in order to perfect and protect the Transferred Interest against all creditors of and purchasers from the Transferor and Tech
Data will have been duly filed in each filing office necessary for such purpose and all filing fees and taxes, if any, payable in connection with such filings shall have been paid in full. 
  

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 (e) Accuracy of Information. All information heretofore furnished by the
Transferor (including without limitation, the Investor Report furnished on a monthly basis and the Transferor’s financial statements) to any Class Investor, any Class Agent or the Administrative Agent for purposes of or in connection with this
Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by the Transferor to any Class Investor, any Class Agent or the Administrative Agent will be, true and accurate in every material respect, on the date
such information is stated or certified. 
 (e)(f) Tax Status. The Transferor has filed all tax returns (federal,
state and local) required to be filed and has paid or made adequate provision for the payment of all taxes, assessments and other governmental charges. 
 (f)(g) Action, Suits. Except as set forth in Exhibit H, there are no actions, suits or proceedings pending, or to the knowledge of the Transferor threatened, against or affecting the
Transferor or any Affiliate of the Transferor or their respective properties, in or before any court, arbitrator or other body, which may materially adversely affect the financial condition of the Transferor and the Subsidiaries taken as a whole or
materially adversely affect the ability of Transferor to perform its obligations under this Agreement. 
 (g)(h) Use of Proceeds. No proceeds of any Transfer will be used by the Transferor to acquire any security in any transaction which is subject to Section 13 or 14 of the Securities
Exchange Act of 1934, as amended. 
 (h)(i) Place of Business. The principal place of business and chief
executive office of the Transferor are located at the address of the Transferor indicated in Section 11.3 hereof and the offices where the Transferor keeps all its Records, are located at the address(es) described on Exhibit I or such other
locations notified to the Administrative Agent in accordance with Section 2.8 hereof in jurisdictions where all action required by Section 2.8 hereof has been taken and completed. 
 (i)(j) Good Title. Upon each Transfer and each recomputation of the Transferred Interest, the Administrative Agent, on
behalf of the applicable Class Investor(s), shall acquire a valid and perfected first priority undivided percentage ownership interest to the extent of the Transferred Interest or a first priority perfected security interest in each Receivable that
exists on the date of such Transfer and recomputation and in the Related Security and Collections with respect thereto free and clear of any Adverse Claim. 
 (j)(k) Tradenames, Etc. As of the date hereof: (i) the Transferor has only the Subsidiaries and divisions listed on Exhibit J hereto; and (ii) the Transferor has, within the
last five (5) years, operated only under the tradenames identified in Exhibit J hereto, and, within the last five (5) years, has not changed its name, merged with or into or consolidated with any other corporation or been the subject of
any proceeding under Title 11, United States Code (Bankruptcy), except as disclosed in Exhibit J hereto. 
  

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 (l) Nature of Receivables. Each Receivable (x) represented by the
Transferor or the Collection Agent to be an Eligible Receivable (including in any Investor Report or other report delivered pursuant to Section 2.11 hereof) or (y) included in the calculation of the Net Receivables Balance in fact
satisfies at such time the definition of “Eligible Receivable” set forth herein and is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act of 1940, as amended and, in the case of clause
(y) above, is not a Receivable of the type described in clauses (i) through (iii) of the definition of “Net Receivables Balance.” 
 (k)(m) Coverage Requirement; Amount of Receivables. The Aggregate Percentage Factor does not exceed the Maximum Percentage Factor. As of April 30, 2000, the
aggregate Outstanding Balance of the Receivables in existence was $938,016,434 and the Net Receivables Balance was $873,131,721. 
 (l)(n) No Termination Event. No event has occurred and is continuing and no condition exists which constitutes a Termination Event or a Potential Termination Event for any Class or if either such event has
occurred, the Transferor has notified the Administrative Agent in writing of either such event immediately upon learning of the occurrence thereof, describing the same and if applicable, the steps being taken by the Person(s) affected with respect
thereto. 
 (m)(o) Not an Investment Company. The Transferor is not an “investment company” within
the meaning of the Investment Company Act of 1940, as amended, or is exempt from all provisions of such Act. 
 (n)(p) ERISA. The Transferor and each of its ERISA Affiliates is in compliance in all material respects with ERISA and no ERISA lien exists on any of the Receivables. 
 (o)(q) Lock-Box Accounts. The name and address of the Bank where the Collection Agent Account is maintained, together
with the account number of such account, and the names and addresses of all the Lock-Box Banks, together with the account numbers of the Lock-Box Accounts at such Lock-Box Banks, are specified in Exhibit C hereto (or at such other Lock-Box Banks
and/or with such other Lock-Box Accounts as have been notified to the Administrative Agent and for which Lock-Box Agreements have been executed in accordance with Section 2.8(b) hereof and delivered to the Collection Agent). All Obligors and
Financing Parties have been instructed to make payment to a Lock-Box Account and only Collections are deposited into the Lock-Box Accounts. 
 (p)(r) Nonconsolidation. The Transferor is operated in such manner that the separate corporate existence of the Transferor, on the one hand, and Tech Data or any Affiliate thereof, on the other hand, shall not
be disregarded and, without limiting the generality of the foregoing: 
 (i) the Transferor
is a limited purpose corporation whose activities are restricted in its Certificate of Incorporation to activities related to purchasing or otherwise acquiring receivables and related property (including the Receivables and the Related Security) and
related assets and rights and 

  

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conducting any related or incidental business or activities it deems necessary or appropriate to carry out its primary purpose, including entering into
agreements like the Transaction Documents; 
 (i)(ii) the Transferor
has not engaged, and does not presently engage, in any activity other than those activities expressly permitted hereunder and under the other Transaction Documents, nor has the Transferor entered into any agreement other than this Agreement, the
other Transaction Documents to which it is a party, and with the prior written consent of each Class Agent and the Administrative Agent, any other agreement necessary to carry out more effectively the provisions and purposes hereof or thereof;

 (ii)(iii) (A) the Transferor maintains its own deposit account or accounts, separate from those of
any of its Affiliates, with commercial banking institutions, (B) the funds of the Transferor are not and have not been diverted to any other Person or for other than the corporate use of the Transferor and (cC), except
as may be expressly permitted by this Agreement, the funds of the Transferor are not and have not been commingled with those of any of its Affiliates; 
 (iii)(iv) to the extent that the Transferor contracts or does business with vendors or service providers where the goods and services provided are partially for
the benefit of any other Person, the costs incurred in so doing are fairly allocated to or among the Transferor and such entities for whose benefit the goods and services are provided, and each of the Transferor and each such entity bears its fair
share of such costs; and all material transactions between the Transferor and any of its Affiliates shall be only on an arm’s-length basis; 
 (iv)(v) the Transferor maintains a principal executive and administrative office through which its business is conducted and a telephone number and stationery
through which all business correspondence and communication are conducted, in each case separate from those of Tech Data and its Affiliates; 
 (v)(vi) the Transferor conducts its affairs strictly in accordance with its certificate of incorporation and observes all necessary, appropriate and customary
corporate formalities, including (A) holding all regular and special stockholders’ and directors’ meetings appropriate to authorize all corporate action (which, in the case of regular stockholders’ and directors’ meetings,
are held at least annually), (B) keeping separate and accurate minutes of such meetings, (c) passing all resolutions or consents necessary to authorize actions taken or to be taken, and (D) maintaining accurate and separate
books, records and accounts, including intercompany transaction accounts; 
 (vi) B) keeping separate and
accurate minutes of such meetings, (C) passing all resolutions or consents necessary to authorize actions taken or to be taken, and (D) maintaining accurate and separate books, records and accounts, including intercompany transaction
accounts; 
  

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 (vii) all decisions with respect to its business and daily operations
are independently made by the Transferor (although the officer making any particular decision may also be an employee, officer or director of an Affiliate of the Transferor) and are not dictated by any Affiliate of the Transferor; 
 (vii)(viii) the Transferor acts solely in its own corporate name and through its
own authorized officers and agents, and no Affiliate of the Transferor shall be appointed to act as its agent, except as expressly contemplated by this Agreement; 
 (viii)(ix) no Affiliate of the Transferor advances funds to the Transferor, other
than as is otherwise provided herein or in the other Transaction Documents, and no Affiliate of the Transferor otherwise supplies funds to, or guaranties debts of, the Transferor; provided, however, that an Affiliate of the Transferor
may provide funds to the Transferor in connection with the capitalization of the Transferor; 
 (ix)(x) other than organizational expenses and as expressly provided herein, the Transferor pays all expenses, indebtedness and other obligations incurred by it; 
 (x)(xi) the Transferor does not guarantee, and is not otherwise liable, with
respect to any obligation of any of its Affiliates; 
 (xi)(xii) any
financial reports required of the Transferor comply with generally accepted accounting principles and are issued separately from, but may be consolidated with, any reports prepared for any of its Affiliates; 
 (xii)(xiii) at all times the Transferor is adequately capitalized to engage in the
transactions contemplated in its certificate of incorporation; 
 (xiii)(xiv) the financial statements and books and records of the Transferor and Tech Data reflect the separate corporate existence of the Transferor; 
 (xiv)(xv) the Transferor does not act as agent for Tech Data or any Affiliate
thereof, but instead presents itself to the public as a corporation separate from each such member and independently engaged in the business of purchasing and financing the Receivables; 
 (xvi) the Transferor maintains a three-person board of directors, including at least one independent director, who has
never been, and shall at no time be a stockholder, director, officer, employee or associate, or any relative 

  

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of the foregoing, of Tech Data or any Affiliate thereof (other than the Transferor and any other bankruptcy-remote special purpose entity formed for the sole
purpose of securitizing, or facilitating the securitization of, financial assets of any Tech Data or any Affiliate thereof), all as provided in its certificate or articles of incorporation, and is otherwise reasonably acceptable to each Class Agent
and the Administrative Agent; and 
 (xv)(xvii) the certificate of
incorporation of the Transferor requires the affirmative vote of the independent director before a voluntary petition under Section 301 of the Bankruptcy Code may be filed by the Transferor, and the Transferor to maintain correct and complete
books and records of account and minutes of the meetings and other proceedings of its stockholders and board of directors. 
 (q)
Compliance with Credit and Collection Policy. The Transferor has complied in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any material changes to such Credit
and Collection Policy, except such material change as to which the Agent has been notified. 
 (r) Accounting. The manner in which
the Transferor accounts for the transactions contemplated by this Agreement and the Purchase Agreement does not jeopardize the trust sale analysis pursuant to the Purchase Agreement. 
 Section 3.2 SECTION 3.2. Reaffirmation of Representations and Warranties by the Transferor. On each day that a
Transfer is made hereunder, the Transferor, by accepting the proceeds of such Transfer, whether delivered to the Transferor pursuant to Section 2.2(a) or Section 2.5 hereof, shall be deemed to have certified that all representations and
warranties described in Section 3.1 hereof are correct on and as of such day as though made on and as of such day. Each Incremental Transfer shall be subject to the further condition precedent that prior to the date of such Transfer, the
Collection Agent shall have delivered to each Class Agent and the Administrative Agent, in form and substance satisfactory to the each Class Agent and the Administrative Agent, a completed Investor Report dated within 14 days prior to the date of
such Transfer, together with a listing by Obligor, if requested, and such additional information as may be reasonably requested by any Class Agent or the Administrative Agent; and the Transferor shall be deemed to have represented and warranted that
such conditions precedent have been satisfied. 
 Any document, instrument, certificate or notice delivered to any Class Investor hereunder
shall be deemed a representation and warranty by the Transferor to the extent that such document, instrument, certificate or notice contains any statement of fact, which shall not include forward-looking statements. 
 Section 3.3 SECTION 3.3. Representations and Warranties of Tech Data, as Collection Agent. Tech Data, as Collection
Agent represents and warrants to the Class Investors, the Class Agents and the Administrative Agent that: 
 (a)(a)
Corporate Existence and Power. Tech Data is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of 

  

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incorporation and has all corporate power and all material governmental licenses, authorizations, consents and approvals required to carry on its business in
each jurisdiction in which its business is now conducted. 
 (b) Corporate and Governmental
Authorization; Contravention. The execution, delivery and performance by Tech Data of this Agreement, the Fee Letter, the Supplemental Fee Letter and the Purchase Agreement are within Tech Data’s corporate powers, have been duly authorized
by all necessary corporate action, require no action by or in respect of, or filing with, any Official Body or official thereof (except for the filing of UCC financing statements in connection with the Purchase Agreement), and do not contravene, or
constitute a default under, any provision of applicable law or regulation or of the Certificate of Incorporation or Bylaws of Tech Data or of any agreement, judgment, injunction, order, decree or other instrument binding upon Tech Data or result in
the creation or imposition of any Adverse Claim on the assets of Tech Data or any of its Subsidiaries except as contemplated by this Agreement and the Purchase Agreement. 
 (b)(c) Binding Effect. Each of this Agreement, the Fee Letter, the Supplemental Fee Letter and the Purchase Agreement
constitute the legal, valid and binding obligation of Tech Data, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors. 
 (c)(d) Accuracy of Information. All information heretofore furnished by Tech Data to the Transferor, any Class Agent, any
Class Investor or the Administrative Agent for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by Tech Data to the Transferor, any Class Agent, any Class
Investor or the Administrative Agent will be, true and accurate in every material respect, on the date such information is stated or certified. 
 (d)(e) Tax Status. Tech Data has filed all tax returns (federal, state and local) required to be filed and has paid or made adequate provision for the payment of all taxes, assessments and other governmental
charges. 
 (e)(f) Action, Suits. Except as set forth in Exhibit H hereto, there are no actions, suits or
proceedings pending, or to the knowledge of Tech Data threatened, against or affecting Tech Data or any Affiliate of Tech Data or their respective properties, in or before any court, arbitrator or other body, which may materially adversely affect
the financial condition of Tech Data and its Subsidiaries taken as a whole or materially adversely affect the ability of Tech Data to perform its obligations under this Agreement. 
 (f)(g) Credit and Collection Policy. Since March 30, 2000 there have been no material changes in Tech Data’s
Credit and Collection Policy; since such date, no material adverse change has occurred in the overall rate of collection of the Receivables. 
 (g)(h) Collections and Servicing. Since March 30, 2000 there has been no material adverse change in the ability of Tech Data to service and collect the Receivables. 
  

 47 

 (h)(i) Place of Business. The principal place of business and chief
executive office of Tech Data are located at the address of Tech Data indicated in Section 11.3 hereof and the offices where Tech Data keeps all its Records, are located at the address(es) described on Exhibit I or such other locations notified
to the Administrative Agent in accordance with Section 2.8 hereof in jurisdictions where all action required by Section 2.8 hereof has been taken and completed. 
 (j) Tradenames, Etc. As of the date hereof: (i) Tech Data has, within the last five (5) years, operated only under the tradenames
that it has protected, and, within the last five (5) years, has not changed its name, merged with or into or consolidated with any other corporation or been the subject of any proceeding under Title 11, United States Code (Bankruptcy), except
as disclosed in Exhibit J hereto. 
 (i)(k) Nature of Receivables. Each Receivable is an “eligible
asset” as defined in Rule 3a-7 under the Investment Company Act of 1940, as amended. 
 (j)(l) No
Termination Event. No event has occurred and is continuing and no condition exists which constitutes a Termination Event or a Potential Termination Event for any Class or if either such event has occurred, Tech Data has notified the
Administrative Agent in writing of either such event immediately upon learning of the occurrence thereof, describing the same and if applicable, the steps being taken by the Person(s) affected with respect thereto. 
 (k)(m) Not an Investment Company. Tech Data is not an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, or is exempt from all provisions of such Act. 
 (l)(n) ERISA. Tech Data is
in compliance in all material respects with ERISA and no lien exists in favor of the Pension Benefit Guaranty Corporation on any of the Receivables. 
 Section 3.4 SECTION 3.4. Reaffirmation of Representations and Warranties by Tech Data, as Collection Agent. On each day that a Transfer is made hereunder, Tech Data shall be deemed
to have certified that all representations and warranties described in Section 3.3 are correct on and as of such day as though made on and as of such day. 
 Any document, instrument, certificate or notice delivered to the Administrative Agent, any Class Agent or any Class Investor hereunder shall be deemed a representation and warranty by Tech Data. 
 ARTICLE IV 
 ARTICLE IV
 
 CONDITIONS PRECEDENT 
 Section 4.1 SECTION 4.1. Conditions to Closing. On or prior to the date of execution hereof, the Transferor shall deliver to the Administrative Agent and each Class Agent 

  

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the following documents, instruments and fees all of which shall be in a form and substance acceptable to the Administrative Agent and each Class Agent:

 (a)(a) A copy of the resolutions of the Board of Directors of the Transferor and Tech Data certified by its
Secretary approving the execution, delivery and performance by the Transferor and Tech Data of this Agreement, the Purchase Agreement and the other Transaction Documents to be delivered by the Transferor and Tech Data hereunder or thereunder.

 (b)(b) The Articles of Incorporation of the Transferor and of Tech Data certified by the Secretary of State or
other similar official of the Transferor’s and Tech Data’s respective jurisdictions of incorporation, each dated a date reasonably prior to the Closing Date. 
 (c)(c) A Good Standing Certificate for the Transferor and a Certificate of Status for Tech Data issued by the Secretary of State or a similar official of the Transferor’s and Tech
Data’s respective jurisdictions of incorporation and certificates of qualification as a foreign corporation issued by the Secretaries of State or other similar officials of each jurisdiction where such qualification is material to the
transactions contemplated by this Agreement and the other Transaction Documents, in each case, dated a date reasonably prior to the Closing Date. 
 (d)(d) A Certificate of the Secretary of the Transferor and Tech Data substantially in the form of Exhibit L attached hereto certifying (i) the names and signatures of the officers authorized on its behalf to
execute this Agreement, the Purchase Agreement, the Certificate, the Fee Letter, the Supplemental Fee Letter and any other documents to be delivered by it hereunder (on which Secretary’s Certificates each Class Investor may conclusively rely
until such time as the Administrative Agent shall receive from the Transferor and Tech Data a revised Certificate meeting the requirements of this clause (d)(i)) and (ii) a copy of the Transferor’s and Tech Data’s By-Laws. 

(e)(e) Copies of proper financing statements (Form UCC-1), dated a date reasonably near to the date of the initial
Incremental Transfer naming the Transferor as the debtor in favor of the Administrative Agent, as secured party for the benefit of the Class Investors, or other similar instruments or documents as may be necessary or in the reasonable opinion of the
Administrative Agent desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the Administrative Agent’s undivided percentage interest in all Receivables and the Related Security and Collections relating
thereto. 
 (f) Copies of proper financing statements (Form UCC-1), dated a date reasonably near to the date of the initial
Incremental Transfer naming Tech Data as the debtor in favor of the Transferor as secured party and the Administrative Agent, for the benefit of the Class Investors, as assignee of the secured party or other similar instruments or documents as may
be necessary or in the reasonable opinion of the Administrative Agent desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the Transferor’s ownership interest in all Receivables. 
  

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 (f)(g) Copies of proper financing statements (Form UCC-3) necessary to terminate
all security interests and other rights of any person in Receivables previously granted by Tech Data or any of its Subsidiaries. 
 (g)(h) Certified copies of requests for information or copies (Form UCC-11) (or a similar search report certified by parties acceptable to the Administrative Agent) dated a date reasonably near the date of the
initial Incremental Transfer listing all effective financing statements which name the Transferor or the Seller (under their respective present names and any previous names) as debtor and which are filed in jurisdictions in which the filings were
made pursuant to items (e) or (f) above together with copies of such financing statements (none of which shall cover any Receivables or Contracts). 
 (h)(i) Executed copies of the Lock-Box Agreements, relating to each of the Lock-Boxes and the Lock-Box Accounts, and an executed copy of the agreement referred to in Section 2.8(b).

 (i)(j) An opinion of David Vetter, counsel to Tech Data, addressing certain corporate matters relating to Tech
Data, covering the appropriate matters set forth in Exhibit K hereto. 
 (j)(k) An opinion of Holland &
Knight, LLP, special counsel to the Transferor, addressing certain corporate and bankruptcy matters relating to the Transferor, covering the appropriate matters set forth in Exhibit K hereto, which shall include, among other things, opinions as to
“true sale” and nonconsolidation. 
 (k)(l) A certificate of the Transferor and Tech Data in the form of
Exhibit L-1 and Exhibit L-2 hereto. 
 (l)(m) A hard copy, microfiche or computer tape setting forth all Receivables
and the Outstanding Balances thereon and such other information as the Administrative Agent may reasonably request. 
 (m)(n) An executed copy of this Agreement, the Purchase Agreement and the Fee Letter. 
 (n)(o) The Transfer Certificate, duly executed by the Transferor. 
 (p) The Certificate,
duly executed by the Transferor and appropriately completed. 
 (q) An Investor Report for April 30, 2000. 

(o)(r) The agreements necessary to terminate the Existing Agreement and any agreements and other ancillary documents related
thereto. 
 (p)(s) Such other documents, instruments, certificates and opinions as the Administrative Agent or any
Class Agent, shall reasonably request. 
  

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 ARTICLE V 
 ARTICLE V  
 COVENANTS 
 Section 5.1 SECTION 5.1. Affirmative Covenants of Transferor. At all times from the date hereof to the later to occur
of (i) the Termination Dates or (ii) the date on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees shall have been paid in full and all other Aggregate Unpaids shall have been paid in
full, in cash, unless the Administrative Agent, with the consent of the Majority Investors, shall otherwise consent in writing: 
 (a)(a) Reports. The Transferor shall deliver to the Administrative Agent and each Class Agent: 
 (i) (i) Annual Reporting. Within ninety-five (95) days after the close of each of its fiscal years, for itself consolidated and consolidating
unaudited balance sheets as at the close of such fiscal year and consolidated and consolidating profit and loss and reconciliation of surplus statements and a statement of cash flows for the period from the beginning of such fiscal year to the end
of such fiscal year, all certified by one of its Responsible Officers. 
 (ii)
(ii) Quarterly Reporting. Within fifty (50) days after the close of the first three quarterly periods of each of its fiscal years, for itself consolidated and consolidating unaudited balance sheets as at the close of each
such period and consolidated and consolidating profit and loss and reconciliation of surplus statements and a statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, all certified by one of its
Responsible Officers. 
 (iii) (iii) Compliance Certificate.
Within ninety-five (95) days of the close of each of its fiscal years and within fifty (50) days of the close of each of the first three fiscal quarters of each of its fiscal years, a compliance certificate signed by one of its Responsible
Officers stating that no Termination Event or Potential Termination Event exists for any Class, or if any Termination Event or Potential Termination Event exists for any Class, stating the nature and status thereof. 
 (iv) (iv) Notice of Termination Events or Potential Termination Events. As
soon as possible and in any event within two days after the occurrence of each Termination Event or each Potential Termination Event for each Class, a statement of the chief financial officer or chief accounting officer of 

  

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the Transferor setting forth details of such Termination Event or Potential Termination Event and the action which the Transferor proposes to take with
respect thereto. 
 (v) Change in Credit and Collection Policy. Within 15 days after
the date any material change in or amendment to the Credit and Collection Policy is made, a copy of the Credit and Collection Policy then in effect indicating such change or amendment. 
 (v)(vi) ERISA. Promptly after the filing or receiving thereof, copies of
all reports and notices with respect to any “reportable event” (as defined in Article IV of ERISA) which the Transferor, Tech Data or any domestic Affiliate of the Transferor files under ERISA with the Internal Revenue Service, the Pension
Benefit Guaranty Corporation or the U.S. Department of Labor or which the Transferor, Tech Data or any domestic Affiliates of the Transferor receives from the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department
of Labor. 
 (vi) (vii) Other
Information. Such other information (including non-financial information) as the Administrative Agent, or the Administrative Agent, may from time to time reasonably request. 
 (b) (b) Conduct of Business. The Transferor will carry on and conduct its business in substantially the same manner and
in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation in its jurisdiction of incorporation and maintain
all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 
 (c) (c)
Compliance with Laws. The Transferor will comply in all material respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject. 
 (d) (d) Furnishing of Information and Inspection of Records. The Transferor will furnish to the Administrative Agent from
time to time such information with respect to the Receivables as the Administrative Agent may reasonably request, including, without limitation, listings identifying the Obligor and the Outstanding Balance for each Receivable. The Transferor will at
any time and from time to time during regular business hours upon forty-eight (48) hours prior written notice, permit the Administrative Agent, or its agents or representatives, (i) to examine and make copies of and abstracts from all
Records and (ii) to visit the offices and properties of the Transferor or Tech Data, as applicable, for the purpose of examining such Records, and to discuss matters relating to Receivables or the Transferor’s performance hereunder with
any of the officers, directors, employees or independent public accountants of the Transferor having knowledge of such matters. 
 (e) Keeping of Records and Books of Account. The Transferor will maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Receivables in
the event of the destruction of the originals 

  

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thereof), and keep and maintain, all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables
(including, without limitation, records adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable); provided, that the Transferor shall not be required to keep and
maintain such records with respect to any Receivables for a period of more than sixty (60) days after such Receivables shall have been paid in full by the Obligors thereof. The Transferor will give the Administrative Agent notice of any
material change in the administrative and operating procedures referred to in the previous sentence. 
 (e)
(f) Performance and Compliance with Receivables and Contracts. The Transferor will at its expense 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 Receivables. 
 (f) (g) Credit
and Collection Policies. The Transferor will comply in all material respects with the Credit and Collection Policy in regard to each Receivable and the related Contract. 
 (g) (h) Collections. The Transferor shall instruct, or cause to be instructed, all
Obligors and Financing Parties to cause all Collections to be deposited directly to a Lock-Box Account. 
 (h) (i) Collections Received by Transferor. The Transferor shall hold in trust, and deposit, immediately, but in any event not later than forty-eight (48) hours of its
receipt thereof, to a Lock-Box Account all Collections received from time to time by the Transferor (including without limitation, in the case of the Transferor, all Collections deemed to have been received by the Transferor under
Section 2.9(a)). 
 (i) (j) Sale Treatment. The Transferor shall not
(i) account for (including for accounting and tax purposes), or otherwise treat, the transactions contemplated by the Purchase Agreement in any manner other than as a sale of Receivables by Tech Data to the Transferor, or (ii) account for
(other than for tax purposes) or otherwise treat the transactions contemplated hereby in any manner other than as a sale of the Receivables by the Transferor to the Administrative Agent on behalf of the Class Investors. In addition the Transferor
shall disclose (in a footnote or otherwise) in all of its financial statements (including any such financial statements consolidated with any other Persons’ financial statements) the existence and nature of the transaction contemplated hereby
and by the Purchase Agreement and the interest of the Transferor (in the case of Tech Data’s financial statements) and the Administrative Agent, on behalf of the Class Investors, in the Affected Assets. 
 (j) (k) Organizational Documents. The Transferor shall only amend, alter, change or repeal
its Certificate of Incorporation with the prior written consent of the Administrative Agent and each Class Agent. 
 (l)
Minimum Net Worth. The Transferor shall at all times maintain a net worth in accordance with GAAP which is not less than an amount equal to the sum of (i) the Outstanding Balance of all Defaulted Receivables at such time,
(ii) the Outstanding Balance of all 

  

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Delinquent Receivables at such time and (iii) the sum of the Outstanding Balance of the three largest Receivables of the non-investment grade Obligors;
provided, however, that in any case, the net worth shall never be less than 7.5% of the Aggregate Facility Limit. 
 (k) (m) Credit Agreement. Prior to a Termination Event, the Transferor shall exercise its rights against Tech Data under the Credit Agreement (including its set-off rights) in a
manner such that it shall be able to meet all of its obligations under this Agreement (to the extent permitted by the terms of the Credit Agreement). After a Termination Event, the Transferor shall exercise its rights under the Credit Agreement
(including its set-off rights) as directed by the Administrative Agent with the approval of the Majority Investors. 
 (l) (n) Legends. At all times from and after September 30, 2005, the Transferor shall cause each and every electronic representation of any Receivable (whether in disk, tape
or other medium), as well as any paper printout of any such electronic records, to be clearly marked with the following legend: “ANY PROSPECTIVE PURCHASER OF THE ACCOUNTS DESCRIBED HEREIN OR ANY SECURED PARTY WITH RESPECT THERETO IS HEREBY
NOTIFIED THAT AN INTEREST IN THESE ACCOUNTS HAS BEEN SOLD OR TRANSFERRED TO A THIRD PARTY LENDER, PURCHASER OR SECURED PARTY.” Such legend shall be in bold, in type face at least as large as 10 point and shall be entirely in capital letters.

 (m) Insurance. The Transferor will maintain or cause to be maintained with financially sound and reputable insurers, insurance with
respect to its properties and business, and the properties and business of its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types
and in such amounts as is customary for such companies under similar circumstances; provided, however, that in any event the Transferor shall use its best efforts to maintain, or cause to be maintained, insurance in amounts and with coverages not
materially less favorable to the Transferor or any of its Subsidiaries as in effect on the date of this Agreement. 
 Section 5.2
SECTION 5.2. Negative Covenants of Transferor. At all times from the date hereof to the later to occur of (i) the Termination Dates or (ii) the date on which the Aggregate Net Investment has been reduced to
zero, all accrued Discount and Servicing Fees shall have been paid in full and all other Aggregate Unpaids shall have been paid in full, in cash, unless the Administrative Agent, with the consent of the Majority Investors, shall otherwise consent in
writing: 
 (a) (a) No Sales, Liens, Etc. Except as otherwise provided herein,
the Transferor will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or the filing of any financing statement) or with respect to (x) any of the Affected Assets,
(y) any inventory or goods, the sale of which may give rise to a Receivable or any Receivable or related Contract, or (z) any account which concentrates in a Lock-Box Bank to which any Collections of any Receivable are sent, or assign any
right to receive income in respect thereof. Notwithstanding the foregoing, the Transferor may sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist an Adverse Claim on any (i) goods or
inventory held on consignment solely with respect to the consignor’s interest; and (ii) Receivable for which Transferor has procured credit insurance, all Collections to  

  

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be received thereon, and all Related Security and Proceeds in respect of or in connection with such insured Receivable, where (a) such credit
insurance has paid all or part of the Outstanding Balance of such Receivable; (b) such Receivable (i.e., the portion of such Receivable covered by the credit insurance as well as the portion not covered by such credit insurance) has been
written off by the Transferor and the Collection Agent in accordance with the Credit and Collection Policy; and (c) if a Termination Event shall have occurred, the Administrative Agent shall have consented to such release in writing.

 (b) (b) No Extension or Amendment of Receivables. Except as otherwise
permitted in Section 6.2 hereof, the Transferor will not extend, amend or otherwise modify the terms of any Receivable, or amend, modify or waive any term or condition of any Contract related thereto. 
 (c) No Change in Business or Credit and Collection Policy. The Transferor will not engage in any business other than acquiring
accounts receivable from Tech Data pursuant to the Purchase Agreement, financing such acquisition pursuant hereto, making loans to Tech Data and Subsidiaries of Tech Data and other activities incidental thereto. The Transferor will not make any
change in the Credit and Collection Policy, which change would impair the collectibility of the Receivables in a material respect. 
 (c) (d) No Mergers, Etc. The Transferor will not (i) consolidate or merge with or into any other Person, or (ii) sell, lease or transfer all or substantially all of its
assets to any other person. 
 (d) (e) Change in Payment Instructions to
Obligors. The Transferor will not add or terminate any bank as a Lock-Box Bank or any account as a Lock-Box Account to or from those listed in Exhibit C hereto or make any change in its instructions to Obligors or Financing Parties
regarding payments to be made to any Lock-Box Account, unless (i) such instructions are to deposit such payments to another existing Lock-Box Account or (ii) the Administrative Agent shall have received written notice of such addition,
termination or change at least 30 days prior thereto and the Administrative Agent shall have received a Lock-Box Agreement executed by each new Lock-Box Bank or an existing Lock-Box Bank with respect to each new Lock-Box Account, as applicable.

 (e) (f) Deposits to Lock-Box Accounts. The Transferor will not deposit or
otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections of Receivables or cash proceeds of other receivables that were originally Receivables but were not Eligible
Receivables on the date of the initial Transfer hereunder and so were subsequently repurchased by the Transferor pursuant to Section 2.9 and, upon any deposit of any proceeds of such other receivables to any Lock-Box Account, remove such
proceeds within two Business Days following such deposit. 
 (f) (g) Change of
Name, Etc. The Transferor will not change its name, identity or structure or the location of its chief executive office or its jurisdiction of organization, unless at least 10 days prior to the effective date of any such change the Transferor
delivers to the Administrative Agent (i) such documents, instruments or agreements, executed by the Transferor, necessary to reflect such change and to continue the perfection of the Administrative Agent’s 

  

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ownership interests or security interests in the Affected Assets and (ii) new or revised Lock-Box Agreements executed by the Lock-Box Banks which
reflect such change and enable the Administrative Agent to continue to exercise its rights contained in Section 2.8 hereof. 
 (h) Amendment to Purchase Agreement. The Transferor will not amend, modify or supplement the Purchase Agreement or any other Transaction Document, or waive any provision thereof, or enter into any consent with
respect thereto, in each case except with the prior written consent of the Administrative Agent and the Majority Investors; nor shall the Transferor take, or permit Tech Data to take, any other action under the Purchase Agreement that could have a
material adverse effect on the Administrative Agent or any Class Investor or which is inconsistent with the terms of this Agreement. 
 (g) (i) Separate Business; Nonconsolidation. The Transferor shall not (i) engage in any business not permitted by its Certificate of Incorporation as in effect on the
Closing Date or (ii) conduct its business or act in any other manner which is inconsistent with Section 3.1(r). The officers and directors of the Transferor (as appropriate) shall make decisions with respect to the business and daily
operations of the Transferor independent of and not dictated by Tech Data or any other controlling Person. 
 (h)
(j) Other Agreements. The Transferor shall not enter into any other agreements except this Agreement and the other Transaction Documents, unless the Administrative Agent consents in writing. The Administrative
Agent hereby consents to the Transferor entering into the Lease Agreement, provided that such consent is limited to the Lease Agreement in the form and substance reviewed by the Administrative Agent. 
 (i) (k) Other Indebtedness. The Transferor shall not incur any Indebtedness other than
(i) as permitted by the Transaction Documents and (ii) Indebtedness existing under the Lease Agreement. 
 Section 5.3
SECTION 5.3. Affirmative Covenants of Tech Data. At all times from the date hereof to the later to occur of (i) the Termination Dates or (ii) the date on which the Aggregate Net Investment has been reduced to
zero, all accrued Discount and Servicing Fees shall have been paid in full and all other Aggregate Unpaids shall have been paid in full, in cash, unless the Administrative Agent, with the consent of the Majority Investors, shall otherwise consent in
writing: 
 (a) (a) Financial Reporting. Tech Data will maintain, for itself,
a system of accounting established and administered in accordance with generally accepted accounting principles, and furnish to the Administrative Agent (who shall forward such information to the Class Agents): 
 (i) Annual Reporting. Within ninety-five (95) days after the close of each of its fiscal years, an
unqualified audit report certified by independent certified public accountants prepared in accordance with generally accepted accounting principles on a consolidated and consolidating basis (consolidating statements need not be certified by such
accountants) for itself including balance sheets as of the end of such period, related profit and loss and 

  

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reconciliation of surplus statements, and a statement of cash flows, accompanied by any management letter prepared by said accountants and by a certificate
of said accountants that, in the course of the foregoing, they have obtained no knowledge of any Termination Event or Potential Termination Event, or if, in the opinion of such accountants, any Termination Event or Potential Termination Event shall
exist, stating the nature and status thereof. The independent certified public accountants shall be either KPMG, PricewaterhouseCoopers, Ernst & Young LLP, Deloitte and Touche, Arthur Andersen or any other independent certified public
accountants acceptable to the Administrative Agent. 
 (i)
(ii) Quarterly Reporting. Within fifty (50) days after the close of the first three quarterly periods of each of its fiscal years, for itself consolidated and consolidating unaudited balance sheets
as at the close of each such period and consolidated and consolidating profit and loss and reconciliation of surplus statements and a statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, all
certified by one of its Responsible Officers. 
 (ii)
(iii) Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate signed by one of its Responsible Officers stating that no Termination Event or Potential
Termination Event exists for any Class, or if any Termination Event or Potential Termination Event exists for any Class, stating the nature and status thereof and containing a computation of, and showing compliance with, each of the financial ratios
and restrictions contained in this Agreement. 
 (iii)
(iv) Shareholders Statements and Reports. Promptly upon the furnishing thereof to the shareholders of Tech Data, copies of all financial statements, reports and proxy statements so furnished.

 (iv) (v) S.E.C. Filings. Promptly
upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which Tech Data or any subsidiary files with the Securities and Exchange Commission; provided, that Tech Data may
alternatively notify the Administrative Agent (which notice the Administrative Agent shall forward to each Class Agent) that such reports are available on the EDGAR Database. 
 (v) (vi) Other Information. Such other information
(including non-financial information) as the Administrative Agent may from time to time reasonably request. 
 (b)
Conduct of Business. Tech Data will, and will cause each of its Subsidiaries to, carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and
to do all things necessary to remain duly incorporated, validly existing and in good standing as a domestic corporation in its jurisdiction of incorporation and maintain all requisite authority to conduct its business in each jurisdiction in which
its business is conducted, except to the extent that any failure with respect to the foregoing does not have a material adverse effect on the business or operations of Tech Data or the performance by Tech Data under any of the Transaction Documents.

  

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 (b) (c) Compliance with Laws. Tech Data will, and will
cause each of its Subsidiaries to, comply in all material respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it or its properties may be subject. 
 (c) (d) Furnishing of Information and Inspection of Records. Tech Data will furnish to the
Transferor and the Administrative Agent from time to time such information with respect to the Receivables as the Transferor or the Administrative Agent may reasonably request, including, without limitation, listings identifying the Obligor and the
Outstanding Balance for each Receivable. Tech Data will at any time and from time to time during regular business hours upon forty-eight (48) hours prior written notice, permit the Administrative Agent, or its agents or representatives,
(i) to examine and make copies of and abstracts from all Records and (ii) to visit the offices and properties of Tech Data for the purpose of examining such Records, and to discuss matters relating to Receivables or Tech Data’s
performance hereunder with any of the officers, directors, employees or independent public accountants of Tech Data having knowledge of such matters. 
 (d) (e) Keeping of Records and Books of Account. Tech Data will maintain and implement administrative and operating procedures (including, without
limitation, an ability to recreate records evidencing Receivables 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 Receivables (including, without limitation, records adequate to permit the daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable); provided, that Tech Data shall not
be required to keep and maintain such records with respect to any Receivables for a period of more than sixty (60) days after such Receivables shall have been paid in full by the Obligors thereof. Tech Data will give the Administrative Agent
notice of any material change in the administrative and operating procedures referred to in the previous sentence. 
 (e) (f) Performance and Compliance with Receivables and Contracts. Tech Data, at its expense, 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 Receivables and all purchase orders and other agreements related to such Receivables. 
 (f) (g) Credit and Collection Policies. Tech Data will comply in all material respects with the Credit and Collection Policy in regard to each Receivable
and the related Contract. 
 (g) (h) Collections. Tech Data shall instruct all
Obligors and Financing Parties to cause all Collections to be deposited directly to a Lock-Box Account. 
 (i)
Collections Received by Tech Data. Tech Data shall hold in trust, and deposit, immediately, but in any event not later than forty-eight (48) hours of its receipt thereof, to a Lock-Box Account or the Collection Agent Account all
Collections received from time to time by Tech Data. 
  

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 (h) (j) Transfer of Receivables. Tech Data
shall sell or contribute Receivables (as defined in the Purchase Agreement) to the Transferor at such time or times as necessary in order to cause the Aggregate Percentage Factor not to exceed the Maximum Percentage Factor. 
 (i) (k) Legends. At all times from and after July 31, 2000, Tech Data shall cause
each and every electronic representation of any Receivable (whether in disk, tape or other medium), as well as any paper printout of any such electronic records, to be clearly marked with the following legend: “THE ACCOUNTS DESCRIBED HEREIN
HAVE BEEN SOLD TO TECH DATA FINANCE SPV, INC. AND AN INTEREST IN THESE ACCOUNTS HAS BEEN TRANSFERRED TO BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, ON BEHALF OF CERTAIN INVESTORS.” Such legend shall be in bold, in type face at least as
large as 10 point and shall be entirely in capital letters. 
 Section 5.4 SECTION 5.4. Negative Covenants of
Tech Data. At all times from the date hereof to the later to occur of (i) the Termination Dates or (ii) the date on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees shall have been
paid in full and all other Aggregate Unpaids shall have been paid in full, in cash, unless the Administrative Agent, with the consent of the Majority Investors, shall otherwise consent in writing: 
 (a) (a) No Sales, Liens, Etc. Except as otherwise provided herein,
Tech Data will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or the filing of any financing statement) or with respect to (x) any of the Affected Assets,
(y) any inventory or goods, the sale of which may give rise to a Receivable or any Receivable or related Contract, or (z) any account which concentrates in a Lock-Box Bank to which any Collections of any Receivable are sent, or assign any
right to receive income in respect thereof. Notwithstanding the foregoing, Tech Data may sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist an Adverse Claim on any goods or inventory held on
consignment solely with respect to the consignor’s interest. 
 (b) (b) No
Extension or Amendment of Receivables. Except as otherwise permitted in Section 6.2 hereof, Tech Data will not extend, amend or otherwise modify the terms of any Receivable, or amend, modify or waive any term or condition of any Contract
related thereto. 
 (c) (c) No Change in Business or Credit and Collection
Policy. Tech Data will not make any change in the character of its business or in the Credit and Collection Policy, which change would, in either case, impair the collectibility of the Receivables in a material respect. 
 (d) No Mergers, Etc. Tech Data will not (i) consolidate or merge with or into any other Person if such action shall result
in a Potential Termination Event or a Termination Event for any Class or Tech Data shall not be the surviving entity or (ii) sell, lease or transfer all or substantially all of its assets to any other person. 
  

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 (d) (e) Change in Payment Instructions to
Obligors. Tech Data will not add or terminate any bank as a Lock-Box Bank or any account as a Lock-Box Account to or from those listed in Exhibit C hereto or make any change in its instructions to Obligors and Financing Parties regarding
payments to be made to any Lock-Box Account, unless (i) such instructions are to deposit such payments to another existing Lock-Box Account or (ii) the Administrative Agent shall have received written notice of such addition, termination
or change at least 30 days prior thereto and the Administrative Agent shall have received a Lock-Box Agreement executed by each new Lock-Box Bank or an existing Lock-Box Bank with respect to each new Lock-Box Account, as applicable. 
 (e) (f) Deposits to Lock-Box Accounts. Tech Data will not deposit or otherwise credit, or
cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections of Receivables or cash proceeds or other receivables that were originally Receivables but were not Eligible Receivables on the date
of the initial Transfer hereunder and so were subsequently repurchased by the Transferor pursuant to Section 2.9 and, upon any deposit of any proceeds of such other receivables to any Lock-Box Account, remove such proceeds within two Business
Days following such deposit. 
 (f) (g) Change of Name, Etc. Tech Data will
not change its name, identity or structure or location of its chief executive office or its jurisdiction of organization, unless at least 10 days prior to the effective date of any such change Tech Data delivers to the Transferor and the
Administrative Agent (i) such documents, instruments or agreements, executed by the Transferor, as are necessary to reflect such change and to continue the perfection of the Transferor’s ownership interest in the Receivables and
(ii) new or revised Lock-Box Agreements executed by the Lock-Box Banks which reflect such change and enable the Administrative Agent on behalf of the Class Investors to continue to exercise its rights contained in Section 2.8 hereof.

 SECTION 5.5. Financial Covenants of the Collection Agent. At all times from the date hereof to the later to occur
of (i) the Termination Dates or (ii) the date on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees shall have been paid in full and all other Aggregate Unpaids shall have been paid in
full, in cash, unless the Administrative Agent, each Class Conduit (so long as such Class Conduit holds any portion of the Transferred Interest), each Class Agent and the Majority Investors shall otherwise consent in writing, the Collection Agent
hereby covenants and agrees to observe and perform the financial covenants set forth on and as of the date hereof in Section 8.13 of the Third Amended and Restated Credit Agreement dated as of March 20, 2007 among Tech Data Corporation,
each lender from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (the “Tech Data Credit Agreement”). No amendment, modification or waiver of or to the Tech Data Credit
Agreement (including in respect of Section 8.13 thereof or in respect of the definition of any financial term or any method of calculation thereunder), nor any termination or expiration of the Tech Data Credit Agreement, shall have any effect
hereunder unless consented to by the Administrative Agent, each Class Conduit (so long as such Class Conduit holds any portion of the Transferred Interest), each Class Agent and the Majority Investors. 
  

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 ARTICLE VI 
 ARTICLE VI  
 ADMINISTRATION AND COLLECTIONS 
 Section 6.1 SECTION 6.1. Appointment of Collection Agent. The servicing, administering and collection of the
Receivables shall be conducted by such Person (the “Collection Agent”) so designated from time to time in accordance with this Section 6.1. Until the Administrative Agent gives notice to Tech Data of the designation of a new
Collection Agent, Tech Data is hereby designated as, and hereby agrees to perform the duties and obligations of, the Collection Agent pursuant to the terms hereof. The Collection Agent may not delegate any of its rights, duties or obligations
hereunder, or designate a substitute Collection Agent, without the prior written consent of the Administrative Agent, and provided that the Collection Agent shall continue to remain solely liable for the performance of the duties as Collection Agent
hereunder. The Administrative Agent may, with the consent of and upon the direction of the Majority Investors, shall, after the occurrence of a Collection Agent Default or any other Termination Event for any Class designate as Collection Agent any
Person (including itself) to succeed Tech Data or any successor Collection Agent, on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Collection Agent pursuant to the terms
hereof. The Administrative Agent, at any time following the occurrence of a Termination Event for any Class, may notify any Obligor of the Transferred Interest. 
 Section 6.2 SECTION 6.2. Duties of Collection Agent. 
 (a)
Subject to the limitations contained herein, the Collection Agent shall take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules
and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy. Each of the Transferor, the Administrative Agent and the Class Investors hereby appoints as its agent the Collection Agent, from time to
time designated pursuant to Section 6.1 hereof, to enforce its respective rights and interests in and under the Affected Assets. To the extent permitted by applicable law, each of the Transferor and the Seller (to the extent not then acting as
Collection Agent hereunder) hereby grants to any Collection Agent appointed hereunder an irrevocable power of attorney to take any and all steps in the Transferor’s and/or the Seller’s name and on behalf of the Transferor or the Seller
necessary or desirable, in the reasonable determination of the Collection Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Transferor’s and/or the Seller’s name on checks and
other instruments representing Collections and enforcing such Receivables and the related Contracts. The Collection Agent shall set aside for the account of the Transferor and the Class Investors, as applicable, their respective allocable shares of
the Collections of Receivables in accordance with Sections 2.5 and 2.6 hereof. The Collection Agent shall segregate and deposit to the Administrative Agent’s account each Class Investor’s allocable share of Collections of Receivables when
required pursuant to Article II hereof. So long as no Termination Event shall have occurred and be continuing for any Class, the Collection Agent may, in accordance with the Credit and 

  

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Collection Policy, extend the maturity of Receivables, but not beyond 60 days, and extend the maturity or adjust the Outstanding Balance as the Collection
Agent may determine to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the status of such Receivable as a Delinquent Receivable or a Defaulted Receivable. The
Transferor shall deliver to the Administrative Agent all Records which evidence or relate to Receivables or Related Security. The Administrative Agent shall forward all such Records to the Collection Agent and the Collection Agent shall hold in
trust for the Transferor and the Class Investors, in accordance with their respective interests, such Records. Notwithstanding anything to the contrary contained herein, the Administrative Agent shall have the absolute and unlimited right to direct
the Transferor, if Tech Data is the Collection Agent, or if Tech Data is not the Collection Agent, the Collection Agent to commence or settle any legal action to enforce collection of any Receivable or to foreclose upon or repossess any Related
Security. The Collection Agent shall not make the Administrative Agent or any of the Class Investors a party to any litigation without the prior written consent of such Person. 
 (a)(b) Subject to the terms and conditions set forth in this Agreement (including Article II) Collection Agent shall, as soon as
practicable following receipt of any Collections, turn over to the Transferor an amount equal to such Collections minus the Aggregate Percentage Factor of such Collections. In addition, the Collection Agent shall, as soon as practicable
following receipt thereof, turn over to the Transferor any collections of any indebtedness of any Obligor which is not a Receivable. If the Collection Agent is not Tech Data or the Transferor or any Affiliate of the Transferor or Tech Data, the
Collection Agent, by giving three Business Days’ prior written notice to the Administrative Agent, may revise the percentage used to calculate the Servicing Fee so long as the revised percentage will not result in a Servicing Fee that exceeds
110% of the reasonable and appropriate out-of-pocket costs and expenses of such Collection Agent incurred in connection with the performance of its obligations hereunder as documented to the reasonable satisfaction of the Administrative Agent. The
Collection Agent, if other than Tech Data, shall as soon as practicable upon demand, deliver to the Transferor all Records in its possession which evidence or relate to indebtedness of an Obligor which is not a Receivable, and copies of Records in
its possession which evidence or relate to Receivables. 
 (b)(c) On or before 120 days after the
endJuly 31 of each fiscal year of the Collection Agent, beginning with the fiscal year ending January 31, 2001,2009, the Collection Agent shall cause a firm of independent public
accountants (who may also render other services to the Collection Agent or the Transferor) to furnish a report to the Administrative Agent to the effect that they have (i) confirmed the Net Receivables Balance as of the end of each Tranche
Period during such fiscal year, and (ii) confirmed that the Receivables treated by the Collection Agent as Eligible Receivables in fact satisfied the requirements of the definition thereof contained herein, except, in each case for
(a) such exceptions as such firm shall believe to be immaterial (which exceptions need not be enumerated) and (b) such other exceptions as shall be set forth in such statement. 
 (d) Notwithstanding anything to the contrary contained in this Article VI, the Collection Agent, if not Tech Data, the Transferor, or
any Affiliate of the Transferor or Tech Data, shall have no obligation to collect, enforce or take any other action described in this Article VI with respect to any indebtedness that is not included in the Transferred Interest other than to deliver
to the Transferor the collections and documents with respect to any such Receivable as described in Section 6.2(b) hereof. 
  

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 Section 6.3 SECTION 6.3. Rights After Designation of New Collection
Agent. At any time following the designation of a Collection Agent (other than Tech Data, the Transferor, or any Affiliate of Tech Data or the Transferor) pursuant to Section 6.1 hereof: 
 (i)(i) The Administrative Agent may direct that payment of all amounts payable
under any Receivable be made directly to the Administrative Agent or its designee for the benefit of the Class Investors. 
 (ii) (ii) Tech Data shall, at the Administrative Agent’s request and at Tech Data’s expense, give notice of the Administrative Agent’s, the
Transferor’s, or each Class Investor’s ownership of Receivables to each Obligor and direct that payments be made directly to the Administrative Agent or its designee for the benefit of the Class Investors. 
 (iii)(iii) Tech Data shall, at the Administrative Agent’s request,
(A) assemble all of the Records, and shall make the same available to the Administrative Agent at a place selected by the Administrative Agent or its designee, and (B) segregate all cash, checks and other instruments received by it from
time to time constituting Collections of Receivables in a manner acceptable to the Administrative Agent and shall, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to
the Administrative Agent or its designee for the benefit of the Class Investors. 
 (iv)(iv) The Transferor and Tech Data hereby authorize the Administrative Agent to take any and all steps in the Transferor’s or Tech Data’s name and on behalf of the
Transferor or Tech Data necessary or desirable, in the determination of the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Transferor’s or Tech Data’s name on
checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. 
 SECTION 6.4.
Responsibilities of the Transferor and Tech Data. Anything herein to the contrary notwithstanding, the Transferor and Tech Data, as seller under the Purchase Agreement, shall (i) perform all of their respective obligations under
the Contracts related to the Receivables to the same extent as if interests in such Receivables had not been sold hereunder and the exercise by the Administrative Agent of its rights hereunder shall not relieve the Transferor or Tech Data, as seller
under the Purchase Agreement, from such obligations and (ii) pay when due any taxes, including without limitation, any sales taxes payable in connection with the Receivables and their creation and satisfaction. Neither the Administrative Agent,
any Class Agent, any Class Conduit nor any of the Bank Investors shall have any obligation or liability with respect to any Receivable or related Contracts, nor shall any of them be obligated to perform any of the obligations of the Transferor or
Tech Data thereunder. 
  

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 ARTICLE VII 
 ARTICLE VII  
 TERMINATION EVENTS 
 Section 7.1 SECTION 7.1. Termination Events. The occurrence of any one or more of the following events shall
constitute a Termination Event for any Class: 
 (a)(a) (i) the Collection Agent shall fail to perform or
observe any term, covenant or agreement hereunder (other than as referred to in clause (ii) of this Section 7.1(a)) and such failure shall remain unremedied for 15 days, or (ii) either the Collection Agent or the Transferor shall fail
to make any payment or deposit to be made by it hereunder when due or the Collection Agent shall fail to observe or perform any term, covenant or agreement on the Collection Agent’s part to be performed under Section 2.8(b) hereof; or

 (b)(b) any representation, warranty, certification or statement made by Tech Data or the Transferor in this
Agreement or in any other document delivered pursuant hereto shall prove to have been incorrect in any material respect when made or deemed made; or 
 (c)(c) (i) the Transferor shall default in the observance or performance of the terms, covenants, conditions or agreements on the Transferor’s part to be performed or observed under
Section 5.1(a)(iv), 5.1(h), Section 5.1(i), Section 5.1(j), Section 5.1(k), Section 5.1(l), Section 5.1(m), Section 5.1(n), Section 5.2(a), Section 5.2(c), Section 5.2(d), Section 5.2(e),
Section 5.2(f), Section 5.2(g) Section 5.2(h) Section 5.2(i), Section 5.2(j) or Section 5.2(k) hereof or (ii) the Transferor shall default in the observance or performance of the terms, covenants, conditions or
agreements on the Transferor’s part to be performed or observed under Section 5.1(a)(i), Section 5.1(a)(ii), Section 5.1(a)(iii), Section 5.1(a)(v), Section 5.1(b), Section 5.1(c), Section 5.1(d),
Section 5.1(e), Section 5.1(f), Section 5.1(g) or Section 5.2(b) hereof and such failure shall remain unremedied for 15 days; or 
 (d)(d) (i) Tech Data shall default in the observance or performance of the terms, covenants, conditions or agreements on Tech Data’s part to be performed or observed under
Section 5.3(h), Section 5.3(i), Section 5.3(j), Section 5.3(k), Section 5.4(a), Section 5.4(c), Section 5.4(d), Section 5.4(e), Section 5.4(f), Section 5.4(g) or Section 5.5 or (ii) Tech
Data shall default in the observance or performance of the terms, covenants, conditions or agreements on Tech Data’s part to be performed under Section 5.3(a), Section 5.3(b), Section 5.3(c), Section 5.3(d),
Section 5.3(e), Section 5.3(f), Section 5.3(g) or Section 5.4(b) hereof and such failure shall remain unremedied for 15 days; or 
 (e) the Transferor or Tech Data shall default in the observance or performance of any other term, covenant, condition or agreement on the Transferor’s or Tech Data’s part to be performed or
observed under this Agreement and such default shall continue for 30 days after the earlier of (i) the date that such written notice thereof is given to the Transferor or Tech Data, as applicable, by the Administrative Agent or (ii) the
date the Transferor or Tech Data, as applicable, becomes aware of such default; or 
  

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 (e)(f) failure of Tech Data or any Subsidiary of Tech Data to pay any
Indebtedness greater than $10,000,00050,000,000 when due; or the default by Tech Data or any Subsidiary of Tech Data in the performance of any term, provision or condition contained in any agreement under which any
Indebtedness greater than $10,000,00050,000,000 was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness greater than $10,000,00050,000,000
to cause, such Indebtedness to become due prior to its stated maturity; or any Indebtedness greater than $5,000,00050,000,000 shall be declared to be due and payable or required to be prepaid (other than by a regularly
scheduled payment) prior to the date of maturity thereof; or 
 (f)(g) any Event of Bankruptcy shall occur with
respect to the Transferor, the Collection Agent, Tech Data or any Subsidiary of either the Transferor or Tech Data; or 
 (g)(h) the Administrative Agent, on behalf of the Class Investors shall, for any reason, fail or cease to have a valid and perfected first priority ownership or security interest in the Affected Assets free and clear
of any Adverse Claims; or 
 (h)(i) Tech Data shall enter into any transaction or merger whereby it is not the
surviving entity; or the Transferor shall no longer be wholly owned by Tech Data; or 
 (i)(j) there shall have
occurred any material adverse change in the operations of Tech Data since March 20, 2000, or any other event shall have occurred which materially affects Tech Data’s ability to either collect the Receivables or to perform under this
Agreement or under the Purchase Agreement; or 
 (j)(k) any Liquidity Provider or any Credit Support Provider shall
have given notice that an event of default has occurred and is continuing under any of its respective agreements with the applicable Class Conduit(s) (or their related commercial paper issuer(s)); or 
 (k)(l) the Commercial Paper issued by any of the Class Conduits (or their related commercial paper issuer if the Class Conduit
does not itself issue commercial paper) shall not be rated at least “A-2” by Standard & Poor’s, at least “P-2” by Moody’s and at least “F-1” by Fitch, unless such downgrading is the result of the
Credit Support Provider being downgraded; or 
 (l)(m) the Aggregate Percentage Factor exceeds the Maximum
Percentage Factor unless the Transferor reduces, on a pro rata basis, the Net Investment of each Class on the next day or increases the balance of the Affected Assets on the next Business Day so as to reduce the Aggregate Percentage
Factor to less than or equal to 98%; or 
 (n) the Aggregate Percentage Factor equals or exceeds 100% for a period of one
full Business Day (provided that in such case the Termination Event caused thereby shall be deemed to have occurred at the start of such one full Business Day period) or the Aggregate Percentage Factor as reported on any Investor Report shall equal
or exceed 100% or for any Class, the sum of the Net Investment for such Class plus, in the case where the related Class Conduit holds a portion of the Transferred Interest, the Interest Component of all outstanding Related Commercial Paper
issued by such Class Conduit (or its related commercial paper issuer if the Class Conduit does not itself issue commercial paper) exceeds the Facility Limit for such Class; or 
  

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 (m)(o) the average of the Dilution Ratio for any two consecutive months shall
exceed 8.06.0%; or 
 (n)(p) the average of the Default Ratio for any three consecutive
months exceeds 2.01.5%; or 
 (o) (q) the average
Delinquency Ratio for any three consecutive months exceeds 6.04.5%; or 
 (p)
(r) a Collection Agent Default shall have occurred and be continuing. 
 Section 7.2 SECTION
7.2. Termination. (a)(a) Upon the occurrence of any Termination Event (i) the Administrative Agent may by notice to the Transferor and the Collection Agent declare the Termination Date for all Classes to
have occurred or (ii) any Class Agent may by notice to the Transferor and the Collection Agent declare the Termination Date for its respective Class to have occurred; provided, however, that in the case of any event described in
Section 7.1(g), 7.1(h), 7.1(i) or 7.1(n) above, the Termination Date shall be deemed to have occurred automatically upon the occurrence of such event. Upon any such declaration or automatic occurrence, the Administrative Agent shall have, in
addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under the UCC of the applicable jurisdiction and other applicable laws, all of which rights shall be cumulative. 
 (b)(b) At all times after the declaration or automatic occurrence of the Termination Date pursuant to Section 7.2(a) (other
than a declaration following the occurrence of a Termination Event set forth in Section 7.1(k) or Section 7.1(l)), the Base Rate plus 2.002.50% shall be the Tranche Rate applicable to the Aggregate Net Investment
for all existing and future Tranches. 
 ARTICLE VIII 
 ARTICLE VIII  
 INDEMNIFICATION; EXPENSES; RELATED MATTERS 

 Section 8.1 SECTION 8.1. Indemnities by the Transferor. Without limiting any other rights which the
Administrative Agent or any of the Class Investors may have hereunder or under applicable law, the Transferor hereby agrees to indemnify each Class Agent, each Class Investor, the Administrative Agent, the Collateral Agent, any Liquidity Provider,
any Credit Support Provider and any related commercial paper issuer that finances a Class Conduit and any successors and any permitted assigns and their respective officers, directors and employees (collectively, “Indemnified
Parties”) from and against any and all damages, losses, claims, liabilities, costs and expenses, including, without limitation, reasonable attorneys fees (which such attorneys may be employees of any Liquidity Provider, any Credit Support
Provider, any 

  

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Class Agent, the Administrative Agent or the Collateral Agent, as applicable) and disbursements (all of the foregoing being collectively referred to as
“Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the ownership, either directly or indirectly, by the Administrative Agent or any Class Investor of the Transferred
Interest excluding, however, (i) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party or (ii) recourse (except as otherwise specifically provided in this Agreement)
for uncollectible Receivables or (iii) claims arising from credit losses. Without limiting the generality of the foregoing, the Transferor shall indemnify each Indemnified Party for Indemnified Amounts relating to or resulting from: 

(i)(i) reliance on any representation or warranty made by the Transferor (or any officers of the Transferor)
under or in connection with this Agreement, any Investor Report or any other information or report delivered by the Transferor pursuant hereto, which shall have been false or incorrect in any material respect when made or deemed made; 
 (ii)(ii) the failure by the Transferor to comply with any applicable law, rule or regulation with respect to any
Receivable or the related Contract, or the nonconformity of any Receivable or the related Contract with any such applicable law, rule or regulation; 
 (iii)(iii) the failure to vest and maintain vested in the Administrative Agent on behalf of the Class Investors an undivided percentage ownership or security interest, to the
extent of the Transferred Interest, in the Receivables included in the Transferred Interest, free and clear of any Adverse Claim; 
 (iv)(iv) the failure to file, or any delay in filing, financing statements, continuation statements, or other similar instruments or documents under the UCC of any applicable jurisdiction or other
applicable laws with respect to any of the Affected Assets; 
 (v) any dispute, claim, offset or defense (other than
discharge in bankruptcy) of the Obligor to the payment of any Receivable included in the Transferred Interest (including, without limitation, a defense based on such Receivable or the related Contract not being legal, valid and binding obligation of
such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of merchandise or services related to such Receivable or the furnishing or failure to furnish such merchandise or services; 
 (v)(vi) any failure of Tech Data, as Collection Agent or otherwise, to perform its duties or obligations in
accordance with the provisions of Article VI; or 
 (vi)(vii) any products liability
claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising out of or in connection with merchandise or services which are the subject of any Receivable;” 
  

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 provided, however, that if any Class Conduit enters into agreements for the purchase of interests in
receivables from one or more Other Transferors, such Class Conduit shall allocate such Indemnified Amounts which are in connection with a Liquidity Provider Agreement, a Credit Support Agreement or the credit support furnished by a Credit Support
Provider to the Transferor and each Other Transferor. 
 Section 8.2 SECTION 8.2. Indemnity for Taxes,
Reserves and Expenses. (a)(a) If after the date hereof, the adoption of any Law or bank regulatory guideline or any amendment or change in the interpretation of any existing or future Law or bank regulatory guideline by
any Official Body charged with the administration, interpretation or application thereof, or the compliance with any directive of any Official Body (in the case of any bank regulatory guideline, whether or not having the force of Law): 

(i)(i) shall subject any Indemnified Party to any tax, duty or other charge with respect to this Agreement,
the Transferred Interest, the Receivables or payments of amounts due hereunder, or shall change the basis of taxation of payments to any Indemnified Party of amounts payable in respect of this Agreement, the Transferred Interest, the Receivables or
payments of amounts due hereunder or its obligation to advance funds under a Liquidity Provider Agreement or the credit support furnished by a Credit Support Provider or otherwise in respect of this Agreement, the Transferred Interest or the
Receivables (except for changes in the rate of general corporate, franchise, net income or other income tax imposed on such Indemnified Party by the jurisdiction in which such Indemnified Party’s principal executive office is located);

 (ii) shall impose, modify or deem applicable any reserve, special deposit or similar requirement
(including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System) against assets of, deposits with or for the account of, or credit extended by, any Indemnified Party or shall impose on any
Indemnified Party or on the United States market for certificates of deposit or the London interbank market any other condition affecting this Agreement, the Transferred Interest, the Receivables or payments of amounts due hereunder or its
obligation to advance funds under a Liquidity Provider Agreement or the credit support provided by a Credit Support Provider or otherwise in respect of this Agreement, the Transferred Interest or the Receivables; or 
 (ii)(iii) imposes upon any Indemnified Party any other expense (including, without limitation, reasonable
attorneys’ fees and expenses, and expenses of litigation or preparation therefor in contesting any of the foregoing) with respect to this Agreement, the Transferred Interest, the Receivables or payments of amounts due hereunder or its
obligation to advance funds under a Liquidity Provider Agreement or the credit support furnished by a Credit Support Provider or otherwise in respect of this Agreement, the Transferred Interest or the Receivables, 
 and the result of any of the foregoing is to increase the cost to such Indemnified Party with respect to this Agreement, any portion of the Transferred Interest, the
Receivables, the obligations hereunder, the funding of any purchases hereunder, a Liquidity Provider Agreement or a Credit 

  

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Support Agreement, by an amount deemed by such Indemnified Party to be material, then, within ten (10) days after demand by such Indemnified Party
through the Administrative Agent, the Transferor shall pay to the Administrative Agent, for the benefit of such Indemnified Party such additional amount or amounts as will compensate such Indemnified Party for such increased cost. 
 (b)(b) If any Indemnified Party shall have determined that(i) after the date hereof, the adoption of any applicable Law or bank
regulatory guideline regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Official Body, or any request or directive regarding capital adequacy (in the case of any bank regulatory
guideline, whether or not having the force of law) of any such Official Body, or (ii) any interpretation of Accounting Research Bulletin No. 51 by the Financial Accounting Standards Board or any application of such standard or of any
interpretation thereof, has or would have the effect of reducing the rate of return on capital of such Indemnified Party (or its parent) as a consequence of such Indemnified Party’s obligations hereunder or with respect hereto to a level below
that which such Indemnified Party (or its parent) could have achieved but for such adoption, change, request, directive, interpretation or application (taking into consideration its policies with respect to capital adequacy) by an amount deemed by
such Indemnified Party to be material, then from time to time, within ten (10) days after demand by such Indemnified Party through the Administrative Agent, the Transferor shall pay to the Administrative Agent, for the benefit of such
Indemnified Party such additional amount or amounts as will compensate such Indemnified Party (or its parent) for such reduction. 
 (c)(c) The Administrative Agent will promptly notify the Transferor of any event of which it has knowledge, occurring after the date hereof, which will entitle an Indemnified Party to compensation pursuant to this
Section. A notice by the Administrative Agent or the applicable Indemnified Party claiming compensation under this Section and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest
error. In determining such amount, the Administrative Agent or any applicable Indemnified Party may use any reasonable averaging and attributing methods. 
 (d) Anything in this Section 8.2 to the contrary notwithstanding, if any Class Conduit enters into agreements for the acquisition of interests in receivables from one or more Other Transferors,
such Class Conduit shall allocate the liability for any amounts under this Section 8.2 (“Section 8.2 Costs”) to the Transferor and each Other Transferor; and provided, further, that if such Section 8.2 Costs
are attributable to the Transferor and not attributable to any Other Transferor, the Transferor shall be solely liable for such Section 8.2 Costs or if such Section 8.2 Costs are attributable to Other Transferors and not attributable to
the Transferor, such Other Transferors shall be solely liable for such Section 8.2 Costs. 
 Section 8.3 SECTION 8.3.
Other Costs, Expenses and Related Matters. (a)(a) The Transferor agrees, upon receipt of a written invoice, to pay or cause to be paid, and to save the Administrative Agent harmless against liability for the
payment of, all reasonable out-of-pocket expenses (including, without limitation, attorneys’, accountants’ and other third parties’ fees and expenses, any filing fees and expenses incurred by officers or employees of the Class
Investors, the Class Agents and the Administrative Agent) incurred by or on behalf of any Class Investor, any Class Agent or the Administrative Agent (i) in connection with the negotiation, execution, delivery and preparation of this Agreement
and any documents or instruments delivered pursuant hereto and thereto and the transactions contemplated hereby or thereby (including, without limitation, the perfection or protection of the Transferred Interest) and (ii) from time to time
relating to any amendments, waivers or consents under this Agreement. 
  

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 (b)(b) The Transferor agrees, upon receipt of a written invoice, to pay or cause
to be paid, and to save each Class Agent, each Class Investor and the Administrative Agent harmless against liability for the payment of, all reasonable out-of-pocket expenses (including, without limitation, attorneys’, accountants’ and
other third parties’ fees and expenses, any filing fees and expenses incurred by officers or employees of any Class Investor, as applicable, and/or the Administrative Agent or any Class Agent) incurred by or on behalf of any of the Class
Investors, Class Agents or the Administrative Agent from time to time (i) arising in connection with any Class Investor’s, any Class Agent’s, the Administrative Agent’s or the Collateral Agent’s enforcement or preservation
of rights (including, without limitation, the perfection and protection of the Transferred Interest under this Agreement), or (ii) arising in connection with any audit, dispute, disagreement, litigation or preparation for litigation involving
this Agreement. 
 (c)(c) The Transferor shall pay the Administrative Agent, for the account of the Class Investors,
as applicable, on demand any Early Collection Fee due on account of the reduction of a Tranche on a day prior to the last day of its Tranche Period. 
 SECTION 8.4. Reconveyance Under Certain Circumstances. The Transferor agrees to accept the reconveyance from the Administrative Agent, on behalf of the Class Investors of the Transferred
Interest if the Administrative Agent notifies Transferor of a material breach of any representation or warranty made or deemed made pursuant to Article III of this Agreement and Transferor shall fail to cure such breach within 15 days (or, in the
case of the representations and warranties in Sections 3.1(d) and 3.1(j), 3 days) of such notice. The reconveyance price shall be paid by the Transferor to the Administrative Agent, for the account of the Class Investors, as applicable, in
immediately available funds on such 15th day (or 3rd day, if applicable) in an amount equal to the Outstanding Balance of such Receivable and all other amounts outstanding with respect to such Receivable, including Discount accrued and unpaid with
respect to such Receivable. 
 Section 8.4 SECTION 8.5. Indemnities by Tech Data. Without limiting any
other rights which the Administrative Agent or any of the Class Agents or Class Investors or the other Indemnified Parties may have hereunder or under applicable law, Tech Data hereby agrees to indemnify the Indemnified Parties from and against any
and all Indemnified Amounts arising out of or resulting from (whether directly or indirectly) (a) the failure of any information contained in any Investor Report (to the extent provided by Tech Data) to be true and correct, or the failure of
any other information provided to any Indemnified Party by, or on behalf of, the Collection Agent to be true and correct, (b) the failure of any representation, warranty or statement made or deemed made by Tech Data (or any of its officers)
under or in connection with this Agreement or any other Transaction Document to have been true and correct as of the date made or deemed made, (c) the failure by Tech Data to comply with any applicable Law with respect to any Receivable or the
related Contract, (d) any dispute, claim, offset or defense of the applicable Obligor to the payment of any Receivable resulting from or related to the collection activities in respect of such Receivable, or (e) any failure of Tech Data to
perform its duties or obligations in accordance with the provisions of this Agreement or any other Transaction Document. 
  

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 ARTICLE IX 
 Section 8.5 Accounting Based Consolidation Event. (a) If an Accounting Based Consolidation Event shall at any time occur then, upon demand by the Administrative Agent, Seller shall pay to the
Administrative Agent, for the benefit of the relevant Affected Entity, such amounts as such Affected Entity reasonably determines will compensate or reimburse such Affected Entity for any resulting (i) fee, expense or increased cost
charged to, incurred or otherwise suffered by such Affected Entity, (ii) reduction in the rate of return on such Affected Entity’s capital or reduction in the amount of any sum received or receivable by such Affected Entity or
(iii) internal capital charge or other imputed cost determined by such Affected Entity to be allocable to Seller or the transactions contemplated in this Agreement in connection therewith. Amounts under this Section 8.6 may be demanded at
any time without regard to the timing of issuance of any financial statement by a Conduit Investor or by any Affected Entity.  
 (b)
For purposes of this Section 8.6, the following terms shall have the following meanings: 
 “Accounting Based Consolidation
Event” means the consolidation, for financial and/or regulatory accounting purposes, of all or any portion of the assets and liabilities of the Conduit Investor that are subject to this Agreement or any other Transaction Document with all or
any portion of the assets and liabilities of an Affected Entity. An Accounting Based Consolidation Event shall be deemed to occur on the date any Affected Entity shall acknowledge in writing that any such consolidation of the assets and liabilities
of the Conduit Investor shall occur.  
 “Affected Entity” means (i) any Bank Investor, (ii) any insurance
company, bank or other funding entity providing liquidity, credit enhancement or back-up purchase support or facilities to a Conduit Investor, (iii) any agent, administrator or manager of the Conduit Investor, or (iv) any bank holding
company in respect of any of the foregoing. 
 ARTICLE IX  
 THE CLASS AGENTS 
 Section 9.1 SECTION 9.1.
Authorization and Action. 
 (a)(a) Each Class Investor hereby appoints and authorizes the
related Class Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to such Class Agent by the terms hereof and thereof, together with such powers as
are reasonably incidental thereto. The Class Conduits and/or the Bank Investors of any Class holding Commitments aggregating in excess of 66 and 2/3% of the Facility Limit of the related Class (the “Majority Class Investors”) may
direct their respective Class Agent to take any such incidental action hereunder, however, with respect to such actions which are incidental to the actions specifically delegated to such Class Agent hereunder, such Class Agent shall not be required
to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Majority Class Investors; provided,
however, that such Class Agent shall not be required to take any action hereunder if the taking of such action, in the reasonable determination of such Class Agent, shall be in violation of any applicable law, rule or 

  

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regulation or contrary to any provision of this Agreement or shall expose such Class Agent to liability hereunder or otherwise. In furtherance, and without
limiting the generality, of the foregoing, each Class Investor hereby appoints its related Class Agent as its agent to execute and deliver all further instruments and documents, and take all further action that such Class Agent may deem necessary or
appropriate or that a Class Investor may reasonably request in order to perfect, protect or more fully evidence the interests transferred or to be transferred from time to time by the Transferor hereunder, or to enable any of them to exercise or
enforce any of their respective rights hereunder, including, without limitation, the execution by such Class Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all
or any of the Receivables now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated herein above. Upon the occurrence and during the continuance of any Termination Event or
Potential Termination Event, no Class Agent shall take any action hereunder (other than ministerial actions or such actions as are specifically provided for herein) without the prior consent of the related Majority Class Investors (which consent
shall not be unreasonably withheld or delayed). In the event a Class Agent requests a Class Investor’s consent pursuant to the foregoing provisions and such Class Agent does not receive a consent (either positive or negative) from such
Class Investor within 10 Business Days of such Class Investor’s receipt of such request, then such Class Investor (and its percentage interest hereunder) shall be disregarded in determining whether such Class Agent shall have obtained
sufficient consent hereunder. 
 (b) The Class Agents shall exercise such rights and powers vested in it by this Agreement
and the other Transaction Documents, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 Section 9.2 SECTION 9.2. Class Agent’s Reliance, Etc. Neither the Class Agents nor any of their directors,
officers, agents or employees shall be liable for any action taken or omitted to be taken by them as Class Agents under or in connection with this Agreement or any of the other Transaction Documents, except for its or their own gross negligence or
willful misconduct. Without limiting the foregoing, each Class Agent: (i) may consult with legal counsel (including counsel for the Transferor or the Seller), independent 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; (ii) makes no warranty or representation to any Class Investor and shall not be responsible to any
Class Investor for any statements, warranties or representations made in or in connection with this Agreement; (iii) 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 of the other Transaction Documents on the part of the Transferor, the Collection Agent or Tech Data or to inspect the property (including the books and records) of the Transferor, the Collection Agent or Tech Data
(iv) shall not be responsible to any Class Investor for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other Transaction Documents or any other instrument or document
furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting upon any notice (including notice by telephone), consent, certificate or other
instrument or writing (which may be by telex) believed by it to be genuine and signed or sent by the proper party or parties. 
  

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 Section 9.3 SECTION 9.3. Credit Decision. Each Class Investor
acknowledges that it has, independently and without reliance upon its related Class Agent, any of such Class Agent’s Affiliates, any other Bank Investor or Class Conduit (in the case of any of their related Bank Investors) and based upon such
documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the other Transaction Documents to which it is a party and, if it so determines, to accept the transfer of any undivided
ownership interest in the Affected Assets hereunder. Each Class Investor also acknowledges that it will, independently and without reliance upon their respective Class Agent, any of such Class Agent’s Affiliates, any other Bank Investor or
Class Conduit (in the case of their related Bank Investors) 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 other
Transaction Documents to which it is a party. 
 SECTION 9.4. Indemnification of the Class Agents. The Bank Investors
each agree to indemnify their related Class Agent (to the extent not reimbursed by the Transferor), ratably in accordance with their Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against each Class Agent in any way relating to or arising out of this Agreement or any action taken or omitted by
each Class Agent, any of the other Transaction Documents hereunder or thereunder, provided that the Bank Investors shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements resulting from such Class Agent’s gross negligence or willful misconduct. Without limitation of the foregoing, the Bank Investors each agree to reimburse their related Class Agent, ratably in accordance with
their Pro Rata Shares, promptly upon demand for any out-of-pocket expenses (including counsel fees) incurred by each Class Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of any of the
Bank Investors hereunder and/or thereunder and to the extent that each Class Agent is not reimbursed for such expenses by the Transferor. 
 Section 9.4 SECTION 9.5. Successor Class Agent. Each Class Agent may resign at any time by giving written notice thereof to each related Class Investor and the Transferor and may be removed at any time
for cause by agreement of the related Majority Class Investors. Upon any such resignation or removal, the Class Investor with the consent of the related Majority Class Investors shall appoint a successor Class Agent. Each of the applicable
Class Investors, as applicable, each agrees that it shall not unreasonably withhold or delay its approval of the appointment of a successor Class Agent for such Class. If no such successor Class Agent shall have been so appointed, and shall have
accepted such appointment, within 30 days after the retiring Class Agent’s giving of notice of resignation or the related Majority Class Investors’ removal of the retiring Class Agent, then the retiring Class Agent may, on behalf of the
related Class Investors, appoint a successor Class Agent which successor Class Agent shall be either (i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at least
$50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of any appointment as Class Agent hereunder by a successor Class Agent, such successor Class Agent shall thereupon succeed to and become vested with all the rights, powers,

  

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privileges and duties of the retiring Class Agent, and the retiring Class Agent shall be discharged from its duties and obligations under this Agreement.
After any retiring Class Agent’s resignation or removal hereunder as Class Agent, the provisions of this Article IX shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Class Agent under this
Agreement. 
 Section 9.5 SECTION 9.6. Payments by the Class
AgentsAgents. Unless specifically allocated to a Class Investor pursuant to the terms of this Agreement, all amounts received by each Class Agent on behalf of any of the
related Class Investors shall be paid by such Class Agent to such Class Investors (at their respective accounts specified to such Class Agent) in accordance with their respective related pro rata interests in the applicable Net Investment on the
Business Day received by each Class Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case each Class Agent shall use its reasonable efforts to pay such amounts to any of the Bank Investors, as applicable, on
such Business Day, but, in any event, shall pay such amounts to such Bank Investors in accordance with their respective related pro rata interests in the applicable Net Investment not later than the following Business Day. 
 ARTICLE X 
 ARTICLE X 
 THE ADMINISTRATIVE AGENT; BANK COMMITMENT 
 Section 10.1 SECTION 10.1. Authorization and Action. 
 (a)(a) Each Class Investor hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and
to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. The Class Conduits and/or
the Majority Investors may direct the Administrative Agent to take any such incidental action hereunder, however, with respect to such actions which are incidental to the actions specifically delegated to the Administrative Agent hereunder, the
Administrative Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Majority
Investors; provided, however, that Administrative Agent shall not be required to take any action hereunder if the taking of such action, in the reasonable determination of the Administrative Agent, shall be in violation of any
applicable law, rule or regulation or contrary to any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In furtherance, and without limiting the generality, of the foregoing, each Class
Investor hereby appoints the Administrative Agent as its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent may deem necessary or appropriate or that a Class Investor may
reasonably request in order to perfect, protect or more fully evidence the interests transferred or to be transferred from time to time by the Transferor hereunder, or to enable any of them to exercise or enforce any of their respective rights
hereunder, including, without limitation, the execution by the Administrative Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Receivables now
existing or hereafter arising, and 

  

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such other instruments or notices, as may be necessary or appropriate for the purposes stated herein above. Upon the occurrence and during the continuance of
any Termination Event or Potential Termination Event, the Administrative Agent shall take no action hereunder (other than ministerial actions or such actions as are specifically provided for herein) without the prior consent of the Majority
Investors (which consent shall not be unreasonably withheld or delayed). “Majority Investors” shall mean, at any time, the Administrative Agent and the Class Agents whose related Classes hold Commitments aggregating in excess of 66
and 2/3% of the Aggregate Facility Limit as of such date. In the event the Administrative Agent requests a Class Investor’s consent pursuant to the foregoing provisions and the Administrative Agent does not receive a consent (either positive or
negative) from such Class Investor within 10 Business Days of such Class Investor’s receipt of such request, then such Class Investor (and its percentage interest hereunder) shall be disregarded in determining whether the Administrative Agent
shall have obtained sufficient consent hereunder. 
 (b) The Administrative Agent shall exercise such rights and powers
vested in it by this Agreement and the other Transaction Documents, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 (b)(c) The Administrative Agent hereby agrees to provide to each Class Agent (promptly following
receipt thereof), copies of all material correspondence, notices, reports or other similar information provided by or to the Administrative Agent in connection with this Agreement or any other Transaction Document, or any other correspondence,
notices, reports or similar information provided by or to the Administrative Agent under such documents that any Class Agent reasonably requests. 
 Section 10.2 SECTION 10.2. Administrative Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or
omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents, except for its or their own gross negligence or willful misconduct. Without limiting the foregoing, the
Administrative Agent: (i) may consult with legal counsel (including counsel for the Transferor or the Seller), independent 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; (ii) makes no warranty or representation to any Class Investor and shall not be responsible to any Class Investor for any statements, warranties or
representations made in or in connection with this Agreement; (iii) 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 of the other
Transaction Documents on the part of the Transferor, the Collection Agent or Tech Data or to inspect the property (including the books and records) of the Transferor, the Collection Agent or Tech Data (iv) shall not be responsible to any Class
Investor for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; and
(v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by telex)
believed by it to be genuine and signed or sent by the proper party or parties. 
  

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 SECTION 10.3. Credit Decision. Each Class Investor acknowledges that it has,
independently and without reliance upon the Administrative Agent, any of the Administrative Agent’s Affiliates, any other Bank Investor or Class Conduit (in the case of any of their related Bank Investors) and based upon such documents and
information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement and the other Transaction Documents to which it is a party and, if it so determines, to accept the transfer of any undivided ownership
interest in the Affected Assets hereunder. Each Class Investor also acknowledges that it will, independently and without reliance upon the Administrative Agent, any of the Administrative Agent’s Affiliates, any other Bank Investor or Class
Conduit (in the case of their related Bank Investors) 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 other
Transaction Documents to which it is a party. 
 Section 10.3 SECTION 10.4. Indemnification of the
Administrative Agent. The Bank Investors each agree to indemnify the Administrative Agent (to the extent not reimbursed by the Transferor), ratably in accordance with such Bank Investor’s Commitment as a percentage of the aggregate
Commitments for all Bank Investors, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by,
or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any action taken or omitted by the Administrative Agent, any of the other Transaction Documents hereunder or thereunder, provided that the
Bank Investors shall not 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. Without limitation of the foregoing, the Bank Investors each agree to reimburse the Administrative Agent, ratably in accordance with their Pro Rata Shares, promptly upon demand for any out-of-pocket expenses (including counsel fees)
incurred by the Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under,
this Agreement and the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of any of the Bank Investors hereunder and/or thereunder and to the extent that the Administrative Agent is
not reimbursed for such expenses by the Transferor. 
 SECTION 10.5. Successor Administrative Agent. The
Administrative Agent may resign at any time by giving written notice thereof to each Class Investor and the Transferor and may be removed at any time with cause by agreement of Bank Investors which hold Commitments aggregating in excess of 50% of
the Aggregate Facility Limit as of such date. Upon any such resignation or removal, (i) if no Termination Event shall have occurred, the Transferor, with the consent of the Majority Investors, shall appoint a successor Administrative Agent and
(ii) if a Termination Event shall have occurred, the Class Investors which hold Commitments aggregating in excess of 50% of the Aggregate Facility Limit as of such date shall appoint a successor Administrative Agent. The Transferor and each of
the Class Investors, as applicable, each agrees that it shall not unreasonably withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative Agent shall have been so appointed, and shall
have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the Majority Investors’ removal of the retiring Administrative 

  

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Agent, then the retiring Administrative Agent may, on behalf of the Class Investors, appoint a successor Administrative Agent which successor Administrative
Agent shall be either (i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at least $50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of
any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this
Article X shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 
 Section 10.4 SECTION 10.6. Payments by the Administrative Agent. Unless specifically allocated to a Class Investor pursuant to the terms of this Agreement, all amounts received by
the Administrative Agent on behalf of any of the Class Investors shall be paid by the Administrative Agent to such Class Investors (or their respective Class Agents on their behalf) (at their respective accounts specified to the Administrative Agent
in accordance with their respective related pro rata interests in the applicable Net Investment on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such Business Day, in which case the
Administrative Agent shall use its reasonable efforts to pay such amounts to any of the Class Investors, as applicable, on such Business Day, but, in any event, shall pay such amounts to such Class Investors in accordance with their respective
related pro rata interests in the applicable Net Investment not later than the following Business Day. 
 Section 10.5
SECTION 10.7. Bank Commitment; Assignment to Bank Investors. 
 (a) Bank Commitment. With
respect to each Class, at any time on or prior to the Commitment Termination Date for such Class in the event that any Class Conduit for such Class does not effect an Incremental Transfer as requested under Section 2.2(a), then at any time, the
Transferor shall have the right to require such Class Conduit, by written notice to the Administrative Agent and such Class Conduit’s related Class Agent, to assign its interest in the Net Investment for such Class in whole to the Bank
Investors for such Class pursuant to this Section 10.7. In addition, at any time for such Class on or prior to such Commitment Termination Date (i) upon the occurrence of a Termination Event that results in a Termination Date for such
Class or (ii) the applicable Class Conduit elects to give notice to the Transferor of the Reinvestment Termination Date for such Class, the Transferor hereby requests and directs that such Class Conduit assign its interest in the Net Investment
for such Class in whole to the related Bank Investors pursuant to this Section 10.7 and the Transferor hereby agrees to pay the amounts described in Section 10.7(d) below. Upon any such election by any Class Conduit or any such request by
the Transferor, such Class Conduit shall make such assignment and the related Bank Investors shall accept such assignment on such day (or the next day if such notice was received after 11:00 A.M. (New York time)) and shall assume all of such Class
Conduit’s obligations hereunder. No documentation or action shall be required to effect any such assignment of the Net Investment by any Class Conduit to its related Bank Investors other than, in the case of the circumstance contemplated by the
first sentence hereof, the giving of the notices contemplated thereby and the forwarding of such notice by the related Class Agent to each applicable Bank 

  

 77 

 
Investor. In connection with any assignment from any Class Conduit to its related Bank Investors pursuant to this Section 10.7, each such Bank Investor,
as applicable, agrees to and shall, unconditionally and irrevocably and under all circumstances, by 2:00 P.M. (New York time) on the date of such assignment, pay to such Class Conduit without setoff, counterclaim or defense of any kind, an amount
(in immediately available funds) equal to its Assignment Amount. Upon any assignment by any Class Conduit to its respective Bank Investors contemplated hereunder, such Class Conduit shall cease to make any additional Incremental Transfers hereunder
(it being understood that the Bank Investors, as assignees, shall (x) be obligated to effect Incremental Transfers under Section 2.2(a) in accordance with the terms thereof, notwithstanding that such Class Conduit was not so obligated and
(y) not have the right to elect the commencement of the amortization of the applicable Net Investment pursuant to the definition of “Reinvestment Termination Date” notwithstanding that the Class Conduits had such right).

 (a)(b) Assignment. No Bank Investor may assign all or a portion of its interest in the Net Investment or
in the Receivables, Collections, Related Security and Proceeds with respect thereto and its rights and obligations hereunder to any Person unless approved in writing by the Administrative Agent, such approval not to be unreasonably withheld. In the
case of an assignment by any Bank Investor to another Person, the assignor shall deliver to the assignee(s) an Assignment and Assumption Agreement in substantially the form of Exhibit G attached hereto, duly executed, assigning to the assignee a pro
rata interest in the applicable Net Investment and also in the Receivables, Collections, Related Security and Proceeds with respect thereto and the assignor’s rights and obligations hereunder and the assignor shall promptly execute and deliver
all further instruments and documents, and take all further action, that the assignee may reasonably request, in order to protect, or more fully evidence the assignee’s right, title and interest in and to such interest and to enable the
Administrative Agent, on behalf of such assignee, to exercise or enforce any rights hereunder and under the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party. Upon any such assignment,
(i) the assignee shall have all of the rights and obligations of the assignor hereunder and under the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party with respect to such interest for
all purposes of this Agreement and under the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party, and (ii) the assignor shall relinquish its rights with respect to such interest for all
purposes of this Agreement and under the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party. No such assignment shall be effective unless the Administrative Agent, on behalf of the related
Class Conduit, and the Transferor (except that the Transferor’s consent shall not be required for an assignment by Bank of America to Danske Bank of a portion of its obligations as a SUSI Issuer Bank Investor under this Agreement) shall have
consented thereto and a fully executed copy of the related Assignment and Assumption Agreement shall be delivered to the Administrative Agent. All costs and expenses of the Administrative Agent and the applicable initial Bank Investor, as assignor,
incurred in connection with any assignment hereunder shall be borne by the Transferor and not by the Administrative Agent or such initial Bank Investor. No Bank Investor, as applicable, shall assign any portion of its Commitment hereunder without
also simultaneously assigning an equal portion of its interest in the related Liquidity Provider Agreement. Notwithstanding the foregoing, the agreements set forth in Section 11.9 herein shall be continuing and shall survive any assignment
pursuant to this Section 10.7(b). 
  

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 (c) Effects of Assignment. By executing and delivering an Assignment and
Assumption Agreement, the assignor and assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Assumption Agreement, the assignor makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, the other Transaction Documents or any other instrument or document furnished
pursuant hereto or thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value or this Agreement, the other Transaction Documents or any such other instrument or document; (ii) the assignor makes no
representation or warranty and assumes no responsibility with respect to the financial condition of the Transferor, the Seller or the Collection Agent or the performance or observance by the Transferor, the Seller or the Collection Agent of any of
their respective obligations under this Agreement, the Purchase Agreement, the other Transaction Documents or any other instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this
Agreement, the Purchase Agreement and such other instruments, documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption Agreement and to purchase such interest;
(iv) such assignee will, independently and without reliance upon the Administrative Agent, or any of its Affiliates, or the assignor and based on such agreements, documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under this Agreement and the other Transaction Documents; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise
such powers under this Agreement, the other Transaction Documents and any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms hereof or thereof, together with such powers as are
reasonably incidental thereto and to enforce its respective rights and interests in and under this Agreement, the other Transaction Documents, the Receivables, the Contracts and the Related Security; (vi) such assignee agrees that it will
perform in accordance with their terms all of the obligations which by the terms of this Agreement and the other Transaction Documents are required to be performed by it as the assignee of the assignor; and (vii) such assignee agrees that it
will not institute against any Class Conduit any proceeding of the type referred to in Section 11.9 prior to the date which is one year and one day after the payment in full of all of such Class Conduit’s Commercial Paper issued by such
Person. 
 (d) Transferor’s Obligation to Pay Certain Amounts; Additional Assignment Amount. With respect to
each Class, the Transferor shall pay to the Administrative Agent, for the account of the Class Conduit for such Class, in connection with any assignment by such Class Conduit to its related Bank Investors pursuant to this Section 10.7, an
aggregate amount equal to all the applicable Discount for such Class Conduit to accrue through the end of each outstanding Tranche Period for such Class Conduit (which Discount, in the case of a Class Conduit utilizing “pool” funding,
shall be determined for such purpose using the CP Rate most recently determined by the applicable Class Agent) plus all other Aggregate Unpaids owing to such Person (other than the Net Investment for such Class). To the extent that such Discount
relates to interest or discount on Related Commercial Paper, if the Transferor fails to make payment of such amounts at or prior to the time of assignment by such Class Conduit to its related Bank Investors such amount shall be paid by the
applicable Bank Investors (in accordance with their respective Pro Rata Shares) to such Class Conduit as additional consideration for the interests assigned to such Bank Investors and the amount of the “Net Investment,” hereunder
held by such Bank Investors shall be increased by an amount equal to the additional amount so paid by such Bank Investors. 
  

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 (b)(e) Payments. After any assignment by any Class Conduit to its related Bank
Investors pursuant to this Section 10.7, all payments to be made hereunder by the Transferor or the Collection Agent to any Bank Investor shall be made to the Administrative Agent for the account of such Bank Investor as such account shall have
been notified to the Transferor and the Collection Agent. With respect to each Class, in the event that the related Assignment Amount paid by the Bank Investors for such Class pursuant to Section 10.7(a) is less than the sum of the applicable
Net Investment for such Class plus the Interest Component of all outstanding Related Commercial Paper of the related Class Conduit then to the extent payments made hereunder in respect of the Net Investment for such Class exceed the related
Assignment Amount, such excess amounts shall be remitted by such Bank Investors to (or as directed by) the applicable Class Conduit. 
 (f) Downgrade of Bank Investor. If at any time prior to any assignment by any Class Conduit to its related Bank Investors as contemplated pursuant to this Section 10.7, the short term debt rating of any Bank
Investor shall be “A-2”, “P-2” or “F-2” from Standard & Poor’s, Moody’s or Fitch, respectively, with negative credit implications (and there is no fronting arrangement or other arrangement in place
which is acceptable to the Transferor and the Administrative Agent), such Bank Investor upon request of the applicable Class Agent shall, within 30 days of such request, assign its rights and obligations hereunder to another financial institution
(which institution’s short term debt shall be rated at least “A-2”, “P-2” and “F-2” from Standard & Poor’s, Moody’s and Fitch, respectively, and which shall not be so rated with negative credit
implications). If the short term debt rating of a Bank Investor shall be “A-3”, “P-3” or “F-3”, or lower, from Standard & Poor’s, Moody’s or Fitch, respectively (or such rating shall have been
withdrawn by Standard & Poor’s, Moody’s or Fitch), such Bank Investor upon request of the applicable Class Agent shall, within five (5) Business Days of such request, assign its rights and obligations hereunder to another
financial institution (which institution’s short term debt shall be rated at least “A-2”, “P-2” and “F-2” from Standard & Poor’s, Moody’s and Fitch, respectively, and which shall not be so rated
with negative credit implications). In either such case, if any such Bank Investor shall not have assigned its rights and obligations under this Agreement within the applicable time period described above the related Class Conduit shall have the
right to require such Bank Investor to accept the assignment of such Bank Investor’s Pro Rata Share of the applicable Net Investment; such assignment shall occur in accordance with the applicable provisions of this Section 10.7. Such Bank
Investor shall be obligated to pay to the applicable Class Conduit in connection with such assignment, in addition to the Pro Rata Share of the applicable Net Investment an amount equal to the interest component of the outstanding Commercial Paper
issued to fund the portion of the applicable Net Investment being assigned to such Bank Investor as reasonably determined by the applicable Class Agent. In addition, such Bank Investor shall pay to the applicable Class Agent the amount (the
“Unused Commitment Amount”) of any unused Commitment of such downgraded Bank Investor. The applicable Class Agent shall deposit such Unused Commitment Amount in an account of such Class Agent’s name, and shall apply such
amounts to fund such Bank Investor’s Pro Rata Share of any Incremental Transfer required to be funded by such Bank Investors subject to the terms and conditions hereof. The proceeds of such account shall be invested in Eligible Investments and
any investment income with respect thereto shall be paid to the applicable Bank Investor on a monthly basis. All amounts 

  

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remaining in such account shall be released to such Bank Investor on the Business Day immediately following the earliest of: (x) the effective date of
any replacement of such Bank Investor or removal thereof as a party to this Agreement, (y) the date on which such Bank Investor shall furnish the applicable Class Agent with evidence that its short term debt rating is higher than
“A-2”, “P-2” or “F-2” from Standard & Poor’s, Moody’s and Fitch, respectively, and (z) the applicable Termination Date (except for a Reinvestment Termination Date). Notwithstanding anything
contained herein to the contrary, upon any such assignment to a downgraded Bank Investor as contemplated pursuant to the immediately preceding sentence, the aggregate available amount of the Aggregate Facility Limit, solely as it relates to new
Incremental Transfers by any Class Conduit shall be reduced by the amount of unused Commitment of such downgraded Bank Investor; it being understood and agreed, that nothing in this sentence or the two preceding sentences shall affect or diminish in
any way any such downgraded Bank Investor’s Commitment to the Transferor or such downgraded Bank Investor’s other obligations and liabilities hereunder and under the other Transaction Documents. 
 ARTICLE XI 
 ARTICLE XI
 
 MISCELLANEOUS 
 Section 11.1 SECTION 11.1. Term of Agreement. This Agreement shall terminate on the date following all of the Termination Dates upon which the Aggregate Net Investment has been reduced to zero, all
accrued Discount and all Servicing Fees have been paid in full, and all other Aggregate Unpaids have been paid in full, in each case, in cash; provided, however, that (i) the rights and remedies of each Class Agent, the Class Investors and the
Administrative Agent with respect to any representation and warranty made or deemed to be made by the Transferor pursuant to this Agreement, (ii) the indemnification and payment provisions of Article VIII, (iii) Tech Data’s
obligations under Article IX and (iv) the agreements set forth in Section 11.8 and 11.9 hereof, shall be continuing and shall survive any termination of this Agreement. 
 Section 11.2 SECTION 11.2. Waivers; Amendments. (a)(a) No failure or delay on the part of any
Class Agent, the Administrative Agent or any Class Investor in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any
other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. 
 (b) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by
the Transferor, the Administrative Agent, each Class Conduit (so long as such Class Conduit holds any portion of the Transferred Interest), each Class Agent and the Majority Investors; provided, that no such amendment or waiver shall, without
the prior written consent of all Bank Investors, amend, modify or waive any provision of this Agreement in any way which would reduce or impair Collections or the payment of the applicable Net Investment, Discount or fees payable hereunder to the
Bank Investors; provided further, that no such amendment or waiver shall, without the prior written consent of each Bank 

  

 81 

 
Investor directly affected thereby, amend, modify or waive any provision of this Agreement in any way which would (A) increase the Servicing Fee (other
than as permitted pursuant to Section 6.2(b)), (B) modify any provision of this Agreement or the Purchase Agreement relating to the timing of payments required to be made by the Transferor or the Seller or the application of the proceeds
of such payments, (C) permit the appointment of any Person (other than the Administrative Agent) as successor Collection Agent, or (D) release any property from the lien provided by this Agreement (other than as expressly contemplated herein).
Notwithstanding the foregoing, the Administrative Agent, the Transferor, Tech Data and the applicable Class Conduit and Bank Investor(s) may amend this Agreement to (A) increase the dollar amount of any Bank Investor’s Commitment (and
similarly increase the Facility Limit and the Maximum Net Investment) or (B) increase the Facility Limit (and similarly increase the Maximum Net Investment) by adding a financial institution as a Bank Investor party hereto; provided,
that in each case after giving effect to any such amendment the aggregate of the respective Bank Investors’ Commitment at least equals the applicable Facility Limit. In addition, notwithstanding anything to the contrary herein (but subject to
the first, second and third provisions set forth in this Section 11.2(b)), this Agreement may be amended by the Transferor, the Collection Agent and the Administrative Agent solely for the purpose of adding an additional Class (which addition
may result in an increased Facility Limit and Maximum Net Investment and changes to any definitions or terms of this Agreement which are specific to one or more particular Classes). 
 (b) In addition to the provisions set forth in Section 11.2(b) in respect of increasing any applicable Maximum Net Investment, Facility Limit or
Commitment, the Transferor may make a written request to one or more Classes, within each Class to their respective Class Agent, Class Conduit and Bank Investor(s), to increase the Maximum Net Investment, the Facility Limit and/or the Bank
Investors’ Commitment for such Class. Any such request shall (i) set forth with specificity the dollar amounts of the requested increases and the requested date of the effectiveness of such increases, (ii) specifically state that upon
acceptance of such request by the applicable Class Agent, Class Conduit and Bank Investor(s) this Agreement shall be deemed to have been amended and supplemented to reflect the increased Maximum Net Investment and Facility Limit in respect of the
applicable Class and Commitment of the Bank Investor(s) in such Class, and (iii) be signed by the Transferor and the Collection Agent. Any Class Agent, Class Investor and/or Bank Investor(s) to which any such request is made may, in their sole
and absolute discretion, agree to any such request, and if accepted, such request shall be accepted within a period of five (5) Business Days and upon such acceptance this Agreement shall be supplemented by a writing signed by the applicable
Class Agent(s), Bank Investor(s) and Class Conduit(s) setting forth the new Maximum Net Investment, Facility Limit and/or Commitment for each applicable Class and the effective date of any such increase, provided, however, that with respect
to any Class, the Facility Limit for such Class shall not at any time exceed the aggregate Commitments for the Bank Investor(s) in such Class. The parties hereto agree that upon the execution of any such supplement, this Agreement shall be deemed
amended as provided by such supplement and shall be binding on the parties hereto as so supplemented. Unless otherwise agreed, the terms of any fee letter in effect between the Transferor, the Collection Agent and the applicable Class Conduit(s),
Class Agent(s) and/or Bank Investor(s) shall continue in effect with respect to any such increased amounts. In connection with the effectiveness of any such supplement, the Transferor shall deliver an opinion of counsel reasonably acceptable to the
applicable Class Agent(s) in respect of corporate matters and the enforceability of this Agreement, as so supplemented, against the Collection Agent and the Transferor. 
  

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 Section 11.3 SECTION 11.3. Notices. Except as provided below, all
communications and notices provided for hereunder shall be in writing (including bank wire, telex, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other party at its address or telecopy number set forth
below or at such other address or telecopy number as such party may hereafter specify for the purposes of notice to such party. Each such notice or other communication shall be effective (i) if given by telecopy, when such telecopy is
transmitted to the telecopy number specified in this Section 11.3 and confirmation is received, (ii) if given by mail 3 Business Days following such posting, postage prepaid, U.S. certified or registered, (iii) if given by overnight
courier, one (1) Business Day after deposit thereof with a national overnight courier service, or (iv) if given by any other means, when received at the address specified in this Section 11.3. However, anything in this
Section 11.3 to the contrary notwithstanding, the Transferor hereby authorizes a Class Conduit to effect Transfers, the Tranche Periods and the Tranche Rates selections based on telephonic notices made by any Person which such Class Conduit in
good faith believes to be acting on behalf of the Transferor. The Transferor agrees to deliver promptly to the Administrative Agent a written confirmation of each telephonic notice signed by an authorized officer of Transferor (which confirmation
the Administrative Agent shall forward to the applicable Class Agent). However, the absence of such confirmation shall not affect the validity of such notice. If the written confirmation differs in any material respect from the action taken by any
Class Conduit the records of such Class Conduit shall govern absent manifest error. 
 If to YC SUSI Trust: 
 YC SUSI Trust  
 c/o Bank of America, National Association,  
 as Administrative Trustee  
 214 North Tryon Street, 19th Floor  
 NC1-027-19-01  
 Charlotte, NC 28255  
 Telephone: (704) 386-7922  
 Facsimile: (704) 386-9169 
 c/o Global Securitization Services, LLC 
 114 West 47th St., Suite 1715 
 New York, New York 10036 
 Attention: Andrew L. Stidd 
 Telephone:(212) 302-5151 
 Telecopy:
(212) 302-8767 
 (with a copy to the Administrative Agent) 
  

 83 

 If to Liberty: 
 Liberty Street Funding Corp. 
 c/o Global Securitization Services, LLC 
 114 West 47th St., Suite 1715 
 New York, New York 10036 
 Attention: Andrew L. Stidd 
 Telephone: (212) 302-5151 
 Telecopy: (212) 302-8767 
 with a copy to: 
 The Bank of Nova Scotia 
 One Liberty Plaza 
 New York, New York 10006 
 Attention: Richard D. Garritt 
 Telephone: (212) 225-5000 
 Telecopy: (212) 225-5090 
 If to AFC: 
 Amsterdam Funding Corporation 
 c/o Global Securitization Services,
LLC 
 114 West 47th Street, Suite 1715 
 New York, New York 10036 
 Attention: Andrew Stidd 
 Telephone: (212) 302-8330 
 Telecopy: (212)
302-8767 
 with a copy to: 
 ABN AMRO Bank N.V. 
 135 South LaSalle Street 
 Suite 725

 Chicago, Illinois 60674 
 Attention: Program Administrator - Amsterdam 
 Telephone: (312) 904-6263 
 Telecopy: (312) 904-6376 
 If to Falcon: 
 Falcon Asset Securitization LLC 
 c/o Asset Backed Finance 
 Suite IL1-0594 
 Chicago, Illinois 60670 
 Telecopy No.: (312) 732-1844 
  

 84 

 with a copy to: 
 JPMorgan Bank, N.A. 
 1 Bank One Plaza  
 10 South
Dearborn 
 Suite IL1-05940079 
 Chicago, Illinois 6067060603 
 Telecopy No.: (312) 732-1844 
 If to the Transferor: 
 Tech
Data Finance SPV, Inc. 
 1655 N. Main Street, Suite 295 
 Walnut Creek, California 34596 
 Telephone: (925) 933-6390 
 Telecopy: (925) 933-6390 
 If to Tech Data: 
 Tech Data
Corporation 
 5350 Tech Data Drive 
 Clearwater, Florida 33760 
 Attention: Treasurer 
 Telephone: (727) 539-7429 
 Telecopy: (727) 538-5860 
 (with a copy to General Counsel) 
 Telecopy: (727) 538-7803 
 If to the Administrative Agent: 
 Bank of America, National Association 
 214 North Tryon Street--19th Floor 

 NCI – 027 – 19 – 01 
 Charlotte, North Carolina 28255 
 Attention: Leif E. Rauer-- 
 Global Asset-Backed SecuritizationABCP Conduit 
 Group 
 Telephone: (704) 683-4723Telecopy: 386-7922  
 Facsimile: (704) 409-0055386-9169 
 If to the Bank
Investors, at their respective addresses set forth on the signature pages hereto or of the Assignment and Assumption Agreement pursuant to which it became a party hereto. 
 Section 11.4 SECTION 11.4. Governing Law; Submission to Jurisdiction; Integration. 
  

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 (a)(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. THE TRANSFEROR HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF
ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. The Transferor hereby irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to
the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Nothing in this Section 11.4 shall affect the right of any Class
Investor to bring any action or proceeding against the Transferor or its property in the courts of other jurisdictions. 
 (b)(b) This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire Agreement among the parties
hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 
 Section 11.5
SECTION 11.5. Severability; 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. Execution and delivery of this Agreement may be made by facsimile. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 SECTION 11.6. Successors and Assigns.  

(a)(a) This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided,
however, that the Transferor may not assign any of its rights or delegate any of its duties hereunder without the prior written consent of the Administrative Agent and the Majority Investors. No provision of this Agreement shall in any manner
restrict the ability of any Class Conduit to assign, participate, grant security interests in, or otherwise transfer any portion of the Transferred Interest held by it. 
 (b)(b) The Transferor hereby agrees and consents to the assignment by any Class Conduit from time to time of all or any part of its rights under, interest in and title to this Agreement and the
Transferred Interest held by it to any related Liquidity Provider. In addition, the Transferor hereby consents to and acknowledges the assignment by any Class Conduit of all of its rights under, interest in and title to this Agreement and the
Transferred Interest held by it to the related Collateral Agent. 
  

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 (c) Without limiting the foregoing, any Class Conduit may, from time to time, with
prior or concurrent notice to Transferor and Collection Agent, in one transaction or a series of transactions, assign all or a portion of its Net Investment and its rights and obligations under this Agreement and any other Transaction Documents to
which it is a party to a Conduit Assignee. Upon and to the extent of such assignment by such Class Conduit to a Conduit Assignee, (i) such Conduit Assignee shall be the owner of the assigned portion of such Net Investment, (ii) the related
administrative or managing agent for such Conduit Assignee will act as the Class Agent for such Conduit Assignee, with all corresponding rights and powers, express or implied, granted to the applicable Class Agent hereunder or under the other
Transaction Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit support provider(s) and other related parties shall have the benefit of all the rights and protections provided to such Class Conduit and its
Liquidity Support Provider(s) and Credit Support Provider(s), respectively, herein and in the other Transaction Documents (including, without limitation, any limitation on recourse against such Conduit Assignee or related parties, any agreement not
to file or join in the filing of a petition to commence an insolvency proceeding against such Conduit Assignee, and the right to assign to another Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all (or
the assigned or assumed portion) of such Class Conduit’s obligations, if any, hereunder or any other Transaction Document, and such Class Conduit shall be released from such obligations, in each case to the extent of such assignment, and the
obligations of such Class Conduit and such Conduit Assignee shall be several and not joint, (v) all distributions in respect of such Net Investment shall be made to the applicable agent or administrative agent, as applicable, on behalf of such
Class Conduit and such Conduit Assignee on a pro rata basis according to their respective interests, (vi) the definition of the term “CP Rate” with respect to the portion of such Net Investment funded with commercial paper
issued by such Class Conduit from time to time shall be determined in the manner set forth in the definition of “CP Rate” applicable to such Class Conduit on the basis of the interest rate or discount applicable to commercial paper
issued by such Conduit Assignee (rather than such Class Conduit), (vii) the defined terms and other terms and provisions of this Agreement and the other Transaction Documents shall be interpreted in accordance with the foregoing, and
(viii) if requested by the Administrative Agent or the agent or administrative agent with respect to the Conduit Assignee, the parties will execute and deliver such further agreements and documents and take such other actions as the
Administrative Agent or such agent or administrative agent may reasonably request to evidence and give effect to the foregoing. No Assignment by such Class Conduit to a Conduit Assignee of all or any portion of its Net Investment shall in any way
diminish the related Bank Investors’ obligation under Section 10.7 to fund any Incremental Transfer not funded by such Class Conduit or such Conduit Assignee or to acquire from such Class Conduit or such Conduit Assignee all or any portion
of the applicable Net Investment. 
 (c) Federal Reserve. Notwithstanding anything to the contrary in this Agreement, any Bank Investor
may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, any Transferred Interest and any rights to payment of capital and yield) under this Agreement to secure obligations of
such Bank Investor to a Federal Reserve Bank; provided that no such pledge or grant of a security interest shall release a Bank Investor from any of its obligations hereunder, or substitute any such pledgee or grantee for such Bank Investor as a
party hereto. 
 SECTION 11.7. Treatment of Certain Information; Confidentiality. Each of the Administrative
Agent, the Class Investors and the Class Agents agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) 
  

 87 

 
solely in respect of Information relating to the Collection Agent’s servicing hereunder and the Receivables (including information relating to defaults,
delinquencies, collection, payment and/or liquidation rates and concentrations), to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(d) among the Administrative Agent and the Bank Investors only, and in respect of Information relating to the Collection Agent’s servicing hereunder and the Receivables (including information relating to defaults, delinquencies,
collection, payment and/or liquidation rates and concentrations), to any party hereto, (e) solely in respect of Information relating to the Collection Agent’s servicing hereunder and the Receivables (including information relating to
defaults, delinquencies, collection, payment and/or liquidation rates and concentrations), in connection with the exercise of any remedies hereunder or under any other Transaction Document or any action or proceeding relating to this Agreement or
any other Transaction Document or the enforcement of rights hereunder or thereunder, (f) solely in respect of Information relating to the Collection Agent’s servicing hereunder and the Receivables (including information relating to
defaults, delinquencies, collection, payment and/or liquidation rates and concentrations), subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or participant in, or any
prospective assignee of or participant in, any of its rights or obligations under this Agreement or (ii) any potential Bank Investor, any related commercial paper issuer that finances a Class Conduit, any related Liquidity Provider or any
related Credit Support Provider in relation to this Agreement, (g) solely in respect of Information relating to the Collection Agent’s servicing hereunder and the Receivables (including information relating to defaults, delinquencies,
collection, payment and/or liquidation rates and concentrations), to any nationally recognized rating agency rating any Class Conduit’s Commercial Paper, (h) with the consent of the Collection Agent or the Transferor or (i) to the
extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Class Investor, Class Agent or any of their respective Affiliates on a
nonconfidential basis from a source other than the Collection Agent or the Transferor. 
 For purposes of this Section,
“Information” means all information received from the Collection Agent or the Transferor relating to the Collection Agent or the Transferor or any of their respective businesses, other than any such information that is available to
the Administrative Agent, any Class Investor or Class Agent on a nonconfidential basis prior to disclosure by the Collection Agent or the Transferor, provided that, in the case of information received from the Collection Agent or the
Transferor after the date of Amendment Number 10 to this Agreement, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  

 88 

 Each of the Administrative Agent, the Class Investors and the Class Agents acknowledges that (a) the
Information may include material non-public information concerning the Collection Agent or the Transferor, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will
handle such material non-public information in accordance with applicable Law, including Federal and state securities Laws. 
 Section 11.6 SECTION 11.8. Confidentiality Agreement. The Transferor and Tech Data hereby agree that they will not disclose the contents of this Agreement or any other proprietary or confidential
information of any Class Agent, the Class Conduits, the Administrative Agent, any Bank Investor, the Collateral Agent, any related Liquidity Provider or any related Credit Support Provider to any other Person except (i) its auditors and
attorneys, employees or financial advisors (other than any commercial bank) and any nationally recognized rating agency, provided such auditors, attorneys, employees, financial advisors or rating agencies are informed of the highly
confidential nature of such information or (ii) as otherwise required by applicable law or order of a court of competent jurisdiction. Anything herein to the contrary notwithstanding, the Transferor, the Collection Agent, Tech Data, each Class
Investor, each Class Agent, the Administrative Agent, each Indemnified Party and any successor or assign of any of the foregoing (and each employee, representative or other agent of any of the foregoing) may disclose to any and all Persons, without
limitation of any kind, the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011-4) of the transactions contemplated herein and all materials of any kind (including
opinions or other tax analyses) that are or have been provided to any of the foregoing relating to such tax treatment or tax structure, and it is hereby confirmed that each of the foregoing have been so authorized since the commencement of
discussions regarding the transactions. 
 SECTION 11.9. No Bankruptcy Petition Against any Class Conduit. Each party
hereto hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding Commercial Paper or other indebtedness of any Class Conduit (or any related commercial paper issuer that finances
the Class Conduit), it will not institute against, or join any other Person in instituting against, such Class Conduit (or such related issuer) any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar
proceeding under the laws of the United States or any state of the United States. 
 Section 11.7 SECTION
11.10. No Recourse Against Stockholders, Officers or Directors. Notwithstanding anything to the contrary contained in this Agreement, the obligations of each Class Conduit (or any related commercial paper issuer that
finances the Class Conduit) under this Agreement and all other Transaction Documents are solely the corporate obligations of such Class Conduit (or such related issuer) and shall be payable solely to the extent of funds received from the Transferor
in accordance herewith or from any party to any Transaction Document in accordance with the terms thereof in excess of funds necessary to pay matured and maturing Commercial Paper of the applicable Class Conduit (or its related issuer). No recourse
under any obligation, covenant or agreement of any Class Conduit (or its related issuer) contained in this Agreement shall be had against such Class Conduit’s (or such related issuer’s) Corporate Services Provider (or any Affiliate
thereof), or any stockholder, employee, officer, director or incorporator of any Class Conduit (or its related issuer) or beneficial owner of any of them, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by
virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of each Class Conduit (or its related issuer), and that no personal liability 
  

 89 

 
whatsoever shall attach to or be incurred by the Corporate Services Provider (or any Affiliate thereof), or the stockholder, employee, officer, director or
incorporator of any Class Conduit (or its related issuer) or beneficial owner of any of them, as such, or any of them, under or by reason of any of the obligations, covenants or agreements of any Class Conduit (or its related issuer) contained in
this Agreement, or implied therefrom, and that any and all personal liability for breaches by any Class Conduit (or its related issuer) of any of such obligations, covenants or agreements, either at common law or at equity, or by statute or
constitution, of the Corporate Services Provider (or any Affiliate thereof) and every such stockholder, employee, officer, director or incorporator of a Class Conduit (or its related issuer) or beneficial owner of any of them is hereby expressly
waived as a condition of and consideration for the execution of this Agreement; provided, however, that a Class Conduit (or its related issuer) shall be considered to be an Affiliate of the Corporate Services Provider; and
provided, further, that this S 11.2 shall not relieve any such stockholder, employee, officer, director or incorporator of any Class Conduit (or its related issuer) or beneficial owner of any of them of any liability it might otherwise
have for its own intentional misrepresentation or willful misconduct. ection 
 SECTION 11.11. Characterization of the
Transactions Contemplated by the Agreement. It is the intention of the parties that the transactions contemplated hereby constitute the sale of the Transferred Interest, conveying good title thereto free and clear of any Adverse Claims to the
Administrative Agent, on behalf of the Class Investors, and that the Transferred Interest not be part of the Transferor’s estate in the event of an insolvency. If, notwithstanding the foregoing, the transactions contemplated hereby should be
deemed a financing, the parties intend that the Transferor shall be deemed to have granted to the Administrative Agent, on behalf of the Class Investors, and the Transferor hereby grants to the Administrative Agent, on behalf of the Class Investors,
a first priority perfected security interest in all of the Transferor’s right, title and interest in, to and under the Receivables, together with Related Security and Collections with respect thereto, and that this Agreement shall constitute a
security agreement under applicable law. The Transferor hereby grants a security interest in and assigns to the Administrative Agent, on behalf of the Class Investors, all of its rights and remedies under the Purchase Agreement with respect to the
Receivables and with respect to any obligations thereunder of Tech Data with respect to the Receivables. 
 Section 11.8
SECTION 11.12. Optional Reconveyance of All Receivables. The Transferor shall have the option at any time to require the Administrative Agent, on behalf of the Class Investors, as applicable, to reconvey
all of its interest in the Receivables to the Transferor subject to the following terms and conditions: (a) the Transferor shall give the Administrative Agent and each Class Agent not less than 10 Business Days notice of the Transferor’s
exercise of this option and (b) simultaneously with the reconveyance by the Administrative Agent to the Transferor of the Administrative Agent’s interest in the Receivables, the Transferor shall pay to the Administrative Agent, for the
benefit of the applicable Class Investors, an amount equal to the Aggregate Net Investment plus all discount accrued and to accrue on the Class Conduit’s (or, if a related commercial paper issuer finances the Class Conduit, the related
issuer’s) Related Commercial Paper to maturity, together with any other costs associated with the receipt by each Class Conduit (or its related issuer) of its Net Investment on a day other than the last day of an applicable Tranche Period along
with any other amounts owing hereunder to the Class Investors by the Transferor. 
  

 90 

 Section 11.9 SECTION 11.13. Mandatory
Reconveyance of Certain Receivables. The Administrative Agent, on behalf of the Class Investors, as applicable, upon each occasion on which the Transferor shall be required to reconvey any Receivables to Tech Data pursuant to Section 7.2(a)
of the Purchase Agreement, shall be considered to have reconveyed and does hereby reconvey to the Transferor such Receivables (including the Transferred Interest therein) and upon such reconveyance, hereby terminates its interest in any such
Receivables; provided that no such reconveyance by the Administrative Agent shall occur or be deemed to have occurred if (a) any Event of Termination shall have occurred and be continuing hereunder or (b) Tech Data shall not have
contemporaneously with such reconveyance sold to the Transferor a substitute receivable as described in Section 7.2(b) of the Purchase Agreement. 
  

 91 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Transfer and Administration
Agreement as of the day first written above. 
  

											
		  		 		 		 	 TECH DATA FINANCE SPV, INC.,
     as Transferor

					
		  		 		 	By:	 	
						
	By:	  		 		 		 		 	
	Name:	  		 		 		 		 	
	Title:	  		 		 		 		 	
					
		  		 		 		 	 TECH DATA CORPORATION, 
     as Collection Agent 

						
		  		 		 		 	By:	 	
		  		 		 		 	     	 	
		  		 		 		 	Name:	 	
		  		 		 		 	Title:	 	
		  		 		 		 		 	
		  		 		 		 	YC SUSI TRUST
		  		 		 	    By:	 		 	
		  		 		 	    Name:	 		 	
	By:	  		 		 		 		 	
	Name:	  		 		 		 		 	
	Title:	  		 		 		 	
					
		  		 		 		 	LIBERTY STREET FUNDING CORP.
		  		 		 		 	By:	 	
		  		 		 		 	Name:	 	
		  		 		 		 	Title:	 	
						
		  		 		 	By:	 		 	
		  		 		 	Name:	 		 	
		  		 		 	Title:	 		 	
				
		  		 		 	AMSTERDAM FUNDING CORPORATION
		  		 		 	By:	 		 	
		  		 	    Name:	 		 		 	
		  		 		 		 	    Title:	 	

  

 92 

			
	FALCON ASSET SECURITIZATION CORPORATIONBy:
		
	By:	 	
	Name:	 	
	Title:	 	

  

					
	 Commitment 
 $117,300,000115,260,000
	 	 BANK OF AMERICA, NATIONAL ASSOCIATION,
 as
Administrative Agent, SUSI Issuer Agent and
 as a SUSI Issuer Bank Investor

			
		 	By:	 	
		 	 Name:
	 	  

		 	 Name:
	 	
		 	Title:	 	
		
	 Commitment
 $96,900,00095,370,000
	 	 THE BANK OF NOVA SCOTIA, as Liberty Agent and
 as a Liberty Bank Investor

			
		 	By:	 	
		 	 Name:
	 	
		 	 Title:
 Title:
	 	
		
	Commitment	 	ABN AMRO BANK N.V., as AFC Agent
	$96,900,000	 	and as an AFC Bank Investor
			
		 	By: 	 	
		 	Name:	 	
		 	Title:	 	
			
		 	By: 	 	
		 	Name:	 	
		 	Title:	 	

  

 93 

					
	 Commitment
 $96,900,0095,370,000
	 	JPMORGAN CHASE BANK, N.A, as Falcon Agent
and as a Falcon Bank Investor
			
		 	 By: 
 Name:
	 	  

		 	Name:	 	
		 	Title:	 	

  

 94 

 ANNEX 1 
 CP Rate Definition for SUSI Issuer 
 “CP Rate” shall mean for any CP Tranche Period, the per annum rate
equivalent to the “weighted average cost” (as defined below) related to the issuance of Commercial Paper that is allocated, in whole or in part, to fund the SUSI Issuer’s Net Investment (and which may also be allocated in part to the
funding of other assets of the SUSI Issuer); provided, however, that if any component of such rate described above is a discount rate in calculating the CP Rate for the SUSI Issuer’s Net Investment for such CP Tranche Period, the rate used to
calculate such component of such rate shall be a rate resulting from converting such discount rate to an interest bearing equivalent rate per annum. As used in this definition, the “weighted average cost” shall consist of
(A) the actual interest rate (or discount) paid to purchasers of Commercial Paper issued by the SUSI Issuer or any related commercial paper issuer that finances the SUSI Issuer (other than the commissions of placement agents and dealers),
(B) certain documentation and transaction costs associated with the issuance of such Commercial Paper, (c) any incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding
funds are received by the related Class Agent on behalf of the SUSI Issuer (or its related commercial paper issuer), and (D) other borrowing by the SUSI Issuer (or its related commercial paper issuer) (other than under any program support
agreement), including to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market. 
  

 95 

 ANNEX 2 
 CP Rate Definition for Falcon 
 “CP Rate” shall mean for any CP Tranche Period, unless
otherwise provided for under the Transaction Documents, the sum of (i) discount or yield accrued on Falcon pooled Commercial Paper during such Tranche Period, plus (ii) any and all accrued commissions in respect of placement agents and
Commercial Paper dealers, and issuing and paying agent fees incurred, in respect of such pooled Commercial Paper for such Tranche Period plus (iii) other costs associated with funding small or odd-lot amounts with respect to all receivable
purchase facilities which are funded by Falcon pooled Commercial Paper for such Tranche Period, minus (iv) any accrual of income net of expenses received during such Tranche Period from investment of collections received under all receivable
purchase facilities funded substantially with Falcon pooled Commercial Paper, minus (v) any payment received during such Tranche Period net of expenses in respect of broken funding costs related to the prepayment of any portion of the Net
Investment of Falcon pursuant to the terms of any receivable purchase facilities funded substantially with pooled Commercial Paper. In addition to the foregoing costs, if Seller shall request from Falcon any Incremental Transfer during any period of
time determined by the Class Agent in its sole discretion to result in an incrementally higher CP Rate applicable to such Incremental Transfer, the Net Investment associated with any such Incremental Transfer shall, during such period, be deemed to
be funded by Falcon in a special pool (which may include capital associated with other receivable purchase facilities) for purposes of determining such additional CP Rate applicable only to such special pool and charged each day during such period
against such Net Investment. 
  

 96 

 ANNEX 3 
 CP Rate Definition for AFC 
 “CP Rate” shall mean, on any day with respect to
any CP Tranche Period, the per annum rate for any funding period (inclusive of dealer fees and commissions) paid or payable by AFC as interest on or otherwise in respect of Commercial Paper issued by AFC on the first day of such funding period and
maturing on the last day of such funding period that are allocated by AFC in whole or in part, to fund or maintain its Net Investment for such day, as determined by AFC; provided, however, that if any rate so paid or payable by AFC from time to time
as interest on or otherwise in respect of such Commercial Paper is a discount rate, then such rate shall be the rate resulting from converting such discount rate to an interest-bearing equivalent rate.  
 ANNEX 4 
 CP Rate Definition
for Liberty 
 “CP Rate” shall mean for any CP Tranche Period, the per annum rate equivalent to the “weighted average
cost” (as defined below) related to the issuance of Commercial Paper that is allocated, in whole or in part, to fund Liberty’s Net Investment (and which may also be allocated in part to the funding of other assets of Liberty); provided,
however, that if any component of such rate described above is a discount rate in calculating the CP Rate for Liberty’s Net Investment for such CP Tranche Period, the rate used to calculate such component of such rate shall be a rate resulting
from converting such discount rate to an interest bearing equivalent rate per annum. As used in this definition, the “weighted average cost” shall consist of (A) the actual interest rate (or discount) paid to purchasers of
Commercial Paper issued by Liberty (other than the commissions of placement agents and dealers), (B) certain documentation and transaction costs associated with the issuance of such Commercial Paper, (C) any incremental carrying costs
incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by the related Class Agent on behalf of Liberty, and (D) other borrowing by Liberty (other than under any program support
agreement), including to fund small or odd dollar amounts that are not easily accommodated in the commercial paper market. 
  

 97 

 TABLE OF CONTENTS 
  

					
	  	  	 	  	 Page

	ARTICLE I
	
	DEFINITIONS
			
	SECTION 1.1. Section 1.1	  	Certain Defined Terms	  	21
	SECTION 1.2. Section 1.2	  	Other Terms.	  	25 23
	SECTION 1.3. Section 1.3	  	Computation of Time Periods.	  	25 23
			
	ARTICLE II	  		  	
	
	PURCHASES AND SETTLEMENTS
			
	SECTION 2.1. Section 2.1	  	Facility	  	2623
	SECTION 2.2. Section 2.2	  	Transfers; Certificates; Eligible Receivables.	  	26 24
	SECTION 2.3. Section 2.3	  	Selection of Tranche Periods and Tranche Rates	  	3128
	SECTION 2.4. Section 2.4	  	Discount, Fees and Other Costs and Expenses	  	3331
	SECTION 2.5. Section 2.5	  	Non—Liquidation Settlement and Reinvestment Procedures	  	3431
	SECTION 2.6. Section 2.6	  	Liquidation Settlement Procedures	  	3532
	SECTION 2.7. Section 2.7	  	Fees	  	3633
	SECTION 2.8. Section 2.8	  	Protection of Ownership Interest of the Class Investors	  	3634
	SECTION 2.9. Section 2.9	  	Deemed Collections; Application of Payments	  	3735
	SECTION 2.10. Section 2.10	  	Payments and Computations, Etc.	  	3835
	SECTION 2.11. Section 2.11	  	Reports.	  	38 36
	SECTION 2.12. Section 2.12	  	Collection Account	  	3836
	SECTION 2.13. Section 2.13	  	Sharing of Payments, Etc.	  	3936
	SECTION 2.14. Section 2.14	  	Rights of Set—off.	  	39 37
			
	ARTICLE III	  		  	
	
	REPRESENTATIONS AND WARRANTIES
			
	SECTION 3.1. Section 3.1	  	Representations and Warranties of the Transferor	  	4037
	SECTION 3.2. Section 3.2	  	Reaffirmation of Representations and Warranties by the Transferor	  	45
	SECTION 3.3.	  	Representations and Warranties of Tech Data, as Collection Agent	  	45
	SECTION 3.4.	  	Reaffirmation of Representations and Warranties by Tech Data, as Collection Agent	  	4742
	Section 3.3	  	Representations and Warranties of Tech Data, as Collection Agent	  	43
	Section 3.4	  	Reaffirmation of Representations and Warranties by Tech Data, as Collection Agent	  	44

  

 i 

					
	ARTICLE IV
	
	CONDITIONS PRECEDENT
			
	SECTION 4.1. Section 4.1	  	Conditions to Closing.	  	48 45
	
	ARTICLE V
	
	COVENANTS
			
	SECTION 5.1. Section 5.1	  	Affirmative Covenants of Transferor	  	5147
	SECTION 5.2. Section 5.2	  	Negative Covenants of Transferor	  	5450
	SECTION 5.3. Section 5.3	  	Affirmative Covenants of Tech Data	  	56
	SECTION 5.4. 	  	Negative Covenants of Tech Data	  	5952
	Section 5.4	  	Negative Covenants of Tech Data	  	55
	Section 5.5	  	Financial Covenants of the Collection Agent	  	56
	
	ARTICLE VI
	
	ADMINISTRATION AND COLLECTIONS
			
	SECTION 6.1. Section 6.1	  	Appointment of Collection Agent	  	6257
	SECTION 6.2. Section 6.2	  	Duties of Collection Agent	  	6257
	SECTION 6.3. Section 6.3	  	Rights After Designation of New Collection Agent	  	6458
	SECTION 6.4. Section 6.4	  	Responsibilities of the Transferor and Tech Data	  	6459
	
	ARTICLE VII
	
	TERMINATION EVENTS
			
	SECTION 7.1. Section 7.1	  	Termination Events	  	6659
	SECTION 7.2. Section 7.2	  	Termination	  	6862
			
	ARTICLE VIII	  		  	
	
	INDEMNIFICATION; EXPENSES; RELATED MATTERS
			
	SECTION 8.1. Section 8.1	  	Indemnities by the Transferor	  	6962
	SECTION 8.2. Section 8.2	  	Indemnity for Taxes, Reserves and Expenses	  	7063
	SECTION 8.3. Section 8.3	  	Other Costs, Expenses and Related Matters	  	7265
	SECTION 8.4. Section 8.4	  	Reconveyance Under Certain Circumstances	  	7266
	SECTION 8.5. Section 8.5	  	Indemnities by Tech Data.	  	73 66
	Section 8.6	  	Accounting Based Consolidation Event	  	66

  

 ii 

					
			
	ARTICLE IX	  		  	
	
	THE CLASS AGENTS
			
	 SECTION 9.1. Section 9.1
	  	Authorization and Action	  	7467
	 SECTION 9.2. Section 9.2
	  	Class Agent’s Reliance, Etc.	  	7568
	 SECTION 9.3. Section 9.3
	  	Credit Decision	  	7568
	 SECTION 9.4. Section 9.4
	  	Indemnification of the Class Agents	  	7569
	 SECTION 9.5. Section 9.5
	  	Successor Class Agent	  	7669
	 SECTION 9.6. Section 9.6
	  	Payments by the Class Agents	  	76 70
			
	 ARTICLE X
	  		  	
	
	THE ADMINISTRATIVE AGENT; BANK COMMITMENT      
			
	 SECTION 10.1. Section 10.1
	  	Authorization and Action	  	7770
	 SECTION 10.2. Section 10.2
	  	Administrative Agent’s Reliance, Etc.	  	7871
	 SECTION 10.3. Section 10.3
	  	Credit Decision	  	7871
	 SECTION 10.4. Section 10.4
	  	Indemnification of the Administrative Agent	  	7972
	 SECTION 10.5. Section 10.5
	  	Successor Administrative Agent	  	7972
	 SECTION 10.6. Section 10.6
	  	Payments by the Administrative Agent	  	8073
	 SECTION 10.7. Section 10.7
	  	Bank Commitment; Assignment to Bank Investors	  	8073
			
	 ARTICLE XI
	  		  	
	
	MISCELLANEOUS
			
	 SECTION 11.1. Section 11.1
	  	Term of Agreement	  	8577
	 SECTION 11.2. Section 11.2
	  	Waivers; Amendments	  	8577
	 SECTION 11.3. Section 11.3
	  	Notices	  	8678
	 SECTION 11.4. Section 11.4
	  	Governing Law; Submission to Jurisdiction; Integration	  	8981
	 SECTION 11.5. Section 11.5
	  	Severability; Counterparts	  	8981
	 SECTION 11.6. Section 11.6
	  	Successors and Assigns	  	9081
	 SECTION 11.7. Section 11.7
	  	Treatment of Certain Information; Confidentiality	  	9183
	 SECTION 11.8. Section 11.8
	  	Confidentiality Agreement	  	9284
	 SECTION 11.9. Section 11.9
	  	No Bankruptcy Petition Against any Class Conduit	  	9384
	 SECTION 11.10. Section 11.10
	  	No Recourse Against Stockholders, Officers or Directors	  	9385
	 SECTION 11.11. Section 11.11
	  	Characterization of the Transactions Contemplated by the Agreement	  	9385
	 SECTION 11.12. Section 11.12
	  	Optional Reconveyance of All Receivables	  	9486
	 SECTION 11.13. Section 11.13
	  	Mandatory Reconveyance of Certain Receivables	  	9486

  
  
 TRANSFER AND ADMINISTRATION AGREEMENT 
  

 iii 

 among 
 YC SUSI TRUST,

 LIBERTY STREET FUNDING CORP., 
 AMSTERDAM FUNDING CORPORATION, 
 FALCON ASSET SECURITIZATION COMPANY LLC, 
 TECH DATA FINANCE SPV, INC., 
 as Transferor 
 and 
 TECH DATA CORPORATION, 
 as Collection Agent 
 THE BANK OF NOVA SCOTIA, 
 as a Liberty Bank Investor 
 ABN AMRO BANK N.V.,

 as an AFC Bank Investor 
 JPMORGAN CHASE
BANK, N.A., 
 as a Falcon Bank Investor 
 and 
 BANK OF AMERICA, NATIONAL ASSOCIATION, 
 as Administrative Agent, an SUSI
Issuer Bank Investor and Lead Arranger 
 Dated as of May 19, 2000 
 (composite through Amendment 11,13, dated as of MarchOctober 20, 20072008)Form of Amended and Restated Trust Agreement of Webster Capital Trust VII

 EXHIBIT 4.4 
 FORM OF AMENDED AND RESTATED TRUST AGREEMENT 
 OF 
 WEBSTER CAPITAL TRUST VII 
 Dated as
of                      

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE I INTERPRETATION AND DEFINITIONS
	  	1
				
		 	 SECTION 1.1
	  	 Definitions.
	  	1
		
	 ARTICLE II TRUST INDENTURE ACT
	  	8
				
		 	 SECTION 2.1
	  	 Trust Indenture Act; Application.
	  	8
		 	 SECTION 2.2
	  	 Lists of Holders of Securities.
	  	8
		 	 SECTION 2.3
	  	 Reports by the Property Trustee.
	  	9
		 	 SECTION 2.4
	  	 Periodic Reports to Property Trustee.
	  	9
		 	 SECTION 2.5
	  	 Evidence of Compliance with Conditions Precedent.
	  	9
		 	 SECTION 2.6
	  	 SECTION 2.6 Events of Default; Waiver.
	  	9
		 	 SECTION 2.7
	  	 Default; Notice.
	  	11
		
	 ARTICLE III ORGANIZATION
	  	11
				
		 	 SECTION 3.1
	  	 Name.
	  	11
		 	 SECTION 3.2
	  	 Office.
	  	11
		 	 SECTION 3.3
	  	 Purpose.
	  	12
		 	 SECTION 3.4
	  	 Authority.
	  	12
		 	 SECTION 3.5
	  	 Title to Property of the Trust.
	  	12
		 	 SECTION 3.6
	  	 Powers and Duties of the Administrative Trustees.
	  	12
		 	 SECTION 3.7
	  	 Prohibition of Actions by the Trust and the Trustees.
	  	15
		 	 SECTION 3.8
	  	 Powers and Duties of the Property Trustee.
	  	16
		 	 SECTION 3.9
	  	 Certain Duties and Responsibilities of the Property Trustee.
	  	18
		 	 SECTION 3.10
	  	 Certain Rights of Property Trustee.
	  	19
		 	 SECTION 3.11
	  	 Delaware Trustee.
	  	21
		 	 SECTION 3.12
	  	 Execution of Documents.
	  	21
		 	 SECTION 3.13
	  	 Not Responsible for Recitals or Issuance of Securities.
	  	22
		 	 SECTION 3.14
	  	 Duration of Trust.
	  	22
		 	 SECTION 3.15
	  	 Mergers.
	  	22
		
	 ARTICLE IV SPONSOR
	  	24
				
		 	 SECTION 4.1
	  	 Sponsor’s Purchase of Common Securities.
	  	24
		 	 SECTION 4.2
	  	 Responsibilities of the Sponsor.
	  	24
		 	 SECTION 4.3
	  	 Right to Proceed.
	  	24
		 	 SECTION 4.4
	  	 Right to Terminate Trust.
	  	24
		
	 ARTICLE V TRUSTEES
	  	25
				
		 	 SECTION 5.1
	  	 Number of Trustees; Appointment of Co-Trustee.
	  	25
		 	 SECTION 5.2
	  	 Delaware Trustee.
	  	25
		 	 SECTION 5.3
	  	 Property Trustee; Eligibility.
	  	26
		 	 SECTION 5.4
	  	 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally.
	  	27
		 	 SECTION 5.5
	  	 Administrative Trustees.
	  	27

							
		 	 SECTION 5.6
	  	 Appointment, Removal and Resignation of Trustees.
	  	27
		 	 SECTION 5.7
	  	 Vacancies among Trustees.
	  	29
		 	 SECTION 5.8
	  	 Effect of Vacancies.
	  	29
		 	 SECTION 5.9
	  	 Meetings.
	  	29
		 	 SECTION 5.10
	  	 Delegation of Power.
	  	30
		 	 SECTION 5.11
	  	 Merger, Conversion, Consolidation or Succession to Business.
	  	30
		
	 ARTICLE VI DISTRIBUTIONS
	  	30
				
		 	 SECTION 6.1
	  	 Distributions.
	  	30
		
	 ARTICLE VII ISSUANCE OF SECURITIES
	  	31
				
		 	 SECTION 7.1
	  	 General Provisions Regarding Securities.
	  	31
		 	 SECTION 7.2
	  	 Execution and Authentication.
	  	31
		 	 SECTION 7.3
	  	 Form and Dating.
	  	32
		 	 SECTION 7.4
	  	 Registrar, Paying Agent and Exchange Agent.
	  	33
		 	 SECTION 7.5
	  	 Paying Agent to Hold Money in Trust.
	  	33
		 	 SECTION 7.6
	  	 Replacement Securities.
	  	34
		 	 SECTION 7.7
	  	 Outstanding Capital Securities.
	  	34
		 	 SECTION 7.8
	  	 Capital Securities in Treasury.
	  	34
		 	 SECTION 7.9
	  	 Temporary Securities.
	  	34
		 	 SECTION 7.10
	  	 Cancellation.
	  	35
		 	 SECTION 7.11
	  	 CUSIP Numbers.
	  	35
		
	 ARTICLE VIII TERMINATION OF TRUST
	  	36
				
		 	 SECTION 8.1
	  	 Termination of Trust.
	  	36
		
	 ARTICLE IX TRANSFER OF INTERESTS
	  	37
				
		 	 SECTION 9.1
	  	 Transfer of Securities.
	  	37
		 	 SECTION 9.2
	  	 Transfer Procedures and Restrictions.
	  	37
		 	 SECTION 9.3
	  	 Deemed Security Holders.
	  	41
		 	 SECTION 9.4
	  	 Book-Entry Interests.
	  	41
		 	 SECTION 9.5
	  	 Notices to Clearing Agency.
	  	42
		 	 SECTION 9.6
	  	 Appointment of Successor Clearing Agency.
	  	42
		
	 ARTICLE X LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEE OR OTHERS
	  	42
				
		 	 SECTION 10.1
	  	 Liability.
	  	42
		 	 SECTION 10.2
	  	 Exculpation.
	  	42
		 	 SECTION 10.3
	  	 Fiduciary Duty.
	  	43
		 	 SECTION 10.4
	  	 Indemnification.
	  	44
		 	 SECTION 10.5
	  	 Outside Businesses.
	  	47
		
	 ARTICLE XI ACCOUNTING
	  	47
				
		 	 SECTION 11.1
	  	 Fiscal Year.
	  	47
		 	 SECTION 11.2
	  	 Certain Accounting Matters.
	  	47
		 	 SECTION 11.3
	  	 Banking.
	  	48
		 	 SECTION 11.4
	  	 Withholding.
	  	48

  

 ii 

							
	 ARTICLE XII AMENDMENTS AND MEETINGS
	  	48
				
		 	 SECTION 12.1
	  	 Amendments.
	  	48
		 	 SECTION 12.2
	  	 Meetings of the Holders; Action by Written Consent.
	  	50
		
	 ARTICLE XIII REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE
	  	51
				
		 	 SECTION 13.1
	  	 Representations and Warranties of Property Trustee.
	  	51
		 	 SECTION 13.2
	  	 Representations and Warranties of Delaware Trustee.
	  	52
		
	 ARTICLE XIV MISCELLANEOUS
	  	53
				
		 	 SECTION 14.1
	  	 Notices.
	  	53
		 	 SECTION 14.2
	  	 Governing Law.
	  	54
		 	 SECTION 14.3
	  	 Intention of the Parties.
	  	54
		 	 SECTION 14.4
	  	 Headings.
	  	54
		 	 SECTION 14.5
	  	 Successors and Assigns.
	  	54
		 	 SECTION 14.6
	  	 Partial Enforceability.
	  	55
		 	 SECTION 14.7
	  	 Counterparts.
	  	55

 CROSS-REFERENCE TABLE* 
  

									
	 Section of Trust Indenture Act
of 1939, as amended
	 	 Section of
Trust Agreement

	 310(a)
	 		 		 	5.3	 	
	 310(b)
	 		 	5.3(c);	 	5.3(d)	 	
	 311(a)
	 		 		 	2.2(b)	 	
	 311(b)
	 		 		 	2.2(b)	 	
	 312(a)
	 		 		 	2.2(a)	 	
	 312(b)
	 		 		 	2.2(b)	 	
	 313
	 		 		 	2.3	 	
	 314(a)
	 		 	2.4;	 	3.6(j)	 	
	 314(c)
	 		 		 	2.5	 	
	 315(a)
	 		 		 	3.9	 	
	 315(b)
	 		 		 	2.7(a)	 	
	 315(c)
	 		 		 	3.9(a)	 	
	 315(d)
	 		 		 	3.9(b)	 	
	 316(a)
	 		 		 	2.6	 	
	 316(c)
	 		 		 	3.6(e)	 	
	 317(a)
	 		 	3.8(e);	 	3.8(h)	 	
	 317(b)
	 		 	3.8(i);	 	7.5	 	

  

	*	This Cross-Reference Table does not constitute part of this Trust Agreement and shall not affect the interpretation of any of its terms or provisions. 

  

 iii 

 AMENDED AND RESTATED 
 TRUST AGREEMENT 
 OF 
 WEBSTER CAPITAL TRUST VII 
 Dated as of
                     
 AMENDED
AND RESTATED TRUST AGREEMENT (“Trust Agreement”) dated and effective as of                     ,
                    , by the Trustees (as defined herein), the Sponsor (as defined herein) and by the holders, from time to time, of undivided
beneficial interests in the Trust to be issued pursuant to this Trust Agreement; 
 WHEREAS, the Trustees and the Sponsor established Webster
Capital Trust VII (the “Trust”), a trust formed under the Delaware Statutory Trust Act pursuant to a Trust Agreement dated as of November     , 2008 (the “Original Trust Agreement”), and a
Certificate of Trust filed with the Secretary of State of the State of Delaware on November     , 2008, for the sole purpose of issuing and selling certain securities representing undivided beneficial interests in the
assets of the Trust, investing the proceeds thereof in certain Debentures of the Debenture Issuer (each as hereinafter defined), and engaging in only those activities necessary, advisable or incidental thereto; 
 WHEREAS, prior to the date hereof, no interests in the Trust have been issued; 
 WHEREAS, all of the Trustees and the Sponsor, by this Trust Agreement, amend and restate each and every term and provision of the Original Trust
Agreement; and 
 NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a statutory trust under the Statutory
Trust Act and that this Trust Agreement constitute the governing instrument of such statutory trust, the Trustees declare that all assets contributed to the Trust will be held in trust for the benefit of the holders, from time to time, of the
securities representing undivided beneficial interests in the assets of the Trust issued hereunder, subject to the provisions of this Trust Agreement and, in consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows: 
 ARTICLE
I 
 INTERPRETATION AND DEFINITIONS 
 SECTION 1.1 Definitions. 
 Unless the context otherwise requires: 
 (a) capitalized terms used in this Trust Agreement but not defined in the preamble above or elsewhere herein have the respective meanings assigned to them
in this Section 1.1; 
 (b) a term defined anywhere in this Trust Agreement has the same meaning throughout; 

 (c) all references to “the Trust Agreement” or “this Trust Agreement” are to this
Trust Agreement and each Annex and Exhibit hereto, as modified, supplemented or amended from time to time; 
 (d) all references in this
Trust Agreement to Articles and Sections and Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits to this Trust Agreement unless otherwise specified; 
 (e) a term defined in the Trust Indenture Act has the same meaning when used in this Trust Agreement unless otherwise defined in this Trust Agreement or
unless the context otherwise requires; 
 (f) a term defined in the Indenture (as defined herein) has the same meaning when used in this
Trust Agreement unless otherwise defined in this Trust Agreement or the context otherwise requires; and 
 (g) a reference to the singular
includes the plural and vice versa. 
 “Administrative Trustee” has the meaning set forth in Section 5.1. 

“Affiliate” has the same meaning as given to that term in Rule 405 under the Securities Act or any successor rule thereunder.

 “Agent” means any Paying Agent, Registrar or Exchange Agent. 
 “Authorized Officer” of a Person means any other Person that is authorized to legally bind such former Person. 
 “Book-Entry Interest” means a beneficial interest in the Global Capital Security registered in the name of a Clearing Agency or its
nominee, ownership and transfers of which shall be maintained and made through book entries by a Clearing Agency as described in Section 9.4. 
 “Business Day” means any day other than a Saturday or a Sunday or a day on which banking institutions in New York, New York, Newark, Delaware and Waterbury, Connecticut are authorized or required by law or executive order
to remain closed. 
 “Capital Securities” has the meaning specified in Section 7.1(a). 
 “Capital Securities Guarantee” means the Capital Securities Guarantee Agreement, dated as of the Closing Time, by Webster Financial
Corporation, in respect of the Capital Securities. 
 “Capital Security Beneficial Owner” means, with respect to a
Book-Entry Interest, a Person who is the beneficial owner of such Book-Entry Interest, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency). 
  

 2 

 “Capital Security Certificate” has the meaning set forth in Section 9.4.

 “Clearing Agency” means an organization registered as a “Clearing Agency” pursuant to Section 17A of the
Exchange Act that is acting as depositary for the Capital Securities and in whose name or in the name of a nominee of that organization shall be registered a Global Certificate and which shall undertake to effect book entry transfers and pledges of
the Capital Securities. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other
Person for whom from time to time the Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Time” means the “Closing Time” as defined in the Purchase Agreement. 
 “Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor legislation. 
 “Commission” means
the United States Securities and Exchange Commission as from time to time constituted, or if at any time after the execution of this Trust Agreement such Commission is not existing and performing the duties now assigned to it under applicable
federal securities laws, then the body performing such duties at such time. 
 “Common Securities” has the meaning specified
in Section 7.1(a). 
 “Common Securities Subscription Agreement” means the Common Securities Subscription Agreement,
dated as of the Closing Time, between the Trust and Webster Financial Corporation, relating to the Common Securities. 
 “Company
Indemnified Person” means (a) any Administrative Trustee; (b) any Affiliate of any Administrative Trustee; (c) any officers, directors, shareholders, members, partners, employees, representatives or agents of any
Administrative Trustee; or (d) any officer, employee or agent of the Trust or its Affiliates. 
 “Corporate Trust
Office” means the office of the Property Trustee at which the corporate trust business of the Property Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Agreement is located at
White Clay Center, Route 273, Newark, Delaware 19711. 
 “Covered Person” means: (a) any officer, director,
shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any Holder of Securities. 
 “Debenture Issuer” means Webster Financial Corporation, a Delaware corporation, or any successor entity resulting from any consolidation, amalgamation, merger or other business combination, in its
capacity as issuer of the Debentures under the Indenture. 
  

 3 

 “Debenture Subscription Agreement” means the Debenture Subscription Agreement, dated as
of the Closing Time, between the Debenture Issuer and the Trust in respect of the Debentures. 
 “Debenture Trustee” means
                    , a
                     banking corporation, as trustee under the Indenture until a successor is appointed thereunder, and thereafter means such
successor trustee. 
 “Debentures” means the     % Junior Subordinated Deferrable Interest
Debentures due                     , Series A, of the Debenture Issuer issued pursuant to the Indenture. 
 “Default” means an event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. 

“Definitive Capital Securities” has the meaning set forth in Section 7.3(c). 
 “Delaware Trustee” has the meaning set forth in Section 5.1. 
 “Direct Action” has the meaning set forth in Section 3.8(e). 
 “Distribution” means a distribution payable to Holders in accordance with Section 6.1. 
 “DTC” means The Depository Trust Company, the initial Clearing Agency. 
 “Event of Default” in respect of the Securities means an Event of Default (as defined in the Indenture) that has occurred and is
continuing in respect of the Debentures. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, or any successor legislation. 
 “Exchange Agent” has the meaning set forth in Section 7.4. 
 “Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 
 “Fiduciary Indemnified Person” has the meaning set forth in Section 10.4(b). 
 “Fiscal Year” has the meaning set forth in Section 11.1. 
 “Global Capital Security” means a global certificate representing Capital Securities deposited with, or on behalf of, DTC, or a nominee
of DTC, in each case for credit to an account of a participant in DTC. 
 “Holder” means a Person in whose name a Security
or Successor Security is registered, such Person being a beneficial owner within the meaning of the Statutory Trust Act. 
 “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified Person. 
  

 4 

 “Indenture” means the Indenture, dated as of the Closing Time, between the Debenture
Issuer and the Debenture Trustee, as amended from time to time. 
 “Initial Optional Redemption Date” has the meaning set
forth in Section 4(b) of Annex I hereto. 
 “Investment Company” means an investment company as defined in the
Investment Company Act. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended from time to time,
or any successor legislation. 
 “Legal Action” has the meaning set forth in Section 3.6(g). 
 “Like Amount” has the meaning set forth in Section 3 of Annex I hereto. 
 “List of Holders” has the meaning set forth in Section 2.2(a). 
 “Majority in liquidation amount” means, with respect to the Trust Securities, except as provided in the terms of the Capital Securities
or by the Trust Indenture Act, Holders of outstanding Trust Securities voting together as a single class or, as the context may require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a
class, who are the record owners of more than 50% of the aggregate liquidation amount (including the amount that would be paid on redemption, liquidation or otherwise, plus accumulated and unpaid Distributions to the date upon which the voting
percentages are determined) of all outstanding Securities of the relevant class. 
 “Officers’ Certificate” means, with
respect to any Person, a certificate signed by the Chairman, the Chief Executive Officer, the President, an Executive or Senior Vice President, a Vice President, the Chief Financial Officer, the Secretary or an Assistant Secretary. Any
Officers’ Certificate delivered by the Trust shall be signed by at least one Administrative Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement shall
include: 
 (a) a statement that each officer signing the Certificate has read the covenant or condition and the definitions relating thereto;

 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Certificate;

 (c) a statement that each such officer has made such examination or investigation as, in such officer’s opinion, is necessary to
enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a
statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. 
  

 5 

 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of the
Sponsor, and who shall be acceptable to the Property Trustee. 
 “Participants” has the meaning specified in
Section 7.3(b). 
 “Paying Agent” has the meaning specified in Section 7.4. 
 “Payment Amount” has the meaning specified in Section 6.1. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “PORTAL” has the meaning set forth in Section 3.6(b)(iii). 
 “Property Trustee” has the meaning set forth in Section 5.3(a). 
 “Property Trustee Account” has the meaning set forth in Section 3.8(c)(i). 
 “Prospectus Supplement” has the meaning set forth in Section 3.6(b)(i). 
 “Purchase Agreement” means the Purchase Agreement, dated
                    , by and among the Trust, the Debenture Issuer and the purchaser named therein. 
 “Quorum” means a majority of the Administrative Trustees or, if there are only two Administrative Trustees, both of them. 
 “Registrar” has the meaning set forth in Section 7.4. 
 “Regulatory Capital Event” has the meaning set forth in Section 4(c) of Annex I hereto. 
 “Related Party” means, with respect to the Sponsor, any direct or indirect wholly owned subsidiary of the Sponsor or any other Person
that owns, directly or indirectly, 100% of the outstanding voting securities of the Sponsor. 
 “Responsible Officer” means
any officer within the Corporate Trust Office of the Property Trustee with direct responsibility for the administration of this Trust Agreement and also means, with respect to a particular corporate trust matter, any other officer of the Property
Trustee to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
 “Securities” or “Trust Securities” means the Common Securities and the Capital Securities. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor legislation. 
  

 6 

 “Special Event” has the meaning set forth in Section 4(c) of Annex I hereto.

 “Special Event Redemption Price” has the meaning set forth in Section 4(c) of Annex I hereto. 
 “Sponsor” means Webster Financial Corporation, a Delaware corporation, or any successor entity resulting from any merger, consolidation,
amalgamation or other business combination, in its capacity as sponsor of the Trust. 
 “Statutory Trust Act” means Chapter
38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as it may be amended from time to time, or any successor legislation. 
 “Successor Delaware Trustee” has the meaning set forth in Section 5.6(b)(ii). 
 “Successor
Entity” has the meaning set forth in Section 3.15(b)(i). 
 “Successor Property Trustee” has the meaning set
forth in Section 3.8(f)(ii). 
 “Successor Securities” has the meaning set forth in Section 3.15(b)(i).

 “Super Majority” has the meaning set forth in Section 2.6(a)(ii). 
 “Tax Event” has the meaning set forth in Section 4(c) of Annex I hereto. 
 “10% in liquidation amount” means, with respect to the Trust Securities, except as provided in the terms of the Capital Securities or by
the Trust Indenture Act, Holders of outstanding Trust Securities voting together as a single class or, as the context may require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a class,
who are the record owners of 10% or more of the aggregate liquidation amount (including the amount that would be paid on redemption, liquidation or otherwise, plus accumulated and unpaid Distributions to the date upon which the voting percentages
are determined) of all outstanding Securities of the relevant class. 
 “Treasury Regulations” means the income tax
regulations, including temporary and proposed regulations, promulgated under the Code by the United States Treasury, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or any successor legislation. 
 “Trustee” or “Trustees” means each Person who has signed this Trust Agreement as a trustee, so long as such Person
shall continue as a trustee of the Trust in accordance with the terms hereof, and all other Persons who may from time to time be duly appointed, qualified and serving as Trustees in accordance with the provisions hereof, and references herein to a
Trustee or the Trustees shall refer to such Person or Persons solely in their capacity as trustees hereunder. 
  

 7 

 “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or
owing to the Property Trustee Account and (c) all proceeds and rights in respect of the foregoing and any other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to this Trust Agreement.

 ARTICLE II 
 TRUST
INDENTURE ACT 
 SECTION 2.1 Trust Indenture Act; Application. 
 (a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Trust Agreement in order for this Trust Agreement to be qualified under the Trust Indenture Act and
shall, to the extent applicable, be governed by such provisions. 
 (b) The Property Trustee shall be the only Trustee which is a Trustee for
the purposes of the Trust Indenture Act. 
 (c) If and to the extent that any provision of this Trust Agreement limits, qualifies or
conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 (d)
The application of the Trust Indenture Act to this Trust Agreement shall not affect the nature of the Securities as equity securities representing undivided beneficial interests in the assets of the Trust. 
 SECTION 2.2 Lists of Holders of Securities. 
 (a) Each
of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide the Property Trustee, unless the Property Trustee is Registrar for the Securities, (i) within 14 days after each record date for payment of Distributions, a
list, in such form as the Property Trustee may reasonably require, of the names and addresses of the Holders (“List of Holders”) as of such record date, provided that neither the Sponsor nor the Administrative Trustees on behalf of
the Trust shall be obligated to provide such List of Holders at any time that the List of Holders does not differ from the most recent List of Holders given to the Property Trustee by the Sponsor and the Administrative Trustees on behalf of the
Trust, and (ii) at any other time, within 30 days of receipt by the Trust of a written request for a List of Holders as of a date no more than 14 days before such List of Holders is given to the Property Trustee. The Property Trustee shall
preserve, in as current a form as is reasonably practicable, all information contained in Lists of Holders given to it or which it receives in the capacity as Paying Agent (if acting in such capacity), provided that the Property Trustee may destroy
any List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Property Trustee shall comply with its obligations
under Section 311(a), 311(b) and 312(b) of the Trust Indenture Act. 
  

 8 

 SECTION 2.3 Reports by the Property Trustee. 
 Within 60 days after June 1 of each year, commencing June 1,         , the Property Trustee shall
provide to the Holders of the Capital Securities such reports as are required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Property Trustee shall
also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
 SECTION 2.4 Periodic Reports to Property Trustee. 

Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such documents, reports and
information as are required by Section 314 (if any) of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act in the form, in the manner and at the times required by Section 314 of
the Trust Indenture Act. 
 SECTION 2.5 Evidence of Compliance with Conditions Precedent. 
 Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such evidence of compliance with any
conditions precedent provided for in this Trust Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1)
of the Trust Indenture Act may be given in the form of an Officers’ Certificate. 
 SECTION 2.6 SECTION 2.6 Events of Default; Waiver.

 (a) The Holders of a Majority in liquidation amount of Capital Securities may, by vote, on behalf of the Holders of all of the Capital
Securities, waive any past Event of Default in respect of the Capital Securities and its consequences, provided that, if the underlying Event of Default under the Indenture: 
 (i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or 
 (ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a
“Super Majority”) to be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Capital Securities
that the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. 
 The foregoing provisions of
this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted
by the Trust Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Capital Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but
no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Capital Securities or 

  

 9 

 
impair any right consequent thereon. Any waiver by the Holders of the Capital Securities of an Event of Default with respect to the Capital Securities shall
also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the
Common Securities. 
 (b) The Holders of a Majority in liquidation amount of the Common Securities may, by vote, on behalf of the Holders of
all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture: 
 (i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default
under the Trust Agreement as provided below in this Section 2.6(b), the Event of Default under the Trust Agreement shall also not be waivable; or 
 (ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this
Section 2.6(b), the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority represents of the
aggregate principal amount of the Debentures outstanding; 
 provided further, each Holder of Common Securities will be deemed to have waived any such Event
of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated, and until such Events of Default have
been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Capital Securities and only the Holders of the Capital Securities will have the right to direct the Property
Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act are hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such waiver, any such Default shall cease
to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of
Default with respect to the Common Securities or impair any right consequent thereon. 
 (c) A waiver of an Event of Default under the
Indenture by the Property Trustee, at the direction of the Holders of the Capital Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. The foregoing provisions of this Section 2.6(c) shall be in
lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act.

  

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 SECTION 2.7 Default; Notice. 
 (a) The Property Trustee shall, within 90 days after a Responsible Officer obtains actual knowledge of the occurrence of a Default with respect to the Securities, transmit by mail, first class postage prepaid, to the
Holders, notices of all such Defaults, unless such Defaults have been cured before the giving of such notice or previously waived; provided, however, that except in the case of a Default arising from the nonpayment of principal of (or premium, if
any) or interest (including Compounded Interest and Additional Sums (as such terms are defined in the Indenture), if any) on the Debentures, the Property Trustee shall be protected in withholding such notice if and so long as a Responsible Officer
in good faith determines that the withholding of such notice is in the interests of the Holders. 
 (b) The Property Trustee shall not be
deemed to have knowledge of any Default or Event of Default except: 
 (i) a Default or Event of Default under Sections
     (other than the payment of Compounded Interest and Additional Sums) and      of the Indenture; or 
 (ii) any Default or Event of Default as to which the Property Trustee shall have received written notice or of which a Responsible Officer
charged with the administration of the Trust Agreement shall have actual knowledge. 
 (c) Within ten Business Days after a Responsible
Officer obtains actual knowledge of the occurrence of any Event of Default, the Property Trustee shall transmit notice of such Event of Default to the Holders of the Capital Securities, the Administrative Trustees and the Sponsor, unless such Event
of Default shall have been cured or waived. The Sponsor and the Administrative Trustees shall file annually with the Property Trustee a certification as to whether or not they are in compliance with all the conditions and covenants applicable to
them under this Trust Agreement. 
 ARTICLE III 
 ORGANIZATION 
 SECTION 3.1 Name. 
 The Trust is named “Webster Capital Trust VII” as such name may be modified from time to time by the Administrative Trustees following written notice to the Delaware Trustee, the Property Trustee and the
Holders. The Trust’s activities may be conducted under the name of the Trust or any other name deemed advisable by the Administrative Trustees. 
 SECTION 3.2 Office. 
 The address of the principal office of the Trust is c/o Webster Financial Corporation, Webster Plaza,
145 Bank Street, Waterbury, Connecticut 06702. On ten Business Days’ prior written notice to the Delaware Trustee, the Property Trustee and the Holders of Securities, the Administrative Trustees may designate another principal office.

  

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 SECTION 3.3 Purpose. 
 The exclusive purposes and functions of the Trust are (a) to issue and sell Securities, (b) use the proceeds from the sale of the Securities to acquire the Debentures, and (c) except as otherwise
limited herein, to engage in only those other activities necessary, advisable or incidental thereto, including without limitation, those activities specified in Sections 3.6, 3.8, 3.9, 3.10, 3.11 and/or 3.12. The Trust shall not borrow money, issue
debt or reinvest proceeds derived from investments, mortgage or pledge any of its assets, or otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to be classified for United States federal income tax purposes
as a grantor trust. 
 SECTION 3.4 Authority. 
 Subject to the limitations provided in this Trust Agreement and to the specific duties of the Property Trustee, the Administrative Trustees shall have exclusive and complete authority to carry out the purposes of the Trust. An action taken
by one or more of the Administrative Trustees in accordance with their powers shall constitute the act of and serve to bind the Trust and an action taken by the Property Trustee on behalf of the Trust in accordance with its powers shall constitute
the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person shall be required to inquire into the authority of the Trustees to bind the Trust. Persons dealing with the Trust are entitled to rely
conclusively on the power and authority of the Trustees as set forth in this Trust Agreement. 
 SECTION 3.5 Title to Property of the Trust.

 Except as provided in Section 3.8 with respect to the Debentures and the Property Trustee Account or as otherwise provided in this
Trust Agreement, legal title to all assets of the Trust shall be vested in the Trust. The Holders shall not have legal title to any part of the assets of the Trust, but shall have an undivided beneficial interest in the assets of the Trust.

 SECTION 3.6 Powers and Duties of the Administrative Trustees. 
 The Administrative Trustees shall have the exclusive power, duty and authority, and are hereby authorized and directed, to cause the Trust to engage in the following activities: 
 (a) to execute, enter into and deliver the Common Securities Subscription Agreement and to execute, deliver, issue and sell the Securities in accordance
with this Trust Agreement; provided, however, that except as contemplated in Section 7.1(a), (i) the Trust may issue no more than one series of Capital Securities and no more than one series of Common Securities, (ii) there shall be
no interests in the Trust other than the Securities, and (iii) the issuance of Securities shall be limited to a simultaneous issuance of both Capital Securities and Common Securities at the Closing Time; 
 (b) in connection with the issue and sale of the Capital Securities, at the direction of the Sponsor, to: 
 (i) prepare and execute, if necessary, a Prospectus Supplement (the “Prospectus Supplement”) in preliminary and final
form prepared by the Sponsor, in relation to the sale of Capital Securities; 
  

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 (ii) execute and file any documents prepared by the Sponsor, or take any acts as
determined by the Sponsor to be necessary in order to qualify or register all or part of the Capital Securities in any State in which the Sponsor has determined to qualify or register such Capital Securities for sale; 
 (iii) execute and file an application, prepared by the Sponsor, to permit the Capital Securities to trade or be quoted or listed in or on
the Private Offerings, Resales and Trading through Automated Linkages (“PORTAL”) Market or any other securities exchange, quotation system or the Nasdaq Stock Market’s National Market; 
 (iv) execute and deliver letters, documents, or instruments with DTC and other Clearing Agencies relating to the Capital Securities; and

 (v) execute, enter into and deliver the Purchase Agreement providing for, among other things, the sale of the Capital
Securities; 
 (c) to execute, enter into and deliver the Debenture Subscription Agreement, to acquire the Debentures with the proceeds of
the sale of the Capital Securities and the Common Securities; provided, however, that the Administrative Trustees shall cause legal title to the Debentures to be held of record in the name of the Property Trustee for the benefit of the Holders;

 (d) to give the Sponsor and the Property Trustee prompt written notice of the occurrence of a Special Event; 
 (e) to establish a record date with respect to all actions to be taken hereunder that require a record date be established, including and with respect
to, for the purposes of Section 316(c) of the Trust Indenture Act, Distributions, voting rights, redemptions and exchanges, and to issue relevant notices to the Holders of Capital Securities and Holders of Common Securities as to such actions
and applicable record dates; 
 (f) to take all actions and perform such duties as may be required of the Administrative Trustees pursuant to
the terms of the Securities; 
 (g) to the fullest extent permitted by law, to bring or defend, pay, collect, compromise, arbitrate, resort
to legal action, or otherwise adjust claims or demands of or against the Trust (“Legal Action”), unless pursuant to Section 3.8(e), the Property Trustee has the exclusive power to bring such Legal Action; 
 (h) to employ or otherwise engage employees and agents (who may be designated as officers with titles) and managers, contractors, advisors, and
consultants and pay reasonable compensation for such services; 
  

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 (i) to cause the Trust to comply with the Trust’s obligations under the Trust Indenture Act;

 (j) to give the certificate required by Section 314(a)(4) of the Trust Indenture Act to the Property Trustee, which certificate may
be executed by any Administrative Trustee; 
 (k) to incur expenses that are necessary or incidental to carry out any of the purposes of the
Trust; 
 (l) to act as, or appoint another Person to act as, Registrar and Exchange Agent for the Securities or to appoint a Paying Agent
for the Securities as provided in Section 7.4 except for such time as such power to appoint a Paying Agent is vested in the Property Trustee; 
 (m) to give prompt written notice to the Property Trustee and to Holders of any notice received from the Debenture Issuer of its election to defer payments of interest on the Debentures by extending the interest payment period under the
Indenture; 
 (n) to take all action that may be necessary or appropriate for the preservation and the continuation of the Trust’s valid
existence, rights, franchises and privileges as a statutory trust under the laws of the State of Delaware and of each other jurisdiction in which such existence is necessary to protect the limited liability of the Holders or to enable the Trust to
effect the purposes for which the Trust was created; 
 (o) to take any action, not inconsistent with this Trust Agreement or with applicable
law, that the Administrative Trustees determine in their discretion to be necessary or desirable in carrying out the activities of the Trust as set out in this Section 3.6, including, but not limited to: 
 (i) causing the Trust not to be deemed to be an Investment Company required to be registered under the Investment Company Act; 

(ii) causing the Trust to continue to be classified for United States federal income tax purposes as a grantor trust; and 

(iii) cooperating with the Debenture Issuer to ensure that the Debentures will be treated as indebtedness of the Debenture Issuer for
United States federal income tax purposes; 
 (p) to take all action necessary to cause all applicable tax returns and tax information
reports that are required to be filed with respect to the Trust to be duly prepared and filed by the Administrative Trustees, on behalf of the Trust; and 
 (q) to execute and deliver all documents or instruments, perform all duties and powers, and do all things for and on behalf of the Trust in all matters necessary, advisable or incidental to the foregoing. 

The Administrative Trustees must exercise the powers set forth in this Section 3.6 in a manner that is consistent with the purposes and functions
of the Trust set out in Section 3.3, and the Administrative Trustees shall not take any action that is inconsistent with the purposes and functions of the Trust set forth in Section 3.3. 
  

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 Subject to this Section 3.6, the Administrative Trustees shall have none of the powers or the
authority of the Property Trustee set forth in Section 3.8. 
 Any expenses incurred by the Administrative Trustees pursuant to this
Section 3.6 shall be reimbursed by the Debenture Issuer. 
 SECTION 3.7 Prohibition of Actions by the Trust and the Trustees. 
 The Trust shall not, and the Trustees (including the Property Trustee and the Delaware Trustee) shall not, and the Administrative Trustees shall cause the
Trust not to, engage in any activity other than as required or authorized by this Trust Agreement. The Trust shall not: 
 (i)
invest any proceeds received by the Trust from holding the Debentures, but shall distribute all such proceeds to Holders pursuant to the terms of this Trust Agreement and of the Securities; 
 (ii) acquire any assets other than as expressly provided herein; 
 (iii) possess Trust Property for other than a Trust purpose or execute any mortgage in respect of, or pledge, any Trust Property;

 (iv) make any loans or incur any indebtedness other than loans represented by the Debentures; 
 (v) possess any power or otherwise act in such a way as to vary the Trust Property or the terms of the Securities in any way whatsoever;

 (vi) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than
the Securities; 
 (vii) other than as provided in this Trust Agreement or Annex I hereto, (A) direct the time, method
and place of conducting any proceeding with respect to any remedy available to the Debenture Trustee, or exercising any trust or power conferred upon the Debenture Trustee with respect to the Debentures, (B) waive any past default that is
waivable under the Indenture, or (C) exercise any right to rescind or annul any declaration that the principal of all the Debentures shall be due and payable; or 
 (viii) consent to any amendment, modification or termination of the Indenture or the Debentures where such consent shall be required
unless the Trust shall have received an opinion of independent tax counsel experienced in such matters to the effect that such amendment, modification or termination will not cause more than an insubstantial risk that the Trust will not be
classified as a grantor trust for United States federal income tax purposes. 
  

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 SECTION 3.8 Powers and Duties of the Property Trustee. 
 (a) The legal title to the Debentures shall be owned by and held of record in the name of the Property Trustee in trust for the benefit of the Trust and
the Holders. The right, title and interest of the Property Trustee to the Debentures shall vest automatically in each Person who may hereafter be appointed as Property Trustee in accordance with Section 5.6. Such vesting and cessation of title
shall be effective whether or not conveyance documents with regard to the Debentures have been executed and delivered. 
 (b) The Property
Trustee shall not transfer its right, title and interest in the Debentures to the Administrative Trustees or to the Delaware Trustee (if the Property Trustee does not also act as Delaware Trustee). 
 (c) The Property Trustee shall: 
 (i) establish and maintain a segregated non-interest bearing trust account (the “Property Trustee Account”) in the name of and under the exclusive control of the Property Trustee on behalf of the Holders and, upon the
receipt of payments of funds made in respect of the Debentures held by the Property Trustee, deposit such funds into the Property Trustee Account and make payments or cause the Paying Agent to make payments to the Holders from the Property Trustee
Account in accordance with Section 6.1; funds in the Property Trustee Account shall be held uninvested until disbursed in accordance with this Trust Agreement; and the Property Trustee Account shall be an account that is maintained with a
banking institution the rating on whose long-term unsecured indebtedness by a “nationally recognized statistical rating organization”, as that term is defined for purposes of Rule 436(g)(2) under the Securities Act, is at least equal to
the rating assigned to the Capital Securities; 
 (ii) engage in such ministerial activities as shall be necessary or
appropriate to effect the redemption of the Securities to the extent the Debentures are redeemed or mature; and 
 (iii) upon
written notice of distribution issued by the Administrative Trustees in accordance with the terms of the Securities, engage in such ministerial activities as shall be necessary or appropriate to effect the distribution of the Debentures to Holders
upon the occurrence of certain events. 
 (d) The Property Trustee shall take all actions and perform such duties as may be specifically
required of the Property Trustee pursuant to the terms of this Trust Agreement and the Securities. 
 (e) Subject to Section 3.9(a), the
Property Trustee shall take any Legal Action which arises out of or in connection with an Event of Default of which a Responsible Officer has actual knowledge or the Property Trustee’s duties and obligations under this Trust Agreement or the
Trust Indenture Act and if the Property Trustee shall have failed to take such Legal Action, the Holders of the Capital Securities may take such Legal Action, to the same extent as if such Holders of Capital Securities held an aggregate principal
amount of Debentures equal to the aggregate liquidation amount of such Capital Securities, without first proceeding against the 

  

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Property Trustee or the Trust; provided, however, that if an Event of Default has occurred and is continuing and such event is attributable to the failure of
the Debenture Issuer to pay the principal of or premium, if any, or interest (including Compounded Interest and Additional Sums, if any) on the Debentures on the date such principal, premium, if any, or interest (including Compounded Interest and
Additional Sums, if any) is otherwise payable (or in the case of redemption, on the redemption date), then a Holder of Capital Securities may directly institute a proceeding for enforcement of payment to such Holder of the principal of or premium,
if any or interest (including Compounded Interest and Additional Sums, if any) on the Debentures having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such Holder (a “Direct Action”) on or after
the respective due date specified in the Debentures. In connection with such Direct Action, the rights of the Holders of the Common Securities will be subrogated to the rights of such Holder of Capital Securities to the extent of any payment made by
the Debenture Issuer to such Holder of Capital Securities in such Direct Action. Except as provided in the preceding sentences, the Holders of Capital Securities will not be able to exercise directly any other remedy available to the holders of the
Debentures. 
 (f) The Property Trustee shall continue to serve as a Trustee until either: 
 (i) the Trust has been completely liquidated and the proceeds of the liquidation distributed to the Holders pursuant to the terms of the
Securities; or 
 (ii) a successor Property Trustee has been appointed and has accepted that appointment in accordance with
Section 5.6 (a “Successor Property Trustee”). 
 (g) The Property Trustee shall have the legal power to exercise all of the
rights, powers and privileges of a holder of Debentures under the Indenture and, if an Event of Default actually known to a Responsible Officer occurs and is continuing, the Property Trustee shall, for the benefit of Holders, enforce its rights as
holder of the Debentures subject to the rights of the Holders pursuant to the terms of this Trust Agreement and the Securities. 
 (h) The
Property Trustee shall be authorized to undertake any actions set forth in Section 317(a) of the Trust Indenture Act. 
 (i) For such
time as the Property Trustee is the Paying Agent, the Property Trustee may authorize one or more Persons to act as additional Paying Agents and to pay Distributions, redemption payments or liquidation payments on behalf of the Trust with respect to
all Securities and any such Paying Agent shall comply with Section 317(b) of the Trust Indenture Act. Any such additional Paying Agent may be removed by the Property Trustee at any time the Property Trustee remains as Paying Agent and a
successor Paying Agent or additional Paying Agents may be (but are not required to be) appointed at any time by the Property Trustee while the Property Trustee is acting as Paying Agent. 
 (j) Subject to this Section 3.8, the Property Trustee shall have none of the duties, liabilities, powers or the authority of the Administrative
Trustees set forth in Section 3.6. 
 Notwithstanding anything expressed or implied to the contrary in this Trust Agreement or any Annex
or Exhibit hereto, (i) the Property Trustee must exercise the powers set forth in this Section 3.8 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and (ii) the Property Trustee
shall not take any action that is inconsistent with the purposes and functions of the Trust set out in Section 3.3. 
  

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 SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee. 
 (a) The Property Trustee, before the occurrence of any Event of Default and after the curing or waiving of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in this Trust Agreement and in the Securities and no implied covenants shall be read into this Trust Agreement against the Property Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6) of which a Responsible Officer has actual knowledge, the Property Trustee shall exercise such of the rights and powers vested in it by this Trust Agreement, and use the same
degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (b) No provision of this Trust Agreement shall be construed to relieve the Property Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 (i) prior to the occurrence of an Event of Default and after the curing or waiving of all such Events of Default that may
have occurred: 
 (A) the duties and obligations of the Property Trustee shall be determined solely by the express provisions
of this Trust Agreement and in the Securities and the Property Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Trust Agreement and in the Securities, and no implied
covenants or obligations shall be read into this Trust Agreement against the Property Trustee; and 
 (B) in the absence of
bad faith on the part of the Property Trustee, the Property Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Property Trustee
and conforming to the requirements of this Trust Agreement; provided, however, that in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Property Trustee, the Property Trustee
shall be under a duty to examine the same to determine whether or not on their face they conform to the requirements of this Trust Agreement; 
 (ii) the Property Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent
facts; 
 (iii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good
faith in accordance with the direction of the Holders of a Majority in liquidation amount of the Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust
or power conferred upon the Property Trustee under this Trust Agreement; 
  

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 (iv) no provision of this Trust Agreement shall require the Property Trustee to expend or
risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that the repayment of such funds or
liability is not reasonably assured to it under the terms of this Trust Agreement or indemnity reasonably satisfactory to the Property Trustee against such risk or liability is not reasonably assured to it; 
 (v) the Property Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Debentures and the
Property Trustee Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded to the Property Trustee under
this Trust Agreement and the Trust Indenture Act; 
 (vi) the Property Trustee shall have no duty or liability for or with
respect to the value, genuineness, existence or sufficiency of the Debentures or the payment of any taxes or assessments levied thereon or in connection therewith; 
 (vii) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree in writing
with the Sponsor. Money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Property Trustee Account maintained by the Property Trustee pursuant to Section 3.8(c)(i) and except to the extent
otherwise required by law; and 
 (viii) the Property Trustee shall not be responsible for monitoring the compliance by the
Administrative Trustees or the Sponsor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for any default or misconduct of the Administrative Trustees or the Sponsor. 
 SECTION 3.10 Certain Rights of Property Trustee. 
 (a)
Subject to the provisions of Section 3.9: 
 (i) the Property Trustee may conclusively rely and shall be fully protected
in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed, sent or presented by the proper party or parties; 
 (ii) any direction or act of the
Sponsor or the Administrative Trustees contemplated by this Trust Agreement may be sufficiently evidenced by an Officers’ Certificate; 
 (iii) whenever in the administration of this Trust Agreement, the Property Trustee shall deem it desirable that a matter be proved or established before taking, 

  

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suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith
on its part, request and conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Sponsor or the Administrative Trustees; 
 (iv) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or
continuation statement or any filing under tax or securities laws) or any rerecording, refiling or registration thereof; 
 (v) the Property Trustee may consult with counsel or other experts of its selection and the advice or opinion of such counsel and experts with respect to legal matters or advice within the scope of such experts’ area of expertise shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion, such counsel may be counsel to the Sponsor or any of its Affiliates,
and may include any of its employees, and the Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 (vi) the Property Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the
request or direction of any Holder, unless such Holder shall have provided to the Property Trustee security and indemnity, reasonably satisfactory to the Property Trustee, against the costs, expenses (including reasonable attorneys’ fees and
expenses and the expenses of the Property Trustee’s agents, nominees or custodians) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Property
Trustee; provided, however, that, nothing contained in this Section 3.10(a)(vi) shall be taken to relieve the Property Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this
Trust Agreement; 
 (vii) the Property Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Property Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit; 
 (viii) the Property Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Property Trustee shall not be responsible for any misconduct or negligence on the part
of any agent or attorney appointed with due care by it hereunder; 
 (ix) any action taken by the Property Trustee or its
agents hereunder shall bind the Trust and the Holders, and the signature of the Property Trustee or its agents alone shall be sufficient and effective to perform any such action and no third party shall be required to inquire as to the authority of
the Property Trustee to so act or as to its 

  

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compliance with any of the terms and provisions of this Trust Agreement, both of which shall be conclusively evidenced by the Property Trustee’s or its
agent’s taking such action; 
 (x) whenever in the administration of this Trust Agreement the Property Trustee shall deem
it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Property Trustee (i) may request instructions from the Holders which instructions may only be given by the Holders of
the same proportion in liquidation amount of the Securities as would be entitled to direct the Property Trustee under the terms of the Securities in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or right
or taking such other action until such instructions are received, and (iii) shall be protected in conclusively relying on or acting in or accordance with such instructions; 
 (xi) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any
action that is discretionary under the provisions of this Trust Agreement; and 
 (xii) the Property Trustee shall not be
liable for any action taken, suffered, or omitted to be taken by it in good faith, without negligence or willful misconduct, and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Trust
Agreement. 
 (b) No provision of this Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform
any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Property Trustee shall be construed to be a duty. 
 SECTION 3.11 Delaware Trustee. 
 Notwithstanding any
other provision of this Trust Agreement other than Section 5.2, the Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities of the Trustees described in this
Trust Agreement (except as required under the Statutory Trust Act). Except as set forth in Section 5.2, the Delaware Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements of Section 3807 of the
Statutory Trust Act. In the event the Delaware Trustee shall at any time be required to take any action or perform any duty hereunder, the Delaware Trustee shall be entitled to the benefits of Section 3.9(b)(ii) to (viii), inclusive, and
Section 3.10. No implied covenants or obligations shall be read into this Trust Agreement against the Delaware Trustee. 
 SECTION 3.12 Execution of
Documents. 
 Unless otherwise determined by the Administrative Trustees, each Administrative Trustee, individually, is authorized to
execute and deliver on behalf of the Trust any documents, agreements, instruments or certificates that the Administrative Trustees have the power and authority to execute pursuant to Section 3.6. 
  

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 SECTION 3.13 Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained in this Trust Agreement and the Securities shall be taken as the statements of the Sponsor, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as to the value or condition of the Trust Property or any part thereof. The Trustees make no representations as to the validity or sufficiency of this Trust Agreement or the
Securities. 
 SECTION 3.14 Duration of Trust. 
 The Trust, unless terminated pursuant to the provisions of Article VIII hereof, shall have existence up to 55 years. 
 SECTION 3.15 Mergers.

 (a) The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and
assets as an entirety or substantially as an entirety to any Person, except as described in Section 3.15(b) and (c) and except with respect to the distribution of Debentures to Holders pursuant to Section 8.1(a)(iii). 
 (b) The Trust may, at the request of the Sponsor, with the consent of the Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders, the Delaware Trustee or the Property Trustee, merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to, a trust organized as such under the laws of any State; provided that: 
 (i) such successor
entity (the “Successor Entity”) either: 
 (A) expressly assumes all of the obligations of the Trust under
the Securities; or 
 (B) substitutes for the Securities other securities having substantially the same terms as the
Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Securities rank in priority with respect to Distributions and payments upon liquidation, redemption and otherwise; 
 (ii) the Sponsor expressly appoints a trustee of the Successor Entity that possesses the same powers and duties as the Property Trustee
with respect to the Debentures; 
 (iii) the Successor Securities are listed, quoted or included for trading, or any Successor
Securities will be listed, quoted or included for trading upon notification of issuance, on any national securities exchange or with any other organization on which the Capital Securities are then listed, quoted or included; 
  

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 (iv) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not cause the Capital Securities (including any Successor Securities) or the Debentures to be downgraded by any nationally recognized statistical rating organization that publishes a rating on the Capital Securities or the Debentures;

 (v) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the
rights, preferences and privileges of the Holders (including the holders of any Successor Securities) in any material respect (other than with respect to any dilution of the interests of such Holders or holders, as the case may be, in the new
entity); 
 (vi) the Successor Entity has a purpose identical to that of the Trust; 
 (vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Sponsor has received an opinion
of independent counsel to the Trust experienced in such matters to the effect that: 
 (A) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders (including the holders of any Successor Securities) in any material respect (other than with respect to any
dilution of the interests of such Holders or holders, as the case may be, in the new entity); 
 (B) following such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor the Successor Entity will be required to register as an Investment Company; and 
 (C) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Trust (or the Successor Entity)
will continue to be classified as a grantor trust for United States federal income tax purposes; 
 (viii) the Sponsor or any
permitted successor or assignee owns all of the common securities of the Successor Entity and guarantees the obligations of the Successor Entity under the Successor Securities at least to the extent provided by the Capital Securities Guarantee; and

 (ix) there shall have been furnished to the Property Trustee an Officer’s Certificate and an Opinion of Counsel, each
to the effect that all conditions precedent in this Trust Agreement to such transaction have been satisfied. 
 (c) Notwithstanding
Section 3.15(b), the Trust shall not, except with the consent of Holders of 100% in liquidation amount of the Securities, consolidate, amalgamate, merge with or into, or be replaced by, or convey, transfer or lease its properties and assets as
an entirety or substantially as an entirety to, any other Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would
cause the Trust or the Successor Entity not to be classified as a grantor trust for United States federal income tax purposes. 
  

 23 

 ARTICLE IV 
 SPONSOR 
 SECTION 4.1 Sponsor’s Purchase of Common Securities. 
 At the Closing Time, pursuant to the Common Securities Subscription Agreement, the Sponsor will purchase all of the Common Securities then issued by the
Trust, in an amount equal to at least 3% of the total capital of the Trust, at the same time as the Capital Securities are issued and sold. 
 SECTION 4.2
Responsibilities of the Sponsor. 
 In connection with the issue and sale of the Capital Securities, the Sponsor shall have the exclusive
right and responsibility to engage in the following activities: 
 (a) to prepare the Prospectus Supplement, in preliminary and final form;

 (b) to determine the States in which to take appropriate action to qualify or register for sale all or part of the Capital Securities and
to do any and all such acts, other than actions which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for execution and filing any documents to be executed and filed by the Trust, as the Sponsor deems necessary
or advisable in order to comply with the applicable laws of any such States; 
 (c) if deemed necessary or advisable by the Sponsor, to
prepare for filing by the Trust an application to permit the Capital Securities to trade or be quoted or listed in or on the PORTAL market, or any other securities exchange, quotation system or the Nasdaq Stock Market’s National Market; and

 (d) to negotiate the terms of the Purchase Agreement providing for the sale of the Capital Securities. 
 SECTION 4.3 Right to Proceed. 
 The Sponsor
acknowledges the rights of the Holders of Capital Securities, in the event that a failure of the Trust to pay Distributions on the Capital Securities is attributable to the failure of the Debenture Issuer to pay the principal of or premium (if any)
or interest on the Debentures, to institute a proceeding directly against the Debenture Issuer for enforcement of its payment obligations in respect of the Debentures. 
 SECTION 4.4 Right to Terminate Trust. 
 The Sponsor will have the right at any time to terminate the
Trust and, after satisfaction of liabilities to creditors of the Trust as required by applicable law, to cause the Debentures to be distributed to the Holders in liquidation of the Trust. Such right is subject to the Sponsor having received
(i) an Opinion of Counsel to the effect that such distribution will not cause the holders of Capital Securities to recognize gain or loss for United States federal income tax purposes and (ii) any and all required regulatory approvals.

  

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 ARTICLE V 
 TRUSTEES 
 SECTION 5.1 Number of Trustees; Appointment of Co-Trustee. 
 The number of Trustees initially shall be five (5), and: 
 (a) at any time before the issuance of any Securities, the Sponsor may, by written instrument, increase or decrease the number of Trustees; and 
 (b) after the issuance of any Securities, the number of Trustees may be increased or decreased by vote of the Holders of a Majority in liquidation amount
of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; 
 provided, however, that, the number of Trustees shall in
no event be less than two (2); provided further that (1) one Trustee, in the case of a natural person, shall be a person who is a resident of the State of Delaware or that, if not a natural person, is an entity which has its principal place of
business in the State of Delaware (the “Delaware Trustee”); (2) there shall be at least one Trustee who is an employee or officer of, or is affiliated with, the Sponsor (an “Administrative Trustee”); and (3) one
Trustee shall be the Property Trustee for so long as this Trust Agreement is required to qualify as an indenture under the Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it meets the applicable requirements.
Notwithstanding the above, unless an Event of Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust
Property may at the time be located, the Holders of a Majority in liquidation amount of the Common Securities acting as a class at a meeting of the Holders of the Common Securities, and the Administrative Trustees shall have power to appoint one or
more Persons either to act as a co-trustee, jointly with the Property Trustee, of all or any part of the Trust Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons in such capacity any property, title, right or power deemed necessary or desirable, subject to the provisions of this Trust Agreement. In case an Event of Default has occurred and is continuing, the
Property Trustee alone shall have power to make any such appointment of a co-trustee. 
 SECTION 5.2 Delaware Trustee. 
 For so long as required by the Statutory Trust Act, the Delaware Trustee shall be: 
 (a) a natural person who is a resident of the State of Delaware; or 
 (b) if not a natural person, an entity which has its principal place of business in the State of Delaware, and otherwise meets the requirements of applicable law, 
 provided, however, that, if the Property Trustee has its principal place of business in the State of Delaware and otherwise meets the requirements of applicable law,
then the Property Trustee shall also be the Delaware Trustee and Section 3.11 shall have no application. 
 The initial Delaware Trustee
shall be: 
 The Bank of New York (Delaware) 
 White Clay Center, Route 273 
 Newark, Delaware 19711 
 Attention: 
 Telecopier:
(        ) -                  
 Telephone: (        ) -                  
  

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 SECTION 5.3 Property Trustee; Eligibility. 
 (a) There shall at all times be one Trustee (the “Property Trustee”) which shall act as Property Trustee and which shall: 
 (i) not be an Affiliate of the Sponsor; and 
 (ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person permitted by the
Commission to act as an indenture trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to
supervision or examination by federal, state, territorial or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority
referred to above, then for the purposes of this Section 5.3(a)(ii), the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

 (b) If at any time the Property Trustee shall cease to be eligible to so act under Section 5.3(a), the Property Trustee shall
immediately resign in the manner and with the effect set forth in Section 5.6(c). 
 (c) If the Property Trustee has or shall acquire
any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Property Trustee and the Holder of the Common Securities (as if it were the obligor referred to in Section 310(b) of the Trust
Indenture Act) shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
 (d) The Capital
Securities Guarantee shall be deemed to be specifically described in this Trust Agreement for purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 (e) The initial Property Trustee shall be: 
 The Bank of New York 
 One Wall Street 
 New York, NY 10286 
 Attention: 
 Telecopier: (        ) -                  
 Telephone: (        ) -
                 
  

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 SECTION 5.4 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally. 
 Each Administrative Trustee and the Delaware Trustee (unless the Property Trustee also acts as Delaware Trustee) shall be either a natural person who is
at least 21 years of age or a legal entity that shall act through one or more Authorized Officers. 
 SECTION 5.5 Administrative Trustees. 

The initial Administrative Trustees shall be: 
 James C. Smith 
 [                        ] 
 [                        ] 
 c/o Webster Financial Corporation 
 Webster
Plaza 
 145 Bank Street 
 Waterbury, Connecticut 06702 
 Telecopier: (        ) -
                 
 Telephone: (203) 578-2210

 (a) Except as expressly set forth in this Trust Agreement and except if a meeting of the Administrative Trustees is called with respect to
any matter over which the Administrative Trustees have power to act, any power of the Administrative Trustees may be exercised by, or with the consent of, any one such Administrative Trustee. 
 (b) Unless otherwise determined by the Administrative Trustees, and except as otherwise required by the Statutory Trust Act or applicable law, any
Administrative Trustee acting alone is authorized to execute on behalf of the Trust any documents which the Administrative Trustees have the power and authority to cause the Trust to execute pursuant to Section 3.6. 
 (c) An Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or
her power for the purposes of signing any documents which the Administrative Trustees have power and authority to cause the Trust to execute pursuant to Section 3.6. 
 SECTION 5.6 Appointment, Removal and Resignation of Trustees. 
 (a) Subject to Section 5.6(b)
hereof and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time: 
 (i)
until the issuance of any Securities, by written instrument executed by the Sponsor; 
 (ii) unless an Event of Default shall
have occurred and be continuing after the issuance of any Securities, by vote of the Holders of a Majority in liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and 
  

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 (iii) if an Event of Default shall have occurred and be continuing after the issuance of
the Securities, with respect to the Property Trustee or the Delaware Trustee, by vote of Holders of a Majority in liquidation amount of the Capital Securities voting as a class at a meeting of Holders of the Capital Securities. 
 (b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 5.6(a) until a Successor Property Trustee has been
appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the removed Property Trustee, the Administrative Trustees and the Sponsor; and 
 (ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 5.6(a) until a successor Trustee
possessing the qualifications to act as Delaware Trustee under Sections 5.2 and 5.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and
delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor. 
 (c) A Trustee appointed to office shall hold office until his successor shall have been appointed or until his death, removal or resignation. Any Trustee
may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon
such later date as is specified therein; provided, however, that: 
 (i) No such resignation of the Trustee that acts as the
Property Trustee shall be effective: 
 (A) until a Successor Property Trustee has been appointed and has accepted such
appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or

 (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the Holders; and

 (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware
Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor
and the resigning Delaware Trustee. 
 (d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be
continuing after the issuance of the Securities, the Holders of the Capital 

  

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Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property
Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 5.6. 
 (e) If no Successor
Property Trustee or Successor Delaware Trustee shall have been appointed and accepted appointment as provided in this Section 5.6 within 60 days after delivery of an instrument of resignation or removal, the Property Trustee or Delaware Trustee
resigning or being removed, as applicable, may petition any court of competent jurisdiction for appointment of a Successor Property Trustee or Successor Delaware Trustee. Such court may thereupon, after prescribing such notice, if any, as it may
deem proper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be. 
 (f) No Property Trustee
or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be. 
 (g) At the time of resignation or removal of the Property Trustee or the Delaware Trustee, the Sponsor shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4. 

SECTION 5.7 Vacancies among Trustees. 
 If a
Trustee ceases to hold office for any reason and the number of Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is increased pursuant to Section 5.1, a vacancy shall occur. A resolution certifying the existence
of such vacancy by the Administrative Trustees or, if there are more than two, a majority of the Administrative Trustees shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in
accordance with Section 5.6. 
 SECTION 5.8 Effect of Vacancies. 
 The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the duties of a Trustee shall not operate to dissolve, terminate or annul the Trust. Whenever a
vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 5.6, the Administrative Trustees in office, regardless of their number, shall
have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
 SECTION 5.9 Meetings. 
 If there is more than one Administrative Trustee, meetings of the Administrative Trustees shall be
held from time to time upon the call of any Administrative Trustee. Regular meetings of the Administrative Trustees may be held at a time and place fixed by resolution of the Administrative Trustees. Notice of any in-person meetings of the
Administrative Trustees shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 24 hours before such meeting. Notice of any telephonic meetings of the Administrative
Trustees or any committee thereof shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) 

  

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not less than 24 hours before a meeting. Notices shall contain a brief statement of the time, place and anticipated purposes of the meeting. The presence
(whether in person or by telephone) of an Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except where an Administrative Trustee attends a meeting for the express purpose of objecting to the transaction of any
activity on the ground that the meeting has not been lawfully called or convened. Unless provided otherwise in this Trust Agreement, any action of the Administrative Trustees may be taken at a meeting by vote of a majority of the Administrative
Trustees present (whether in person or by telephone) and eligible to vote with respect to such matter, provided that a Quorum is present, or without a meeting by the unanimous written consent of the Administrative Trustees. In the event there is
only one Administrative Trustee, any and all action of such Administrative Trustee shall be evidenced by a written consent of such Administrative Trustee. 
 SECTION 5.10 Delegation of Power. 
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated in Section 3.6, including any registration statement or amendment thereto filed with the Commission, or making any
other governmental filing. 
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number or to
officers of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of the Trust, as set forth herein. 
 SECTION 5.11 Merger, Conversion,
Consolidation or Succession to Business. 
 Any Person into which the Property Trustee or the Delaware Trustee or any Administrative
Trustee that is not a natural person, as the case may be, may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Property Trustee or the Delaware Trustee, as
the case may be, shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Property Trustee or the Delaware Trustee, as the case may be, shall be the successor of the Property Trustee or the Delaware
Trustee, as the case may be, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided such Person shall be otherwise qualified and eligible under this Article. 
 ARTICLE VI 
 DISTRIBUTIONS

 SECTION 6.1 Distributions. 
 Holders shall receive Distributions in accordance with the applicable terms of the relevant Holder’s Securities. If and to the extent that the Debenture Issuer makes a payment of interest (including Compounded Interest and Additional
Sums), premium and/or principal on the Debentures held by the Property Trustee (the amount of any such payment being a “Payment Amount”), the Property Trustee shall and is directed, to the extent funds are available for that
purpose, to make a distribution (a “Distribution”) of the Payment Amount to Holders in accordance with the terms of the Securities. 
  

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 ARTICLE VII 
 ISSUANCE OF SECURITIES 
 SECTION 7.1 General Provisions Regarding Securities. 
 (a) The Administrative Trustees shall on behalf of the Trust issue one class of capital securities representing undivided preferred beneficial interests
in the assets of the Trust having such terms as are set forth in Annex I (the “Capital Securities”) and one class of common securities representing common undivided beneficial interests in the assets of the Trust having such terms
as are set forth in Annex I (the “Common Securities”). The Trust shall issue no securities or other interests in the assets of the Trust other than the Capital Securities and the Common Securities. 
 (b) The consideration received by the Trust for the issuance of the Securities shall constitute a contribution to the capital of the Trust and shall not
constitute a loan to the Trust. 
 (c) Upon issuance of the Securities as provided in this Trust Agreement, the Securities so issued shall be
deemed to be validly issued, fully paid and non-assessable. 
 (d) Every Person, by virtue of having become a Holder or a Capital Security
Beneficial Owner in accordance with the terms of this Trust Agreement, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by, this Trust Agreement. 
 SECTION 7.2 Execution and Authentication. 
 (a) The Securities shall be signed on behalf of the Trust
by an Administrative Trustee. In case any Administrative Trustee of the Trust who shall have signed any of the Securities shall cease to be such Administrative Trustee before the Securities so signed shall be delivered by the Trust, such Securities
nevertheless may be delivered as though the Person who signed such Securities had not ceased to be such Administrative Trustee; and any Securities may be signed on behalf of the Trust by such persons who, at the actual date of execution of such
Security, shall be the Administrative Trustees of the Trust, although at the date of the execution and delivery of this Trust Agreement any such person was not an Administrative Trustee. 
 (b) One Administrative Trustee shall sign the Securities for the Trust by manual or facsimile signature. Unless otherwise determined by the Trust, such
signature shall, in the case of Common Securities, be a manual signature. 
 A Capital Security shall not be valid until authenticated by the
manual signature of an authorized signatory of the Property Trustee. The signature shall be conclusive evidence that the Capital Security has been authenticated under this Trust Agreement. A Common Security shall be valid upon execution by an
Administrative Trustee without any act of the Property Trustee. 
  

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 Upon a written order of the Trust signed by one Administrative Trustee, the Property Trustee shall
authenticate the Capital Securities for original issue. The aggregate number of Capital Securities outstanding at any time shall not exceed the number set forth in Annex I hereto except as provided in Section 7.6. 
 The Property Trustee may appoint an authenticating agent acceptable to the Trust to authenticate Capital Securities. An authenticating agent may
authenticate Capital Securities whenever the Property Trustee may do so. Each reference in this Trust Agreement to authentication by the Property Trustee includes authentication by such agent. An authenticating agent has the same rights as the
Property Trustee hereunder with respect to the Sponsor or an Affiliate. 
 SECTION 7.3 Form and Dating. 
 (a) Securities. The Capital Securities shall be evidenced by one or more certificates substantially in the form of Exhibit A-1, and the Common Securities
shall be evidenced by one or more certificates substantially in the form of Exhibit A-2. The Property Trustee’s certificate of authentication shall be substantially in the form set forth in Exhibit A-1. Certificates representing the Securities
may be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to an Administrative Trustee, as evidenced by the execution thereof. The Securities may have letters, “CUSIP” or other numbers,
notations or other marks of identification or designation and such legends or endorsements required by law, stock exchange rule, agreements to which the Trust is subject, if any, or usage, provided that any such notation, legend or endorsement is in
a form acceptable to the Administrative Trustees, as evidenced by their execution thereof. The Trust at the direction of the Sponsor shall furnish any such legend not contained in Exhibit A-1 to the Property Trustee in writing. Each Capital Security
shall be dated the date of its authentication. The terms and provisions of the Securities set forth in Annex I and the forms of Securities set forth in Exhibits A-1 and A-2 are part of the terms of this Trust Agreement and, to the extent applicable,
the Property Trustee and the Sponsor, by their execution and delivery of this Trust Agreement, expressly agree to such terms and provisions and to be bound thereby. 
 (b) Book-Entry Provisions. This Section 7.3(b) shall apply only to the Global Capital Security and such other Capital Securities in global form as may be authorized by the Trust to be deposited with or on behalf
of the Clearing Agency. 
 An Administrative Trustee shall execute and the Property Trustee shall, in accordance with this Section 7.3,
authenticate and make available for delivery initially a single Global Capital Security that (i) shall be registered in the name of Cede & Co. or other nominee of such Clearing Agency and (ii) shall be delivered by the Property
Trustee to such Clearing Agency or pursuant to such Clearing Agency’s written instructions or, if no such written instructions are received by the Property Trustee, held by the Property Trustee as custodian for the Clearing Agency. 

Members of, or participants in, the Clearing Agency (“Participants”) shall have no rights under this Trust Agreement with respect to the
Global Capital Security held on their behalf by the Clearing Agency or by the Property Trustee as the custodian of the Clearing Agency or under 

  

 32 

 
such Global Capital Security, and the Clearing Agency may be treated by the Trust, the Property Trustee and any agent of the Trust or the Property Trustee as
the absolute owner of such Global Capital Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Trust, the Property Trustee or any agent of the Trust or the Property Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Clearing Agency or impair, as between the Clearing Agency and its Participants, the operation of customary practices of such Clearing Agency governing the exercise of the rights of
a holder of a beneficial interest in the Global Capital Security. 
 (c) Definitive Capital Securities. Except as provided in
Section 7.9 or 9.2(d)(i), owners of beneficial interests in the Global Capital Security will not be entitled to receive physical delivery of certificated Capital Securities (“Definitive Capital Securities”). 
 SECTION 7.4 Registrar, Paying Agent and Exchange Agent. 
 The Trust shall maintain in Newark, Delaware (i) an office or agency where Capital Securities may be presented for registration of transfer (“Registrar”), (ii) an office or agency where Capital Securities may be
presented for payment (“Paying Agent”) and (iii) an office or agency where Securities may be presented for exchange (“Exchange Agent”). The Registrar shall keep a register of the Capital Securities and of their transfer. The
Trust may appoint the Registrar, the Paying Agent and the Exchange Agent and may appoint one or more co-registrars, one or more additional paying agents and one or more additional exchange agents in such other locations as it shall determine. The
term “Registrar” includes any additional registrar, the term “Paying Agent” includes any additional paying agent and the term “Exchange Agent” includes any additional exchange agent. The Trust may change any Paying
Agent, Registrar, co-registrar or Exchange Agent without prior notice to any Holder. The Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Property Trustee, the Administrative Trustees and the
Sponsor. The Trust shall notify the Property Trustee of the name and address of any Agent not a party to this Trust Agreement. If the Trust fails to appoint or maintain another entity as Registrar, Paying Agent or Exchange Agent, the Property
Trustee shall act as such. The Trust or any of its Affiliates may act as Paying Agent, Registrar, or Exchange Agent. The Trust shall act as Paying Agent, Registrar and Exchange Agent for the Common Securities. 
 The Trust initially appoints the Property Trustee as Registrar, Paying Agent and Exchange Agent for the Capital Securities. 
 SECTION 7.5 Paying Agent to Hold Money in Trust. 
 The
Trust shall require each Paying Agent other than the Property Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Property Trustee all money held by the Paying Agent for the payment of liquidation
amounts or Distributions, and will notify the Property Trustee if there are insufficient funds for such purpose. While any such insufficiency continues, the Property Trustee may require a Paying Agent to pay all money held by it to the Property
Trustee. The Trust at any time may require a Paying Agent to pay all money held by it to the Property Trustee and to account for any money disbursed by it. Upon payment over to the Property Trustee, the Paying Agent (if other than the Trust or an
Affiliate of 

  

 33 

 
the Trust) shall have no further liability for the money. If the Trust or the Sponsor or an Affiliate of the Trust or the Sponsor acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 
 SECTION 7.6 Replacement
Securities. 
 If a Holder claims that a Security owned by it has been lost, destroyed or wrongfully taken or if such Security is
mutilated and is surrendered to the Trust or in the case of the Capital Securities to the Property Trustee, an Administrative Trustee shall execute and the Property Trustee shall authenticate and make available for delivery a replacement Security if
the Property Trustee’s requirements are met. An indemnity bond must be provided by the Holder which, in the judgment of the Property Trustee, is sufficient to protect the Trustees, the Sponsor, the Trust or any authenticating agent from any
loss which any of them may suffer if a Security is replaced. The Trust may charge such Holder for its expenses in replacing a Security. 
 SECTION 7.7
Outstanding Capital Securities. 
 The Capital Securities outstanding at any time are all the Capital Securities authenticated by the
Property Trustee except for those cancelled by it, those delivered to it for cancellation, and those described in this Section as not outstanding. 
 If a Capital Security is replaced, paid or purchased pursuant to Section 7.6 hereof, it ceases to be outstanding unless the Property Trustee receives proof satisfactory to it that the replaced, paid or purchased Capital Security is
held by a bona fide purchaser. 
 If Capital Securities are considered paid in accordance with the terms of this Trust Agreement, they cease
to be outstanding and Distributions on them shall cease to accumulate. 
 A Capital Security does not cease to be outstanding because one of
the Trust, the Sponsor or an Affiliate of the Sponsor holds the Security. 
 SECTION 7.8 Capital Securities in Treasury. 
 In determining whether the Holders of the required amount of Securities have concurred in any direction, waiver or consent, Capital Securities owned by
the Trust, the Sponsor or an Affiliate of the Sponsor, as the case may be, shall be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the Property Trustee shall be fully protected in relying on any
such direction, waiver or consent, only Securities which the Property Trustee actually knows are so owned shall be so disregarded. 
 SECTION 7.9
Temporary Securities. 
 (a) Until Definitive Securities are ready for delivery, the Trust may prepare and, in the case of the Capital
Securities, the Property Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the Trust considers appropriate for temporary Securities. Without
unreasonable delay, the Trust shall prepare and, in the case of the Capital Securities, the Property Trustee shall authenticate Definitive Securities in exchange for temporary Securities. 
  

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 (b) The Global Capital Security deposited with the Clearing Agency or with the Property Trustee as
custodian for the Clearing Agency pursuant to Section 7.3 shall be transferred to the beneficial owners thereof in the form of Definitive Capital Securities only if such transfer complies with Section 9.2 and (i) the Clearing Agency
notifies the Sponsor that it is unwilling or unable to continue as Clearing Agency for such Global Capital Security or if at any time such Clearing Agency ceases to be a “clearing agency” registered under the Exchange Act, and, in each
case, a clearing agency is not appointed by the Sponsor within 90 days of receipt of such notice or of becoming aware of such condition, (ii) a Default or an Event of Default has occurred and is continuing or (iii) the Trust at its sole
discretion elects to cause the issuance of Definitive Capital Securities. 
 (c) Any Global Capital Security that is transferable to the
beneficial owners thereof in the form of Definitive Capital Securities pursuant to this Section 7.9 shall be surrendered by the Clearing Agency to the Property Trustee located in Newark, Delaware, to be so transferred, in whole or from time to
time in part, without charge, and the Property Trustee shall authenticate and make available for delivery, upon such transfer of each portion of such Global Capital Security, an equal aggregate liquidation amount of Securities of authorized
denominations in the form of Definitive Capital Securities. Any portion of the Global Capital Security transferred pursuant to this Section shall be registered in such names as the Clearing Agency shall direct. 
 (d) Subject to the provisions of Section 7.9(c), the Holder of the Global Capital Security may grant proxies and otherwise authorize any Person,
including Participants and Persons that may hold interests through Participants, to take any action which such Holder is entitled to take under this Trust Agreement or the Securities. 
 (e) In the event of the occurrence of any of the events specified in Section 7.9(b), the Trust will promptly make available to the Property Trustee
a reasonable supply of certificated Capital Securities in fully registered form without distribution coupons. 
 SECTION 7.10 Cancellation.

 The Trust at any time may deliver Capital Securities to the Property Trustee for cancellation. The Registrar, Paying Agent and Exchange
Agent shall forward to the Property Trustee any Capital Securities surrendered to them for registration of transfer, redemption, exchange or payment. The Property Trustee shall promptly cancel all Capital Securities, surrendered for registration of
transfer, redemption, exchange, payment, replacement or cancellation and shall dispose of cancelled Capital Securities in accordance with its customary procedures unless the Trust otherwise directs. The Trust may not issue new Capital Securities to
replace Capital Securities that it has paid or that have been delivered to the Property Trustee for cancellation or that any Holder has exchanged. 
 SECTION 7.11 CUSIP Numbers. 
 The Trust in issuing the Capital Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders of Capital Securities; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Capital 

  

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Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Capital
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Sponsor will promptly notify the Property Trustee of any change in the CUSIP numbers. 
 ARTICLE VIII 
 TERMINATION OF TRUST

 SECTION 8.1 Termination of Trust. 
  

	 	(a)	The Trust shall dissolve and be of no further force or effect: 

 (i) upon the bankruptcy of the Sponsor; 
 (ii) upon the filing of a certificate of
dissolution or liquidation or its equivalent with respect to the Sponsor; or the revocation of the Sponsor’s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof; 
 (iii) following the distribution of a Like Amount of the Debentures to the Holders, provided that, the Property Trustee has received
written notice from the Sponsor directing the Property Trustee to terminate the Trust (which direction is optional, and except as otherwise expressly provided below, within the discretion of the Sponsor) and provided, further, that such direction
and such distribution is conditioned on (a) the receipt by the Sponsor of any required regulatory approvals, and (b) the Administrative Trustees’ receipt of an opinion of independent tax counsel experienced in such matters, which
opinion may rely on public or private rulings of the Internal Revenue Service, to the effect that the Holders of the Capital Securities will not recognize any gain or loss for United States federal income tax purposes as a result of the dissolution
of the Trust and the distribution of Debentures; 
 (iv) upon the entry of a decree of judicial dissolution of the Trust by a
court of competent jurisdiction; 
 (v) when all of the Securities shall have been called for redemption and the amounts
necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Securities; 
 (vi)
upon the redemption or repayment of the Debentures or at such time as no Debentures are outstanding; or 
 (vii) the
expiration of the term of the Trust provided in Section 3.14. 
 (b) As soon as is practicable upon completion of winding up of the
Trust following the occurrence of an event referred to in Section 8.1(a), the Administrative Trustees shall file a certificate of cancellation with the Secretary of State of the State of Delaware in accordance with the Statutory Trust Act.

  

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 (c) The provisions of Section 3.9 and Article X shall survive the termination of the Trust.

 ARTICLE IX 
 TRANSFER
OF INTERESTS 
 SECTION 9.1 Transfer of Securities. 
 (a) Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Trust Agreement and in the terms of the Securities. Any transfer or purported transfer of any
Security not made in accordance with this Trust Agreement shall be null and void. 
 (b) Subject to this Article IX, Capital Securities may
only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Trust Agreement. Any transfer or purported transfer of any Capital Security not made in accordance with this Trust Agreement shall be null and
void. 
 (c) For so long as the Securities remain outstanding, the Sponsor agrees (i) not to transfer ownership of the Common Securities
of the Trust, provided that any permitted successor of the Sponsor under the Indenture may succeed to the Sponsor’s ownership of the Common Securities, (ii) not to cause, as Sponsor of the Trust, or to permit, as Holder of the Common
Securities, the dissolution, winding-up or termination of the Trust, except as provided in this Trust Agreement and (iii) to use its best efforts to cause the Trust (a) to remain a statutory trust, except in connection with the
distribution of Debentures to the Holders in liquidation of the Trust, the redemption of all of the Securities, or certain mergers, consolidations or amalgamations, each as permitted by this Trust Agreement, and (b) to otherwise continue to be
classified as a grantor trust for United States federal income tax purposes. 
 (d) The Property Trustee shall provide for the registration
of Capital Securities and of the transfer of Capital Securities, which will be effected without charge but only upon payment (with such indemnity as the Property Trustee may require) in respect of any tax or other governmental charges that may be
imposed in relation to it. Upon surrender for registration of transfer of any Capital Securities, an Administrative Trustee shall cause one or more new Capital Securities to be issued in the name of the designated transferee or transferees. Every
Capital Security surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form satisfactory to the Property Trustee duly executed by the Holder or such Holder’s attorney duly authorized in writing.
Each Capital Security surrendered for registration of transfer shall be delivered to the Property Trustee and canceled in accordance with Section 7.10. A transferee of a Capital Security shall be entitled to the rights and subject to the
obligations of a Holder hereunder upon the receipt by such transferee of a Capital Security. By acceptance of a Capital Security or any interest therein, each transferee shall be deemed to have agreed to be bound by this Trust Agreement. 

SECTION 9.2 Transfer Procedures and Restrictions. 
 (a) and Exchange of Definitive Capital Securities. When Definitive Capital Securities are presented to the Registrar or co-registrar: 
 (x) to register the transfer of such Definitive Capital Securities; or 
  

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 (y) to exchange such Definitive Capital Securities which became mutilated, destroyed, defaced, stolen or
lost, for an equal number of Definitive Capital Securities, 
 the Registrar or co-registrar shall register the transfer or make the exchange as requested if
its reasonable requirements for such transaction are met; provided, however, that the Definitive Capital Securities surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in
form reasonably satisfactory to the Trust and the Registrar or co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 
 (b) Restrictions on Transfer of a Definitive Capital Security for a Beneficial Interest in the Global Capital Security. A Definitive Capital Security may not be exchanged for a beneficial interest in the Global
Capital Security except upon satisfaction of the requirements set forth below. Upon receipt by the Property Trustee of a Definitive Capital Security, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the
Property Trustee, together with written instructions directing the Property Trustee to make, or to direct the Clearing Agency to make, an adjustment on its books and records with respect to the Global Capital Security to reflect an increase in the
number of the Capital Securities represented by such Global Capital Security, then the Property Trustee shall cancel such Definitive Capital Security and cause, or direct the Clearing Agency to cause, the aggregate number of Capital Securities
represented by the Global Capital Security to be increased accordingly. If the Global Capital Security is not then outstanding, the Trust shall issue and the Property Trustee shall authenticate, upon written order of any Administrative Trustee, a
new Global Capital Security representing an appropriate number of Capital Securities. 
 (c) Transfer and Exchange of the Global Capital
Security. Subject to Section 9.2(d), the transfer and exchange of Global Capital Security or beneficial interests therein shall be effected through the Clearing Agency in accordance with this Trust Agreement (including applicable restrictions
on transfer set forth herein, if any) and the procedures of the Clearing Agency therefor. 
 (d) Transfer of a Beneficial Interest in the
Global Capital Security for a Definitive Capital Security. 
 (i) Any Person having a beneficial interest in the Global
Capital Security may upon request, but only upon 20 days prior notice to the Property Trustee, and if accompanied by the information specified below, exchange such beneficial interest for a Definitive Capital Security representing the same number of
Capital Securities. Upon receipt by the Property Trustee from the Clearing Agency or its nominee on behalf of any Person having a beneficial interest in the Global Capital Security of written instructions or such other form of instructions as is
customary for the Clearing Agency or the Person designated by the Clearing Agency as having such a beneficial interest in a Global Capital Security and certification(s) from the transferor in a form substantially similar to that attached hereto as
the form of “Assignment” in Exhibit A-1, which may be submitted by facsimile, then the Property Trustee will cause the aggregate number of Capital 

  

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Securities represented by the Capital Security to be reduced on its books and records and, following such reduction, the Trust will execute and the Property
Trustee will authenticate and make available for delivery to the transferee a Definitive Capital Security. 
 (ii) Definitive
Capital Securities issued in exchange for a beneficial interest in the Global Capital Security pursuant to this Section 9.2(d) shall be registered in such names and in such authorized denominations as the Clearing Agency, pursuant to
instructions from its Clearing Agency Participants or indirect participants or otherwise, shall instruct the Property Trustee in writing. The Property Trustee shall deliver such Capital Securities to the Persons in whose names such Capital
Securities are so registered in accordance with such instructions of the Clearing Agency. 
 (e) Restrictions on Transfer and Exchange of the
Global Capital Security. Notwithstanding any other provisions of this Trust Agreement (other than the provisions set forth in subsection (g) of this Section 9.2), the Global Capital Security may not be transferred as a whole except by the
Clearing Agency to a nominee of the Clearing Agency or another nominee of the Clearing Agency or by the Clearing Agency or any such nominee to a successor Clearing Agency or a nominee of such successor Clearing Agency. 
 (f) Authentication of Definitive Capital Securities. If at any time: 
 (i) a Default or an Event of Default has occurred and is continuing, 
 (ii) the Trust, in its sole discretion, notifies the Property Trustee in writing that it elects to cause the issuance of Definitive
Capital Securities under this Trust Agreement, or 
 (iii) the Clearing Agency notifies the Sponsor that it is unwilling or
unable to continue as Clearing Agency for such Global Capital Security or if at any time such Clearing Agency ceases to be a “clearing agency” registered under the Exchange Act, and, in each case, a clearing agency is not appointed by the
Sponsor within 90 days of receipt of such notice or of becoming aware of such condition, 
 then the Trust will execute, and the Property Trustee, upon
receipt of a written order of the Trust signed by one Administrative Trustee requesting the authentication and delivery of Definitive Capital Securities to the Persons designated by the Trust, will authenticate and make available for delivery
Definitive Capital Securities, equal in number to the number of Capital Securities represented by the Global Capital Security, in exchange for such Global Capital Security. 
 (g) Cancellation or Adjustment of Global Capital Security. At such time as all beneficial interests in the Global Capital Security have either been
exchanged for Definitive Capital Securities to the extent permitted by this Trust Agreement or redeemed, repurchased or canceled in accordance with the terms of this Trust Agreement, such Global Capital Security shall be returned to the Clearing
Agency for cancellation or retained and canceled by the Property Trustee. At any time prior to such cancellation, if any beneficial interest in the Global Capital Security is exchanged for Definitive Capital Securities, Capital Securities
represented by such Global Capital Security shall be reduced and an adjustment shall be made on the books and records of the Property Trustee and the Clearing Agency or its nominee to reflect such reduction. 
  

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 (h) Obligations with Respect to Transfers and Exchanges of Capital Securities. 
 (i) To permit registrations of transfers and exchanges, the Trust shall execute and the Property Trustee shall authenticate Definitive
Capital Securities and the Global Capital Security at the Registrar’s or co-registrar’s request in accordance with the terms of this Trust Agreement. 
 (ii) Registrations of transfers or exchanges will be effected without charge, but only upon payment (with such indemnity as the Trust or
the Sponsor may require) in respect of any tax or other governmental charge that may be imposed in relation to it. 
 (iii)
The Registrar or co-registrar shall not be required to register the transfer of or exchange of (a) Capital Securities during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption or any notice
of selection of Capital Securities for redemption and ending at the close of business on the day of such mailing or (b) any Capital Security so selected for redemption in whole or in part, except the unredeemed portion of any Capital Security
being redeemed in part. 
 (iv) Prior to the due presentation for registration of transfer of any Capital Security, the Trust,
the Property Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the Person in whose name a Capital Security is registered as the absolute owner of such Capital Security for the purpose of receiving Distributions on such
Capital Security and for all other purposes whatsoever, and none of the Trust, the Property Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the contrary. 
 (v) All Capital Securities issued upon any registration of transfer or exchange pursuant to the terms of this Trust Agreement shall
evidence the same security and shall be entitled to the same benefits under this Trust Agreement as the Capital Securities surrendered upon such registration of transfer or exchange. 
 (i) No Obligation of the Property Trustee. 
 (i) The Property Trustee shall have no responsibility or obligation to any beneficial owner of the Global Capital Security, a Participant in the Clearing Agency or other Person with respect to the accuracy of the
records of the Clearing Agency or its nominee or of any Participant thereof, with respect to any ownership interest in the Capital Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the
Clearing Agency) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Capital Securities. All notices and communications to be given to the Holders and all payments to be made to Holders
under the Capital Securities shall be given or made only to or upon the order of the registered Holders (which shall be the Clearing Agency or its nominee in the case of the Global Capital Security). The rights of beneficial owners in the Global
Capital Security shall be exercised only through the Clearing Agency subject to the 

  

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applicable rules and procedures of the Clearing Agency. The Property Trustee may conclusively rely and shall be fully protected in relying upon information
furnished by the Clearing Agency or any agent thereof with respect to its Participants and any beneficial owners. 
 (ii) The
Property Trustee and the Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Trust Agreement or under applicable law with respect to any transfer of any
interest in any Capital Security (including any transfers between or among Clearing Agency Participants or beneficial owners in the Global Capital Security) other than to require delivery of such Certificates and other documentation or evidence as
are expressly required by, and to do so if and when expressly required by, the terms of this Trust Agreement, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 9.3 Deemed Security Holders. 
 The Trustees
may treat the Person in whose name any Security shall be registered on the books and records of the Trust as the sole owner and Holder of such Security for purposes of receiving Distributions and for all other purposes whatsoever and, accordingly,
shall not be bound to recognize any equitable or other claim to or interest in such Security on the part of any Person, whether or not the Trust shall have actual or other notice thereof. 
 SECTION 9.4 Book-Entry Interests. 
 The Global Capital
Security shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of the Clearing Agency and no Capital Security Beneficial Owner will receive physical delivery of a definitive Capital
Security certificate (a “Capital Security Certificate”) representing such Capital Security Beneficial Owner’s interests in such Global Capital Security, except as provided in Section 9.2 and Section 7.9. Unless and until
Definitive Capital Securities have been issued to the Capital Security Beneficial Owners pursuant to Section 9.2 or Section 7.9: 
 (a) the provisions of this Section 9.4 shall be in full force and effect; 
 (b) the Trust and the Trustees shall be entitled
to deal with the Clearing Agency for all purposes of this Trust Agreement (including the payment of Distributions on the Global Capital Security and receiving approvals, votes or consents hereunder) as the sole Holder of the Global Capital Security
and shall have no obligation to the Capital Security Beneficial Owners; 
 (c) to the extent that the provisions of this Section 9.4
conflict with any other provisions of this Trust Agreement, the provisions of this Section 9.4 shall control; and 
 (d) the rights of
the Capital Security Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Capital Security Beneficial Owners and the Clearing Agency and/or the Clearing
Agency Participants, and the Clearing Agency shall receive and transmit payments of Distributions on the Global Capital Security to such Clearing Agency Participants; provided, 

  

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however, that solely for the purposes of determining whether the Holders of the requisite amount of Capital Securities have voted on any matter provided for
in this Trust Agreement, the Trustees, with respect to the Global Capital Security, may conclusively rely on, and shall be protected in relying on, any written instrument (including a proxy) delivered to the Trustees by the Clearing Agency setting
forth the Capital Security Beneficial Owners’ votes or assigning the right to vote on any matter to any other Persons either in whole or in part; and the Clearing Agency will also make book-entry transfers among the Clearing Agency
Participants. 
 SECTION 9.5 Notices to Clearing Agency. 
 Whenever a notice or other communication to the Capital Security Holders is required to be given by a Trustee under this Trust Agreement, such Trustee shall give all such notices and communications specified herein to
be given to the Holder of the Global Capital Security to the Clearing Agency and shall have no notice obligations to the Capital Security Beneficial Owners. 
 SECTION 9.6 Appointment of Successor Clearing Agency. 
 If any Clearing Agency elects to discontinue its services as
securities depositary with respect to the Capital Securities, the Administrative Trustees may, in their sole discretion, appoint a successor Clearing Agency with respect to such Capital Securities. 
 ARTICLE X 
 LIMITATION OF LIABILITY
OF 
 HOLDERS OF SECURITIES, TRUSTEE OR OTHERS 
 SECTION 10.1 Liability. 
 (a) Except as expressly set forth in this Trust Agreement, the Capital Securities Guarantee and the
terms of the Securities, the Sponsor shall not be: 
 (i) personally liable for the return of any portion of the capital
contributions (or any return thereon) of the Holders which shall be made solely from assets of the Trust; and 
 (ii) required
to pay to the Trust or to any Holder any deficit upon dissolution of the Trust or otherwise. 
 (b) The Sponsor shall be liable for all of
the debts and obligations of the Trust (other than in respect of the Securities) to the extent not satisfied out of the Trust’s assets. 
 (c) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation
Law of the State of Delaware. 
 SECTION 10.2 Exculpation. 
 (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Trust or any Covered Person for any loss, damage or claim incurred by reason of 

  

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any act or omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified Person reasonably
believed to be within the scope of the authority conferred on such Indemnified Person by this Trust Agreement or by law, except that an Indemnified Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified
Person’s gross negligence (or, in the case of the Property Trustee or the Delaware Trustee, negligence) or willful misconduct with respect to such acts or omissions. 
 (b) An Indemnified Person shall be fully protected in relying in good faith upon the records of the Trust and upon such information, opinions, reports or statements presented to the Trust by any Person as to matters
the Indemnified Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Trust, including information, opinions, reports or statements as
to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the existence and amount of assets from which Distributions to Holders might properly be paid. 
 SECTION 10.3 Fiduciary Duty. 
 (a) To the extent that,
at law or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an Indemnified Person acting under this Trust Agreement shall not be liable to the Trust
or to any other Covered Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of an Indemnified Person otherwise existing at
law or in equity (other than the duties imposed on the Property Trustee under the Trust Indenture Act), are agreed by the parties hereto to replace such other duties and liabilities of such Indemnified Person. 
 (b) Unless otherwise expressly provided herein: 
 (i) whenever a conflict of interest exists or arises between any Covered Persons, or 
 (ii)
whenever this Trust Agreement or any other agreement contemplated herein or therein provides that an Indemnified Person shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust or any Holder of Securities,

 the Indemnified Person shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of
each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person, the resolution, action or term so made, taken or provided by the Indemnified Person shall not constitute a breach of this Trust Agreement or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at law or in equity or otherwise. 
 (c) Whenever in this Trust
Agreement an Indemnified Person is permitted or required to make a decision: 
 (i) in its “discretion” or under a
grant of similar authority, the Indemnified Person shall be entitled to consider such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors
affecting the Trust or any other Person; or 
  

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 (ii) in its “good faith” or under another express standard, the Indemnified
Person shall act under such express standard and shall not be subject to any other or different standard imposed by this Trust Agreement or by applicable law. 
 SECTION 10.4 Indemnification. 
 (a) (i) The Sponsor shall indemnify, to the full extent permitted by law, any Company
Indemnified Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the
Trust) by reason of the fact that he is or was a Company Indemnified Person, against expenses (including attorneys’ fees and expenses), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with
such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Company Indemnified
Person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was
unlawful. 
 (ii) The Sponsor shall indemnify, to the full extent permitted by law, any Company Indemnified Person who was or
is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Trust to procure a judgment in its favor by reason of the fact that he is or was a Company Indemnified Person against
expenses (including attorneys’ fees and expenses) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Trust and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such Company Indemnified Person shall have been adjudged to be liable to the Trust unless and only
to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such Person is
fairly and reasonably entitled to indemnity for such expenses which such Court of Chancery or such other court shall deem proper. 
 (iii) To the extent that a Company Indemnified Person shall be successful on the merits or otherwise (including dismissal of an action without prejudice or the settlement of an action without admission of liability) in defense of any
action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a), or in defense of 

  

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any claim, issue or matter therein, he shall be indemnified, to the full extent permitted by law, against expenses (including attorneys’ fees) actually
and reasonably incurred by him in connection therewith. 
 (iv) Any indemnification under paragraphs (i) and (ii) of
this Section 10.4(a) (unless ordered by a court) shall be made by the Sponsor only as authorized in the specific case upon a determination that indemnification of the Company Indemnified Person is proper in the circumstances because he has met
the applicable standard of conduct set forth in paragraphs (i) and (ii). Such determination shall be made (1) by the Administrative Trustees by a majority vote of a Quorum consisting of such Administrative Trustees who were not parties to
such action, suit or proceeding, (2) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion, or (3) by the Common
Security Holder of the Trust. 
 (v) Expenses (including attorneys’ fees and expenses) incurred by a Company Indemnified
Person in defending a civil, criminal, administrative or investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by the Sponsor in advance of the final disposition of such
action, suit or proceeding upon receipt of an undertaking by or on behalf of such Company Indemnified Person to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Sponsor as authorized in this
Section 10.4(a). Notwithstanding the foregoing, no advance shall be made by the Sponsor if a determination is reasonably and promptly made (i) by the Administrative Trustees by a majority vote of a Quorum of disinterested Administrative
Trustees, (ii) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion or (iii) by the Common Security Holder of the
Trust, that, based upon the facts known to the Administrative Trustees, counsel or the Common Security Holder at the time such determination is made, such Company Indemnified Person acted in bad faith or in a manner that the Common Security Holder
did not believe to be in or not opposed to the best interests of the Trust, or, with respect to any criminal proceeding, that such Company Indemnified Person believed or had reasonable cause to believe his conduct was unlawful. In no event shall any
advance be made in instances where the Administrative Trustees, independent legal counsel or Common Security Holder reasonably determine that a Company Indemnified Person deliberately breached his duty to the Trust or its Common or Capital Security
Holders. 
 (vi) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of
this Section 10.4(a) shall not be deemed exclusive of any other rights to which those seeking indemnification and advancement of expenses may be entitled under any agreement, vote of stockholders or disinterested directors of the Sponsor or
Capital Security Holders of the Trust or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. All rights to indemnification under this Section 10.4(a) shall be deemed to be
provided by a contract between the Sponsor and each Company Indemnified Person who serves in such capacity at any time while this Section 10.4(a) is in effect. Any repeal or modification of this Section 10.4(a) shall not affect any rights
or obligations then existing. 
  

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 (vii) The Sponsor or the Trust may purchase and maintain insurance on behalf of any
person who is or was a Company Indemnified Person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Debenture Issuer would have the power to indemnify him
against such liability under the provisions of this Section 10.4(a). 
 (viii) For purposes of this Section 10.4(a),
references to “the Trust” shall include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger, so that any person who is or was a
director, trustee, officer or employee of such constituent entity, or is or was serving at the request of such constituent entity as a director, trustee, officer, employee or agent of another entity, shall stand in the same position under the
provisions of this Section 10.4(a) with respect to the resulting or surviving entity as he would have with respect to such constituent entity if its separate existence had continued. 
 (ix) The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 10.4(a) shall, unless
otherwise provided when authorized or ratified, continue as to a Person who has ceased to be a Company Indemnified Person and shall inure to the benefit of the heirs, executors and administrators of such a Person. 
 (b) The Sponsor agrees to indemnify the (i) Property Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the Property Trustee or
the Delaware Trustee, and (iv) any officers, directors, shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Property Trustee or the Delaware Trustee (each of the Persons in (i) through (iv),
including the Property Trustee and the Delaware Trustee in their respective individual capacities, being referred to as a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified Person harmless against, any and all
loss, liability, damage, claim or expense including taxes (other than taxes based on the income of such Fiduciary Indemnified Person) incurred without negligence or bad faith on the part of such Fiduciary Indemnified Person, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses (including reasonable legal fees and expenses) of defending against or investigating any claim or liability in connection with the
exercise or performance of any of the powers or duties of such Fiduciary Indemnified Person hereunder. The obligation to indemnify as set forth in this Section 10.4(b) shall survive the resignation or removal of the Property Trustee or the
Delaware Trustee and the satisfaction and discharge of this Trust Agreement. 
 (c) The Sponsor agrees to pay the Property Trustee and the
Delaware Trustee, from time to time, such compensation for all services rendered by the Property Trustee and the Delaware Trustee hereunder as may be mutually agreed upon in writing by the Sponsor and the Property Trustee or the Delaware Trustee, as
the case may be, and, except as otherwise expressly provided herein, to reimburse the Property Trustee and the Delaware Trustee upon its or their request for all reasonable expenses (including counsel fees and expenses), disbursements and advances
incurred or made by the Property Trustee or the Delaware Trustee, as the case may be, in accordance with the provisions of this Trust Agreement, except any such expense, disbursement or advance as may be attributable to its or their negligence or
bad faith. 
  

 46 

 SECTION 10.5 Outside Businesses. 
 Any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or
dissimilar to the business of the Trust, and the Trust and the Holders shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even
if competitive with the business of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware Trustee, or the Property Trustee shall be obligated to present any particular investment or other opportunity to
the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee shall have the right to take for its own account
(individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Covered Person, the Delaware Trustee and the Property Trustee may engage or be interested in any financial or other
transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates. 
 ARTICLE XI 
 ACCOUNTING

 SECTION 11.1 Fiscal Year. 
 The
fiscal year (“Fiscal Year”) of the Trust shall be the calendar year, or such other year as is required by the Code. 
 SECTION 11.2 Certain
Accounting Matters. 
 (a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or cause to be kept,
full books of account, records and supporting documents, which shall reflect in reasonable detail each transaction of the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted
accounting principles, consistently applied. The Trust shall use the accrual method of accounting for United States federal income tax purposes. The books of account and the records of the Trust shall be examined by and reported upon as of the end
of each Fiscal Year of the Trust by a firm of independent certified public accountants selected by the Administrative Trustees. 
 (b) The
Administrative Trustees shall cause to be duly prepared and delivered to each of the Holders any annual United States federal income tax information statement required by the Code, containing such information with regard to the Securities held by
each Holder as is required by the Code and the Treasury Regulations. Notwithstanding any right under the Code to deliver any such statement at a later date, the Administrative Trustees shall endeavor to deliver all such information statements within
30 days after the end of each Fiscal Year of the Trust. 
 (c) The Administrative Trustees shall cause to be duly prepared and filed with the
appropriate taxing authority, an annual United States federal income tax return, on a Form 1041 

  

 47 

 
or such other form required by United States federal income tax law, and any other annual income tax returns required to be filed by the Administrative
Trustees on behalf of the Trust with any state or local taxing authority. 
 SECTION 11.3 Banking. 
 The Trust may maintain one or more bank accounts in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in
respect of the Debentures held by the Property Trustee shall be made directly to the Property Trustee Account and no other funds of the Trust shall be deposited in the Property Trustee Account. The sole signatories for such accounts shall be
designated by the Administrative Trustees; provided, however, that the Property Trustee shall designate the signatories for the Property Trustee Account. 
 SECTION 11.4 Withholding. 
 The Trust and the Administrative Trustees shall comply with all withholding requirements under
United States federal, state and local law. The Trust shall request, and the Holders shall provide to the Trust, such forms or certificates as are necessary to establish an exemption from withholding with respect to each Holder, and any
representations and forms as shall reasonably be requested by the Trust to assist it in determining the extent of, and in fulfilling, its withholding obligations. The Administrative Trustees shall cause to be filed required forms with applicable
jurisdictions and, unless an exemption from withholding is properly established by a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that the Trust is required to withhold and pay over any
amounts to any authority with respect to Distributions or allocations to any Holder, the amount withheld shall be deemed to be a Distribution in the amount of the withholding to the Holder. In the event of any claim of excess withholding, Holders
shall be limited to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual Distributions made, the Trust may reduce subsequent Distributions by the amount of such withholding. 
 ARTICLE XII 
 AMENDMENTS AND MEETINGS

 SECTION 12.1 Amendments. 
 (a)
Except as otherwise provided in this Trust Agreement (including Section 7 of Annex I hereto) or by any applicable terms of the Securities, this Trust Agreement may only be amended by a written instrument approved and executed by: 
 (i) the Sponsor and the Administrative Trustees (or, if there are more than two Administrative Trustees, a majority of the Administrative
Trustees); 
 (ii) if the amendment affects the rights, powers, duties, obligations or immunities of the Property Trustee, the
Property Trustee; and 
 (iii) if the amendment affects the rights, powers, duties, obligations or immunities of the Delaware
Trustee, the Delaware Trustee. 
  

 48 

 (b) No amendment shall be made, and any such purported amendment shall be void and ineffective:

 (i) unless, in the case of any proposed amendment, the Property Trustee shall have first received an Officers’
Certificate from each of the Trust and the Sponsor that such amendment is permitted by, and conforms to, the terms of this Trust Agreement (including the terms of the Securities); 
 (ii) unless, in the case of any proposed amendment which affects the rights, powers, duties, obligations or immunities of the Property
Trustee, the Property Trustee shall have first received: 
 (A) an Officers’ Certificate from each of the Trust and the
Sponsor that such amendment is permitted by, and conforms to, the terms of this Trust Agreement (including the terms of the Securities); and 
 (B) an Opinion of Counsel (who may be counsel to the Sponsor or the Trust) that such amendment is permitted by, and conforms to, the terms of this Trust Agreement (including the terms of the Securities) and that all
conditions precedent to the execution and delivery of such amendment have been satisfied; 
 provided, however, that the Property Trustee shall not be
required to sign any such amendment; and 
 (iii) to the extent the result of such amendment would be to: 
 (A) cause the Trust to fail to continue to be classified for purposes of United States federal income taxation as a grantor trust;

 (B) reduce or otherwise adversely affect the powers of the Property Trustee in contravention of the Trust Indenture Act; or

 (C) cause the Trust to be deemed to be an Investment Company required to be registered under the Investment Company Act;

 (c) At such time after the Trust has issued any Securities that remain outstanding, any amendment that would adversely affect the rights,
privileges or preferences of any Holder may be effected only with such additional requirements as may be set forth in the terms of such Securities; 
 (d) Section 10.1(c) and this Section 12.1 shall not be amended without the consent of all of the Holders; 
 (e) Article
Four shall not be amended without the consent of the Holders of a Majority in liquidation amount of the Common Securities; 
  

 49 

 (f) The rights of the Holders of the Common Securities under Article V to increase or decrease the number
of, and appoint and remove Trustees shall not be amended without the consent of the Holders of a Majority in liquidation amount of the Common Securities; and 
 (g) Notwithstanding Section 12.1(c), this Trust Agreement may be amended without the consent of the Holders to: 
 (i) cure any ambiguity, correct or supplement any provision in this Trust Agreement that may be inconsistent with any other provision of this Trust Agreement or to make any other provisions with respect to matters or
questions arising under this Trust Agreement which shall not be inconsistent with the other provisions of the Trust Agreement; or 
 (ii) to modify, eliminate or add to any provisions of the Trust Agreement to such extent as shall be necessary to ensure that the Trust will be classified for United States federal income tax purposes as a grantor trust at all times that
any Securities are outstanding or to ensure that the Trust will not be required to register as an Investment Company under the Investment Company Act; 
 provided, however, that in each such case, such action shall not adversely affect in any material respect the interests of the Holders, and any amendments of this Trust Agreement shall become effective when notice thereof is given to the
Holders. 
 SECTION 12.2 Meetings of the Holders; Action by Written Consent. 
 (a) Meetings of the Holders of any class of Securities may be called at any time by the Property Trustee (or as provided in the terms of the Securities)
to consider and act on any matter on which Holders of such class of Securities are entitled to act under the terms of this Trust Agreement, the terms of the Securities or the rules of any stock exchange on which the Capital Securities are listed or
admitted for trading. The Property Trustee shall call a meeting of the Holders of such class if directed to do so by the Holders of at least 10% in liquidation amount of such class of Securities. Such direction shall be given by delivering to the
Property Trustee one or more notices in writing stating that the signing Holders wish to call a meeting and indicating the general or specific purpose for which the meeting is to be called. Any Holders calling a meeting shall specify in writing the
Capital Security Certificates held by the Holders exercising the right to call a meeting and only those Securities specified shall be counted for purposes of determining whether the required percentage set forth in the second sentence of this
paragraph has been met. 
 (b) Except to the extent otherwise provided in the terms of the Securities, the following provisions shall apply
to meetings of Holders: 
 (i) notice of any such meeting shall be given to all the Holders having a right to vote thereat at
least seven days and not more than 60 days before the date of such meeting. Whenever a vote, consent or approval of the Holders is permitted or required under this Trust Agreement or the rules of any stock exchange on which the Capital Securities
are listed or admitted for trading, such vote, consent or approval may be given at a meeting of the Holders; any action that may be taken at a meeting of the Holders may 

  

 50 

 
be taken without a meeting if a consent in writing setting forth the action so taken is signed by the Holders owning not less than the minimum amount of
Securities in liquidation amount that would be necessary to authorize or take such action at a meeting at which all Holders having a right to vote thereon were present and voting; prompt notice of the taking of action without a meeting shall be
given to the Holders entitled to vote who have not consented in writing; and the Property Trustee may specify that any written ballot submitted to the Security Holder for the purpose of taking any action without a meeting shall be returned to the
Trust within the time specified by the Property Trustee; 
 (ii) each Holder may authorize any Person to act for it by proxy
on all matters in which a Holder is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting; no proxy shall be valid after the expiration of eleven months from the date thereof unless otherwise
provided in the proxy; every proxy shall be revocable at the pleasure of the Holder executing it; and, except as otherwise provided herein, all matters relating to the giving, voting or validity of proxies shall be governed by the General
Corporation Law of the State of Delaware relating to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Holders were stockholders of a Delaware corporation; 
 (iii) each meeting of the Holders shall be conducted by the Administrative Trustees or by such other Person that the Administrative
Trustees may designate; and 
 (iv) unless the Statutory Trust Act, this Trust Agreement, the terms of the Securities, the
Trust Indenture Act or the listing rules of any stock exchange on which the Capital Securities are then listed or trading, otherwise provides, the Administrative Trustees, in their sole discretion, shall establish all other provisions relating to
meetings of Holders, including notice of the time, place or purpose of any meeting at which any matter is to be voted on by any Holders, waiver of any such notice, action by consent without a meeting, the establishment of a record date, quorum
requirements, voting in person or by proxy or any other matter with respect to the exercise of any such right to vote. 
 ARTICLE XIII 

 REPRESENTATIONS OF PROPERTY TRUSTEE 
 AND DELAWARE TRUSTEE 
 SECTION 13.1 Representations and Warranties of Property Trustee. 
 The Trustee that acts as initial Property Trustee represents and warrants to the Trust and to the Sponsor at the date of this Trust Agreement, and each
Successor Property Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Property Trustee’s acceptance of its appointment as Property Trustee that: 
 (a) the Property Trustee is a banking corporation, a national banking association or a bank or trust company, duly organized, validly existing and in good
standing under the laws of the United States or the State of Delaware, as the case may be, with corporate power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, this Trust Agreement; 

 

 51 

 (b) the execution, delivery and performance by the Property Trustee of this Trust Agreement has been duly
authorized by all necessary corporate action on the part of the Property Trustee; and this Trust Agreement has been duly executed and delivered by the Property Trustee and under Delaware law (excluding any securities laws) constitutes a legal, valid
and binding obligation of the Property Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally and to
general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); 
 (c) the execution, delivery and performance of this Trust Agreement by the Property Trustee does not conflict with or constitute a breach of the charter or by-laws of the Property Trustee; and 
 (d) no consent, approval or authorization of, or registration with or notice to, any federal or Delaware banking authority governing the trust powers of
the Property Trustee is required for the execution, delivery or performance by the Property Trustee of this Trust Agreement. 
 SECTION 13.2
Representations and Warranties of Delaware Trustee. 
 The Trustee that acts as initial Delaware Trustee represents and warrants to the
Trust and to the Sponsor at the date of this Trust Agreement, and each Successor Delaware Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of its appointment as Delaware
Trustee that: 
 (a) the Delaware Trustee is a banking corporation, a national banking association or a bank or trust company, duly organized,
validly existing and in good standing under the laws of the United States or the State of Delaware, as the case may be, with corporate power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, this
Trust Agreement; 
 (b) the execution, delivery and performance by the Delaware Trustee of this Trust Agreement has been duly authorized by
all necessary corporate action on the part of the Delaware Trustee; and this Trust Agreement has been duly executed and delivered by the Delaware Trustee and under Delaware law (excluding any securities laws) constitutes a legal, valid and binding
obligation of the Delaware Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally and to general
principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); 
 (c) the execution, delivery and performance of this Trust Agreement by the Delaware Trustee does not conflict with or constitute a breach of the charter or by-laws of the Delaware Trustee; and 
  

 52 

 (d) no consent, approval or authorization of, or registration with or notice to, any federal or Delaware
banking authority governing the trust powers of the Delaware Trustee is required for the execution, delivery or performance by the Delaware Trustee of this Trust Agreement; and 
 (e) the Delaware Trustee is a natural person who is a resident of the State of Delaware or, if not a natural person, an entity which has its principal
place of business in the State of Delaware, and is a Person that satisfies for the Trust Section 3807(a) of the Statutory Trust Act. 
 ARTICLE XIV 
 MISCELLANEOUS 
 SECTION 14.1 Notices. 
 All notices provided for in this Trust Agreement shall be in writing, duly signed by the party giving
such notice, and shall be delivered, telecopied or mailed by first class mail, overnight courier service or confirmed telecopy, as follows: 
 (a) if given to the Trust, in care of the Administrative Trustees at the Trust’s mailing address set forth below (or such other address as the Trust may give notice of to the Property Trustee, the Delaware Trustee and the Holders):

 Webster Capital Trust VII 
 c/o
Webster Financial Corporation 
 Webster Plaza 
 145 Bank Street 
 Waterbury, CT 06702 
 Telecopier: (            )
            -             
 Telephone: (203) 578-2210 
 Attention: Administrative Trustee 
 (b) if given to the Delaware Trustee, at the mailing address set forth below (or such other address as Delaware Trustee may give notice of to the
Holders): 
 The Bank of New York (Delaware) 
 White Clay Center, Route 273 
 Newark, DE 19711 
 Telecopier: (            )
            -             
 Telephone: (            )
            -             
 Attention: Corporate Trust Administration 
 (c) if given to the Property Trustee, at the Property
Trustee’s mailing address set forth below (or such other address as the Property Trustee may give notice of to the Holders): 
 The Bank
of New York 
 One Wall Street 
 New York, NY 10286 
 Telecopier: (            )
            -             
 Telephone: (            )
            -             
 Attention: Corporate Trust Administration 
  

 53 

 (d) if given to the Holder of the Common Securities, at the mailing address of the Sponsor set forth
below (or such other address as the Holder of the Common Securities may give notice to the Trust): 
 Webster Financial Corporation

 Webster Plaza 
 145 Bank Street

 Waterbury, CT 06702 
 Telecopier: (            )
            -             
 Telephone: (203) 578-2210 
 Attention: 
 (e) if given to any other Holder, at the address set forth on the books and records of the Trust. 
 All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage
prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal
or inability to deliver. 
 SECTION 14.2 Governing Law. 
 This Trust Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of law principles thereof. 
 SECTION 14.3 Intention of the Parties. 
 It is the
intention of the parties hereto that the Trust be classified for United States federal income tax purposes as a grantor trust. The provisions of this Trust Agreement shall be interpreted to further this intention of the parties. 
 SECTION 14.4 Headings. 
 Headings contained in this
Trust Agreement are inserted for convenience of reference only and do not affect the interpretation of this Trust Agreement or any provision hereof. 
 SECTION 14.5 Successors and Assigns. 
 Whenever in this Trust Agreement any of the parties hereto is named or referred to,
the successors and assigns of such party shall be deemed to be included, and all covenants and agreements in this Trust Agreement by the Sponsor and the Trustees shall bind and inure to the benefit of their respective successors and assigns, whether
so expressed. 
  

 54 

 SECTION 14.6 Partial Enforceability. 
 If any provision of this Trust Agreement, or the application of such provision to any Person or circumstance, shall be held invalid, the remainder of this Trust Agreement, or the application of such provision to
Persons or circumstances other than those to which it is held invalid, shall not be affected thereby. 
 SECTION 14.7 Counterparts. 
 This Trust Agreement may contain more than one counterpart of the signature page and this Trust Agreement may be executed by the affixing of the signature
of each of the Trustees to one or more of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature
page. 
  

 55 

 IN WITNESS WHEREOF, each of the undersigned has caused this Amended and Restated Trust Agreement to be
executed as of the day and year first above written. 
  

			
	  

	James C. Smith,
	as Administrative Trustee
	
	  

	[                                ],
	as Administrative Trustee
	
	  

	[                                ],
	as Administrative Trustee
	
	 THE BANK OF NEW YORK (DELAWARE),
 as Delaware
Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 THE BANK OF NEW YORK,
 as Property Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 56 

			
	WEBSTER FINANCIAL CORPORATION,
	as Sponsor and Debenture Issuer
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 57 

 ANNEX I 
 TERMS OF 
     % CAPITAL SECURITIES, SERIES A 
     % COMMON SECURITIES 
 Pursuant to Section 7.1 of the Amended and Restated Trust Agreement, dated as of                      (as
amended from time to time, the “Trust Agreement”), the designation, rights, privileges, restrictions, preferences and other terms and provisions of the Securities are set out below (each capitalized term used but not defined herein has the
meaning set forth in the Trust Agreement or, if not defined in such Trust Agreement, as defined in the Prospectus Supplement referred to below in Section 2(c) of this Annex I): 
 1. Designation and Number. 
 (a)
Capital Securities. Series A Capital Securities of the Trust with an aggregate liquidation amount with respect to the assets of the Trust of              dollars
($            ), and with a liquidation amount with respect to the assets of the Trust of $             per
security, are hereby designated for the purposes of identification only as “    % Capital Securities, Series A” (collectively, the “Capital Securities”). The certificates evidencing the Capital
Securities shall be substantially in the form of Exhibit A-1 to the Trust Agreement, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice or to conform to the rules of any exchange
or quotation system on or in which the Capital Securities are listed, traded or quoted. 
 (b) Common Securities. Common Securities of the
Trust with an aggregate liquidation amount with respect to the assets of the Trust of              dollars
($            ) and a liquidation amount with respect to the assets of the Trust of $             per
security, are hereby designated for the purposes of identification only as “    % Common Securities” (collectively, the “Common Securities”). The certificates evidencing the Common Securities shall be
substantially in the form of Exhibit A-2 to the Trust Agreement, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice. 
 2. Distributions. 
 (a) Distributions
payable on each Security will be fixed at a rate per annum of     % (the “Coupon Rate”) of the liquidation amount of $             per
Security (the “Liquidation Amount”), such rate being the rate of interest payable on the Debentures to be held by the Property Trustee. Distributions in arrears for more than one semi-annual period will bear additional Distributions
thereon compounded semi-annually at the Coupon Rate (to the extent permitted by applicable law). The term “Distributions”, as used herein, includes distributions of any and all such interest, if any, payable unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of the Debentures held by the Property Trustee and to the extent the Property Trustee has funds legally available therefor. 

 (b) Distributions on the Securities will be cumulative, will accumulate from the most recent date to
which Distributions have been paid or, if no Distributions have been paid, from                     , and will be payable semi-annually in
arrears on June 1 and December 1 of each year, commencing December 1,          (each, a “Distribution Date”), except as otherwise described below. Distributions will be computed
on the basis of a 360-day year consisting of twelve 30-day months. As long as no Event of Default has occurred and is continuing under the Indenture, the Debenture Issuer has the right under the Indenture to defer payments of interest by extending
the interest payment period at any time and from time to time on the Debentures for a period not exceeding 10 consecutive semi-annual periods, including the first such semi-annual period during such period (each an “Extension Period”),
during which Extension Period no interest shall be due and payable on the Debentures, provided that no Extension Period shall end on a date other than an Interest Payment Date for the Debentures or extend beyond the Maturity Date of the Debentures.
As a consequence of such deferral, Distributions will also be deferred. Notwithstanding such deferral, Distributions will continue to accumulate with additional Distributions thereon (to the extent permitted by applicable law but not at a rate
greater than the rate at which interest is then accruing on the Debentures) at the Coupon Rate compounded semi-annually during any such Extension Period. Prior to the termination of any such Extension Period, the Debenture Issuer may further defer
payments of interest by further extending such Extension Period, provided that such extension does not cause such Extension Period, together with all such previous and further extensions within such Extension Period, to exceed 10 consecutive
semi-annual periods, including the first semi-annual period during such Extension Period, end on a date other than an Interest Payment Date for the Debentures or extend beyond the Maturity Date of the Debentures. Upon the termination of any
Extension Period and the payment of all amounts then due, the Debenture Issuer may commence a new Extension Period, subject to the above requirements. 
 (c) Distributions on the Securities will be payable to the Holders thereof as they appear on the books and records of the Trust on the close of business on the 15th day of the month immediately preceding the month in
which the relevant Distribution Date occurs, which Distribution Dates correspond to the Interest Payment Dates for the Debentures. Subject to any applicable laws and regulations and the provisions of the Trust Agreement, each such payment in respect
of the Capital Securities will be made as described under the heading “Description of Capital Securities — Form, Denomination, Book-Entry Procedures and Transfer” in the Prospectus Supplement dated
                    , of the Debenture Issuer and the Trust relating to the Securities and the Debentures. The relevant record dates for the
Common Securities shall be the same as the record dates for the Capital Securities. Distributions payable on any Securities that are not punctually paid on any Distribution Date, as a result of the Debenture Issuer having failed to make a payment
under the Debentures, will cease to be payable to the Holder on the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose name such Securities are registered on the special record date or other
specified date determined in accordance with the Indenture. If any date on which Distributions are payable on the Securities is not a Business Day, then payment of the Distributions payable on such date will be made on the next succeeding day that
is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on such date. 
  

 2 

 (d) In the event that there is any money or other property held by or for the Trust that is not accounted
for hereunder, such property shall be distributed Pro Rata (as defined herein) among the Holders. 
 3. Liquidation Distribution Upon
Dissolution. 
 In the event of any dissolution of the Trust, or if the Sponsor otherwise gives notice of its election to liquidate the
Trust pursuant to Section 8.1(a)(iii) of the Trust Agreement, the Trust shall be liquidated by the Administrative Trustees as expeditiously as the Administrative Trustees determine to be possible by distributing to the Holders, after
satisfaction of liabilities to creditors of the Trust as provided by applicable law, a Like Amount (as defined below) of the Debentures, unless such distribution is determined by the Property Trustee not to be practicable, in which event such
Holders will be entitled to receive out of the assets of the Trust legally available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the aggregate of the
liquidation amount of $             per Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation
Distribution”). 
 “Like Amount” means (i) with respect to a redemption of the Securities, Securities having a
Liquidation Amount equal to the principal amount of Debentures to be paid in accordance with their terms and (ii) with respect to a distribution of Debentures upon the liquidation of the Trust, Debentures having a principal amount equal to the
Liquidation Amount of the Securities of the Holder to whom such Debentures are distributed. 
 If, upon any such liquidation, the Liquidation
Distribution can be paid only in part because the Trust has insufficient assets legally available to pay in full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust on the Securities shall be paid on a Pro Rata
basis. 
 4. Redemption and Distribution. 
 (a) Upon the repayment of the Debentures in whole or in part, at maturity or otherwise (either at the option of the Debenture Issuer or pursuant to a Special Event, as described below), the proceeds from such
repayment shall be simultaneously applied by the Property Trustee (subject to the Property Trustee having received written notice no later than 45 days prior to such repayment) to redeem a Like Amount of the Securities at a redemption price equal to
(i) in the case of the repayment of the Debentures on the Maturity Date, the Maturity Redemption Price (as defined below), (ii) in the case of the optional prepayment of the Debentures prior to the Initial Optional Redemption Date and upon
the occurrence and continuation of a Special Event, the Special Event Redemption Price (as defined below) and (iii) in the case of the optional prepayment of the Debentures on or after the Initial Optional Redemption Date, the Optional
Redemption Price (as defined below). The Maturity Redemption Price, the Special Event Redemption Price and the Optional Redemption Price are referred to collectively as the “Redemption Price”. Holders will be given not less than 30 nor
more than 60 days’ prior written notice of such redemption. 
  

 3 

 (b) (i) The “Maturity Redemption Price”, with respect to a redemption of Securities, shall mean
an amount equal to the principal of and accrued and unpaid interest on the Debentures as of the Maturity Date thereof. 
 (ii) In the case of
an optional redemption, if fewer than all the outstanding Securities are to be so redeemed, the Common Securities and the Capital Securities shall be redeemed Pro Rata and the Capital Securities to be redeemed will be determined as described in
Section 4(f)(ii) below. Upon the entry of an order for the dissolution of the Trust by a court of competent jurisdiction, the Debentures thereafter will be subject to optional redemption, in whole, but not in part, on or after the Initial
Optional Redemption Date. 
 The Debenture Issuer shall have the right (subject to the conditions in the Indenture) to elect to redeem the
Debentures, in whole or in part, at any time on or after                      (the “Initial Optional Redemption Date”), and,
simultaneous with such redemption, to cause a Like Amount of the Securities to be redeemed by the Trust at the Optional Redemption Price on a Pro Rata basis. “Optional Redemption Price” shall mean a price equal to the percentage of the
liquidation amount of Securities to be redeemed plus accumulated and unpaid Distributions thereon, if any, to the date of such redemption if redeemed during the 12-month period beginning June 1 of the years indicated below: 
  

				
	 Year Principal
	  	Percentage of	 
		  	100.000	%

 (c) If at any time a Tax Event or a Regulatory Capital Event (each as defined below, and each a
“Special Event”) occurs, the Debenture Issuer shall have the right (subject to the conditions set forth in the Indenture) at any time prior to the Initial Optional Redemption Date, to redeem the Debentures in whole, but not in part, within
the 90 days following the occurrence of such Special Event (the “90 Day Period”), and, simultaneous with such redemption, to cause a Like Amount of the Securities to be redeemed by the Trust at the Special Event Redemption Price on
a Pro Rata basis. 
 “Make-Whole Amount” shall mean an amount equal to the greater of (x) 100% of the principal of Debentures
or (y) the sum, as determined by a Quotation Agent (as defined in the Indenture), of the present values of the remaining scheduled payments of principal and interest on the Debentures, discounted to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined in the Indenture), plus, in the case of each of clauses (x) and (y), accrued and unpaid interest thereon, if any, to the date of redemption.

 A “Tax Event” shall occur upon receipt by the Debenture Issuer and the Trust of an opinion of counsel experienced in such
matters to the effect that, as a result of any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any political subdivision or taxing authority thereof or therein,
or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after
                    , there is more than an 

  

 4 

 
insubstantial risk that (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax with
respect to income received or accrued on the Debentures, (ii) the interest payable by the Debenture Issuer on the Debentures is not, or within 90 days of the date of such opinion will not be, deductible by the Debenture Issuer, in whole or in
part, for United States federal income tax purposes, or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
 “Regulatory Capital Event” shall mean the receipt by the Debenture Issuer and the Trust of an opinion of independent bank regulatory counsel
experienced in such matters to the effect that the Corporation is subject to the Holding Company Capital Rules (as defined in the Indenture) and is not entitled to treat the Capital Securities as Tier 1 capital (or its then equivalent) thereunder;
provided, however, that the distribution of the Debentures in connection with the liquidation of the Trust by the Debenture Issuer shall not in and of itself constitute a Regulatory Capital Event unless such liquidation shall have occurred in
connection with a Tax Event. 
 “Special Event Redemption Price” shall mean, with respect to any redemption of Securities following
a Special Event, an amount in cash equal to the Make-Whole Amount. 
 (d) On and from the date fixed by the Administrative Trustees for any
distribution of Debentures and liquidation of the Trust: (i) the Securities will no longer be deemed to be outstanding, (ii) the Clearing Agency or its nominee (or any successor Clearing Agency or its nominee), as the Holder of the Capital
Securities, will receive a registered global Certificate or Certificates representing the Debentures to be delivered upon such distribution, and (iii) any Certificates representing Securities not held by the Clearing Agency or its nominee (or
any successor Clearing Agency or its nominee) will be deemed to represent beneficial interests in a Like Amount of Debentures until such Certificates are presented to the Debenture Issuer or its agent for transfer or reissue. 
 (e) The Trust may not redeem fewer than all the outstanding Securities unless all accumulated and unpaid Distributions have been paid on all Securities
for all semi-annual Distribution periods terminating on or before the date of redemption. 
 (f) The procedure with respect to redemptions or
distributions of Securities shall be as follows: 
 (i) Notice of any redemption of, or notice of distribution of Debentures
in exchange for, the Securities (a “Redemption/Distribution Notice”) will be given by the Trust by mail to each Holder to be redeemed or exchanged not fewer than 30 nor more than 60 days before the date fixed for redemption or exchange
thereof which, in the case of a redemption, will be the date fixed for redemption of the Debentures. For purposes of the calculation of the date of redemption or exchange and the dates on which notices are given pursuant to this
Section 4(f)(i), a Redemption/ Distribution Notice shall be deemed to be given on the day such notice is first mailed by first-class mail, postage prepaid, to Holders. Each Redemption/Distribution Notice shall be addressed to the Holders at the
address of each such Holder appearing in the books and records of the 

  

 5 

 
Trust. No defect in the Redemption/Distribution Notice or in the mailing of either thereof with respect to any Holder shall affect the validity of the
redemption or exchange proceedings with respect to any other Holder. 
 (ii) In the event that fewer than all the outstanding
Securities are to be redeemed, the particular Securities to be redeemed shall be selected on a Pro Rata basis (based upon Liquidation Amounts) not more than 60 nor less than 30 days prior to the date fixed for redemption from the outstanding
Securities not previously called for redemption; provided, however, that with respect to Holders that would be required to hold less than 100 but more than zero Securities as a result of such redemption, the Trust shall redeem Securities of each
such Holder so that after such redemption such Holder shall hold either 100 Securities or such Holder no longer holds any Securities, and shall use such method (including, without limitation, by lot) as the Trust shall deem fair and appropriate;
provided, further, that any such redemption may be made on the basis of the aggregate Liquidation Amount of Securities held by each Holder thereof and may be made by making such adjustments as the Trust deems fair and appropriate in order that
fractional Securities shall not thereafter remain outstanding. In respect of Capital Securities registered in the name of and held of record by the Clearing Agency or its nominee (or any successor Clearing Agency or its nominee) or any nominee, the
distribution of the proceeds of such redemption will be made to the Clearing Agency and disbursed by such Clearing Agency in accordance with the procedures applied by such agency or nominee. 
 (iii) If Securities are to be redeemed and the Trust gives a Redemption/Distribution Notice (which notice will be irrevocable), then
(A) with respect to Capital Securities issued in book-entry form, by 12:00 noon, New York City time, on the redemption date, provided that the Debenture Issuer has paid the Property Trustee a sufficient amount of cash in connection with the
related redemption or maturity of the Debentures by 10:00 a.m., New York City time, on the Maturity Date or the date of redemption, as the case requires, the Property Trustee will deposit irrevocably with the Clearing Agency or its nominee (or
successor Clearing Agency or its nominee) immediately available funds sufficient to pay the applicable Redemption Price with respect to such Capital Securities and will give the Clearing Agency irrevocable instructions and authority to pay the
Redemption Price to the relevant Clearing Agency Participants, and (B) with respect to Capital Securities issued in certificated form and Common Securities, provided that the Debenture Issuer has paid the Property Trustee a sufficient amount of
cash in connection with the related redemption or maturity of the Debentures, the Property Trustee will irrevocably deposit with the paying agent for the Capital Securities (if other than the Property Trustee) funds sufficient to pay the applicable
Redemption Price to the Holders by check mailed to the address of the relevant Holder appearing on the books and records of the Trust on the redemption date, and provided further, that any such payment shall become due only upon surrender by the
Holder of the related certificated Capital Securities. If a Redemption/ Distribution Notice shall have been given and funds deposited as required, if applicable, then immediately prior to the close of business on the date of such deposit, or on the
redemption date, as applicable, Distributions will cease to accumulate on the Securities so called for redemption and all rights of Holders so called for redemption will cease, except the right of the Holders of such Securities to receive the
Redemption Price, but without interest on such Redemption Price, and such Securities shall cease to be outstanding. 
  

 6 

 (iv) Payment of accumulated and unpaid Distributions on the Redemption Date of the
Securities will be subject to the rights of Holders on the close of business on a regular record date in respect of a Distribution Date occurring on or prior to such Redemption Date. 
 Neither the Administrative Trustees nor the Trust shall be required to register or cause to be registered the transfer of (i) any Securities
beginning on the opening of business 15 days before the day of mailing of a notice of redemption or any notice of selection of Securities for redemption or (ii) any Securities selected for redemption except the unredeemed portion of any
Security being redeemed. If any date fixed for redemption of Securities is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or
other payment in respect of any such delay). If payment of the Redemption Price in respect of any Securities is improperly withheld or refused and not paid either by the Property Trustee or by the Sponsor as guarantor pursuant to the Capital
Securities Guarantee, Distributions on such Securities will continue to accumulate from the original redemption date to the actual date of payment, in which case the actual payment date will be considered the date fixed for redemption for purposes
of calculating the Redemption Price. 
 (v) Redemption/Distribution Notices shall be sent by the Property Trustee on behalf of the Trust to
(A) in respect of Capital Securities issued in book-entry form, the Clearing Agency or its nominee (or any successor Clearing Agency or its nominee), (B) in respect of Capital Securities issued in certificated form, to the Holders thereof,
and (C) in respect of the Common Securities, to the Holders thereof. 
 (vi) Subject to the foregoing and applicable law (including,
without limitation, United States federal securities laws and banking laws), the Sponsor or any of its subsidiaries may at any time and from time to time purchase outstanding Capital Securities by tender, in the open market or by private agreement.

 5. Voting Rights — Capital Securities. 
 (a) Except as provided under Sections 5(b) and 7 and as otherwise required by law and the Trust Agreement, the Holders of the Capital Securities will have no voting rights. 
 (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Debenture Trustee or executing any trust or power conferred on such Debenture Trustee with respect to the Debentures, (ii) waive any past default that is waivable under Section of the Indenture,
(iii) exercise any right to rescind or annul a declaration of acceleration of the maturity of the principal of the Debentures or (iv) consent to any amendment, modification or termination of the Indenture or the Debentures, where such
consent shall be required, without, in each case, obtaining the prior approval of the Holders of a Majority in liquidation amount of all outstanding Capital Securities; provided, however, that where a consent under the Indenture would require

  

 7 

 
the consent of each holder of Debentures affected thereby, no such consent shall be given by the Property Trustee without the prior approval of each Holder
of the Capital Securities. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of the Capital Securities except by subsequent vote of such Holders. The Property Trustee shall notify each Holder of
Capital Securities of any notice of default with respect to the Debentures. In addition to obtaining the foregoing approvals of such Holders of the Capital Securities, prior to taking any of the foregoing actions, the Trustees shall obtain an
opinion of counsel experienced in such matters to the effect that the Trust will continue to be classified as a grantor trust for United States federal income tax purposes after taking any such action into account. 
 If an Event of Default under the Trust Agreement has occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to
pay principal of or premium, if any, or interest on the Debentures on the due date (or, in the case of redemption, on the redemption date), then a Holder of Capital Securities may institute a proceeding directly against the Debenture Issuer for
enforcement of payment to such Holder of the principal of or premium, if any, or interest on a Like Amount of Debentures (a “Direct Action”) on or after the respective due date specified in the Debentures. In connection with such Direct
Action, the rights of the Common Securities Holder will be subrogated to the rights of such Holder of Capital Securities to the extent of any payment made by the Debenture Issuer to such Holder of Capital Securities in such Direct Action. Except as
provided in the second preceding sentence, the Holders of Capital Securities will not be able to exercise directly any other remedy available to the holders of the Debentures. 
 Any approval or direction of Holders of Capital Securities may be given at a separate meeting of Holders of Capital Securities convened for such purpose,
at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Property Trustee will cause a notice of any meeting at which Holders of Capital Securities are entitled to vote, or of any matter upon which action by
written consent of such Holders is to be taken, to be mailed to each Holder of record of Capital Securities. Each such notice will include a statement setting forth (i) the date of such meeting or the date by which such action is to be taken,
(ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of such matter upon which written consent is sought and (iii) instructions for the delivery of proxies or consent.

 No vote or consent of the Holders of the Capital Securities will be required for the Trust to redeem and cancel Capital Securities or to
distribute the Debentures in accordance with the Trust Agreement and the terms of the Securities. 
 Notwithstanding that Holders of Capital
Securities are entitled to vote or consent under any of the circumstances described above, any of the Capital Securities that are owned by the Sponsor or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall, for purposes
of such vote or consent, be treated as if they were not outstanding. 
 6. Voting Rights — Common Securities. 
 (a) Except as provided under Sections 6(b), 6(c), and 7 or as otherwise required by law and the Trust Agreement, the Holders of the Common Securities will
have no voting rights. 
  

 8 

 (b) Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may be removed
at any time by the Holder of the Common Securities. If a Debenture Event of Default has occurred and is continuing, the Property Trustee and the Delaware Trustee may be removed at such time by the Holders of a Majority in liquidation amount of the
outstanding Capital Securities. In no event will the Holders of the Capital Securities have the right to vote to appoint, remove or replace the Administrative Trustees, which voting rights are vested exclusively in the Sponsor as the Holder of the
Common Securities. No resignation or removal of a Trustee and no appointment of a successor trustee shall be effective until the acceptance of appointment by the successor trustee in accordance with the provisions of the Trust Agreement. 

(c) So long as any Debentures are held by the Property Trustee, the Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Debenture Trustee, or executing any trust or power conferred on such Debenture Trustee with respect to the Debentures, (ii) waive any past default that is waivable under Section
     of the Indenture, (iii) exercise any right to rescind or annul a declaration of acceleration of the maturity of the principal of the Debentures or (iv) consent to any amendment, modification or termination
of the Indenture or the Debentures, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of a Majority in liquidation amount of all outstanding Common Securities; provided, however, that where a
consent under the Indenture would require the consent of each holder of Debentures affected thereby, no such consent shall be given by the Property Trustee without the prior approval of each Holder of the Common Securities. The Trustees shall not
revoke any action previously authorized or approved by a vote of the Holders of the Common Securities except by subsequent vote of such Holders. The Property Trustee shall notify each Holder of Common Securities of any notice of default with respect
to the Debentures. In addition to obtaining the foregoing approvals of such Holders of the Common Securities, prior to taking any of the foregoing actions, the Trustees shall obtain an opinion of counsel experienced in such matters to the effect
that the Trust will continue to be classified as a grantor trust for United States federal income tax purposes after taking any such action into account. 
 If an Event of Default under the Trust Agreement has occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to pay principal of or premium, if any, or interest on the
Debentures on the due date (or in the case of redemption, on the redemption date), then a Holder of Common Securities may institute a Direct Action directly against the Debenture Issuer for enforcement of payment to such Holder of the principal of
or premium, if any, or interest on a Like Amount of Debentures on or after the respective due date specified in the Debentures. In connection with such Direct Action, the rights of the Common Securities Holder will be subordinated to the rights of
such Holder of Capital Securities in respect of any payment from the Debenture Issuer in such Direct Action. Except as provided in the second preceding sentence, the Holders of Common Securities will not be able to exercise directly any other remedy
available to the holders of the Debentures. 
 Any approval or direction of Holders of Common Securities may be given at a separate meeting
of Holders of Common Securities convened for such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Administrative Trustees will cause a notice of any meeting at which Holders of Common
Securities are entitled to vote, 

  

 9 

 
or of any matter upon which action by written consent of such Holders is to be taken, to be mailed to each Holder of record of Common Securities. Each such
notice will include a statement setting forth (i) the date of such meeting or the date by which such action is to be taken, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to
vote or of such matter upon which written consent is sought and (iii) instructions for the delivery of proxies or consents. 
 No vote
or consent of the Holders of the Common Securities will be required for the Trust to redeem and cancel Common Securities or to distribute the Debentures in accordance with the Trust Agreement and the terms of the Securities. 
 7. Amendments to Trust Agreement. 
 In
addition to the requirements set out in Section 12.1 of the Trust Agreement, the Trust Agreement may be amended from time to time by the Sponsor, the Property Trustee and the Administrative Trustees without the consent of the Holders
(i) to cure any ambiguity, correct or supplement any provisions in the Trust Agreement that may be inconsistent with any other provisions, or to make any other provisions with respect to matters or questions arising under the Trust Agreement
which shall not be inconsistent with the other provisions of the Trust Agreement or (ii) to modify, eliminate or add to any provisions of the Trust Agreement to such extent as shall be necessary to ensure that the Trust will be classified for
United States federal income tax purposes as a grantor trust at all times that any Securities are outstanding or to ensure that the Trust will not be required to register as an Investment Company under the Investment Company Act; provided, however,
that in each case, such action shall not adversely affect in any material respect the interests of any Holder, and any amendments of the Trust Agreement shall become effective when notice thereof is given to the Holders. The Trust Agreement may also
be amended by the Trustees and the Sponsor with (i) the consent of Holders representing a Majority in liquidation amount of all outstanding Securities, and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such
amendment or the exercise of any power granted to the Trustees in accordance with such amendment will not affect the Trust’s status as a grantor trust for United States federal income tax purposes or the Trust’s exemption from status as an
Investment Company under the Investment Company Act; provided, however, that, without the consent of each Holder of Trust Securities, the Trust Agreement may not be amended to (i) change the amount or timing of any Distribution on, or the
payment required to be made in respect of, the Trust Securities as of a specified date, (ii) restrict the right of a Holder of Trust Securities to institute suit for the enforcement of any such payment on or after such date, (iii) change
the purpose of the Trust, (iv) authorize the issuance of any additional beneficial interests in the Trust, (v) change the conversion, exchange or redemption provisions of the Trust Securities, (vi) change the conditions precedent for
the Sponsor to elect to dissolve the Trust and distribute the Debentures to the Holders of Trust Securities, (vii) change the liquidation distribution or other provisions of the Trust Securities relating to Distributions payable upon the
dissolution and liquidation of the Trust or (viii) affect the limited liability of any Holder of Trust Securities. 
  

 10 

 8. Pro Rata. 
 A reference in these terms of the Securities to any payment, distribution or treatment as being “Pro Rata” shall mean pro rata to each Holder according to the aggregate liquidation amount of the Securities
held by the relevant Holder in relation to the aggregate liquidation amount of all Securities outstanding unless, in relation to a payment, an Event of Default under the Trust Agreement has occurred and is continuing, in which case any funds
available to make such payment shall be paid first to each Holder of the Capital Securities pro rata according to the aggregate liquidation amount of Capital Securities held by the relevant Holder relative to the aggregate liquidation amount of all
Capital Securities outstanding and then, only after satisfaction of all amounts owed to the Holders of the Capital Securities, to each Holder of Common Securities pro rata according to the aggregate liquidation amount of Common Securities held by
the relevant Holder relative to the aggregate liquidation amount of all Common Securities outstanding. 
 9. Ranking. 
 The Capital Securities rank pari passu with the Common Securities and payment thereon shall be made Pro Rata with the Common Securities, except that, if
an Event of Default under the Trust Agreement occurs and is continuing, no payments in respect of Distributions on, or payments upon liquidation, redemption or otherwise with respect to, the Common Securities shall be made until the Holders of the
Capital Securities shall be paid in full the Distributions, Redemption Price, Liquidation Distribution and other payments to which they are entitled at such time. 
 10. Acceptance of Capital Securities Guarantee, Indenture and Debentures. 
 Each Holder of Capital
Securities and Common Securities, by the acceptance thereof, agrees to the provisions of the Capital Securities Guarantee, the Indenture and the Debentures, as applicable, including the subordination provisions therein. 
 11. No Preemptive Rights. 
 The
issuance of Capital Securities and the issuance of Common Securities is not subject to preemptive or other similar rights. The Holders shall have no preemptive rights to subscribe for any additional securities. 
 12. Miscellaneous. 
 These terms
constitute a part of the Trust Agreement. 
 The Sponsor will provide a copy of the Trust Agreement, the Capital Securities Guarantee and the
Indenture (including any supplemental indenture) to a Holder without charge upon written request to the Sponsor at its principal place of business. 
  

 11 

 EXHIBIT A-1 
 FORM OF CAPITAL SECURITY CERTIFICATE 
 [FORM OF FACE OF SECURITY] 
 [IF THIS CAPITAL SECURITY IS A GLOBAL CAPITAL SECURITY, INSERT: THIS CAPITAL SECURITY IS A GLOBAL CAPITAL SECURITY WITHIN THE MEANING OF THE TRUST
AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “CLEARING AGENCY”) OR A NOMINEE OF THE CLEARING AGENCY. THIS CAPITAL SECURITY IS EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN
THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CAPITAL SECURITY (OTHER THAN A TRANSFER OF THIS CAPITAL SECURITY AS A WHOLE BY THE CLEARING
AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CAPITAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  

									
	Certificate Number:	  	  
	  		  	Aggregate Liquidation Amount:	  	$            
	CUSIP Number:	  	  
	  		  		  	

 Certificate Evidencing Capital Securities 
 of 
 Webster Capital Trust VII 

     % Capital Securities, Series      
 (liquidation amount $             per Capital Security) 
 Webster Capital Trust VII, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that
                     (the “Holder”) is the registered owner of
[$             in aggregate liquidation amount of Capital Securities of the Trust]1 [the aggregate liquidation amount of Capital Securities of the Trust specified in Schedule A
hereto]2 representing undivided preferred beneficial interests in the assets of the Trust designated the     % Capital Securities, Series      (liquidation amount
$             per Capital Security) (the “Capital Securities”). The Capital Securities are transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Capital Securities represented hereby are
issued and shall in all respects be subject to the provisions of the Amended and Restated Trust Agreement of the Trust, dated as of
                    , as the same may be amended from time to time (the “Trust Agreement”), including the designation of the
terms of the Capital Securities as set forth in Annex I to the Trust Agreement. Capitalized terms used but not defined herein shall have the meaning given them in the Trust Agreement. The Sponsor will provide a copy of the Trust Agreement, the
Capital Securities Guarantee and the Indenture (including any supplemental indenture) to a Holder without charge upon written request to the Trust at its principal place of business. 
 Upon receipt of this Certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder and to the benefits of the
Capital Securities Guarantee to the extent provided therein. 
                     Insert in Definitive Capital Securities only. 
                     Insert in Global Capital
Securities only. 
 By acceptance hereof, the Holder agrees to treat, for United States federal income tax purposes, the Debentures as
indebtedness and the Capital Securities as evidence of indirect beneficial ownership in the Debentures. 

 IN WITNESS WHEREOF, the Trust has executed this certificate this
             day of                     ,
        . 
  

			
	WEBSTER CAPITAL TRUST VII
		
	By:	 	  

	Name:	 	  

		 	Administrative Trustee

 PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Capital Securities referred to in the within-mentioned Trust Agreement. 
 Dated:                     ,          
  

			
	THE BANK OF NEW YORK,
	 not in its individual capacity but
 solely as
Property Trustee

		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE OF SECURITY] 
 Distributions payable on each Capital Security will be fixed at a rate per annum of     % (the “Coupon Rate”) of the liquidation amount of
$             per Capital Security, such rate being the rate of interest payable on the Debentures to be held by the Property Trustee. Distributions in arrears for more than one
semi-annual period will bear interest thereon compounded semi-annually at the Coupon Rate (to the extent permitted by applicable law). The term “Distributions”, as used herein, includes such cash distributions and any and all such interest
and Liquidated Damages, if any, payable unless otherwise stated. A Distribution is payable only to the extent that payments are made in respect of the Debentures held by the Property Trustee and to the extent the Property Trustee has funds legally
available therefor. 
 Distributions on the Capital Securities will be cumulative, will accumulate from the most recent date to which
Distributions have been paid or, if no Distributions have been paid, from                      and will be payable semi-annually in arrears,
on June 1 and December 1 of each year, commencing December 1,         , except as otherwise described below. Distributions will be computed on the basis of a 360-day year consisting of
twelve 30-day months. As long as no Event of Default has occurred and is continuing under the Indenture, the Debenture Issuer has the right under the Indenture to defer payments of interest by extending the interest payment period at any time and
from time to time on the Debentures for a period not exceeding 10 consecutive calendar semi-annual periods, including the first such semi-annual period during such extension period (each an “Extension Period”), provided that no Extension
Period shall end on a date other than an Interest Payment Date for the Debentures or extend beyond the Maturity Date of the Debentures. As a consequence of such deferral, Distributions will also be deferred. Notwithstanding such deferral,
semi-annual Distributions will continue to accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate exceeding the rate of interest then accruing on the Debentures) at the Coupon Rate compounded semi-annually
during any such Extension Period. Prior to the termination of any Extension Period, the Debenture Issuer may further defer payments of interest by further extending such Extension Period; provided that such Extension Period, together with all such
previous and further extensions within such Extension Period, may not (i) exceed 10 consecutive semi-annual periods, including the first semi-annual period during such Extension Period, (ii) end on a date other than an Interest Payment
Date for the Debentures or (iii) extend beyond the Maturity Date of the Debentures. Payments of accumulated Distributions will be payable to Holders as they appear on the books and records of the Trust on the record date immediately preceding
the end of the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the Debenture Issuer may commence a new Extension Period, subject to the above requirements. 
 Subject to receipt by the Sponsor of any and all required regulatory approvals and to certain other conditions set forth in the Trust Agreement and the
Indenture, the Property Trustee may, at the direction of the Sponsor, at any time terminate the Trust and cause the Debentures to be distributed to the holders of the Securities in liquidation of the Trust or, simultaneously with any redemption of
the Debentures, cause a Like Amount of the Securities to be redeemed by the Trust. 
 The Capital Securities shall be redeemable as provided
in the Trust Agreement. 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security Certificate to: 
  

					
	  
	  		  	
	  
	  		  	
	  
	  		  	

 (Insert assignee’s social security or tax identification number) 
  

					
	  
	  		  	
	  
	  		  	
	  
	  		  	

 (Insert address and zip code of assignee) 
 and irrevocably appoints 
  

	
	  

	  

	  

 agent to transfer this Capital Security Certificate on the books of the Trust. The agent may substitute another to
act for him or her. 
 Date:                     

 Signature:
                                        

 (Sign exactly as your name appears on the other side of this Capital Security Certificate) 
 Signature Guarantee 3:                      
                              Signature must be guaranteed by an
“eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

	
	  

	Signature

 EXHIBIT A-2 
 FORM OF COMMON SECURITY CERTIFICATE 

 Certificate Evidencing Common Securities 
 of 
 Webster Capital Trust VII 
     % Common Securities 
 (liquidation amount $             per Common Security) 
 Webster
Capital Trust VII, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that Webster Financial Corporation (the “Holder”) is the registered owner of
                    
(                    ) common securities of the Trust representing undivided beneficial interests in the assets of the Trust designated the
    % Common Securities (liquidation amount $             per Common Security) (the “Common Securities”). The Common Securities are
transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this Certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions, preferences and
other terms and provisions of the Common Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Trust Agreement of the Trust dated as of
                    , as the same may be amended from time to time (the “Trust Agreement”), including the designation of the
terms of the Common Securities as set forth in Annex I to the Trust Agreement. Capitalized terms used but not defined herein shall have the meaning given them in the Trust Agreement. The Sponsor will provide a copy of the Trust Agreement and the
Indenture (including any supplemental indenture) to a Holder without charge upon written request to the Sponsor at its principal place of business. 
 Upon receipt of this Certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder to the extent provided therein. 
 By acceptance hereof, the Holder agrees to treat, for United States federal income tax purposes, the Debentures as indebtedness and the Common Securities as evidence of indirect beneficial ownership in the Debentures.

 IN WITNESS WHEREOF, the Trust has executed this certificate this day of
                    ,         . 
  

			
	WEBSTER CAPITAL TRUST VII
		
	By:	 	  

	Name:	 	  

		 	Administrative Trustee

 [FORM OF REVERSE OF SECURITY] 
 Distributions payable on each Common Security will be fixed at a rate per annum of     % (the “Coupon Rate”)
of the liquidation amount of $             per Common Security, such rate being the rate of interest payable on the Debentures to be held by the Property Trustee. Distributions in
arrears for more than one semi-annual period will bear interest thereon compounded semi-annually at the Coupon Rate (to the extent permitted by applicable law). The term “Distributions”, as used herein, includes such cash distributions and
any and all such interest and Liquidated Damages, if any, payable unless otherwise stated. A Distribution is payable only to the extent that payments are made in respect of the Debentures held by the Property Trustee and to the extent the Property
Trustee has funds legally available therefor. 
 Distributions on the Common Securities will be cumulative, will accrue from the most recent
date to which Distributions have been paid or, if no Distributions have been paid, from                      and will be payable semi-annually
in arrears, on June 1 and December 1 of each year, commencing December 1,         , except as otherwise described below. Distributions will be computed on the basis of a 360-day year
consisting of twelve 30-day months. As long as no Event of Default has occurred and is continuing under the Indenture, the Debenture Issuer has the right under the Indenture to defer payments of interest by extending the interest payment period at
any time and from time to time on the Debentures for a period not exceeding 10 consecutive calendar semi-annual periods, including the first such semi-annual period during such extension period (each an “Extension Period”), provided that
no Extension Period shall end on a date other than an Interest Payment Date for the Debentures or extend beyond the Maturity Date of the Debentures. As a consequence of such deferral, Distributions will also be deferred. Notwithstanding such
deferral, Distributions will continue to accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate exceeding the rate of interest then accruing on the Debentures) at the Coupon Rate compounded semi-annually
during any such Extension Period. Prior to the termination of any Extension Period, the Debenture Issuer may further defer payments of interest by further extending such Extension Period; provided that such Extension Period, together with all such
previous and further extensions within such Extension Period, may not (i) exceed 10 consecutive semi-annual periods, including the first semi-annual period during such Extension Period, (ii) end on a date other than an Interest Payment
Date for the Debentures or (iii) extend beyond the Maturity Date of the Debentures. Payments of accrued Distributions will be payable to Holders as they appear on the books and records of the Trust on the record date immediately preceding the
end of the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the Debenture Issuer may commence a new Extension Period, subject to the above requirements. 
 Subject to the receipt by the Sponsor of any and all required regulatory approvals and to certain other conditions set forth in the Trust Agreement and
the Indenture, the Property Trustee may, at the direction of the Sponsor, at any time terminate the Trust and cause the Debentures to be distributed to the holders of the Securities in liquidation of the Trust or, simultaneously with any redemption
of the Debentures, cause a Like Amount of the Securities to be redeemed by the Trust. 
 The Common Securities shall be redeemable as
provided in the Trust Agreement. 

 Under certain circumstances, the right of the holders of the Common Securities shall be subordinate to
the rights of the holders of the Capital Securities, as provided in the Trust Agreement.

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