Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 THIRD AMENDED AND RESTATED PURCHASE AND CONTRIBUTION AGREEMENT

 Dated as of September 24, 2012 
 between 
 UNITED RENTALS (NORTH AMERICA), INC., 

as Originator 
 UNITED RENTALS, INC., 
 as Collection Agent 

and 
 UNITED
RENTALS RECEIVABLES LLC II 
 as Buyer 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 PRELIMINARY STATEMENTS
	  	 	1	  
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 SECTION 1.01 Certain Defined Terms
	  	 	1	  
	 SECTION 1.02 Other Terms
	  	 	8	  
		
	 ARTICLE II AMOUNTS AND TERMS OF PURCHASES AND CONTRIBUTIONS
	  	 	8	  
		
	 SECTION 2.01 Facility
	  	 	8	  
	 SECTION 2.02 Making Purchases
	  	 	8	  
	 SECTION 2.03 Contributions
	  	 	9	  
	 SECTION 2.04 Collections
	  	 	10	  
	 SECTION 2.05 Settlement Procedures
	  	 	10	  
	 SECTION 2.06 Payments and Computations, Etc.
	  	 	10	  
		
	 ARTICLE III CONDITIONS OF PURCHASES
	  	 	11	  
		
	 SECTION 3.01 Conditions Precedent to Initial Purchase from the Originator
	  	 	11	  
	 SECTION 3.02 Conditions Precedent to All Purchases and Contributions
	  	 	12	  
	 SECTION 3.03 Certification as to Representation and Warranties
	  	 	13	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	13	  
		
	 SECTION 4.01 Representations and Warranties of the Originator
	  	 	13	  
		
	 ARTICLE V COVENANTS
	  	 	16	  
		
	 SECTION 5.01 Covenants of the Originator
	  	 	16	  
	 SECTION 5.02 Covenant of the Originator and the Buyer
	  	 	21	  
		
	 ARTICLE VI ADMINISTRATION AND COLLECTION OF RECEIVABLES
	  	 	22	  
		
	 SECTION 6.01 Designation and Responsibilities of Collection Agent
	  	 	22	  
	 SECTION 6.02 Rights and Remedies
	  	 	22	  
	 SECTION 6.03 Transfer of Records to Buyer
	  	 	23	  
		
	 ARTICLE VII EVENTS OF TERMINATION
	  	 	23	  
		
	 SECTION 7.01 Events of Termination
	  	 	23	  
		
	 ARTICLE VIII INDEMNIFICATION
	  	 	26	  
		
	 SECTION 8.01 Indemnities by the Originator
	  	 	26	  

  
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	 ARTICLE IX MISCELLANEOUS
	  	 	27	  
		
	 SECTION 9.01 Amendments, Etc.
	  	 	27	  
	 SECTION 9.02 Notices, Etc.
	  	 	28	  
	 SECTION 9.03 Binding Effect; Assignability
	  	 	28	  
	 SECTION 9.04 Costs, Expenses and Taxes
	  	 	29	  
	 SECTION 9.05 No Proceedings
	  	 	29	  
	 SECTION 9.06 Confidentiality
	  	 	29	  
	 SECTION 9.07 GOVERNING LAW
	  	 	30	  
	 SECTION 9.08 SUBMISSION TO JURISDICTION
	  	 	30	  
	 SECTION 9.09 WAIVER OF JURY TRIAL
	  	 	30	  
	 SECTION 9.10 Third Party Beneficiary
	  	 	30	  
	 SECTION 9.11 Execution in Counterparts
	  	 	31	  
	 SECTION 9.12 Survival of Termination
	  	 	31	  
	 SECTION 9.13 Severability
	  	 	31	  
	 SECTION 9.14 Amendment and Restatement; Acknowledgement
	  	 	31	  

  
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 THIRD AMENDED AND RESTATED PURCHASE AND CONTRIBUTION 

AGREEMENT 

Dated as of September 24, 2012 
 UNITED RENTALS (NORTH AMERICA), INC., a Delaware corporation (f/k/a UR Merger Sub Corporation, as successor in interest to United Rentals (North America), Inc. and United Rentals Northwest, Inc.)
(together with its successors and permitted assigns, the “Originator”), UNITED RENTALS, INC., a Delaware corporation, (“United Rentals”), as Collection Agent, and UNITED RENTALS RECEIVABLES LLC II, a Delaware
limited liability company (the “Buyer”), agree as follows: 
 PRELIMINARY STATEMENTS 

(1) Certain terms which are capitalized and used throughout this Agreement (in addition to those defined above) are defined in
Article I of this Agreement. Capitalized terms not defined herein are used as defined in the Receivables Agreement. 
 (2)
The Originator has Receivables that it wishes to sell to the Buyer, and the Buyer is prepared to purchase such Receivables on the terms set forth herein. 
 (3) The Originator may also wish to contribute Receivables to the capital of the Buyer on the terms set forth herein. 
 (4) The parties hereto previously entered into that certain Purchase and Contribution Agreement, dated as of May 31, 2005, amended and restated as of December 22, 2008 and further amended and
restated as of September 28, 2011 (the “Existing Agreement”). 
 (5) The parties hereto now desire to amend and
restate the Existing Agreement in its entirety as set forth herein and with the effect from the date first set forth above. 

NOW, THEREFORE, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.01 Certain Defined Terms. 
 As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Administrative Agent” means Scotia Capital, in its capacity as administrative agent under the Receivables Agreement for
the purchasers and the banks, or any successor administrative agent appointed pursuant to the terms of the Receivables Agreement. 
 “Adverse Claim” means a lien, security interest, or other charge or encumbrance, or any other type of preferential arrangement. 

  
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 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, is in control of, is controlled by or is under common control with such Person or is a director or officer of such Person. 
 “Agreement” means this Third Amended and Restated Purchase and Contribution Agreement, dated as of September 24, 2012, as it may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Alternate Base Rate” means: 

(a) For Scotia Capital, Liberty and each other Bank for Liberty, on any date, a fluctuating interest rate per annum as shall be in effect
from time to time, which rate (the “Scotia Alternate Base Rate”) shall be at all times equal to the higher of: 
 (i) the rate of interest determined by Scotia Capital in New York, New York, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate
that Scotia Capital charges any corporate customer) (the “Scotia Prime Rate”); and 
 (ii) the Federal
Funds Rate plus 0.50% per annum; 
 (b) For PNC, Market Street and each other Bank for Market Street, on any date, a
fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the higher of: 
 (i) the rate of interest determined by PNC in Pittsburgh, Pennsylvania, from time to time in its sole discretion, as its prime commercial lending rate (which rate is not necessarily the lowest rate that
PNC charges any corporate customer); and 
 (ii) the Federal Funds Rate plus 0.50% per annum; and

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

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

“Banks” means BTMU, PNC and Scotia Capital. 
 “BTMU” means The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, and its successors and assigns. 
 “Business Day” means any day (other than a Saturday or Sunday) on which banks are not authorized or required to close in New York City. 

  
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 “Capital Lease” shall have the meaning set forth in the Credit Agreement.

 “Collateral” shall have the meaning set forth in Section 5.02 of this Agreement. 

“Collection Account” means any joint deposit accounts, lock-box account or any account into which credit card
collections are deposited, which the Buyer maintains with the Qualified Intermediary for the purpose of receiving Collections. 

“Collection Account Banks” means the banks or other financial institutions holding the Collection Accounts. 

“Collection Agent” means at any time the Person then authorized pursuant to Section 6.01 to service, administer and
collect Transferred Receivables. 
 “Collections” means, with respect to any Transferred Receivable,
(a) all funds which are received by the Originator, the Buyer or the Collection Agent in payment of any amounts owed in respect of such Transferred Receivable (including, without limitation, purchase price, finance charges, interest and all
other charges), or applied to amounts owed in respect of such Transferred Receivable (including, without limitation, insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the
related Obligor or any other party directly or indirectly liable for the payment of such Transferred Receivable and available to be applied thereon), (b) all Collections received as a result of a repurchase pursuant to Section 2.05 and
(c) all other proceeds of such Transferred Receivable. 
 “Contract” means an agreement between the
Originator and an Obligor, substantially in the form of one of the written contracts or (in the case of any open account agreement) one of the invoices approved by the Buyer, pursuant to or under which such Obligor shall be obligated to pay for
goods or services from time to time. 
 “Contributed Receivable” has the meaning specified in
Section 2.03. 
 “Controlled Account” means the deposit account maintained at the Controlled Account Bank
for the purpose of receiving deposited Collections. 
 “Controlled Account Agreement” means an agreement
between the Administrative Agent, United Rentals, the Buyer and the Controlled Account Bank reasonably acceptable to the Administrative Agent; provided, that the Controlled Account Agreement entered into (and as amended) on or prior to the
date hereof shall be deemed to be reasonably acceptable to the Administrative Agent. 
 “Controlled Account
Bank” means the bank or other financial institution holding the Controlled Account. 

  
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 “Credit Agreement” means the Amended and Restated Credit Agreement, dated
as of October 14, 2011, by and among the financial institutions named therein, as the Lenders, Bank of America, N.A., as Agent, U.S. Swingline Lender and U.S. Letter of Credit Issuer, Bank of America, N.A. (acting through its Canada Branch), as
Canadian Swingline Lender and Canadian Letter of Credit Issuer, Wells Fargo Capital Finance, LLC, as the Syndication Agent, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents, United Rentals (North
America), Inc. and certain of its Subsidiaries, as the U.S. Borrowers, United Rentals, Inc. and certain of its Subsidiaries, as the Guarantors, United Rentals of Canada, Inc., as the Canadian Borrower, United Rentals Financing Limited Partnership,
as the Specified Loan Borrower, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Capital Finance, LLC, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc., as the Joint Lead Arrangers and the Joint Book
Runners, as amended on December 16, 2011 and to which the Originator acceded pursuant to that certain Accession Agreement, dated as of April 30, 2012, and as the same may, from time to time, be amended, waived, modified, supplemented or
replaced but only to the extent that the Purchaser Agents approve such amendment, waiver, modification or supplement for the purposes of incorporation of such amendment, waiver, modification, supplement or replacement herein. 

“Credit and Collection Policy” means those receivables credit and collection policies and practices of the Originator in
effect on the date of this Agreement applicable to the Receivables and described in Annex A hereto, as modified in compliance with this Agreement and the Receivables Agreement. 

“Debt” shall have the meaning set forth in the Credit Agreement. 

“Dilution” means, with respect to any Transferred Receivable, the aggregate amount of any reductions or adjustments in
the Outstanding Balance of such Transferred Receivable as a result of any defective, rejected, returned, repossessed or foreclosed goods or services or any rebate, sales allowance, cash discount or other adjustment or setoff. 

“Discount” means, in respect of each purchase, 2.0% of the Outstanding Balance of the Receivables that are the subject
of such purchase; provided, however, the foregoing percentage may be revised by request of either of the parties to such purchase provided that such revision is consented to by both of such parties and by the Administrative Agent.

 “ENB Receivable” means the U.S. dollar denominated indebtedness of any Obligor resulting from the provision
or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which all actions required to be
performed by the Originator have been performed (except for the presentment by the Originator of an invoice to the Obligor), and includes the right to payment of any sales tax, interest or finance charges and other obligations of such Obligor with
respect thereto. 
 “Equity Interests” shall have the meaning set forth in the Credit Agreement. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “Event of Termination” has the meaning specified in
Section 7.01. 
 “Facility Termination Date” means the earliest of (a) September 23, 2013,
(b) the date determined pursuant to Section 7.01, (c) the date the Purchase Limit is reduced to zero pursuant to Section 1.01(b) of the Receivables Agreement or (d) the date upon which the Credit Agreement is
terminated in connection with an Event of Default thereunder. 

  
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 “Federal Assignment of Claims Act” means the Federal Assignment of Claims
Act, 31 U.S.C. §3727 and 41 U.S.C. §15, as amended from time to time. 
 “Federal Funds Rate”
means, with respect to any day, the rate set forth in H.l5(519) for that day opposite the caption “Federal Funds (Effective).” If on any date of determination, such rate is not published in H.l5(519), such rate will be the rate set
forth in Composite 3:30 P.M. Quotations for U.S. Government Securities for that day under the caption “Federal Funds/Effective Rate.” If on any date of determination, the appropriate rate is not published in either H.15(519) or
Composite 3:30 P.M. Quotations for U.S. Government Securities, such rate will be the arithmetic mean of the rates for the last transaction in overnight federal funds arranged by three leading brokers of federal funds transactions in New York
City prior to 9:00 a.m., New York City time, on that day. 
 “GAAP” means generally accepted accounting
principles in the United States of America. 
 “Gotham” means Gotham Funding Corporation, as a purchaser under
the Receivables Agreement. 
 “Government Obligor” means an Obligor that is the United States federal
government or governmental subdivision or agency of the United States or a state government or governmental subdivision or agency thereof. 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Guaranty” shall have the meaning set forth in the Credit Agreement. 

“Hedge Agreement” shall have the meaning set forth in the Credit Agreement. 

“Identifiable Combined Assets” means amounts received in the Collection Accounts that the Collection Agent can identify
as being received in respect of (i) the sale of equipment that has been leased to the Originator and is subject to the lien of the lessor thereof, or (ii) Receivables that would, in accordance with the accounts receivable adjustment codes
used by the Collection Agent, the Buyer and the Originator on the date hereof, be identified on the general ledger thereof under account receivable adjustment code “N/A.” 

“Incipient Event of Termination” means an event that but for notice or lapse of time or both would constitute an Event
of Termination. 
 “Indemnified Amounts” has the meaning specified in Section 8.01. 

  
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 “Liberty” means Liberty Street Funding LLC, as a purchaser under the
Receivables Agreement. 
 “Market Street” means Market Street Funding LLC, as a purchaser under the Receivables
Agreement. 
 “Material Adverse Effect” means a material adverse change in, or a material adverse effect upon,
the financial condition, operations, assets, business, properties or prospects of United Rentals and the Subsidiaries, taken as a whole. 
 “Obligor” means, with respect to any Transferred Receivable, a Person obligated to make payments to the Originator pursuant to a Contract; provided that in the event that any
payments in respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor. 

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

“Person” means an individual, partnership, corporation (including a business trust), joint stock company, limited
liability company, unincorporated association, trust, joint venture or other entity, or a government or any political subdivision or agency thereof. 
 “PNC” means PNC Bank, National Association, and its successors and assigns. 
 “Purchase Date” means the date of each purchase of Receivables under this Agreement. 
 “Purchased Receivable” means any Receivable or ENB Receivable which, pursuant to Article II has been identified as a Purchased Receivable and purchased (or purported to be purchased)
by the Buyer. 
 “Purchaser” means (i) Liberty Street Funding LLC and any successor or assign of such
Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables, (ii) Market Street Funding LLC and any successor
or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables and (iii) Gotham Funding
Corporation and any successor or assign of such Purchaser that is a receivables investment company that in the ordinary course of its business issues commercial paper or other securities to fund its acquisition and maintenance of receivables.

 “Purchaser Agent” means (i) Scotia Capital and its permitted successors and assigns as Liberty
Purchaser Agent, (ii) PNC and its permitted successors and assigns as Market Street Purchaser Agent and (iii) BTMU and its permitted successors and assigns as Gotham Purchaser Agent. 

  
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 “Receivable” means the U.S. dollar denominated indebtedness of any Obligor
resulting from the provision or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the Originator in the ordinary course of its business for which
all actions required to be performed by the Originator have been performed (except in the case of ENB Receivables, for which the Originator will not have presented an invoice to the related Obligor), and includes the right to payment of any sales
tax, interest or finance charges and other obligations of such Obligor with respect thereto; provided that “Receivable” shall not include any Equipment Sale Receivables (as defined in the Receivables Agreement). For the avoidance of
doubt, Receivables shall include ENB Receivables. 
 “Receivables Agreement” means that certain Third Amended
and Restated Receivables Purchase Agreement, dated as of the date hereof, among the Buyer, as seller, Liberty Street Funding LLC, as a purchaser, Market Street Funding LLC, as a purchaser, and Gotham Funding Corporation, as a purchaser, Scotia
Capital, as a bank, as administrative agent and as Liberty purchaser agent, PNC, as a bank and as Market Street purchaser agent, and BTMU, as a bank and as Gotham purchaser agent, and United Rentals, as collection agent, as amended, restated,
modified or supplemented from time to time. 
 “Related Security” means with respect to any Transferred
Receivable all of the Originator’s interest in: 
 (a) any goods (including returned goods, but excluding any returned goods
with respect to a Receivable which has been repurchased pursuant to Section 2.05 of this Agreement) relating to any sale giving rise to such Receivable; 
 (b) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Transferred Receivable, whether pursuant to the Contract related to such Transferred
Receivable or otherwise, together with all financing statements authorized or signed by an Obligor describing any collateral securing such Transferred Receivable; 
 (c) all guaranties, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Transferred Receivable whether pursuant to the Contract
related to such Transferred Receivable or otherwise; and 
 (d) the Contract and all other books, records and other information
(including, without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) relating to such Transferred Receivable and the related Obligor. 

“Scotia Capital” means The Bank of Nova Scotia and its successors and assigns. 

“Settlement Date” means such day or days each month as are selected from time to time by the Buyer or its designee in a
written notice to the Collection Agent. 
 “Subsidiary” of a specified Person means any corporation of which
securities having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such specified Person. 

  
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 “Taxes” means any and all present or future taxes, levies, imposts,
duties, deductions, charges or withholdings imposed by any Governmental Authority. 
 “Transaction Documents”
means any of the Agreement, the Receivables Agreement (as defined herein), the Fee Agreements, the Performance Undertaking Agreement (each as defined in the Receivables Agreement) and all other agreements and documents delivered and/or related
hereto or thereto. 
 “Transferred Receivable” means a Purchased Receivable or a Contributed Receivable.

 “UCC” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

 “United (NA)” means United Rentals (North America), Inc. a Delaware corporation, and its successors and
permitted assigns. 
 “United Rentals” means United Rentals, Inc. and its successors and permitted assigns.

 SECTION 1.02 Other Terms. 
 All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein,
are used herein as defined in such Article 9. 
 ARTICLE II 

AMOUNTS AND TERMS OF PURCHASES AND CONTRIBUTIONS 
 SECTION 2.01 Facility. 
 On the terms and conditions hereinafter set forth
and without recourse (except to the extent as is specifically provided herein), the Originator agrees to sell and the Buyer agrees to purchase Receivables of the Originator from time to time during the period from the date hereof to the Facility
Termination Date. 
 SECTION 2.02 Making Purchases. 

(a) Purchases. On the date of the initial purchase hereunder, the Originator shall sell, transfer, assign and convey to the Buyer
all Receivables owned by the Originator as of the close of business on the Business Day immediately preceding such Purchase Date (other than Receivables constituting Contributed Receivables pursuant to Section 2.03). The Originator shall, on
each Business Day occurring thereafter prior to the Facility Termination Date, sell, transfer, assign and convey to the Buyer all Receivables owned by the Originator as of the close of business on the immediately preceding Business Day (other than
Receivables constituting Contributed Receivables pursuant to Section 2.03). On each Purchase Date, the Buyer shall, upon satisfaction of the applicable conditions set forth in Article III, pay the purchase price for such purchase by the
deposit of such amount in same day funds to such account(s) as may be designated by the Originator. To the extent that funds are not paid at the time a Receivable is transferred, such Transferred Receivable will be deemed a Contributed Receivable.

  
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 (b) Determination of Purchase Price. The purchase price for the Receivables that are
the subject of any purchase hereunder shall be determined on an arm’s-length basis on or prior to the date of such purchase, and shall be equal to the Outstanding Balance of such Receivables, minus the Discount for such purchase. 

(c) Ownership of Receivables and Related Security. On each Purchase Date, after giving effect to each purchase or contribution of
Receivables, the Buyer shall own the Transferred Receivables. The acquisition of any Receivable shall include all rights to, but not the obligations under, all Related Security with respect to such Receivable and all Collections with respect thereto
and other proceeds of such Receivable and Related Security. 
 (d) Intention of the Parties. It is the express intent of
the parties hereto that the transfers of the Receivables and related rights by the Originator to the Buyer, as contemplated by this Agreement be, and be treated as, true sales of the Transferred Receivables and the Related Security for all purposes,
providing the Buyer with full risks and benefits of ownership and not as loans secured by the Receivables and related rights. If, notwithstanding the intent of the parties or any other provision hereof, any Receivable and the Related Security
purported to be conveyed hereunder is construed to constitute property of the Originator or such conveyance is not treated as a sale to Buyer for all purposes, then (i) this Agreement also is intended by the parties to be, and hereby is, a
security agreement within the meaning of the UCC; and (ii) the conveyance by the Originator provided for in this Agreement shall be treated as the grant of, and the Originator hereby grants to Buyer, a first priority security interest in, to
and under all of the Originator’s right, title and interest in, to and under all Transferred Receivables, all Related Security and all Collections and proceeds relating thereto conveyed by the Originator to Buyer, to secure the payment and
performance of the Originator’s obligations to Buyer under this Agreement or as may be determined in connection therewith by applicable law. The Originator and Buyer shall, to the extent consistent with this Agreement, take such actions as may
be necessary to ensure that, if this Agreement were deemed to create a security interest in, and not to constitute a sale of, Receivables and the Related Security, such security interest would be deemed to be a perfected security interest in favor
of Buyer under applicable law and shall be maintained as such throughout the term of this Agreement. 
 SECTION 2.03
Contributions. 
 United (NA) may from time to time at its option, by notice to the Buyer, identify Receivables which it
proposes to contribute to the Buyer as a capital contribution. Such Receivables shall be identified by reference to a report prepared by United (NA). On the date of each such contribution, the Originator shall contribute, transfer, assign and convey
to the Buyer all such Receivables so identified and, after giving effect thereto, the Buyer shall own the Receivables so identified and contributed (such Receivables and ENB Receivables so identified and contributed (or purported to be contributed),
collectively, the “Contributed Receivables”) and all Related Security with respect thereto. 

  
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 SECTION 2.04 Collections. 

(a) Unless otherwise agreed, the Collection Agent shall, on each Settlement Date, deposit into an account of the Buyer or the Buyer’s
assignee all Collections of Transferred Receivables then held by the Collection Agent. 
 (b) In the event that the Originator
believes that amounts that are not Collections of Transferred Receivables have been deposited into an account of the Buyer or the Buyer’s assignee, the Originator shall so advise the Buyer and, on the Business Day following such identification,
the Buyer shall remit, or shall cause to be remitted, to the Originator all amounts so deposited that are identified, to the Buyer’s satisfaction, to be amounts that are not Collections of Transferred Receivables. 

SECTION 2.05 Settlement Procedures. 
 (a) If on any day, the Outstanding Balance of any Transferred Receivable is reduced or adjusted as a result of any Dilution, or any setoff or dispute between the Originator and an Obligor due to a claim
arising out of the same or any other transaction or if on any day any of the representations and warranties made by the Originator in Section 4.01(i) with respect to any Transferred Receivable is no longer true, the Originator shall repurchase
such Transferred Receivable on the next succeeding Settlement Date for a repurchase price equal to the Outstanding Balance of such Transferred Receivable. Each repurchase of a Transferred Receivable shall include the Related Security with respect to
such Transferred Receivable. The proceeds of any such repurchase shall be deemed to be a Collection in respect of such Transferred Receivable. If United Rentals is not the Collection Agent, the Originator shall pay to the Collection Agent on or
prior to the next Settlement Date the repurchase price required to be paid pursuant to this subsection. 
 (b) Except as stated
in subsection (a) of this Section or as otherwise required by law or the underlying Contract, all Collections from an Obligor of any Transferred Receivable shall be applied to the Transferred Receivables of such Obligor in the order of the
age of such Transferred Receivables, starting with the oldest such Transferred Receivable, unless such Obligor designates its payment for application to specific Transferred Receivables. 

SECTION 2.06 Payments and Computations, Etc. 
 (a) All amounts to be paid or deposited by the Originator or the Collection Agent hereunder shall be paid or deposited no later than 11:00 A.M. (New York City time) on the day when due in same day funds
to the account designated by the Buyer. 
 (b) The Originator shall, to the extent permitted by law, pay to the Buyer interest on
any amount not paid or deposited by the Originator (whether as Collection Agent or otherwise) when due hereunder at an interest rate per annum equal to 2% per annum above the Scotia Alternate Base Rate, payable on demand. 

  
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 (c) All computations of interest and all computations of fees hereunder shall be made on the
basis of a year of 360 (365 or 366 days, as applicable, if computed with reference to the Alternate Base Rate) days for the actual number of days elapsed. Whenever any payment or deposit to be made hereunder shall be due on a day other than a
Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit. 

ARTICLE III 

CONDITIONS OF PURCHASES 
 SECTION 3.01 Conditions Precedent to Initial Purchase from the Originator. 

The initial purchase and/or contribution of Receivables from the Originator hereunder is subject to the conditions precedent that the
Buyer shall have received on or before the date of such purchase and/or contribution the following, each (unless otherwise indicated) dated such date, in form and substance satisfactory to the Buyer: 

(a) A certificate of the Secretary or Assistant Secretary of the Originator certifying (i) copies of the resolutions of the Board of
Directors of the Originator approving this Agreement, (ii) copies of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement and (iii) the names and true signatures of
the officers of the Originator authorized to sign this Agreement and the other documents to be delivered by it hereunder (on which certificate the Buyer and Collection Agent, if other than United Rentals, may conclusively rely until such time as the
Buyer and the Collection Agent shall receive from the Originator a revised certificate meeting the requirements of this subsection (a)); 
 (b) A copy of the organizational documents of the Originator, certified as of a recent date by the Secretary of State or other appropriate official of the state of its organization, and a certificate as
to the good standing of the Originator from the applicable Secretary of State or other official, dated as of a recent date; 

(c) Acknowledgment copies or time stamped receipt copies of proper financing statement amendments and assignments, duly filed on or before
the date of the initial purchase and/or contribution, naming the Originator as the debtor/seller and the Buyer as the secured party/purchaser, or other similar instruments or documents, as the Buyer, Administrative Agent or a Purchaser Agent may
deem necessary or desirable under the UCC of all appropriate jurisdictions or other applicable law to perfect the Buyer’s ownership of and security interest in the Collateral; 

(d) A written search report from a Person satisfactory to the Administrative Agent and each Purchaser Agent listing all effective
financing statements that name the Originator in the jurisdictions in which filings were made pursuant to the foregoing subsection (c), together with copies of such financing statements (none of which, except for those described in the foregoing
subsection (c) shall cover any Receivable or any related right) and tax and judgment lien search reports from a Person satisfactory to the Administrative Agent and each Purchaser Agent showing no evidence of any liens filed against the
Originator with respect to the Receivables or related rights; 

  
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 (e) Acknowledgment copies or time stamped receipt copies of proper financing statements, if
any, necessary to release all security interests and other rights of any Person in the Collateral previously granted by the Originator; 
 (f) Evidence (i) of the execution and delivery by each of the parties thereto of each of the other Transaction Documents to be executed and delivered in connection herewith and (ii) that each of
the conditions precedent to the execution, delivery and effectiveness of such other Transaction Documents has been satisfied to the Buyer’s satisfaction; 
 (g) A certificate from an officer of the Originator to the effect that the Collection Agent and the Originator have placed on the most recent, and have taken all steps reasonably necessary to ensure that
there shall be placed on subsequent, summary master control data processing reports the indicator “BO” and in the related policy and procedure bulletin defining the “BO” marker” the following legend (or the substantive
equivalent thereof) has been included: “THE RECEIVABLES DESCRIBED HEREIN HAVE BEEN SOLD TO UNITED RENTALS RECEIVABLES LLC II, PURSUANT TO A THIRD AMENDED AND RESTATED PURCHASE AND CONTRIBUTION AGREEMENT, DATED AS OF SEPTEMBER 24, 2012, AMONG
UNITED RENTALS, INC., THE ORIGINATOR NAMED THEREIN AND UNITED RENTALS RECEIVABLES LLC II, AS SUCH AGREEMENT MAY FROM TIME TO TIME BE AMENDED, RESTATED, SUPPLEMENTED OR MODIFIED; AND AN INTEREST IN THE RECEIVABLES DESCRIBED HEREIN HAS BEEN GRANTED TO
THE ADMINISTRATIVE AGENT, PURSUANT TO A THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 24, 2012, AMONG UNITED RENTALS RECEIVABLES LLC II, UNITED RENTALS, INC., THE BANK OF NOVA SCOTIA, AND THE PURCHASER AGENTS,
PURCHASERS AND BANKS PARTY THERETO, AS SUCH AGREEMENT MAY FROM TIME TO TIME BE AMENDED, RESTATED, SUPPLEMENTED OR MODIFIED.”; and 
 (h) A favorable opinion of counsel for the Originator, substantially in such form and as to such matters as the Buyer or Administrative Agent may reasonably request. 

SECTION 3.02 Conditions Precedent to All Purchases and Contributions. 

Each purchase and contribution (including the initial purchase and contribution) hereunder shall be subject to the further conditions
precedent that: 
 (a) on the date of such purchase or contribution the following statements shall be true (and the Originator,
by accepting the amount of such purchase or contribution, shall be deemed to have certified that): 
 (i) the
representations and warranties contained in Section 4.01 are correct on and as of the date of such purchase or contribution as though made on and as of such date, and 

(ii) no event has occurred and is continuing, or would result from such purchase or contribution, that constitutes an
Event of Termination or an Incipient Event of Termination, 

  
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 (b) the Buyer shall not have delivered to the Originator a notice that the Buyer shall not
make any further purchases or receive any additional contributions of Receivables hereunder; and 
 (c) the Buyer shall have
received such other approvals, opinions or documents as the Buyer may reasonably request. 
 SECTION 3.03 Certification as to
Representation and Warranties. 
 The Originator, by accepting the purchase price related to each purchase of, or by making a
contribution of, Receivables (and related rights) generated by the Originator, shall be deemed to have certified that the representations and warranties contained in Article IV are true and correct on and as of such day, with the same effect as
though made on and as of such day. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 4.01 Representations and Warranties of
the Originator. 
 The Originator represents and warrants as follows: 

(a) The Originator is an organization validly existing and in good standing under the laws of the jurisdiction of its organization, and is
duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, except where the failure to be so qualified or in good standing would not reasonably be expected to have a
Material Adverse Effect. 
 (b) The execution, delivery and performance by the Originator of each Transaction Document to which
it is a party (i) are within the Originator’s corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) do not contravene (1) the Originator’s charter or by-laws, (2) any law, rule
or regulation applicable to the Originator, (3) any contractual restriction binding on or affecting the Originator or its property, the violation of which could reasonably be expected to have a Material Adverse Effect on the collectibility of
any outstanding Receivable or a Material Adverse Effect on the Originator or (4) any order, writ, judgment, award, injunction or decree binding on or affecting the Originator or its property, and (iv) do not result in or require the
creation of any Adverse Claim upon or with respect to any of its properties (except for the transfer of the Originator’s interest in the Receivables pursuant to this Agreement). This Agreement has been duly executed and delivered by a duly
authorized officer of the Originator. 
 (c) No authorization or approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required for the due execution, delivery and performance by the Originator of this Agreement or any other document to be delivered hereunder, except for the filing of UCC financing statements which
are referred to herein other than those which have been obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted
by the Federal Assignment of Claims Act or any similar applicable law to the extent the Originator or the Buyer shall not have complied with the applicable provisions of any such law in connection with the assignment or subsequent reassignment of
any such Receivable. 

  
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 (d) Each of the Transaction Documents to which it is a party constitutes the legal, valid
and binding obligation of the Originator enforceable against the Originator in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 (e) Sales
and contributions made pursuant to this Agreement will constitute a valid sale, transfer and assignment of the Receivables to the Buyer, enforceable against creditors of, and purchasers from, the Originator. The Originator shall have no remaining
property interest in any Transferred Receivable. 
 (f) The consolidated balance sheets of United Rentals and its Subsidiaries as
at the end of its most recent fiscal year, and the related consolidated statements of income and retained earnings of United Rentals and its Subsidiaries for such fiscal year, copies of which have been or will be furnished to the Buyer in accordance
with Section 5.01(j) below, fairly present in all material respects the consolidated financial condition of United Rentals and its Subsidiaries as at such date and the consolidated results of the operations of United Rentals and its
Subsidiaries for the period ended on such date, all in accordance with GAAP consistently applied, and since the end of its most recent fiscal year there has been no material adverse change in the business, operations, property or financial condition
of United Rentals and its Subsidiaries, except as may have previously been disclosed to the Buyer. 
 (g) There is no pending or,
to the Originator’s knowledge, threatened action or proceeding affecting the Originator before any court, governmental agency or arbitrator which may materially adversely affect the financial condition or operations of the Originator or the
ability of the Originator to perform its obligations under this Agreement, or which purports to affect the legality, validity or enforceability of this Agreement; the Originator is not in default with respect to any order of any court, arbitration
or governmental body except for defaults with respect to orders of governmental agencies which defaults are not material to the business or operations of the Originator. 
 (h) No proceeds of any purchase will be used to acquire any equity security of a class which is registered pursuant to Section 12 of the Securities Exchange Act of 1934. 

  
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 (i) Each Receivable, together with the Related Security, is owned (prior to its sale or
contribution hereunder) by the Originator free and clear of any Adverse Claim (other than any Adverse Claim arising solely as the result of any action taken by the Buyer or arising under or permitted by any Transaction Document). When the Buyer
makes a purchase or receives a contribution of a Receivable it shall acquire valid ownership of such Transferred Receivable and the Related Security and Collections with respect thereto free and clear of any Adverse Claim (other than any Adverse
Claim arising solely as the result of any action taken by the Buyer or arising under or permitted by any Transaction Document); provided, that the interest of the Originator in Receivables that represent proceeds of the sale of equipment that
has been leased to the Originator may be subject to the lien of the lessor thereof, so long as the Outstanding Balance of Receivables subject to such lien is de minimis relative to the Outstanding Balance of Pool Receivables (as defined in the
Receivables Agreement) at such time; provided, further, that the right of any assignee of Receivables the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted by the
Federal Assignment of Claims Act or any similar applicable law to the extent the Originator or Buyer and/or any assignee thereof shall not have complied with the applicable provisions of any such law in connection with the assignment or subsequent
reassignment of any such Receivable. No effective financing statement or other instrument similar in effect covering any Contract or any Transferred Receivable, any interest therein, the Related Security or Collections with respect thereto is on
file in any recording office, except those filed in favor of the Buyer relating to this Agreement and those filed pursuant to the Receivables Agreement. 
 (j) Each report, information, exhibit, financial statement, document, book, record or report furnished or to be furnished at any time by the Originator to the Buyer in connection with this Agreement is
true, complete and accurate in all material respects as of its date or (except as otherwise disclosed to the Buyer at such time) as of the date so furnished. 
 (k) The principal place of business and chief executive office of the Originator and the office where the Originator keeps its records concerning the Transferred Receivables are located at the address or
addresses referred to in Section 5.01(b). 
 (l) The Originator is not known by and does not use, nor has it been known by
or used within the past five years, any tradename or doing-business-as name. 
 (m) With respect to any programs used by the
Originator in the servicing of the Receivables, no sublicensing agreements are necessary in connection with the designation of a new Collection Agent so that such new Collection Agent shall have the benefit of such programs (it being
understood, however, that the Collection Agent, if other than United Rentals, shall be required to be bound by a confidentiality agreement reasonably acceptable to the Originator). 

(n) All sales, excise or other taxes with respect to the merchandise, insurance or services which are the subject of any Contract for a
Receivable have been paid by the Originator when due. 
 (o) The names and addresses of the Collection Account Banks and
Controlled Account Bank, together with the account numbers of the Collection Accounts and the Controlled Account, are specified in Annex B (as the same may be updated from time to time pursuant to Section 5.01(g)). 

(p) All right, title and interest of the Originator in and to, and exclusive dominion and control in respect of the Controlled Account has
been transferred by the Originator to the Buyer, or its designee, free and clear of any Adverse Claim (other than any Adverse Claim arising under or permitted by any Transaction Document). The Originator has no interest in any Collection Account or
the Controlled Account. 

  
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 (q) Each ENB Receivable has been originated pursuant to the terms of a Contract
substantially similar to the form of Contract attached as Annex H to the Receivables Agreement, as amended from time to time by the Originator with notice to the Buyer; provided that if any amendment to such form of Contract adversely affects the
enforceability of ENB Receivables or the interests of the Buyer therein, such amendment shall require the written consent of the Buyer. 
 ARTICLE V 
 COVENANTS 

SECTION 5.01 Covenants of the Originator. 
 From the date hereof until the first day following the Facility Termination Date on which all of the Transferred Receivables are either collected in full or have been written off as uncollectible:

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

 (b) Offices, Records and Books of Account. The Originator will keep its principal place of business and chief executive
office and the office where it keeps its records concerning the Transferred Receivables (and all original documents relating thereto) at the address of the Originator set forth in Section 9.02 of this Agreement or, upon 30 days’ prior
written notice to the Buyer, at any other locations in jurisdictions where all actions required by Section 5.01(l) shall have been taken and completed. The Originator also will maintain and implement administrative and operating procedures
(including, without limitation, an ability to recreate records evidencing Transferred Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other
information reasonably necessary or advisable for the collection of all Transferred Receivables (including, without limitation, records adequate to permit the daily identification of each new Transferred Receivable and all Collections of and
adjustments to each existing Transferred Receivable). The Originator shall make a notation in its books and records, including its computer files, to indicate which Receivables have been sold or contributed to the Buyer hereunder. 

(c) Performance and Compliance with Contracts and Credit and Collection Policy. The Originator 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 Transferred Receivables (to the same extent as if the Transferred Receivables had not been sold or
transferred), and timely and fully comply in all material respects with the Credit and Collection Policy in regard to each Transferred Receivable and the related Contract. 

  
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 (d) Sales, Liens, Etc. Except for the sales and contributions of Receivables
contemplated herein, the Originator will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim (other than any Adverse Claim arising under or permitted by any Transaction
Document) upon or with respect to, any Receivable, Related Security or Collections, or upon or with respect to any account to which any Collections of any Transferred Receivable are sent, or assign any right to receive income in respect thereof.

 (e) Extension or Amendment of Transferred Receivables. The Originator will not (i) extend, amend or otherwise
modify the terms or any Transferred Receivable in a manner inconsistent with the Credit and Collection Policy, that would result in the Dilution of such Transferred Receivable or that would otherwise prevent such Transferred Receivable from being an
Eligible Receivable under the Receivables Agreement unless, in each case, the Originator shall have repurchased such Transferred Receivable, or (ii) amend, modify or waive in any material respect any term or condition relating to payments under
or enforcement of any Contract related thereto. 
 (f) Change in Business or Credit and Collection Policy. The Originator
will not make or permit any change in the character of its business or in the Credit and Collection Policy that would, in either case, materially adversely affect the collectibility of the Transferred Receivables or the ability of the Originator to
perform its obligations under this Agreement, except as may otherwise be agreed in writing by the Buyer. 
 (g) Change in
Payment Instructions to Obligors. The Originator will not make or permit any change in the instructions to Obligors regarding payments to be made to any Collection Account, unless the Buyer and its assigns shall have received notice of such
change (including an updated Annex B). 
 (h) Deposits to Collection Account. The Originator will deposit, or cause
to be deposited, all Collections of Transferred Receivables into Collection Accounts and will cause all such Collections deposited to the Collection Accounts to be transferred to the Controlled Account within one Business Day of its receipt except
to the extent otherwise permitted by the provisions of Section 1.04(a) of the Receivables Agreement. The Originator will not deposit or otherwise credit, or cause or issue any instructions to be so deposited or credited, to the Controlled
Account cash or cash proceeds other than Collections of Transferred Receivables. The Originator will not deposit or otherwise credit, or cause or issue any instructions to be so deposited or credited, to the Collection Accounts cash or cash proceeds
other than Collections of Transferred Receivables, the proceeds of Equipment Sale Receivables and to the limited extent permitted in the Receivables Agreement, Identifiable Combined Assets. 

(i) Marking Records. The Originator will mark its master data processing records and, at the request of the Buyer, each Contract
giving rise to Transferred Receivables and all other relevant records evidencing the Receivables which are the subject of each transfer hereunder with a legend, acceptable to the Buyer, stating that such Receivables, the Related Security and
Collections with respect thereto, have been transferred in accordance with this Agreement. 

  
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 (j) Reporting Requirements. United Rentals will provide to the Buyer the following:

 (i) as soon as available and in any event within 45 days after the end of the first three quarters of each
fiscal year of United Rentals, balance sheets of United Rentals and its Subsidiaries as of the end of such quarter and statements of income and retained earnings of United Rentals and its Subsidiaries for the period commencing at the end of the
previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of United Rentals. Notwithstanding the foregoing, in the event the due date for delivery of such financials is waived or extended with respect to
the Revolving Loans (as defined in the Credit Agreement) pursuant to the Credit Agreement and at such time each of the Banks are Revolving Credit Lenders (as defined in the Credit Agreement) thereunder, such waiver or extension will be deemed to
have been made with respect to the delivery of such financials under this Agreement; 
 (ii) as soon as available
and in any event within 90 days after the end of each fiscal year of United Rentals, a copy of the annual report for such year for United Rentals and its Subsidiaries, containing financial statements for such year audited by Ernst & Young
or other independent public accountants of recognized national standing. Notwithstanding the foregoing, in the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans (as defined in the Credit
Agreement) pursuant to the Credit Agreement and at such time each of the Banks are Revolving Credit Lenders (as defined in the Credit Agreement) thereunder, such waiver or extension will be deemed to have been made with respect to the delivery of
such financials under this Agreement; 
 (iii) notice of the termination of the Credit Agreement by the lenders
thereunder as soon as reasonably practicable, but in any event within one (1) Business Day of the earlier of receipt by the Collection Agent or the Originator of notice of such termination and the effectiveness of such termination; 

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

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

(vii) at least ten (10) Business Days prior to any change in the name or change in or addition of jurisdiction of
organization of the Originator, a notice setting forth such change and the effective date thereof; 
 (viii) at
the time of the delivery of the financial statements provided for in clauses (i) and (ii) of this paragraph, a certificate of a Responsible Officer (as defined in the Receivables Agreement) of United Rentals to the effect that, to the best
of such officer’s knowledge, no Event of Termination has occurred and is continuing or, if any Event of Termination has occurred and is continuing, specifying the nature and extent thereof; 

(ix) such other information, documents, records or reports respecting the Transferred Receivables or the condition or
operations, financial or otherwise, of the Originator as the Buyer may from time to time reasonably request; 

(x) promptly after United Rentals obtains knowledge thereof, notice of any (a) litigation, investigation or
proceeding which may exist at any time between the Originator and any governmental authority which, in either case, if not cured or if adversely determined, as the case may be, would reasonably be expected to have a Material Adverse Effect on the
business, operations, property or financial or other condition of the Originator; (b) litigation or proceeding materially and adversely affecting the Originator’s ability to perform its obligations under this Agreement; or
(c) litigation or proceeding adversely affecting the Originator in which the amount involved is $5,000,000 or more and not covered by insurance or in which injunctive or similar relief is sought which, if adversely determined, would reasonably
be expected to have a Material Adverse Effect; and 
 (xi) promptly after the occurrence thereof, notice of a
material adverse change in the business, operations, property or financial condition of the Originator. 
 The reporting
requirements set forth in this Section 5.01(j) are satisfied by filing any of the documentation specified in (i), (ii) and (v) above with the Securities and Exchange Commission through the EDGAR electronic filing system.

 (k) Change of Control. The Originator shall not permit a Change of Control, as defined in the Receivables Agreement, to
occur. 

  
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 (l) Further Assurances. 

(i) The Originator agrees from time to time, at its expense, promptly to execute and deliver all further instruments and
documents, and to take all further actions, that may be necessary or desirable, or that the Buyer or its assignee may reasonably request, to perfect, protect or more fully evidence the sale and contribution of Receivables under this Agreement, or to
enable the Buyer or its assignee to exercise and enforce their respective rights and remedies under this Agreement. Without limiting the foregoing, the Originator will, upon the request of the Buyer or its assignee, (1) prepare and file such
financing or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or desirable to perfect, protect or evidence such Transferred Receivables; (2) mark conspicuously each invoice in their
files evidencing each Transferred Receivable with a legend, acceptable to the Buyer, evidencing that such Receivable has been sold or contributed; and (3) deliver to the Buyer copies of all Contracts relating to the Transferred Receivables and
all records relating to such Contracts and the Transferred Receivables, whether in hard copy or in magnetic tape or diskette format (which if in magnetic tape or diskette format shall be compatible with the Buyer’s computer equipment).

 (ii) The Originator authorizes the Buyer or its assignee to file financing or continuation statements, and
amendments thereto and assignments thereof, relating to the Transferred Receivables, the Related Security and the Collections with respect thereto without the signature of the Originator where permitted by law. A photocopy or other reproduction of
this Agreement shall be sufficient as a financing statement where permitted by law; 
 (iii) The Originator
authorizes the Buyer or its assignee to take any and all steps in the Originator’s name and on behalf of the Originator that are necessary or desirable, in the determination of the Buyer, to collect amounts due under the Transferred
Receivables, including, without limitation, endorsing the Originator’s name on checks and other instruments representing Collections of Transferred Receivables and enforcing the Transferred Receivables and the Related Security; 

provided that nothing in this Section 5.01(l) shall require the Originator to take any action with respect to Identifiable
Combined Assets or Equipment Sale Receivables. 
 (m) Audits. The Originator will, from time to time during regular
business hours as requested by the Buyer or its assigns, permit the Buyer, or its agents, representatives or assigns 
 (i) to conduct periodic audits of the Transferred Receivables, the Related Security and the related books and records and collections systems of the Collection Agent (including any subcontractor) and the
Originator; 
 (ii) to examine and make copies of and abstracts from all books, records and documents (including,
without limitation, computer tapes and disks) in the possession or under the control of the Collection Agent (including any subcontractor) or the Originator relating to Transferred Receivables and the Related Security, including, without limitation,
the related Contracts; and 

  
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 (iii) upon reasonable prior notice, to visit the offices and properties of
the Collection Agent or the Originator for the purpose of examining such materials described in clause (ii) above, and to discuss matters relating to Transferred Receivables and the Related Security or the Originator’s performance
hereunder with any of the officers or employees of the Collection Agent or the Originator having knowledge of such matters; provided, that, unless an Event of Termination or Incipient Event of Termination have occurred and be continuing,
neither the Originator nor the Collection Agent shall be required to permit the Administrative Agent to conduct any of the actions contained in this Section 5.01(m) more often than once every twelve months. 

Upon the request of the Buyer or its designee, (which at any time prior to the occurrence of an Event of Termination or any Incipient
Event of Termination shall be no more frequent than once every twelve months), the Originator will, at its expense, appoint independent public accountants (which may, with the consent of the Buyer or its designee, be United Rental’s regular
independent public accountants), or utilize the representatives or auditors of the Buyer or its designee, to prepare and deliver to the Buyer or its designee a written report with respect to the Transferred Receivables and the Credit and Collection
Policy (including, in each case, the systems, procedures and records relating thereto) on a scope and in a form reasonably requested by the Buyer or its designee. 
 (n) Purchase Price. The purchase price payable by the Buyer to the Originator hereunder is intended by the Originator and Buyer to be consistent with the terms that would be obtained in an
arm’s length sale. 
 (o) Payment of Sales Taxes. The Originator will pay all sales, excise or other taxes with
respect to the Receivables to the applicable taxing authority when due, and will, upon the request of the Buyer, provide the Buyer with evidence of such payment. 
 SECTION 5.02 Covenant of the Originator and the Buyer. 
 The Originator and
the Buyer have structured this Agreement with the intention that each purchase or contribution of Receivables hereunder be treated as a sale or absolute conveyance of such Transferred Receivables by the Originator to the Buyer for all purposes. The
Originator and the Buyer shall (i) either (x) record each purchase as a sale or purchase, as the case may be, on its books and records or (y) record each contribution as a capital contribution on its books and records, and
(ii) reflect each purchase or contribution in its financial statements and tax returns as a sale, contribution or purchase, as the case may be. In the event that, contrary to the mutual intent of the Originator and the Buyer, any purchase,
transfer, or contribution of Receivables hereunder is not characterized as a sale or absolute conveyance, the Originator shall, effective as of the date hereof, be deemed to have granted (and the Originator hereby does grant) to the Buyer a first
priority security interest in and to any and all Transferred Receivables, all Related Security and all Collections and proceeds relating thereto (the “Collateral”) to secure the repayment of all amounts advanced to the Originator
hereunder with accrued interest thereon and performance of the Originator’s obligations to Buyer hereunder or as may be determined in connection therewith by applicable law, and this Agreement shall be deemed to be a security agreement.

  
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 ARTICLE VI 
 ADMINISTRATION AND COLLECTION OF RECEIVABLES 
 SECTION 6.01 Designation and
Responsibilities of Collection Agent. 
 (a) The servicing, administration and collection of the Transferred Receivables
shall be conducted by such Person (the “Collection Agent”) so designated hereunder from time to time. Until the Buyer or its designee gives notice to the Originator of the designation of a new Collection Agent, United Rentals is
hereby designated as, and hereby agrees to perform the duties and obligations of, the Collection Agent pursuant to the terms hereof. Notwithstanding the foregoing, as long as an interest in the Transferred Receivables is sold pursuant to the
Receivables Agreement, the servicing, administration and collection of the Transferred Receivables will be arranged for and will be subject to the terms and conditions of the Receivables Agreement and related documents. Upon the termination of the
Receivables Agreement, at a time when this Agreement shall continue to be in full force and effect, the Buyer and the Originator shall incorporate, in all substantial respects, the provisions of Article IV of the Receivables Agreement or shall
provide for other arrangements for the servicing, administration and collection of the Transferred Receivables. 
 (b) The
Originator shall deliver to the Collection Agent to hold in trust for the Originator and the Buyer in accordance with their respective interests, all documents, instruments and records (including, without limitation, computer tapes or disks) which
evidence or relate to Transferred Receivables. 
 SECTION 6.02 Rights and Remedies. 

(a) The Originator will perform all of its obligations under the Contracts related to the Transferred Receivables to the same extent as if
the Originator had not sold or contributed Receivables to the Buyer and the exercise by the Buyer of its rights hereunder shall not release the Originator from any of their duties and obligations with respect to the Transferred Receivables; provided
that nothing in this Section 6.02(a) shall create recourse to the Originator for the collectibility of the Transferred Receivables. The Buyer shall not have any obligation or liability with respect to any Transferred Receivables or related
Contracts, nor shall the Buyer be obligated to perform any of the obligations of the Originator thereunder. 
 (b) The Originator
shall cooperate with the Collection Agent in collecting amounts due from Obligors in respect of the Transferred Receivables. 

(c) The Originator hereby grants to the Collection Agent an irrevocable power of attorney, with full power of substitution, coupled with
an interest, to take in the name of the Originator all steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted by the Originator or transmitted or received by Buyer
(whether or not from the Originator) in connection with any Transferred Receivable. 

  
 -22-

 (d) The Collection Agent will, and will require in its agreement with the Originator that
the Originator will, pay all sales, excise or other taxes with respect to the Receivables to the applicable taxing authority when due, and will, upon the request of the Administrative Agent, provide the Administrative Agent with evidence of such
payment. 
 SECTION 6.03 Transfer of Records to Buyer. 

(a) Each purchase and contribution of Receivables hereunder shall include the transfer to the Buyer of all of the Originator’s right
and title to and interest in the records relating to such Receivables and shall include a license to the use of the Originator’s computer software system to access and create such records. Such license shall be without royalty or payment of any
kind, is coupled with an interest, and shall be irrevocable until all of the Transferred Receivables are either collected in full or have been written off the books as uncollectible. 

(b) The Originator shall take such action requested by the Buyer, from time to time hereafter, that may be necessary or appropriate to
ensure that the Buyer has an enforceable ownership interest in the records relating to the Transferred Receivables and rights (whether by ownership, license or sublicense) to the use of the Originator’s computer software system to access and
create such records. 
 (c) In recognition of the Originator’s need to have access to the records transferred to the Buyer
hereunder, the Buyer hereby grants to United Rentals a license to access such records in connection with any activity arising in the ordinary course of the Originator’s business or in performance of United Rentals’ duties as Collection
Agent, provided that (i) United Rentals shall not disrupt or otherwise interfere with the Buyer’s use of and access to such records during such license period and (ii) the Originator consents to the assignment and delivery of the
records (including any information contained therein relating to the Originator or its operations) to any assignees or transferees of the Buyer provided they agree to hold such records confidential. Such license shall be without royalty or payment
of any kind, is coupled with an interest, and shall be irrevocable until all of the Transferred Receivables are either collected in full or have been written off the books as uncollectible. 

ARTICLE VII 

EVENTS OF TERMINATION 
 SECTION 7.01 Events of Termination. 
 If any of the following events
(“Events of Termination”) shall occur and be continuing: 
 (a) The Collection Agent (if United Rentals or any
of its Affiliates) (i) shall fail to perform or observe any term, covenant or agreement under this Agreement (other than as referred to in clause (ii) of this paragraph (a)) and such failure shall remain unremedied for three
(3) Business Days or (ii) shall fail to make when due any payment or deposit to be made by it under this Agreement; or 

  
 -23-

 (b) The Originator shall fail to make any payment required under Section 2.05(a) or
2.05(b), and any such failure to pay shall remain unremedied for two (2) Business Days; or 
 (c) Any representation or
warranty made or deemed made by the Originator or United Rentals (or any of its officers) pursuant to this Agreement or the Performance Undertaking Agreement or any other Transaction Document or any information or report delivered by the Originator
pursuant to this Agreement or any other Transaction Document or United Rentals pursuant to this Agreement or the Performance Undertaking Agreement shall prove to have been incorrect or untrue in any material respect when made or deemed made or
delivered, and such incorrectness or untruth is incapable of remedy or, if capable of remedy, is not corrected or cured within fifteen (15) days of the earlier of the Originator or United Rentals becoming aware of such incorrectness or untruth
or written notice thereof being given to the Originator or United Rentals by the Buyer; or 
 (d) United Rentals or the
Originator shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or in any other Transaction Document on its part to be performed or observed and any such failure shall remain unremedied for ten
(10) days after written notice thereof shall have been given to United Rentals or the Originator, as applicable by the Buyer; or 
 (e) United Rentals or any of its Subsidiaries shall fail to pay its Debt and other obligations, including liabilities in respect of Taxes, before the same shall become delinquent or in default, except
where (a)(i) the validity or amount thereof is being contested in good faith by appropriate proceedings, (ii) United Rentals or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP,
(iii) such contest effectively suspends collection of the contested obligation and the enforcement of any Lien securing such obligation and (iv) the failure to make payment pending such contest could not reasonably be expected to result in
a Material Adverse Effect or (b) the aggregate uninsured and unpaid amount is less than $25,000,000 and does not include Taxes or the failure to make payment could not reasonably be expected to result in a Material Adverse Effect; or

 (f) Any purchase or contribution of Receivables hereunder, the Related Security and the Collections with respect thereto shall
for any reason cease to constitute valid ownership of such Receivables, Related Security and Collections free and clear of any Adverse Claim other than the security interest created pursuant to Section 5.02 hereof (other than any Adverse Claim
arising under or permitted by any Transaction Document), and such default is incapable of remedy or, if capable of remedy, (x) the value of such percentage ownership or security interest shall not exceed $25,000 and (y) such default is not
corrected or cured within seven (7) days after the Originator becoming aware of such default or written notice thereof being given to the Originator by the Buyer; or 

  
 -24-

 (g) The Originator or United Rentals shall generally not pay its debts as such debts become
due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors or file a notice of intention to make a proposal to some or all of its creditors; or any proceeding shall be
instituted by or against the Originator or United Rentals 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, custodian or other similar official for it or for any substantial part of its property and, in the case of any such
proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order
for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Originator or United Rentals shall take any corporate action to authorize any
of the actions set forth above in this paragraph (g); 
 (h) There shall have occurred any material adverse change in the
business, operations, property or financial condition of the Originator or United Rentals and its Subsidiaries, taken as a whole, since the end of its most recent fiscal quarter; or there shall have occurred any event which could reasonably be
expected to materially adversely affect (as determined by the Banks in their sole and absolute discretion) the collectibility of the Transferred Receivables or the ability of the Originator to collect Transferred Receivables or otherwise perform its
obligations under this Agreement; or 
 (i) The Performance Undertaking Agreement shall cease to be in full force and effect or
United Rentals shall fail to perform or observe any term, covenant or agreement contained in the Performance Undertaking Agreement on its part to be performed or observed and any such failure shall remain unremedied for ten days after written notice
thereof shall have been given by the Buyer (or the Administrative Agent or any Purchaser Agent on behalf of the Buyer) to United Rentals; 

then, and in any such event, the Buyer may, by notice to the Originator, declare the Facility Termination Date to have occurred (in which case the
Facility Termination Date shall be deemed to have occurred) provided, that, automatically upon the occurrence of any event (without any requirement for the passage of time or the giving of notice) described in paragraph (g) of this
Section 7.01, the Facility Termination Date shall occur. Upon any such declaration or designation or upon such automatic termination, the Buyer shall have, in addition to the rights and remedies under this Agreement, all other rights and
remedies with respect to the Receivables provided after default under the UCC and under other applicable law, which rights and remedies shall be cumulative. 

  
 -25-

 ARTICLE VIII 
 INDEMNIFICATION 
 SECTION 8.01 Indemnities by the Originator. 

Without limiting any other rights which the Buyer may have hereunder or under applicable law, the Originator hereby agrees to indemnify
the Buyer and its assigns and transferees (each, an “Indemnified Party”) from and against any and all claims, damages, costs, expenses, losses and liabilities (including reasonable attorneys’ fees) (all of the foregoing being
collectively referred to as “Indemnified Amounts”) arising out of or resulting from this Agreement or the ownership of Transferred Receivables or in respect of any Transferred Receivable or any Contract, excluding, however,
(a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, (b) recourse for Receivables that are uncollectible solely due to the relevant Obligor’s unwillingness
or financial inability to pay or (c) any income taxes or franchise taxes imposed on such Indemnified Party by the jurisdiction under the laws of which such Indemnified Party is organized or any political subdivision thereof, arising out of or
as a result of this Agreement or the ownership of Transferred Receivables or in respect of any Transferred Receivable or any Contract. Without limiting or being limited by the foregoing (but subject to the aforementioned exclusions), the Originator
shall pay on demand to each Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all Indemnified Amounts relating to or resulting from any of the following: 

(a) any representation or warranty or statement made or deemed made by the Originator (or any of its officers) under or in connection with
this Agreement, and the other Transaction Documents that shall have been incorrect in any material respect when made; 
 (b) the
failure by the Originator to comply with any applicable law, rule or regulation with respect to any Transferred Receivable or the related Contract; or the failure of any Transferred Receivable or the related Contract to conform to any such
applicable law, rule or regulation; 
 (c) the failure to vest in the Buyer absolute ownership of the Transferred Receivables
that are, or that purport to be, the subject of a purchase or contribution under this Agreement and the Related Security and Collections in respect thereof free and clear of any Adverse Claim; 

(d) the failure of the Originator to have filed, or any delay in filing, financing statements or other similar instruments or documents
under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables that are, or that purport to be, the subject of a purchase or contribution under this Agreement and the Related Security and Collections in respect
thereof, whether at the time of any purchase or contribution or at any subsequent time, in each case to the extent required hereunder; 
 (e) without double counting for any Dilution for which a repurchase has been made under Section 2.05 of this Agreement, any dispute, claim, offset or defense (other than discharge in bankruptcy of
the Obligor or any other credit related losses) of the Obligor to the payment of any Transferred Receivable that is, or that purports to be, the subject of a purchase or contribution under this Agreement (including, without limitation, a defense
based on such Transferred Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of goods or services
related to such Transferred Receivable or the furnishing or failure to furnish such goods or services or relating to collection activities with respect to such Transferred Receivable (to the extent such collection activities were performed by the
Originator or any of its Affiliates acting as Collection Agent); 

  
 -26-

 (f) any failure of the Originator to perform its duties or obligations in accordance with
the provisions hereof or to perform its duties or obligations under any Contract related to a Transferred Receivable; 
 (g) any
products liability or other claim (including any claim for unpaid sales, excise or other taxes) arising out of or in connection with goods or services which are the subject of any Contract; 

(h) the commingling of Collections of Transferred Receivables by the Originator or a designee of the Originator, as Collection Agent or
otherwise, at any time with other funds of the Originator or an Affiliate of the Originator or the failure of Collections to be deposited into a Collection Account or the Controlled Account; 

(i) any investigation, litigation or proceeding related to this Agreement or the ownership of Transferred Receivables, the Related
Security, or Collections with respect thereto or in respect of any Transferred Receivable, Related Security or Contract; 
 (j)
any Collection Agent Fees or other costs and expenses payable to any replacement Collection Agent, to the extent in excess of the Collection Agent Fees payable hereunder; 
 (k) any failure of the Originator to comply with its covenants contained in Section 5.01; or 
 (l) any claim brought by any Person other than an Indemnified Party arising from any activity by the Originator or any Affiliate of the Originator in servicing, administering or collecting any Transferred
Receivable. 
 ARTICLE IX 
 MISCELLANEOUS 
 SECTION 9.01 Amendments, Etc. 

No amendment or waiver of any provision of this Agreement or consent to any departure by the Originator therefrom shall be effective
unless in a writing signed by the Buyer and, in the case of any amendment, also signed by the Originator; provided, that the Administrative Agent and the Purchaser Agents shall have consented to such amendment or waiver. Any such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Buyer to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 

  
 -27-

 SECTION 9.02 Notices, Etc. 

All notices, demands, consents, requests and other communications provided for hereunder shall, unless otherwise stated herein, be in
writing (which shall include electronic transmission), shall be personally delivered, express couriered, electronically transmitted (in which case receipt shall be confirmed by telephone and a hard copy shall also be sent by regular mail) or mailed
by registered or certified mail and shall, unless otherwise expressly provided herein, be effective when received at the address specified below for the listed parties or at such other address as shall be specified in a written notice furnished to
the other parties hereunder. 
 If to the Originator: 
 UNITED RENTALS (NORTH AMERICA), INC. 
 5 Greenwich Office Park 

Greenwich, CT 06830 
 Attention: Treasurer or Assistant Treasurer 
 Tel. No.: (203) 618-7202

 Facsimile No.: (203) 622-4325 
 If to the Buyer: 
 UNITED RENTALS RECEIVABLES LLC II 

5 Greenwich Office Park 
 Greenwich, CT 06830 
 Attention: Treasurer or Assistant Treasurer 

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

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

Attention: Treasurer or Assistant Treasurer 

Tel. No.: (203) 618-7202 
 Facsimile No.: (203) 622-4325 
 SECTION 9.03 Binding Effect;
Assignability. 
 (a) This Agreement shall be binding upon and inure to the benefit of the Originator, the Buyer and the
Buyer’s successors and assigns. 
 (b) This Agreement shall create and constitute the continuing obligations of the parties
hereto in accordance with its terms, and shall remain in full force and effect until such time, after the Facility Termination Date, when all of the Transferred Receivables are either collected in full or have been written off the books of the
Originator as uncollectible; provided, however, that rights and remedies with respect to any breach of any representation and warranty made by the Originator pursuant to Article IV and the provisions of Article VIII and
Sections 9.04, 9.05 and 9.06 shall be continuing and shall survive any termination of this Agreement. 

  
 -28-

 SECTION 9.04 Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted to the Buyer pursuant to Article VIII hereof, the Originator agrees to pay
on demand all costs and expenses in connection with the preparation, execution and delivery of this Agreement and the other documents and agreements to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for the Buyer with respect thereto and with respect to advising the Buyer as to its rights and remedies under this Agreement, and the Originator agrees to pay all costs and expenses, if any (including reasonable counsel fees and
expenses), in connection with the enforcement of this Agreement and the other documents to be delivered hereunder excluding, however, any costs of enforcement or collection of Transferred Receivables. 

(b) In addition, the Originator agrees to pay any and all stamp and other taxes and fees payable in connection with the execution,
delivery, filing and recording of this Agreement or the other documents or agreements to be delivered hereunder, and the Originator agrees to save each Indemnified Party harmless from and against any liabilities with respect to or resulting from any
delay in paying or omission to pay such taxes and fees. 
 SECTION 9.05 No Proceedings. 

The Originator hereby agrees that it will not institute against the Buyer any proceeding of the type referred to in Section 7.01(g)
so long as there shall not have elapsed one year plus one day since the later of (i) the Facility Termination Date and (ii) the date on which all of the Transferred Receivables are either collected in full or have been written off the
books of the Originator as uncollectible. 
 SECTION 9.06 Confidentiality. 

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

  
 -29-

 SECTION 9.07 GOVERNING LAW. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO), EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE BUYER’S OWNERSHIP OF OR SECURITY INTEREST IN THE
TRANSFERRED RECEIVABLES OR REMEDIES HEREUNDER, IN RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 SECTION 9.08 SUBMISSION TO JURISDICTION. 
 ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND
IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE
OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION WITH RESPECT TO THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES
PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW. 

SECTION 9.09 WAIVER OF JURY TRIAL. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE PURCHASES OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 

SECTION 9.10 Third Party Beneficiary. 
 Each of the parties hereto hereby acknowledges that the Buyer intends to assign rights under this Agreement pursuant to the Receivables Agreement and that such assignees may (except as otherwise agreed to
by such assignees) further assign their rights under this Agreement, and the Originator hereby consents to any such assignments. All such assignees, including parties to the Receivables Agreement in the case of assignment to such parties, shall be
third party beneficiaries of, and shall be entitled to enforce the Buyer’s rights and remedies under, this Agreement to the same extent as if they were parties hereto, except to the extent specifically limited under the terms of their
assignment. 

  
 -30-

 SECTION 9.11 Execution in Counterparts. 

This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail attachment in portable document format (.pdf) shall be effective as
delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.12 Survival of Termination. 

The provisions of Article VIII and Sections 9.04, 9.05 and 9.06 shall survive any termination of this Agreement. 

SECTION 9.13 Severability. 
 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 SECTION 9.14 Amendment and Restatement; Acknowledgement. 
 This Agreement
constitutes an amendment and restatement in its entirety of the Existing Agreement. Each of the parties hereto acknowledges that the amendment and restatement of the Existing Agreement on the terms and conditions set forth herein shall not in any
way affect any sales, transfers, assignments or security interest grants effected pursuant to the Existing Agreement or any representations, warranties or covenants made by the Originator or the Collection Agent with respect to such sales,
transfers, assignments or security interest grants, any indemnities made by the Originator, or any rights or remedies of the Buyer, the Administrative Agent, the Purchaser Agents, the Banks, the Purchasers or any other Indemnified Party with respect
thereto. Each of the parties hereto confirms all sales, transfers, assignments and security interests effected pursuant to the Existing Agreement. 

  
 -31-

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

							
	ORIGINATOR:	 	UNITED RENTALS (NORTH AMERICA), INC.
			
		 	By:	 	/s/ Irene Moshouris
		 		 	Name:	 	Irene Moshouris
		 		 	Title:	 	Senior Vice President and Treasurer
		
	BUYER:	 	UNITED RENTALS RECEIVABLES LLC II
			
		 	By:	 	/s/ Irene Moshouris
		 		 	Name:	 	Irene Moshouris
		 		 	Title:	 	Vice President and Treasurer

 [Signature Page – Third Amended and Restated Purchase and Contribution Agreement] 

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

 [Signature Page – Third Amended and Restated Purchase and Contribution Agreement]EX-10.2

 Exhibit 10.2 
 EXECUTION VERSION 
  
  

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

Among 
 UNITED
RENTALS RECEIVABLES LLC II, 
 as Seller, 
 UNITED RENTALS, INC., 
 as Collection Agent, 

LIBERTY STREET FUNDING LLC, 
 as a Purchaser, 
 MARKET STREET FUNDING LLC, 

as a Purchaser, 

GOTHAM FUNDING CORPORATION, 
 as a Purchaser 
 THE BANK OF NOVA SCOTIA, 

as Purchaser Agent for Liberty, as Administrative Agent and as a Bank, 

PNC BANK, NATIONAL ASSOCIATION, 
 as Purchaser Agent for Market Street and as a Bank, 
 THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD., NEW YORK BRANCH, 
 as Purchaser Agent for Gotham and as a Bank 

 
  

 

 Table of Contents 

 

					
	 	  	Page	 
	ARTICLE I	  
	
	AMOUNTS AND TERMS OF THE PURCHASES	  
		
	 SECTION 1.01. Purchase Facility
	  	 	2	  
	 SECTION 1.02. Making Purchases
	  	 	2	  
	 SECTION 1.03. Receivable Interest Computation
	  	 	4	  
	 SECTION 1.04. Settlement Procedures
	  	 	4	  
	 SECTION 1.05. Fees
	  	 	8	  
	 SECTION 1.06. Payments and Computations, Etc.
	  	 	8	  
	 SECTION 1.07. Dividing or Combining Receivable Interests
	  	 	9	  
	 SECTION 1.08. Increased Costs and Requirements of Law
	  	 	9	  
	 SECTION 1.09. Intended Characterization Security Interest
	  	 	11	  
	 SECTION 1.10. [Reserved]
	  	 	12	  
	 SECTION 1.11. Sharing of Payments
	  	 	12	  
	 SECTION 1.12. Repurchase Option
	  	 	12	  
	 SECTION 1.13. Extension; Additional Purchasers; Increased Commitments
	  	 	13	  
	
	ARTICLE II	  
	
	REPRESENTATIONS AND WARRANTIES; COVENANTS; EVENTS OF TERMINATION	  
		
	 SECTION 2.01. Representations and Warranties; Covenants
	  	 	13	  
	 SECTION 2.02. Events of Termination
	  	 	14	  
	
	ARTICLE III	  
	
	INDEMNIFICATION	  
		
	 SECTION 3.01. Indemnities by the Seller
	  	 	14	  
	
	ARTICLE IV	  
	
	ADMINISTRATION AND COLLECTION OF POOL RECEIVABLES	  
		
	 SECTION 4.01. Designation of Collection Agent
	  	 	16	  
	 SECTION 4.02. Duties of Collection Agent
	  	 	17	  
	 SECTION 4.03. Certain Rights of the Administrative Agent
	  	 	18	  
	 SECTION 4.04. Rights and Remedies
	  	 	19	  
	 SECTION 4.05. Further Actions Evidencing Purchases
	  	 	19	  
	 SECTION 4.06. Covenants of the Collection Agent and the Seller
	  	 	20	  
	 SECTION 4.07. Indemnities by the Collection Agent
	  	 	21	  
	 SECTION 4.08. Representations and Warranties of the Collection Agent
	  	 	22	  

  
 i 

					
	ARTICLE V	  
	
	THE ADMINISTRATIVE AGENT	  
		
	 SECTION 5.01. Authorization and Action
	  	 	23	  
	 SECTION 5.02. Administrative Agent’s Reliance, Etc.
	  	 	24	  
	 SECTION 5.03. Indemnification of Administrative Agent
	  	 	24	  
	 SECTION 5.04. Scotia Capital and Affiliates
	  	 	25	  
	 SECTION 5.05. Bank’s Purchase Decision
	  	 	25	  
	 SECTION 5.06. [Reserved]
	  	 	25	  
	 SECTION 5.07. Notice of Event of Termination
	  	 	25	  
	
	ARTICLE VI	  
	
	THE PURCHASER AGENTS	  
		
	 SECTION 6.01. Authorization
	  	 	26	  
	 SECTION 6.02. Reliance by Purchaser Agent
	  	 	26	  
	 SECTION 6.03. Agent and Affiliates
	  	 	27	  
	 SECTION 6.04. Notices
	  	 	27	  
	 SECTION 6.05. Bank’s Purchase Decision
	  	 	27	  
	
	ARTICLE VII	  
	
	MISCELLANEOUS	  
		
	 SECTION 7.01. Amendments, Etc.
	  	 	28	  
	 SECTION 7.02. Notices, Etc.
	  	 	28	  
	 SECTION 7.03. Assignability
	  	 	31	  
	 SECTION 7.04. Costs, Expenses and Taxes
	  	 	32	  
	 SECTION 7.05. No Proceedings
	  	 	33	  
	 SECTION 7.06. Confidentiality
	  	 	33	  
	 SECTION 7.07. Governing Law
	  	 	33	  
	 SECTION 7.08. SUBMISSION TO JURISDICTION
	  	 	34	  
	 SECTION 7.09. WAIVER OF JURY TRIAL
	  	 	34	  
	 SECTION 7.10. Execution in Counterparts
	  	 	34	  
	 SECTION 7.11. Survival of Termination
	  	 	34	  
	 SECTION 7.12. Severability
	  	 	35	  
	 SECTION 7.13. Excess Funds
	  	 	35	  
	 SECTION 7.14. No Recourse
	  	 	35	  
	 SECTION 7.15. Amendment and Restatement; Acknowledgement
	  	 	36	  

  
 ii 

 EXHIBITS 
  

			
	 EXHIBIT I —
	 	Definitions
	 EXHIBIT II —
	 	Conditions of Purchases
	 EXHIBIT III —
	 	Representations and Warranties
	 EXHIBIT IV —
	 	Covenants of the Seller
	 EXHIBIT V —
	 	Events of Termination
	 EXHIBIT VI —
	 	Collection Agent Defaults
	
	ANNEXES
		
	 ANNEX A —
	 	[Reserved]
	 ANNEX B —
	 	[Reserved]
	 ANNEX C —
	 	Credit and Collection Policy
	 ANNEX D —
	 	[Reserved]
	 ANNEX E —
	 	Monthly Report
	 ANNEX F —
	 	Controlled Account and Collection Accounts
	 ANNEX G-1 —
	 	Weekly Report
	 ANNEX G-2 —
	 	Daily Report
	 ANNEX H —
	 	Form of ENB Contract
	 ANNEX I —
	 	Form of Purchase Request

  

  
 iii

 THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 

Dated as of September 24, 2012 
 UNITED RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the “Seller”), UNITED RENTALS, INC., a Delaware corporation (the “Collection Agent”), LIBERTY
STREET FUNDING LLC (“Liberty”), a Delaware limited liability company, MARKET STREET FUNDING LLC (“Market Street”), a Delaware limited liability company, and GOTHAM FUNDING CORPORATION (“Gotham”), a
Delaware corporation (each of Liberty, Market Street and Gotham, a “Purchaser”, and together the “Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as a Bank, as administrative agent (the
“Administrative Agent”) for the Investors and the Banks (as defined herein) and as purchaser agent for Liberty (the “Liberty Purchaser Agent”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Bank and
as purchaser agent for Market Street (the “Market Street Purchaser Agent”), and THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“BTMU”), as a Bank and as purchaser agent for Gotham (the “Gotham
Purchaser Agent”, and together with the Liberty Purchaser Agent and the Market Street Purchaser Agent, the “Purchaser Agents”), agree as follows: 
 PRELIMINARY STATEMENTS 
 Certain terms that are capitalized and used throughout
this Agreement are defined in Exhibit I to this Agreement. Capitalized terms not defined herein are used as defined in the Purchase Agreement or, if not defined in the Purchase Agreement, the Credit Agreement. References in the Exhibits to
the “Agreement” refer to this Agreement, as amended, modified or supplemented from time to time. All interest rate and yield determinations referenced herein shall be expressed as a decimal and rounded, if necessary, to the nearest
one hundredth of a percentage point. 
 The Seller has acquired, and may continue to acquire, Receivables and Related Security
from the Originator, either by purchase or by contribution to the capital of the Seller, in accordance with the terms of the Purchase Agreement. The Seller is prepared to sell undivided fractional ownership interests (referred to herein as
“Receivable Interests”) in the Pool Receivables. The Purchasers may, in their sole discretion, purchase such Receivable Interests in the Pool Receivables, and the Banks are prepared to purchase such Receivable Interests in the Pool
Receivables, in each case on the terms set forth herein. 
 Certain parties hereto previously entered into that certain Second
Amended and Restated Receivables Purchase Agreement, dated as of September 28, 2011, as amended by that certain Assignment and Acceptance and Amendment Agreement, dated as of December 23, 2011 and as further amended and supplemented as of
February 2, 2012, May 18, 2012 and September 24, 2012 (the “Existing Agreement”). 
  

 The parties hereto now desire to amend and restate the Existing Agreement in its entirety as
set forth herein and with effect from the date first set forth above. Accordingly, the parties agree as follows: 
 ARTICLE I

 AMOUNTS AND TERMS OF THE PURCHASES 
 SECTION 1.01. Purchase Facility. 
 (a) On the terms and conditions
hereinafter set forth, the Purchasers may, in their sole discretion, and the Banks shall, ratably in accordance with their respective Bank Commitments, purchase Receivable Interests in the Pool Receivables from the Seller from time to time during
the period from the date hereof through the date immediately preceding the Facility Termination Date, in the case of the Purchasers, and through the date immediately preceding the Commitment Termination Date, in the case of the Banks. Under no
circumstances shall the Purchasers make any such purchase, or the Banks be obligated to make any such purchase, if after giving effect to such purchase the aggregate outstanding Capital of Receivable Interests in the Pool Receivables would exceed
the Purchase Limit or the aggregate outstanding Capital of Receivable Interests in the Pool Receivables held by any Bank plus such Bank’s ratable share of the outstanding Capital of Receivable Interests in the Pool Receivables held by its
related Purchasers would exceed its Bank Commitment. 
 (b) The Seller may, upon at least five Business Days’ notice to the
Administrative Agent and each Purchaser Agent, terminate this purchase facility in whole or, from time to time, reduce in part the unused portion of the Purchase Limit, which shall reduce the Bank Commitments ratably in accordance with each
Bank’s Percentage; provided that each partial reduction shall be in the amount of at least $1,000,000; and provided further that the Seller shall pay any related Broken Funding Cost; and provided further that
no partial reduction shall reduce the Purchase Limit below $50,000,000. 
 (c) Subject to the conditions described in
Section 2(b) of Exhibit II to this Agreement, Collections attributable to Receivable Interests in the Pool Receivables shall be automatically reinvested pursuant to Section 1.04(b)(ii) in additional undivided percentage
interests in the Pool Receivables by making an appropriate readjustment of the applicable Receivable Interest percentages. 

SECTION 1.02. Making Purchases. 
 (a) Each notice of purchase of a Receivable Interest in the Pool Receivables shall be delivered by the Seller to the Administrative Agent and each Purchaser Agent no later than 10:30 a.m. (New York City
time), on the proposed date the purchase is to be made. Each such notice of a purchase shall be in the form of an irrevocable Purchase Request and shall specify (i) the amount requested to be paid to the Seller by each Purchaser (such amount,
which shall not be less than $250,000 in the aggregate (inclusive of any amount being rolled over from a previous purchase), being referred to herein as the initial “Capital” of each Receivable Interest in the Pool Receivables then
being purchased), (ii) the date of such purchase (which shall be a Business Day) and (iii) unless the purchase will be funded with Pooled Commercial Paper, the desired duration of the initial Fixed Period for each such Receivable Interest
in the Pool Receivables. Each Purchaser Agent shall promptly thereafter (but in no event later than 11:00 a.m. (New York City time) on the proposed date of purchase) notify the Seller and the

  
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Administrative Agent whether the respective Purchaser has determined to make a purchase and, if so, whether all of the terms specified by the Seller are acceptable to such Purchaser and the yield
with respect to such purchase and the amount of interest that will be due for the related Settlement Period. If a Purchaser has determined not to make a proposed purchase, the respective Purchaser Agent shall promptly send notice of the proposed
purchase to all of the related Banks of such Purchaser concurrently specifying the date of such purchase, each such Bank’s Percentage multiplied by the aggregate amount of Capital of the Receivable Interests in the Pool Receivables being
purchased, the Assignee Rate for the Fixed Period for such Receivable Interest in the Pool Receivables, and the duration of the Fixed Period for such Receivable Interest in the Pool Receivables. The Seller shall indemnify the Purchasers and the
Banks against any loss or expense incurred by the Purchasers and/or the Banks, either directly or indirectly, as a result of any failure by the Seller to complete such transfer, including, without limitation, any loss or expense incurred by the
Purchasers and/or the Banks by reason of the liquidation or reemployment of funds acquired by the Purchasers or the Banks (including, without limitation, funds obtained by issuing notes, obtaining deposits as loans from third parties and
reemployment of funds) to fund such transfer. 
 (b) On the date of each such purchase of a Receivable Interest in the Pool
Receivables, each Purchaser or the Banks, as the case may be, shall, upon satisfaction of the applicable conditions set forth in Exhibit II hereto, make available to the Seller by wire transfer in U.S. dollars in same day funds, to the
account designated by the Seller, no later than 3:00 p.m. (New York City time) an amount equal to each such Purchaser’s or Bank’s ratable share (based on the applicable Bank’s Percentage) of the initial Capital of such Receivable
Interest in the Pool Receivables. 
 (c) Effective on the date of each purchase pursuant to this Section 1.02 and
each reinvestment pursuant to Section 1.04, the Seller hereby sells and assigns to the Administrative Agent, for the benefit of the parties making such purchase, an undivided percentage ownership interest, to the extent of the Receivable
Interests then being purchased, in each Pool Receivable then existing and in the Related Security and Collections with respect to, and other proceeds of, such Pool Receivable and Related Security. 

(d) Notwithstanding the foregoing, a Bank shall not be obligated to make purchases under this Section 1.02 at any time in an
amount that would exceed the Bank Commitment with respect to such Bank less such Bank’s ratable share of the outstanding and unpaid Capital of its related Purchaser. Each Bank’s obligation shall be several, such that the failure of any
Bank to make available to the Seller any funds in connection with any purchase shall not relieve any other Bank of its obligation, if any, hereunder to make funds available on the date of such purchase, and if any Bank shall fail to make funds
available, each remaining Bank shall (subject to the limitation in the preceding sentence) make available its pro rata portion of the funds required to be funded for such purchase pursuant to clause (b) of this Section 1.02. 

  
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 SECTION 1.03. Receivable Interest Computation. 

Each Receivable Interest in the Pool Receivables shall be initially computed on its date of purchase. Thereafter until the Termination
Date for such Receivable Interest in the Pool Receivables, such Receivable Interest in the Pool Receivables shall be automatically recomputed (or deemed to be recomputed based upon the information provided in the most recently submitted Monthly
Report) on each day other than a Liquidation Day; provided that, if a more recently submitted Weekly Report or Daily Report reflects a smaller Receivable Interest in the Pool Receivables, the lowest number shall be used. Such Receivable
Interest shall be 100% from and after the occurrence of a Termination Date until the event causing such Termination Date has been waived or cured. Notwithstanding the foregoing, such Receivable Interest shall become zero when Capital thereof and
Yield thereon shall have been paid in full, all other amounts owed by the Seller and the Collection Agent hereunder to the Investors, the Banks, the Administrative Agent and the Purchaser Agents and each Indemnified Party and each Affected Person
are paid in full and the Collection Agent shall have received the accrued Collection Agent Fee thereon. 
 SECTION 1.04.
Settlement Procedures. 
 (a) Collection of the Pool Receivables shall be administered by a Collection Agent, in
accordance with the terms of Article IV of this Agreement. The Collection Agent shall direct each Obligor to direct all payments of Collections into Collection Accounts. Subsequently, the Collection Agent shall forthwith cause all such
Collections received in the Collection Accounts to be transferred into the Controlled Account within one Business Day; provided that, if the balance in any such Collection Account is less than $50,000, the Collection Agent shall not be
obligated to transfer any amounts from such Collection Account as long as the account balance remains less than $50,000 and also as long as the balance is transferred according to a standing order (a “Threshold Basis”).
Additionally, with respect to Collection Accounts that have balances less than $50,000 and whose balances are not transferred on a Threshold Basis, the Collection Agent will transfer funds manually from such accounts on a weekly basis. Any Amounts
transferred pursuant to this Section 1.04(a) may be in an amount that leaves up to $10,000 remaining in each such Collection Account. The Seller shall provide to the Collection Agent (if other than United Rentals) on a timely basis all
information needed for such administration, including notice of the occurrence of any Liquidation Day and current computations of each Receivable Interest in the Pool Receivables. 

(b) The Collection Agent shall, on each day on which Collections of Pool Receivables are received or deemed received by it pursuant to
this Agreement with respect to any Receivable Interest in the Pool Receivables: 
 (i) set aside and hold in
trust (and, at the request of the Administrative Agent, segregate such amount into a separate account into which no other funds are deposited) for the Investors or the Banks that hold such Receivable Interest in the Pool Receivables and for the
Administrative Agent, out of the percentage of such Collections attributable to such Receivable Interest in the Pool Receivables, an amount equal to the Yield, all fees and payments due pursuant to each of the Fee Agreements, and the Collection
Agent Fee accrued through such day for such Receivable Interest in the Pool Receivables and not previously set aside; 
 (ii) if such day is not a Liquidation Day, reinvest with the Seller, on behalf of the Investors or the Banks that hold such Receivable Interest in the Pool Receivables, the remainder of such percentage of
Collections, to the extent representing a return of Capital, by recomputation of such Receivable Interest in the Pool Receivables pursuant to Section 1.03; 

  
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 (iii) if such day is a Liquidation Day, set aside and hold in trust the
entire remainder of such percentage of Collections for the Investors or the Banks that hold such Receivable Interest in the Pool Receivables (and, at the request of the Administrative Agent, segregate such amount into a separate account into which
no other funds are deposited); provided, however, that if the Liquidation Day resulted solely by reason of the non-satisfaction of the initial purchase conditions (as set forth in paragraph 1 of Exhibit II) and such conditions
are subsequently satisfied or are waived by the Purchaser Agents and written notice is provided to the Rating Agencies rating the Commercial Paper, any amounts that have been set aside and held in trust pursuant to this clause (iii) shall be
reinvested in accordance with the preceding clause (ii); provided that the Event of Termination identified as paragraph (g) of Exhibit V cannot be waived by the Purchaser Agents; and 

(iv) during such times as amounts are required to be reinvested in accordance with the foregoing clause (ii) or the
first proviso to clause (iii), release to the Seller for its own account any Collections in excess of such amounts and the amounts that are required to be set aside pursuant to clause (i) above. 

(c) On the Settlement Day for a Receivable Interest in the Pool Receivables the Collection Agent shall deposit, as applicable,
(i) with the Administrative Agent for its own account, Collections held for the Administrative Agent that relate to any fees owed to the Administrative Agent pursuant to the Scotia Capital Fee Agreement and any other accrued and unpaid amounts
owed to the Administrative Agent by the Seller hereunder pursuant to Section 1.04(b)(i), (ii) into each Purchaser Agent’s Account ratably according to the amount then owed to each Investor or Bank, Collections held for the
Investors or the Banks that relate to such Receivable Interest in the Pool Receivables pursuant to Section 1.04(b)(i), and (iii) with the Administrative Agent for transfer to each Purchaser Agent’s Account ratably according to
the amount then owed to each Investor or Bank, Collections held for the Investors or the Banks that relate to such Receivable Interest in the Pool Receivables pursuant to Section 1.04(b)(iii). 

(d) Upon receipt of funds deposited into its Purchaser Agent’s Account, the related Purchaser Agent shall distribute them as
follows: 
 (i) if such distribution occurs on a day that is not a Liquidation Day, first to the Investors
or the Banks that hold the relevant Receivable Interest in the Pool Receivables, pro rata, in payment in full of all accrued and unpaid Yield, all fees and payments due pursuant to each of the Fee Agreements, and second to the Collection
Agent in payment in full of all accrued and unpaid Collection Agent Fees; and 
 (ii) if such distribution occurs
on a Liquidation Day, first to the Collection Agent in payment in full of all accrued and unpaid Collection Agent Fees if the Collection Agent is not United Rentals or an Affiliate of United Rentals, second to the Investors or the
Banks that hold the relevant Receivable Interest in the Pool Receivables, pro rata, in payment in full of all accrued and unpaid Yield and all fees and payments due pursuant to each of the Fee Agreements, third to such Investors or Banks, pro
rata, in reduction to zero of all Capital, fourth to such Investors or Banks or the Administrative Agent or the Purchaser Agents or any Indemnified Party or Affected Person, pro rata, in payment of any other accrued and unpaid amounts owed by
the Seller hereunder, and fifth to the Collection Agent, if United Rentals or an Affiliate of United Rentals is the Collection Agent, in payment in full of all accrued and unpaid Collection Agent Fees. 

  
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 After the Capital and Yield and accrued and unpaid Collection Agent Fees with respect to a
Receivable Interest in the Pool Receivables, and any other amounts payable by the Seller to the Investors, the Banks, the Administrative Agent or the Purchaser Agents hereunder, have been paid in full, all additional Collections with respect to such
Receivable Interest in the Pool Receivables and any excess cash Collateral shall be paid to the Seller for its own account. 

(e) For the purposes of this Agreement: 
 (i) if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any Dilution, or any setoff or dispute between the Originator and an Obligor due to a claim arising
out of the same or any other transaction, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment; 

(ii) if on any day any Responsible Officer of the Company becomes aware that the representation and warranty in paragraph
(h) of Exhibit III is not true with respect to any Pool Receivable, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in full; and 

(iii) if and to the extent the Administrative Agent, the Purchaser Agents, any Investors or any Bank or any Indemnified
Party or Affected Person shall be required for any reason to pay over to an Obligor (or to any trustee, receiver, custodian or similar official in any proceeding of the type contemplated by paragraph (g) of Exhibit V) any amount
received by it hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Seller, and, accordingly, the Administrative Agent, the Purchaser Agents, the Investors or the Banks, or the Indemnified
Parties or the Affected Persons, as the case may be, shall have a claim against the Seller for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof. 

(f) Except as provided in Section 1.04(e)(i) or (ii), or as otherwise required by applicable law or the relevant
Contract, all Collections received from an Obligor of any Receivables shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in
writing its payment for application to specific Receivables. 

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

(h) With respect to each Bank that is a Nonrenewing Bank that has not been replaced by another Bank pursuant to Section 1.13
(any such Purchaser a “Non-Extending Bank”), the Collection Agent shall implement the procedures set forth in this Section 1.04(h) (a “Partial Liquidation”). On each Business Day prior to such
Non-Extending Bank’s Bank Commitment being reduced to zero (provided that no Event of Termination has occurred and is continuing), the Collection Agent shall apply funds out of the Collections represented by the Receivable Interest
received and not previously applied in the following manner: 
 (i) set aside and hold in trust in the Collection
Account, for the benefit of the Non-Extending Banks and their related Purchasers an amount equal to all Yield and fee(s) and other payments owed under the Fee Agreements (based on the Receivable Interest at such time), in each case accrued through
such day and not so previously set aside or paid. The Collection Agent shall thereafter pay to each applicable Purchaser Agent (ratably according to accrued Yield and fees and other payments owed under the Fee Agreements) on the last day of each
Settlement Period for the Non-Extending Banks the amount of such accrued and unpaid fees and other payments owed under the Fee Agreements and Yield; 
 (ii) pay to each applicable Purchaser Agent for the account of each Non-Extending Bank, if any, related to such Purchaser Agent (ratably based on the Bank Commitment of the Non-Extending Bank at such
time), and, for the account of any related Purchasers solely to the extent necessary to reduce such Purchaser’s pro rata portion of the Purchase Limit to an amount that is equal to or lesser than the amount of any available Bank Commitment of
any remaining Banks related to such Purchaser at such time, from such Collections remaining after application pursuant to clause (i) above, the amount of such Bank Commitment of the Non-Extending Bank; provided that, solely for purposes
of determining such Non-Extending Bank’s ratable share of such Collections, such Bank Commitment shall be deemed to remain constant from the date such Bank becomes a Non-Extending Bank until the date such Bank Commitment of the Non-Extending
Bank has been paid in full; it being understood that if such day is also a Termination Date or a day on which an Event of Termination has occurred, the Bank Commitment of the Non-Extending Bank shall be recalculated at such time (taking into account
amounts received by or on behalf of such Bank in respect of its Capital pursuant to this clause (ii)), and thereafter Collections shall be set aside for payment to all Investors (ratably according to the Bank Commitment of such Non-Extending Bank)
pursuant to paragraph (d) above; and 
 (iii) reinvest the balance of such Collections in respect of Capital
to the acquisition of additional undivided percentage interests pursuant to Section 1.02 hereof. 

  
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 (i) Within one Business Day after the end of each Fixed Period, each
Purchaser Agent shall furnish the Seller with an invoice setting forth the amount of the accrued and unpaid Yield and fees for such Fixed Period with respect to the Receivable Interests held by such Purchaser Agent’s related Investors.

 SECTION 1.05. Fees. 
 (a) The Collection Agent shall be entitled to receive a fee (the “Collection Agent Fee”) of 0.50% per annum on the aggregate Capital of each Receivable Interest owned by each
Investor or Bank on the last day of each calendar month, payable in arrears on the first day of each calendar month following each Settlement Period for such Receivable Interest. Upon three Business Days’ notice to the Administrative Agent and
the Purchaser Agents, the Collection Agent (if not United Rentals) may elect to be paid, as such fee, a different percentage per annum on the aggregate Capital of such Receivable Interest for such Settlement Period, but in no event in excess for all
Receivable Interests relating to a single Receivables Pool of 110% of the reasonable costs and expenses of the Collection Agent in administering and collecting the Receivables in such Receivables Pool. The Collection Agent Fee shall be payable only
from Collections pursuant to, and subject to the priority of payment set forth in, Section 1.04. 
 (b) The Seller
agrees to pay to the Administrative Agent and the Purchaser Agents certain fees in the amounts and on the dates set forth in the applicable Fee Agreement with the Administrative Agent and each of the Purchaser Agents, as applicable. 

SECTION 1.06. Payments and Computations, Etc. 
 (a) No later than the first Business Day of each month, each Purchaser Agent on behalf of the related Purchaser shall calculate the aggregate amount of Yield applicable to the portion of all Receivable
Interests funded with Pooled Commercial Paper for the Settlement Period then most recently ended and shall notify Seller of such aggregate amount. 
 (b) All amounts to be paid or deposited by the Seller or the Collection Agent, including all Broken Funding Costs, hereunder to or for the account of the Administrative Agent, Purchaser Agents, a
Purchaser or any other Investor or Bank shall be paid or deposited no later than 11:00 A.M. (New York City time) on the day when due in same day funds to the Administrative Agent’s Account or the applicable Purchaser Agent’s Account, as
applicable. 
 (c) The Seller and Collection Agent shall, to the extent permitted by law, pay interest on any amount not paid or
deposited by the Seller or Collection Agent, as applicable (whether as Collection Agent or otherwise), when due hereunder, at an interest rate per annum equal to 2% per annum above the Alternate Base Rate, payable upon the demand of the related
Purchaser Agent. 
 (d) All computations of interest under clause (b) above and all computations of Yield, fees, and other
amounts hereunder shall be made on the basis of a year of 360 days (or 365 or 366 days, as applicable, if computed with reference to the Alternate Base Rate) for the actual number of days elapsed. Whenever any payment or deposit to be made hereunder
shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit. 

  
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 SECTION 1.07. Dividing or Combining Receivable Interests. 

A Purchaser Agent, on written notice to the Seller on or prior to the last day of any Fixed Period, may either (i) divide any
Receivable Interest in the Pool Receivables into two or more Receivable Interests having aggregate Capital equal to the Capital of such divided Receivable Interest, or (ii) combine any two or more Receivable Interests in the Pool Receivables
originating on such last day or having Fixed Periods ending on such last day into a single Receivable Interest in the Pool Receivables having Capital equal to the aggregate of the Capital of such Receivable Interests. 

SECTION 1.08. Increased Costs and Requirements of Law. 
 (a) If the Administrative Agent, the Purchaser Agents, any Investor, any Bank, any entity that enters into a commitment to purchase Receivable Interests in the Pool Receivables or interests therein or any
entity that provides related liquidity or credit enhancement to a Purchaser or any of their respective Affiliates (each, an “Affected Person”) reasonably determines that compliance with any applicable law or regulation or any
guideline or request from any central bank or other governmental authority (whether or not having the force of law) , including, without limitation, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith, regardless of the date enacted, adopted or issued, and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority), the Office of the Superintendent of Financial Institutions (or any successor or similar authority) or United States regulatory authorities, in each case pursuant to Basel III,
regardless of the date enacted, adopted or issued: 
 (i) affects or would affect the amount of capital required
or expected to be maintained by such Affected Person and such Affected Person determines that the amount of such capital is increased by or based upon the existence of any commitment to make purchases of or to lend against or otherwise to maintain
the investment in Pool Receivables or interests therein, hereunder or to the funding thereof or any related liquidity facility or credit enhancement facility (or any participation therein) and other commitments of the same type; or 

(ii) increases the cost to an Affected Person of agreeing to purchase or purchasing, or maintaining the ownership of,
Receivable Interests in the Pool Receivables in respect of which the Yield is computed by reference to the Eurodollar Rate (Reserve Adjusted); 
 (b) then, upon demand by such Affected Person (with a copy to the related Purchaser Agent), subject to clause (f) of this Section 1.08, the Seller shall pay to the related Purchaser Agent within
30 days of the delivery of such demand, for the account of such Affected Person (as a third-party beneficiary), from time to time as specified by such Affected Person, additional amounts sufficient to compensate such Affected Person in the light of
such circumstances, to the extent that such Affected Person reasonably determines such increase in capital or increased costs to be allocable to the existence of any of such commitments. Without limiting the Seller’s liability with respect to
such increases in capital or costs, such Affected Person shall, if possible, use its reasonable best efforts to mitigate such increases in capital or costs. A certificate as to such amounts submitted to the Seller and the related Purchaser Agent by
such Affected Person shall be conclusive and binding for all purposes, absent manifest error. 

  
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 (c) In the event that any change in any requirement of applicable law or in the
interpretation or application to an Affected Person of a requirement of applicable law or change thereto by the relevant governmental authority after the date hereof or compliance by an Affected Person with any request or directive (whether or not
having the force of law) from any central bank or other governmental authority after the date of this Agreement, including, without limitation, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith, regardless of the date enacted, adopted or issued, and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority), the Office of the Superintendent of Financial Institutions (or any successor or similar authority) or United States regulatory authorities, in each case pursuant to Basel III,
regardless of the date enacted, adopted or issued: 
 (i) does or shall subject such Affected Person to any tax
of any kind whatsoever with respect to this Agreement or change the basis of taxation of payments to such Affected Person on account of Collections, Yield, Collection Agent Fees or any other amounts payable hereunder or under the Fee Agreement
(excluding franchise taxes imposed on such Affected Person by the jurisdiction under the laws of which such Affected Person is organized or a political subdivision thereof and income taxes of any kind); or 

(ii) does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement
against assets held by, or deposits or other liabilities in or for the account of, purchases, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Affected Person which are not otherwise
included in the determination of the Alternate Base Rate or Eurodollar Rate (Reserve Adjusted) hereunder, 
 and the result of any of the
foregoing is to increase the cost to such Affected Person of owning the Receivable Interests in the Pool Receivables or to reduce any amount receivable hereunder or under the Fee Agreement then, upon demand by the related Purchaser Agent, subject to
clause (f) of this Section 1.08, the Seller shall pay to the related Purchaser Agent within 30 days of the delivery of such demand, any additional amounts necessary to compensate such Affected Person for such additional cost or reduced
amount receivable. Without limiting the Seller’s liability with respect to such increases in capital or costs, such Affected Person shall, if possible, use its reasonable best efforts to mitigate such increases in capital or costs. 

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

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

SECTION 1.09. Intended Characterization Security Interest. 

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

(a) each of the Transaction Documents to which it is a party, including, without limitation, (i) all rights of the Seller to receive
moneys due or to become due under or pursuant to the Purchase Agreement, (ii) all security interests and property subject thereto from time to time purporting to secure payment of monies due or to become due under or pursuant to the Purchase
Agreement, (iii) all rights of the Seller to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Purchase Agreement, (iv) claims of the Seller for damages arising out of or for breach of or default under
the Purchase Agreement, and (v) the right of the Seller to compel performance and otherwise exercise all remedies thereunder; 

  
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 (b) all Receivables, the Related Security with respect thereto and the Collections and all
other assets, including, without limitation, accounts, chattel paper, instruments and general intangibles (as those terms are defined in the UCC) owned by the Seller and not otherwise purchased or scheduled to be purchased under this Agreement;

 (c) the Controlled Account and all amounts on deposit therein and all certificates and instruments, if any, from time to time
evidencing any of the foregoing; and 
 (d) to the extent not included in the foregoing, all proceeds of and all amounts received
or receivable under any and all of the foregoing. 
 The Administrative Agent, for the benefit of the Investors, shall have,
with respect to the foregoing, in addition to all the other rights and remedies available to it, for the benefit of the Investors, all of the rights and remedies of a secured party under the UCC. 

SECTION 1.10. [Reserved] 
 SECTION 1.11. Sharing of Payments. 
 If any Investor (for purpose of this
Section 1.11 only, a “Recipient”) shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) on account of any interest in the Capital owned by it in excess of
its ratable share thereof, such Recipient shall forthwith purchase from the Investor entitled to a share of such amount participations in the percentage interests owned by such Persons 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 Person shall be
rescinded and each such other Person 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 Person’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 1.12. Repurchase Option. 
 So long as no Event of Termination or Incipient Event of Termination would occur or be continuing after giving effect thereto, the Seller shall have the right to repurchase all, but not less than all, of
the Receivable Interests held by the Investors and the Banks upon not less than thirty (30) days prior written notice to the Purchaser Agents. Such notice shall specify the date that the Seller desires that such repurchase occur (such date, the
“Repurchase Date”). On the Repurchase Date, the Seller shall transfer to each Purchaser Agent’s Account in immediately available funds an amount equal to (i) the Capital of the Receivable Interests held by the Investors
and the Banks, (ii) all accrued and unpaid Yield thereon to the Repurchase Date, (iii) all accrued and unpaid fees owing to the Investors and the Banks under the Fee Agreements, (iv) the Liquidation Fee owing to the Investors and the
Banks in respect of such repurchase and (v) all expenses and other amounts payable hereunder to any of the Administrative Agent, the Purchaser Agents, the Investors and the Banks (including, without limitation, reasonable and documented
attorneys’ fees and disbursements for a single firm of primary counsel). Any repurchase pursuant to this Section 1.12 shall be made without recourse to or warranty by the Administrative Agent, the Purchaser Agents, the Investors or
the Banks (except for a warranty that all Receivable Interests repurchased are transferred free of any lien, security interest or Adverse Claim created solely by the actions of the Administrative Agent, the Purchaser Agents, the Investors or the
Banks). Further, on the Repurchase Date the Bank Commitments for all the Banks shall terminate, each of the Commitment Termination Date and Facility Termination Date shall have occurred, and no further purchases or reinvestments of Collections shall
be made hereunder. 

  
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 SECTION 1.13. Extension; Additional Purchasers; Increased
Commitments. 
 (a) Extension of Term. The Seller may, at any time during the period which is no more than forty-five
(45) days or less than thirty (30) days immediately preceding the Commitment Termination Date (as such date may have previously been extended pursuant to this Section 1.13), request that the then applicable Commitment
Termination Date be extended for an additional 364 days. Any such request shall be in writing and delivered to the Purchaser Agents, and shall be subject to the following conditions: (i) no Bank shall have an obligation to extend the Commitment
Termination Date at any time, and (ii) any such extension with respect to any Bank shall be effective only upon the written agreement of such Bank and the related Purchaser Agent, the Administrative Agent, the Seller and the Collection Agent.
Each Bank will respond to any such request no later than the fifteenth day prior to the Commitment Termination Date (the “Response Deadline”), provided that a failure by any Bank to respond by the Response Deadline shall be
deemed to be a rejection of the requested extension. Notwithstanding the foregoing, the Commitment Termination Date shall not occur as a result of any Bank’s failure to agree to any such extension (each such Bank being a “Nonrenewing
Bank”) if, on or prior to such date, such Nonrenewing Bank is replaced by another Bank which has a Bank Commitment equal to such Nonrenewing Bank. 
 (b) The Seller may, with the written consent of the Administrative Agent and each Purchaser Agent, which consent may be granted or withheld in their sole discretion, add additional persons as Banks,
Purchasers and Purchaser Agents or cause an existing Bank to increase its Bank Commitment in connection with a corresponding increase in the Purchase Limit; provided, that the Bank Commitment of any Bank may only be increased with the prior
written consent of such Bank and its related Purchaser and Purchaser Agent. Each new Bank, Purchaser and Purchaser Agent shall become a party hereto, by executing and delivering to the Administrative Agent, each Purchaser Agent and the Seller, an
assumption agreement pursuant to which such Bank, Purchaser and/or Purchaser Agent shall agree to become bound by the terms of this Agreement as a Bank, Purchaser or Purchaser Agent, as applicable. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES; COVENANTS; EVENTS OF TERMINATION 
 SECTION 2.01. Representations and Warranties; Covenants. 
 The Seller
hereby makes the representations and warranties, and hereby agrees to perform and observe the covenants, set forth in Exhibits III and IV, respectively, hereto. 

  
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 SECTION 2.02. Events of Termination. 

If any of the Events of Termination set forth in Exhibit V hereto shall occur and be continuing, the Required Purchaser Agents
(or, in the case of Events of Termination described in paragraphs (b), (f) and (i) of Exhibit V, the Administrative Agent or the Required Purchaser Agents) may, by notice to the Seller, take either or both of the following actions:
(x) declare the Facility Termination Date and the Commitment Termination Date to have occurred (in which case the Facility Termination Date and the Commitment Termination Date shall be deemed to have occurred) and (y) without limiting any
right under this Agreement to replace the Collection Agent, designate another Person to succeed the then current Collection Agent as the Collection Agent; provided that, automatically upon the occurrence of any event (without any requirement
for the passage of time or the giving of notice) described in paragraph (g) of Exhibit V, the Facility Termination Date and the Commitment Termination Date shall occur. Upon any such declaration or designation or upon any such
automatic termination, the Investors, the Banks, the Administrative Agent and each Purchaser Agent shall have (a) the rights of the Seller as “Buyer” under the Purchase Agreement and (b) in addition to the rights and
remedies that they may have under this Agreement, all other rights and remedies provided after default under the UCC of the appropriate jurisdiction or jurisdictions and under other applicable law, which rights and remedies shall be cumulative. Any
Event of Termination may be waived in writing by the Required Purchaser Agents other than (i) the Events of Termination described in paragraphs (b), (f) and (i) of Exhibit V, which shall require the waiver in writing of the
Required Purchaser Agents and the Administrative Agent and (ii) the Event of Termination described in paragraph (g) of Exhibit V, which cannot be waived. 
 ARTICLE III 
 INDEMNIFICATION 

SECTION 3.01. Indemnities by the Seller. 
 Without limiting any other rights that the Administrative Agent, the Purchaser Agents, the Investors, the Banks or any entity that provides liquidity or credit enhancement or any of their respective
Affiliates or any of their respective employees, officers, directors, agents or counsel (each, an “Indemnified Party”) may have hereunder or under applicable law, the Seller hereby agrees to indemnify each Indemnified Party from and
against any and all claims, damages, costs, expenses, losses and liabilities (including reasonable and documented attorneys’ fees of one firm of primary counsel for the Indemnified Parties; provided, that in the event a Purchaser Agent
and the related Bank notifies the Seller that it reasonably believes a conflict may arise between the positions of the Indemnified Parties in connection with any such claims, damages, costs, expenses, losses or liabilities, reasonable and documented
attorneys’ fees for separate counsel for such Purchaser Agent shall be included) (all of the foregoing being collectively referred to as “Indemnified Amounts”) arising out of or resulting from this Agreement or the ownership of
Receivable Interests or in respect of any Receivable or any Contract, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, (b) recourse for
uncollectible Receivables or (c) any income taxes or any other tax or fee measured by income incurred by or receipts of such Indemnified Party, arising out of or as a result of this Agreement

  
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or the ownership of Receivable Interests or in respect of any Receivable or any Contract. Without limiting or being limited by the foregoing (but subject to the aforementioned exclusions), the
Seller shall pay on demand to each Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all Indemnified Amounts relating to or resulting from any of the following: 

(i) the creation of an undivided percentage ownership or security interest in any Receivable that purports to be part of
the Net Receivables Pool Balance but that is not at the date of the creation of such interest an Eligible Receivable; 
 (ii) any representation or warranty or statement made or deemed made by the Seller (or any of its officers) pursuant to this Agreement and the other Transaction Documents that shall have been incorrect
when made or deemed made; 
 (iii) the failure by the Seller or the Originator to comply with any applicable law,
rule or regulation with respect to any Pool Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such applicable law, rule or regulation; 

(iv) the failure to vest and maintain vested in the Administrative Agent on behalf of the Investors and the Banks
(a) a first priority perfected undivided percentage ownership or security interest, to the extent of each Receivable Interest, in the Receivables in, or purporting to be in, the Receivables Pool and the Related Security and Collections in
respect thereof or (b) a first priority perfected security interest as provided in Section 1.09, in each case free and clear of any Adverse Claim; 

(v) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents
under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivables in, or purporting to be in, the Receivables Pool and the Related Security and Collections in respect thereof, whether at the time of any purchase
or reinvestment or at any subsequent time, in each case to the extent required hereunder; 
 (vi) without double
counting for any Dilution for which a deemed Collection has been received under Section 1.04(e)(i) of this Agreement, any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor or any other credit related
loss) of the Obligor to the payment of any Receivable in, or purporting to be in, the Receivables Pool (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such
Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of the goods or services related to such Receivable or the furnishing or failure to furnish such goods or services or relating to collection
activities with respect to such Receivable (to the extent such collection activities were performed by the Seller or any of its Affiliates acting as Collection Agent); 

  
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 (vii) any failure of the Seller to perform its duties or obligations in
accordance with the provisions hereof (including any failure to comply with the covenants contained in Exhibit IV) or of any of the Transaction Documents to which it is a party, or under any Contract; 

(viii) any products liability or other claim, investigation or proceeding (including any claim for unpaid sales, excise or
other taxes) arising out of or in connection with the goods or services or merchandise or insurance that are the subject of any Contract; 
 (ix) the commingling by the Seller or any of its Affiliates (United Rentals, as Collection Agent or otherwise) of Collections of Pool Receivables at any time with other funds or the failure of Collections
to be deposited into the Controlled Account; 
 (x) any investigation, litigation or proceeding related to this
Agreement or the ownership of Receivable Interests or in respect of any Receivable or Related Security; 
 (xi)
any Collection Agent Fees or other costs and expenses payable to any replacement Collection Agent, to the extent in excess of the Collection Agent Fees payable to the Collection Agent hereunder; or 

(xii) any claim brought by any Person other than an Indemnified Party arising from any activity by the Seller or any
Affiliate of the Seller in servicing, administering or collecting any Receivable. 
 ARTICLE IV 

ADMINISTRATION AND COLLECTION OF POOL RECEIVABLES 
 SECTION 4.01. Designation of Collection Agent. 
 The servicing,
administration and collection of the Pool Receivables shall be conducted by the Collection Agent so designated hereunder from time to time. Until the Administrative Agent, with the consent of each Purchaser Agent, gives prior notice to the Seller of
the designation of a new Collection Agent in accordance with the terms hereof, United Rentals is hereby designated as, and hereby agrees to perform the duties and obligations of, the Collection Agent pursuant to the terms hereof. The Administrative
Agent, with the consent of each Purchaser Agent, at any time after the occurrence of an Event of Termination that has not been waived in accordance with Section 2.02 may designate as Collection Agent any Person (including itself) to
succeed United Rentals or any successor Collection Agent, if such Person shall consent and agree to the terms hereof. The Collection Agent may (a) with the prior consent of the Administrative Agent and each Purchaser Agent, subcontract with any
other Person for the servicing, administration or collection of the Pool Receivables, or (b) without the prior consent of the Administrative Agent and each Purchaser Agent, but with 30 days written notice to the Administrative Agent and each
Purchaser Agent, subcontract with an Affiliate of the Collection Agent for the servicing, administration or collection of the Pool Receivables. Any such subcontract shall not affect the Collection Agent’s liability for performance of its duties
and obligations pursuant to the terms hereof. Any termination of the Collection Agent shall also terminate such subcontract. 

  
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 SECTION 4.02. Duties of Collection Agent. 

(a) The Collection Agent shall take or cause to be taken all such actions as may be necessary or advisable to collect each Pool 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. The Seller, the Administrative Agent and the Purchaser Agents hereby
appoint the Collection Agent, from time to time designated pursuant to Section 4.01, as agent for themselves and for the Investors and the Banks to enforce their respective rights and interests in the Pool Receivables and the Related
Security. In performing its duties as Collection Agent, the Collection Agent shall exercise the same care and apply the same policies as it would exercise and apply if it owned such Receivables and shall act in the best interests of the Seller, the
Administrative Agent, each Purchaser Agent, the Investors and the Banks. 
 (b) The Collection Agent shall administer the
Collections in accordance with the procedures described in Section 1.04 and shall perform the other obligations of the “Collection Agent” set forth in this Agreement. 

(c) If no Event of Termination or Incipient Event of Termination shall have occurred and be continuing, United Rentals, while it is the
Collection Agent, may, in accordance with the Credit and Collection Policy, extend the maturity or adjust the Outstanding Balance or otherwise modify the payment terms of any Receivable as it deems appropriate to maximize Collections thereof;
provided that such modification shall not (i) alter the status of the Pool Receivable as a Delinquent Receivable or Defaulted Receivable, or (ii) limit the rights of the Administrative Agent, Purchaser Agents, Banks or Investors.

 (d) The Collection Agent shall hold in trust for the Seller and each Investor and Bank, in accordance with their respective
interests, all documents, instruments and records (including, without limitation, computer tapes or disks) that evidence or relate to Pool Receivables. 
 (e) The Collection Agent shall, as soon as practicable following receipt, turn over to the Seller any cash collections or other cash proceeds received with respect to Receivables not constituting Pool
Receivables. 
 (f) The Collection Agent shall, from time to time at the request of the Administrative Agent or any Purchaser
Agent, furnish to the Administrative Agent or such Purchaser Agent (promptly after any such request) a calculation of the amounts set aside for the Investors and the Banks pursuant to Section 1.04(b). 

(g) On or before the twelfth Business Day of each month, the Collection Agent shall prepare and forward to the Administrative Agent and
each Purchaser Agent a Monthly Report relating to the Receivable Interests outstanding on the last day of the immediately preceding month. On or before the first Business Day of each week, the Collection Agent shall prepare and forward to the
Administrative Agent and each Purchaser Agent a Weekly Report as of the last Business Day of the previous week; provided that no Weekly Report is due if Capital is equal to zero; provided further that a Weekly Report shall be provided
to the Administrative Agent before Capital can be increased from zero. On any Business Day during the continuation of any Daily Report Trigger Event, the Collection Agent shall prepare and forward to the Administrative Agent and each Purchaser Agent
a Daily Report as of the previous Business Day; provided that no Daily Report is due if Capital is equal to zero; provided further that a Daily Report shall be provided to the Administrative Agent and each Purchaser Agent before
Capital can be increased from zero during the continuation of a Daily Report Trigger Event. 

  
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 SECTION 4.03. Certain Rights of the Administrative Agent. 

(a) The Administrative Agent is authorized at any time after the occurrence of an Event of Termination that has not been waived in
accordance with Section 2.02 to deliver to the Controlled Account Bank the Notice of Effectiveness provided for in the Controlled Account Agreement. The Seller hereby transfers to the Administrative Agent the exclusive control of the
Controlled Account to which the Obligors of Pool Receivables shall make payments, subject only to the Administrative Agent’s delivery of such Notice of Effectiveness. The Seller shall take any actions reasonably requested by the Administrative
Agent to effect such transfer of control of the Controlled Account to the Administrative Agent. All amounts in the Controlled Account that represent Collections of Receivables may, in accordance with this Agreement, be deposited with the
Administrative Agent for transfer into the respective Purchaser Agent’s Account, pro rata in accordance with outstanding Capital. 
 (b) At any time following an Event of Termination or an Incipient Event of Termination that has not been waived in accordance with Section 2.02: 

(i) The Administrative Agent may direct the Obligors of Pool Receivables that all payments thereunder be made directly to
the Administrative Agent or its designee. 
 (ii) At the Seller’s expense the Administrative Agent may, and
at the request of the Administrative Agent the Seller shall, notify each Obligor of Pool Receivables of the ownership of Receivable Interests under this Agreement and the other Transaction Documents and direct that payments be made directly to the
Administrative Agent or its designee. 
 (iii) At the Administrative Agent’s request and at the
Seller’s expense, the Seller and the Collection Agent shall (x) assemble all of the documents, instruments and other records (including, without limitation, computer tapes and disks) that evidence or relate to the Pool Receivables and the
related Contracts and Related Security, or that are otherwise necessary or desirable to collect the Pool Receivables, and shall make the same available to the Administrative Agent and each Purchaser Agent at a place selected by the Administrative
Agent or its designee, (y) segregate all cash, checks and other instruments received by it from time to time constituting Collections of Pool Receivables in a manner acceptable to the Administrative Agent and each Purchaser Agent, and
(z) 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. 

  
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 (c) The Seller and the Collection Agent each irrevocably authorizes the Administrative Agent
at any time and from time to time in the sole discretion of the Administrative Agent, and appoints the Administrative Agent as its attorney-in-fact, to act on behalf of the Seller and the Collection Agent (i) to execute on behalf of the Seller
as debtor (if required) and to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Administrative Agent, on behalf of the
Purchaser Agents, Investors and the Banks, in the Receivables and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as
the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Investors in the Receivables; provided that nothing in this
Section 4.03(c) shall authorize the Administrative Agent to take any action to effect any release of the security interests of third parties in the Identifiable Combined Assets or the Equipment Sale Receivables without the prior written
consent of the Seller and the Collection Agent. This appointment is coupled with an interest and is irrevocable. 
 SECTION
4.04. Rights and Remedies. 
 (a) If the Collection Agent fails to perform any of its obligations under this Agreement,
the Administrative Agent may (but shall not be required to) itself perform, or cause performance of, such obligation; and the Administrative Agent’s costs and expenses incurred in connection therewith shall be payable by the Seller (if the
Collection Agent that fails to so perform is United Rentals or any of its Affiliates). 
 (b) The Seller and the Originator
shall perform their respective obligations under the Contracts related to the Pool Receivables to the same extent as if Receivable Interests had not been sold and the exercise by the Administrative Agent on behalf of the Purchaser Agents, the
Investors and the Banks of their rights under this Agreement shall not release the Collection Agent, the Originator or the Seller from any of their duties or obligations with respect to any Pool Receivables or related Contracts. Neither the
Administrative Agent, the Purchaser Agents, the Investors nor the Banks shall have any obligation or liability with respect to any Pool Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of the Seller or
the Originator thereunder. 
 (c) In the event of any conflict between the provisions of this Article IV and Article VI of
the Purchase Agreement, the provisions of this Agreement shall control. 
 SECTION 4.05. Further Actions
Evidencing Purchases. 
 (a) The Seller will, and will require that the Originator will, from time to time, at its own
expense, promptly execute and deliver all further instruments and documents and take all further actions that may be reasonably necessary or desirable, or that the Administrative Agent or any Purchaser Agent may reasonably request, to perfect,
protect or more fully evidence the Receivable Interests in the Pool Receivables purchased hereunder, or to enable the Investors, the Banks or the Administrative Agent to exercise and enforce their respective rights and remedies hereunder. Without
limiting the foregoing, the Seller or the Originator will, upon the request of the Administrative Agent or any Purchaser Agent 

  
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 (i) execute and file such financing or continuation statements, or
amendments thereto, and such other instruments and documents, that may be reasonably necessary or desirable, or that the Administrative Agent or any Purchaser Agent may reasonably request, to perfect, protect or evidence such Receivable Interests in
the Pool Receivables; and 
 (ii) mark conspicuously (which marking may be done electronically) each invoice
evidencing each Pool Receivable with a legend, acceptable to the Administrative Agent and the Purchaser Agents, evidencing that Receivable Interests therein have been sold; 
 provided that nothing in this Section 4.05(a) shall require the Seller to take any action with respect to the Identifiable Combined Assets or the Equipment Sale Receivables. 

(b) The Seller authorizes the Administrative Agent to file financing or continuation statements, and amendments thereto and assignments
thereof, relating to the Pool Receivables, the Related Security and the Collections with respect thereto. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. 

(c) The Seller authorizes the Administrative Agent to take any and all steps in the Seller’s name and on behalf of the Seller that
are necessary or desirable, in the determination of the Administrative Agent, to collect amounts due under the Pool Receivables, including, without limitation, endorsing the Seller’s name on checks and other instruments representing Collections
of Pool Receivables and enforcing the Pool Receivables and the Related Security. 
 SECTION 4.06. Covenants of the Collection
Agent and the Seller. 
 (a) Audits. The Collection Agent and the Seller will, and will require that the Originator
will, from time to time during regular business hours as may be reasonably requested by the Administrative Agent, permit the Administrative Agent: 
 (i) to conduct periodic audits of the Receivables, the Related Security and the related books and records and collections systems of the Collection Agent, the Seller and the Originator; 

(ii) upon reasonable prior notice, to examine and make copies of and abstracts from all books, records and documents
(including, without limitation, computer tapes and disks) in the possession or under the control of the Collection Agent, the Seller or the Originator relating to Pool Receivables and the Related Security, including, without limitation, the
Contracts; and 
 (iii) upon reasonable prior notice, to visit the offices and properties of the Collection
Agent, the Seller or the Originator for the purpose of examining such materials described in clause (ii) above, and to discuss matters relating to Pool Receivables and the Related Security or the Collection Agent’s performance hereunder
with any of the officers or employees of the Collection Agent, the Seller or the Originator having knowledge of such matters; provided that, unless an Event of Termination or Incipient Event of Termination have occurred and be continuing,
neither the Seller nor the Collection Agent shall be required to permit the Administrative Agent to conduct any of the actions contained in this Section 4.06(a) more often than once every twelve months. 

  
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 Upon the Administrative Agent’s or any Purchaser Agent’s request (which, at any time prior to the
occurrence of an Event of Termination or any Incipient Event of Termination shall be no more frequent than once every twelve months), the Seller will, at its expense, appoint independent public accountants (which may, with the consent of the
Administrative Agent and the Purchaser Agents, be United Rentals’ regular independent public accountants), or utilize the Administrative Agent’s representatives or auditors, to prepare and deliver to the Administrative Agent a written
report with respect to the Receivables and the Credit and Collection Policy (including, in each case, the systems, procedures and records relating thereto) on a scope and in a form reasonably requested by the Administrative Agent. 

(b) Change in Credit and Collection Policy. The Collection Agent will not make any change in the character of its business or
Credit and Collection Policy or any Contract that would impair the collectibility of any Pool Receivable or the enforceability of any related Contract or the ability of United Rentals (if it is acting as Collection Agent) to perform its obligations
under this Agreement. 
 (c) Payment of Sales Taxes. The Collection Agent will, and will require in its agreement with
the Originator that the Originator will, pay all sales, excise or other taxes with respect to the Receivables to the applicable taxing authority when due, and will, upon the request of the Administrative Agent or any Purchaser Agent, provide the
Administrative Agent or such Purchaser Agent with evidence of such payment. 
 (d) Termination of Credit Agreement. The
Collection Agent shall notify the Administrative Agent and each Purchaser Agent of the termination of the Credit Agreement by the lenders thereunder as soon as reasonably practicable, but in any event within one (1) Business Day of the earlier
of receipt by the Collection Agent or the Originator of notice of such termination and the effectiveness of such termination. 

SECTION 4.07. Indemnities by the Collection Agent. 
 Without limiting any other rights that the Administrative Agent, each Purchaser Agent, any Investor, any Bank or any of their respective Affiliates or agents (each, a “Special Indemnified
Party”) may have hereunder or under applicable law, and in consideration of its appointment as Collection Agent, the Collection Agent hereby agrees to indemnify each Special Indemnified Party from and against any and all claims, damages,
costs, expenses, losses and liabilities (including reasonable and documented attorneys’ fees for a single firm of primary counsel; provided, that in the event a Purchaser Agent and the related Bank notifies the Seller that it reasonably
believes a conflict may arise between the positions of the Special Indemnified Parties in connection with any such claims, damages, costs, expenses, losses or liabilities, reasonable and documented attorneys’ fees for separate counsel for such
Purchaser Agent shall be included) (all of the foregoing being collectively referred to as “Special Indemnified Amounts”) arising out of or resulting from any of the following (excluding, however, (a) Special

  
 21 

 
Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of a Special Indemnified Party, (b) recourse for uncollectible Receivables or (c) any
income taxes or any other tax or fee measured by income incurred by such Special Indemnified Party arising out of or as a result of this Agreement or the ownership of Receivable Interests or in respect of any Receivable or any Contract): 

(i) any representation or warranty or statement made by the Collection Agent under or in connection with this Agreement or
the Transaction Documents that shall have been incorrect in any material respect when made or deemed made; 

(ii) the failure by the Collection Agent or the Originator to comply with any applicable law, rule or regulation with
respect to any Pool Receivable or Contract, including payment of all unpaid sales, excise or other taxes when due; 
 (iii) any failure of the Collection Agent to perform its duties or obligations in accordance with the provisions of this Agreement; 

(iv) the commingling of Collections of Pool Receivables at any time by the Collection Agent with other funds; 

(v) any action or omission by the Collection Agent not in compliance with its Credit and Collection Policy that has the
effect of reducing or impairing the rights of the Investors or the Banks with respect to any Pool Receivable or the value of any Pool Receivable; 
 (vi) any claim brought by any Person other than a Special Indemnified Party arising from any activity by the Collection Agent or its Affiliates in servicing, administering or collecting any Pool
Receivable; or 
 (vii) any dispute, claim, offset or defense of the Obligor to the payment of any Receivable in,
or purporting to be in, the Receivables Pool as a result of the collection activities with respect to such Receivable by the Collection Agent. 
 SECTION 4.08. Representations and Warranties of the Collection Agent. 
 The
Collection Agent represents and warrants as follows: 
 (a) The Collection Agent is a corporation duly incorporated, validly
existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified, except where the
failure to so qualify would not be expected to have a material adverse effect on the Collection Agent’s ability to perform its duties or obligations with respect to the Receivables Pool or on the Receivables Pool. 

(b) The execution, delivery and performance by the Collection Agent of this Agreement and any other Transaction Document to be delivered
by it (i) are within the Collection Agent’s corporate powers, (ii) have been duly authorized by all necessary corporate action and (iii) do not contravene (1) the Collection Agent’s charter or by-laws, (2) any law,
rule or regulation applicable to the Collection Agent or (3) any contractual restriction binding on or affecting the Collection Agent or its property, the violation of which could reasonably be expected to have Material Adverse Effect on the
collectibility of any Pool Receivable or on the performance of the Collection Agent hereunder. This agreement has been duly executed and delivered by the Collection Agent. 

  
 22 

 (c) No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required for the due execution, delivery and performance by the Collection Agent of this Agreement or any other document to be delivered by it hereunder other than those already obtained by the Collection
Agent. 
 (d) This Agreement constitutes the legal, valid and binding obligation of the Collection Agent enforceable against the
Collection Agent in accordance with its terms subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law). 
 (e) If the Collection Agent is United Rentals or one of its Affiliates,
each Monthly Report, Weekly Report, Daily Report, information, exhibit, financial statement, document, book, record or report furnished or to be furnished at any time by or on behalf of United Rentals to the Administrative Agent, the Purchaser
Agents, the Investors or the Banks in connection with this Agreement is correct in all material respects as of its date or (except as otherwise disclosed to the Administrative Agent, the Purchaser Agents, the Investors or the Banks, as the case may
be, at such time promptly upon discovery of any clerical error or omission within the same calendar month) as of the date so furnished, and, as of such date, no such document contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. 
 (f) All sales, excise or other taxes with respect to the goods, insurance or services that are the subject of any Contract for a Receivable have been paid when due. 

ARTICLE V 
 THE
ADMINISTRATIVE AGENT 
 SECTION 5.01. Authorization and Action. 

Each Investor and each Bank hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with such powers as are reasonably incidental thereto. Upon receipt of any report, notice, information or other document,
certificate or instrument delivered by the Collection Agent or any Affiliate pursuant to the terms of the Transaction Documents, the Administrative Agent shall promptly forward a copy to each Purchaser Agent (unless the terms of the applicable
Transaction Document require the Collection Agent or such Affiliate to forward a copy to each Purchaser Agent). 

  
 23 

 SECTION 5.02. 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 them as Administrative Agent under or in connection with this Agreement (including, without limitation, the Administrative Agent’s servicing, administering or collecting Pool Receivables as Collection Agent), except for its or
their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) may consult with legal counsel (including counsel for the Seller, the Originator or the Collection Agent), independent certified
public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; 

(b) makes no warranty or representation to any Investor or Bank (whether written or oral) and shall not be responsible to any Investor or
Bank for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; 

(c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of
this Agreement on the part of the Seller, the Originator or the Collection Agent or to inspect the property (including the books and records) of the Seller or the Collection Agent; 

(d) shall not be responsible to any Investor or Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency
or value of this Agreement or any other instrument or document furnished pursuant hereto; and 
 (e) shall incur no liability
under or in respect of this Agreement by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by telecopier or telex) believed by it to be genuine and signed or sent by the proper
party or parties. 
 SECTION 5.03. Indemnification of Administrative Agent. 

Each Bank agrees to indemnify the Administrative Agent, solely in its capacity as Administrative Agent (to the extent not reimbursed by or
on behalf of the Seller), ratably according to its respective Bank Commitment, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or the other transactions related hereto or any action taken or omitted by the Administrative Agent
under this Agreement or the other transaction related hereto, provided that no Bank shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Administrative Agent’s gross negligence or willful misconduct. 

  
 24 

 SECTION 5.04. Scotia Capital and Affiliates. 

With respect to any Receivable Interest or interest therein owned by it, Scotia Capital shall have the same rights and powers under this
Agreement as any Bank and may exercise the same as though it were not Administrative Agent. Scotia Capital and any of its Affiliates may generally engage in any kind of business with the Seller, the Collection Agent, the Originator or any Obligor,
any of their respective Affiliates and any Person who may do business with or own securities of the Seller, the Collection Agent, the Originator or any Obligor or any of their respective Affiliates, all as if Scotia Capital were not the
Administrative Agent and without any duty to account therefor to the Investors or the Banks. 
 SECTION 5.05. Bank’s
Purchase Decision. 
 Each Bank acknowledges that it has, independently and without reliance upon the Administrative Agent,
any of its Affiliates or any other Bank and based on such documents and information as they have deemed appropriate, made their own evaluation and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and
without reliance upon the Administrative Agent, any of their Affiliates or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under
this Agreement. 
 SECTION 5.06. [Reserved] 

SECTION 5.07. Notice of Event of Termination. 

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

  
 25 

 ARTICLE VI 
 THE PURCHASER AGENTS 
 SECTION 6.01. Authorization. 

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

As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement of this Agreement), a
Purchaser Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the majority
of its related Banks, and such instructions shall be binding upon all of its related Investors and Banks; provided, however, that such Purchaser Agent shall not be required to take any action which exposes such Purchaser Agent to
personal liability or which is contrary to this Agreement or applicable law. 
 SECTION 6.02. Reliance by Purchaser
Agent. 
 No Purchaser Agent or any of its respective directors, officers, agents, representatives, employees,
attorneys-in-fact or Affiliates shall be liable for any action taken or omitted to be taken by it or them (in their capacity as or on behalf of such Purchaser Agent) under or in connection with this Agreement, except for its or their own gross
negligence or willful misconduct. Without limitation of the generality of the foregoing, a Purchaser Agent: 
 (a) may consult
with legal counsel, independent certified public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or
experts; 

  
 26 

 (b) makes no warranty or representation to the Administrative Agent, any other Purchaser
Agent, any Investor or Bank (whether written or oral) and shall not be responsible to the Administrative Agent, any other Purchaser Agent, any Investor or Bank for any statements, warranties or representations (whether written or oral) made in or in
connection with this Agreement; 
 (c) shall not have any duty to ascertain or to inquire as to the performance or observance of
any of the terms, covenants or conditions of this Agreement or any other Transaction Document on the part of the Seller, the Originator, the Banks or the Collection Agent or to inspect the property (including the books and records) of the Seller,
the Originator, the Banks or the Collection Agent; 
 (d) shall not be responsible to the Administrative Agent, any other
Purchaser Agent, any Investor or Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and 

(e) shall incur no liability under or in respect of this Agreement by acting upon any notice (including notice by telephone), consent,
certificate or other instrument or writing (which may be by telecopier or telex) believed by it to be genuine and signed or sent by the proper party or parties. 
 SECTION 6.03. Agent and Affiliates. 
 With respect to any Receivable
Interest or interest therein owned by a Purchaser Agent, such Purchaser Agent shall have the same rights and powers under this Agreement as would any Bank and may exercise the same as though it were not a Purchaser Agent. A Purchaser Agent and its
respective Affiliates may generally engage in any kind of business with the Seller, the Collection Agent, the Banks, the Originator or any Obligor, any of their respective Affiliates and any Person who may do business with or own securities of the
Seller, the Collection Agent, the Banks, the Originator or any Obligor or any of their respective Affiliates, all as if such Purchaser Agent were not a Purchaser Agent and without any duty to account therefor to the Investors or the Banks. If any
Purchaser Agent is removed as a Purchaser Agent, such removal will not affect the rights and interests of such Purchaser Agent as a Bank. 
 SECTION 6.04. Notices. 
 A Purchaser Agent shall give each of its related
Investors and Banks prompt notice of each written notice received by it from the Seller or the Administrative Agent pursuant to the terms of this Agreement. 
 SECTION 6.05. Bank’s Purchase Decision. 
 Each Bank acknowledges that
it has, independently and without reliance upon any Purchaser Agent, any of its Affiliates or any other Bank and based on such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into this Agreement.
Each Bank also acknowledges that it will, independently and without reliance upon any Purchaser Agent, any of its Affiliates or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its
own decisions in taking or not taking action under this Agreement. 

  
 27 

 ARTICLE VII 
 MISCELLANEOUS 
 SECTION 7.01. Amendments, Etc. 

Subject to the waiver provisions set forth in Section 2.02, no amendment or waiver of any provision of this Agreement and no
consent to any departure by the Seller or the Collection Agent therefrom shall be effective unless in a writing signed by the Administrative Agent, the Banks, and each of the Purchaser Agents, as agent for the related Purchaser, and, in the case of
any amendment, also signed by the Seller; provided, however, that no amendment shall, unless signed by the Collection Agent in addition to the Administrative Agent and the Purchaser Agents, affect the rights or duties of the Collection
Agent under this Agreement and provided further that any such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that, if required by
the securitization program documents governing any Purchaser’s commercial paper program, no such amendment shall be effective until each rating agency rating the Commercial Paper has received written notice of such amendment and, in the case of
material amendments, notified the related Purchaser Agent in writing that such action will not result in a reduction or withdrawal of the rating of any Commercial Paper. No failure on the part of the Investors, the Banks, the Administrative Agent or
the Purchaser Agents to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of
any other right. 
 SECTION 7.02. Notices, Etc. 
 All notices, demands, consents, requests, reports and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (which shall include electronic transmission), shall
be personally delivered, express couriered, electronically transmitted (in which case receipt shall be confirmed by telephone or return electronic transmission) or mailed by registered or certified mail and shall, unless otherwise expressly provided
herein, be effective when received at the address specified below for the listed parties or at such other address as shall be specified in a written notice furnished to the other parties hereunder. 

If to the Seller: 
 UNITED RENTALS RECEIVABLES LLC II 
 5 Greenwich Office Park

 Greenwich, CT 06830 
 Attention: Treasurer or Assistant Treasurer 
 Tel. No.:
(203) 618-7202 
 Facsimile No.: (203) 622-4325 

  
 28 

 If to the Collection Agent: 

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

Attention: Treasurer or Assistant Treasurer 

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

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

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

Facsimile No.: (212) 225-5290 
 If to the Market Street Purchaser Agent: 
 PNC BANK, NATIONAL
ASSOCIATION 
 Three PNC Plaza 

225 Fifth Avenue 
 Pittsburgh, Pennsylvania 15222 
 Attention: PNC Conduit Group

 Facsimile No.: (412) 762-9184 
 If to the Gotham Purchaser Agent: 
 THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD. 
 34 Exchange Place, Plaza III 5th Floor 

Jersey City, NJ 07311 
 Attention: John Donoghue 
 Facsimile
No.: (201) 369-2149 
 Email: securitization_reporting@us.mufg.jp 

With a copy to: 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
 1251 Avenue of the
Americas 
 New York, NY 10020 

Attention: The Securitization Group 

Facsimile No.: (212) 782-6448 

Emails: securitization_reporting@us.mufg.jp 

  vdusenbury@us.mufg.jp 

  
 29 

 If to a Purchaser: 

LIBERTY STREET FUNDING LLC 
 Global Securitization 
 445 Broad Hollow Rd. 

Melville, NY 11747 
 Tel. No.: (631) 587-4700 
 Facsimile No.: (212) 302-8767

 MARKET STREET FUNDING LLC 

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

 Attention: Doris J. Hearn 

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

 GOTHAM FUNDING CORPORATION 

c/o Global Securitization Services, LLC 

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

Facsimile No.: (212) 302-8767 

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

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

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

Facsimile No.: (212) 225-5290 

PNC BANK, NATIONAL ASSOCIATION 
 Three PNC Plaza 
 225 Fifth Avenue 

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

Emails: ralph.stahley@pnc.com 
               pncconduitgroup@pnc.com 

  
 30 

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH 

1251 Avenue of the Americas 
 New York, NY 10020 
 Attention: Nicolas Mounier / Van
Dusenbury / Ayaka Ishikawa 
 Tel. No.: (212) 782-5980 / (212) 782-6964 / (212) 782-6986

 Facsimile No.: (212) 782-6448 

Emails: securitization_reporting@us.mufg.jp 

  vdusenbury@us.mufg.jp 
 SECTION 7.03. Assignability. 
 (a) This Agreement and the Investors’
rights and obligations herein (including ownership of each Receivable Interest in the Pool Receivables) shall be assignable by participation or otherwise in whole or in part by the Investors and their successors and assigns with the prior written
consent of the Seller, which consent shall not be unreasonably withheld or delayed; provided, however, that the Seller’s consent shall not be required for any assignment or participation from an Investor pursuant to the terms of
its applicable liquidity agreement. Each assignor of a Receivable Interest in the Pool Receivables or any interest therein shall notify the applicable Purchaser Agent, the Administrative Agent and the Seller of any such assignment. Each assignor of
a Receivable Interest in the Pool Receivables may, in connection with the assignment or participation, disclose to the assignee or participant any information relating to the Seller or the Receivables that was furnished to such assignor by or on
behalf of the Seller or by the Administrative Agent and the related Purchaser Agent; provided that prior to any such disclosure, the assignee or participant agrees to preserve the confidentiality of any confidential information relating to
the Seller received by it from any of the foregoing entities on terms substantially similar to those set forth in Section 7.06. 
 (b) Each Bank may assign, with the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed, to any Eligible Assignee or to any other Bank all or a portion of its
rights and obligations under this Agreement (including, without limitation, all or a portion of its Bank Commitment and any Receivable Interests in the Pool Receivables or interests therein owned by it). The parties to each such assignment shall
execute and deliver to the Administrative Agent and the related Purchaser Agent an Assignment and Acceptance. In addition, Scotia Capital, PNC, BTMU or any of their respective Affiliates may assign any of their rights (including, without limitation,
rights to payment of Capital and Yield) under this Agreement to any Federal Reserve Bank without notice to or consent of the Seller, the Administrative Agent or the Purchaser Agent. 

(c) Subject to the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed, this Agreement and
the rights and obligations of each Purchaser Agent and the Administrative Agent herein shall be assignable by each Purchaser Agent and the Administrative Agent and its successors and assigns. 

  
 31 

 (d) Neither the Seller nor the Collection Agent may assign its rights or obligations
hereunder or any interest herein without the prior written consent of the Administrative Agent and each Purchaser Agent, which consent shall not be unreasonably withheld or delayed. 

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

(a) In addition to the rights of indemnification granted under Section 3.01 hereof, the Seller agrees to pay on demand all
reasonable and documented costs and expenses in connection with the preparation, execution, delivery and administration (including periodic auditing of Pool Receivables) of this Agreement, any asset purchase agreement or similar agreement relating
to the sale or transfer of interests in Receivable Interests in the Pool Receivables and the other documents and agreements to be delivered hereunder and thereunder, including, without limitation, the reasonable and documented fees and out-of-pocket
expenses of one firm of primary counsel for the Administrative Agent and the Purchaser Agents, the Purchasers, Scotia Capital, PNC and BTMU and their respective Affiliates and agents with respect thereto and with respect to advising the
Administrative Agent and the Purchaser Agents, the Purchasers, Scotia Capital, PNC and BTMU and their respective Affiliates and agents as to their rights and remedies under this Agreement, the fees of the Rating Agencies associated with reviewing
the Transaction Documents and providing the rating confirmations of each Purchaser’s Commercial Paper required in connection with the execution of this Agreement, and all costs and expenses, if any (including reasonable and documented
attorneys’ fees and expenses of one firm of primary counsel), of the Administrative Agent and the Purchaser Agents, the Investors, the Banks and their respective Affiliates and agents, in connection with the enforcement of this Agreement and
the other documents and agreements to be delivered hereunder. 
 (b) To the extent not otherwise included in the Investor Rate,
the Seller shall pay, promptly upon the receipt of an invoice, (i) any and all commissions of placement agents and commercial paper dealers in respect of commercial paper notes issued to fund the purchase or maintenance of any Receivable
Interest in the Pool Receivables, (ii) all reasonable costs and expenses of any issuing and paying agent or other Person responsible for the administration of the Purchasers’ commercial paper program in connection with the preparation,
completion, issuance, delivery or payment of commercial paper notes issued to fund the purchase or maintenance of any Receivable Interest in the Pool Receivables and (iii) any and all stamp and other taxes and fees payable in connection with
the execution, delivery, filing and recording of this Agreement or the other documents or agreements to be delivered hereunder. The Seller agrees to save each Indemnified Party harmless from and against any liabilities with respect to or resulting
from any delay by the Seller in paying or omission to pay such taxes and fees. 

  
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 (c) The Seller also shall pay on demand all other reasonable and documented costs, expenses
and taxes (excluding income taxes) incurred by a Purchaser or any stockholder or agent of a Purchaser (“Other Costs”), including the reasonable cost of administering the operations of such Purchaser, the reasonable cost of auditing
such Purchaser’s books by certified public accountants, the cost of rating such Purchaser’s commercial paper by independent financial Rating Agencies, the taxes (excluding income taxes) resulting from such Purchaser’s operations, and
the reasonable and documented fees and out-of-pocket expenses of counsel for any stockholder or agent of such Purchaser with respect to advising as to rights and remedies under this Agreement, the enforcement of this Agreement or advising as to
matters relating to such Purchaser’s operations; provided that the Seller and any other Persons who from time to time sell receivables or interests therein to a Purchaser (“Other Sellers”) each shall be liable for such
Other Costs ratably in accordance with such Person’s usage under its respective facility; and provided further that if such Other Costs are attributable to the Seller and not attributable to any Other Seller, the Seller shall be solely
liable for such Other Costs. 
 SECTION 7.05. No Proceedings. 

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

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

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

  
 33 

 SECTION 7.08. SUBMISSION TO JURISDICTION. 

ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE
COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION WITH RESPECT TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS THAT MAY
BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW. 
 SECTION 7.09. WAIVER OF JURY TRIAL. 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, THE PURCHASES OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. 

SECTION 7.10. Execution in Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by electronic mail attachment in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 SECTION 7.11. Survival of Termination. 

The provisions of Sections 1.08, 3.01, 4.07, 7.04, 7.05, 7.06, 7.13 and 7.14 shall
survive any termination of this Agreement. 

  
 34 

 SECTION 7.12. Severability. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

SECTION 7.13. Excess Funds. 
 A Purchaser shall not be obligated to pay any amount pursuant to this Agreement unless such Purchaser has excess cash flow from operations or has received funds with respect to such obligation that may be
used to make such payment and which funds or excess cash flow are not required to repay when due its Commercial Paper or other short-term funding backing its Commercial Paper. Any amount that such Purchaser does not pay pursuant to the operation of
the preceding sentence shall not constitute a claim, as defined in Section 101(5) of the Federal Bankruptcy Code, against such Purchaser for any insufficiency unless and until such Purchaser does have excess cash flow or excess funds.

 SECTION 7.14. No Recourse. 
 (a) The obligations of a Purchaser under this Agreement are solely the corporate or limited liability company obligations of such Purchaser. 

(b) No recourse shall be had for the payment of any amount owing by Liberty under this Agreement, or for the payment by Liberty of any
other obligation or claim of or against Liberty arising out of or based on this Agreement, against Global Securitization Services, LLC, a Delaware limited liability company (“Global”) or against any stockholder, employee, officer,
director or incorporator of Liberty. For purposes of this Section, the term “Global” shall mean and include Global and all affiliates thereof and any employee, officer, director, incorporator, stockholder or beneficial owner of any
of them; provided, however, that Liberty shall not be considered to be an affiliate of Global for purposes of this Section. 
 (c) No recourse shall be had for the payment of any amount owing by Gotham under this Agreement, or for the payment by Gotham of any other obligation or claim of or against Gotham arising out of or based
on this Agreement, against Global or against any stockholder, employee, officer, director or incorporator of Gotham. For purposes of this Section, the term “Global” shall mean and include Global and all affiliates thereof and any
employee, officer, director, incorporator, stockholder or beneficial owner of any of them; provided, however, that Gotham shall not be considered to be an affiliate of Global for purposes of this Section. 

(d) No recourse shall be had for the payment of any amount owing by Market Street under this Agreement, or for the payment by Market
Street of any other obligation or claim of or against Market Street arising out of or based on this Agreement, against AMACAR Group, L.L.C., a North Carolina limited liability company (“AMACAR”) or against any stockholder, employee,
officer, director or incorporator of AMACAR. For purposes of this Section, the term “AMACAR” shall mean and include AMACAR and all affiliates thereof and any employee, officer, director, incorporator, stockholder or beneficial owner
of any of them; provided, however, that Market Street shall not be considered to be an affiliate of AMACAR for purposes of this Section. 

  
 35 

 SECTION 7.15. Amendment and Restatement; Acknowledgement. 

(a) Each of the parties hereto acknowledges that the amendment and restatement of the Existing Agreement on the terms and conditions set
forth herein shall not in any way affect any sales, transfers, assignments or security interest grants effected pursuant to the Existing Agreement or any representations, warranties or covenants made by the Seller or the Collection Agent with
respect to such sales, transfers, assignments or security interest grants, any indemnities made by the Seller or by the Collection Agent, or any rights or remedies of the Administrative Agent, the Purchaser Agents, the Banks, the Purchasers or any
other Indemnified Party with respect thereto. Each of the parties hereto confirms all sales, transfers, assignments and security interests effected pursuant to the Existing Agreement. 

(b) The Seller hereby confirms and agrees that all Capital and all other obligations of the Seller outstanding under the Existing
Agreement immediately prior to the amendment and restatement thereof as contemplated hereby shall, unless and until paid, continue to remain outstanding under this Agreement. The Investors hereby acknowledge that, after giving effect to the
amendment and restatement of the Existing Agreement on the terms and conditions set forth herein, as a result of the revised Bank Commitments of each Bank, the aggregate outstanding Capital of each Investor as of the date hereof may either exceed or
be less than such Investor’s ratable share of the aggregate outstanding Capital of all Investors as of such time (based on the applicable Bank’s Percentage). Accordingly, each Investor which holds aggregate outstanding Capital in excess of
such Investor’s ratable share of the aggregate outstanding Capital of all Investors as of such time (based on the applicable Bank’s Percentage) shall transfer a Receivable Interest or Receivable Interests computed on the basis of such
excess Capital to an applicable Investor which holds aggregate outstanding Capital less than such Investor’s ratable share of the aggregate outstanding Capital of all Investors as of such time (based on the applicable Bank’s Percentage),
in exchange for a cash payment in an amount equal to the aggregate Capital of the Receivable Interests so transferred. 
 (c)
All Yield, fees and any other amounts payable by the Seller to the Investors, the Banks, the Administrative Agent or the Purchaser Agents which have accrued, but have not yet been paid, under the Existing Agreement shall remain outstanding hereunder
and shall be payable in accordance with the terms hereof and the Fee Agreements. 

  
 36 

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

							
	SELLER:	 		 	UNITED RENTALS RECEIVABLES LLC II
				
		 		 	By:	 	/s/ Irene Moshouris
		 		 		 	Name: Irene Moshouris
		 		 		 	Title: Vice President and Treasurer
			
	COLLECTION AGENT:	 		 	UNITED RENTALS, INC.
				
		 		 	By:	 	/s/ Irene Moshouris
		 		 		 	Name: Irene Moshouris
		 		 		 	Title: Senior Vice President and Treasurer

 Signature Page—Receivables Purchase Agreement 

							
	ADMINISTRATIVE AGENT:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ Norman Last
		 		 		 	Name: Norman Last
		 		 		 	Title: Managing Director
			
	PURCHASER:	 		 	LIBERTY STREET FUNDING LLC
				
		 		 	By:	 	/s/ Jill A. Russo
		 		 		 	Name: Jill A. Russo
		 		 		 	Title: Vice President
			
	PURCHASER AGENT:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ Norman Last
		 		 		 	Name: Norman Last
		 		 		 	Title: Managing Director

 Signature Page—Receivables Purchase Agreement 

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

 Signature Page—Receivables Purchase Agreement 

							
	PURCHASER:	 		 	GOTHAM FUNDING CORPORATION
				
		 		 	By:	 	/s/ Frank B. Bilotta
		 		 		 	Name: Frank B. Bilotta
		 		 		 	Title: Vice President
			
	PURCHASER AGENT:	 		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
				
		 		 	By:	 	/s/ Van Dusenbury
		 		 		 	Name: Van Dusenbury
		 		 		 	Title: Managing Director

 Signature Page—Receivables Purchase Agreement 

							
	BANKS:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ Norman Last
		 		 		 	Name: Norman Last
		 		 		 	Title: Managing Director
			
		 		 	Percentage: 52 12/19%
			
		 		 	PNC BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ William P. Falcon
		 		 		 	Name: William P. Falcon
		 		 		 	Title: Vice President
			
		 		 	Percentage: 31 11/19%
			
		 		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
				
		 		 	By:	 	/s/ A. Reiter
		 		 		 	Name: A. Reiter
		 		 		 	Title: Vice President
			
		 		 	Percentage: 15 15/19%

 Signature Page—Receivables Purchase Agreement 

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

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

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

  
 I-1

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

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

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

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

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

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

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

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

 

  
 I-2

 “Assignee Rate” for any Fixed Period for any Receivable Interest in the
Pool Receivables means an interest rate per annum equal to the applicable percentage per annum (set forth in the Fee Agreements) above the Eurodollar Rate (Reserve Adjusted) for such Fixed Period; provided, however, that in the case
of: 
 (a) any Fixed Period on or prior to the first day that an Investor or Bank shall have notified its Purchaser Agent that:

 (i) the introduction of or any change in or in the interpretation of any applicable law or regulation makes it
unlawful, or any central bank or other governmental authority asserts that it is unlawful, for such Investor or Bank to fund such Receivable Interest in the Pool Receivables at the rate set forth above (and such Investor or Bank shall not have
subsequently notified its Purchaser Agent that such circumstances no longer exist), 
 (ii) dollar deposits in
the relevant amounts and for the relevant Fixed Period are not available, 
 (iii) adequate and reasonable means
do not exist for ascertaining the Eurodollar Rate (Reserve Adjusted) for the relevant Fixed Period, or 
 (iv)
the Eurodollar Rate (Reserve Adjusted) determined pursuant hereto does not accurately reflect the cost to the Investors or the Banks (as conclusively determined by the related Purchaser Agent) of maintaining Receivable Interests during such Fixed
Period, 
 (b) any Fixed Period of one to and including 29 days (other than a Fixed Period that corresponds to the month of
February or that begins on a day in the month of February and runs to the numerically corresponding day of the following month), 
 (c) any Fixed Period as to which the related Purchaser Agent does not receive notice, by no later than 12:00 noon (New York City time) on the third Business Day preceding the first day of such Fixed
Period, that the related Receivable Interest will not be funded by issuance of commercial paper, or 
 (d) any Fixed Period for
a Receivable Interest the Capital of which allocated to the Investors or Banks is less than $500,000, 
 the “Assignee Rate”
for each such Fixed Period shall be an interest rate per annum equal to the Alternate Base Rate in effect on the first day of such Fixed Period; provided further that after the occurrence and during the continuation of an Event of
Termination, the “Assignee Rate” for each Fixed Period shall be an interest rate per annum equal to 2% plus the Alternate Base Rate in effect on the first day of such Fixed Period. 

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

  
 I-3

 “Banks” means each of Scotia Capital, PNC and BTMU and each respective
Eligible Assignee that shall become a party to the Agreement pursuant to Section 7.03. 
 “Broken Funding
Costs” means for any Receivable Interest that is assigned or terminated prior to the date on which it was originally scheduled to end, an amount equal to the excess, if any, of (A) the Yield that would have accrued during the remainder
of the tranche periods for Commercial Paper determined by the applicable Purchaser Agent to relate to such Receivable Interest (as applicable) subsequent to the date of such reduction, assignment or termination of the Outstanding Balance of such
Receivable Interest if such reduction, assignment or termination had not occurred, over (B) the sum of (x) to the extent all or a portion of such Outstanding Balance is allocated to another Receivable Interest, the amount of Yield actually
accrued during the remainder of such period on such Outstanding Balance for the new Receivable Interest, and (y) to the extent such Outstanding Balance is not allocated to another Receivable Interest, the income, if any, actually received
during the remainder of such period by the holder of such Receivable Interest from investing the portion of such Outstanding Balance not so allocated. In the event that the amount referred to in clause (B) exceeds the amount referred to in
clause (A), the relevant Purchaser or Purchasers agree to pay to the Seller the amount of such excess. 

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

“BTMU Fee Agreement” means the separate fee agreement, dated on or about the date hereof, pertaining to fees among the
Seller and BTMU as Gotham Purchaser Agent, as the same may be amended or restated from time to time. 
 “Business
Day” means any day (other than a Saturday or Sunday) that (a) banks are not authorized or required to close in New York City and (b) if this definition of “Business Day” is utilized in connection with the
Eurodollar Rate, dealings are carried out in the London interbank market. 
 “Capital” of each Receivable
Interest in the Pool Receivables means the original amount paid to the Seller for such Receivable Interest in the Pool Receivables at the time of its purchase by a Purchaser or a Bank pursuant to the Agreement, or such amount divided or combined in
accordance with Section 1.07, in each case reduced from time to time by Collections distributed on account of such Capital pursuant to Section 1.04(d) or Section 1.04(h) of the Agreement; provided that if
such Capital shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned
distribution, as though it had not been made. 

  
 I-4

 “Change of Control” means (a) any Person or group of Persons (within
the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, but in the case of the Company, excluding United Rentals) shall acquire beneficial ownership (within the meaning of Rules 13d-3 and 13d-5 promulgated under the
Securities Exchange Act of 1934) of 50% or more of the total voting stock of United Rentals; (b) during any two-year period, individuals who at the beginning of such period constituted United Rentals Board of Directors (together with any new
directors whose election by United Rentals Board of Directors or whose nomination for election by United Rentals shareholders was approved by a vote of the majority of directors then still in office who either were directors at beginning of such
period or whose election or nomination was previously so approved) cease for any reason to constitute a majority of the Board of Directors of United Rentals; (c) any “Change of Control” or similar event, however denominated,
shall occur under, and as defined in, the Credit Agreement; or (d) the Seller shall cease to be a direct or indirect, wholly owned Subsidiary of United Rentals; provided, however, that any Originator or any Subsidiary of an
Originator, in each case excluding the Seller, may be merged or amalgamated with or into any other Originator or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of (each, an
“Affiliate Transfer”), in one transaction or a series of transactions, to any other such Originator (and, subsequent to such Affiliate Transfer, to liquidate, wind-up or dissolve the transferring Originator if such Originator holds
no remaining assets and any outstanding obligations hereunder have been assumed by the transferee). 

“Collateral” means each Receivable and the Related Security and Collections with respect to, and other proceeds of, such
Receivable and Related Security and the collateral security referred to in Section 1.09 of the Agreement. 

“Collection Account” means any joint deposit accounts, lock-box account or any account into which credit card
collections are deposited, which the Seller maintains with the Qualified Intermediary for the purpose of receiving Collections. 

“Collection Agent” means at any time the Person then authorized pursuant to Article IV to service,
administer and collect Pool Receivables. 
 “Collection Agent Default” has the meaning specified in Exhibit
VI hereto. 
 “Collection Agent Fee” has the meaning specified in Section 1.05(a). 

“Collection Agent Fee Reserve” for any Receivable Interest in the Pool Receivables at any time means the sum of
(a) the unpaid Collection Agent Fee relating to such Receivable Interest in the Pool Receivables accrued to such time, plus (b) an amount equal to the product of (i) the Capital of such Receivable Interest in the Pool Receivables on
such date, (ii) the percentage per annum at which the Collection Agent Fee is accruing on such date, (iii) a stress factor of 2.25 and (iv) a fraction having the Days Sales Outstanding as its numerator and 360 as its denominator.

  
 I-5

 “Collections” means, with respect to any Receivable, (a) all funds
that are received by the Seller or the Collection Agent in payment of any amounts owed in respect of such Receivable (including, without limitation, purchase price, finance charges, interest and all other charges), or applied to amounts owed in
respect of such Receivable (including, without limitation, insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other party directly or indirectly
liable for the payment of such Receivable and available to be applied thereon), (b) all Collections deemed to have been received pursuant to Section 1.04 and (c) all other proceeds of such Receivable. 

“Commercial Paper” means promissory notes of a Purchaser issued by such Purchaser in the commercial paper market.

 “Commitment Termination Date” means the earliest of (a) September 23, 2013 (or the date so extended, or
otherwise modified in a written agreement pursuant to Section 1.13) (b) the Facility Termination Date, (c) the date determined pursuant to Section 2.02, and (d) the date the Purchase Limit reduces to zero.

 “Concentration Percentage” for any Obligor means at any time 2%; provided that in the case of an
Obligor with any Affiliated Obligor, the Concentration Percentage shall be calculated, to the extent practicable, as if such Obligor and such Affiliated Obligor are one Obligor. 

“Contract” means with respect to any Receivable, an agreement between the Originator and any Obligor, pursuant to or
under which such Obligor shall be obligated to pay for goods or services from time to time. 
 “Controlled
Account” means a deposit account maintained at the Controlled Account Bank for the purpose of receiving deposited Collections. 
 “Controlled Account Agreement” means an agreement between the Administrative Agent, United Rentals, the Seller and each Controlled Account Bank reasonably acceptable to the Administrative
Agent; provided that the Controlled Account Agreements entered into (and as amended) on or prior to the date hereof shall be deemed to be reasonably acceptable to the Administrative Agent. 

“Controlled Account Bank” means the bank or other financial institution holding the Controlled Account. 

“Credit Agreement” means the Amended and Restated Credit Agreement, dated as of October 14, 2011, by and among the
financial institutions named therein, as the Lenders, Bank of America, N.A., as Agent, U.S. Swingline Lender and U.S. Letter of Credit Issuer, Bank of America, N.A. (acting through its Canada Branch), as Canadian Swingline Lender and Canadian Letter
of Credit Issuer, Wells Fargo Capital Finance, LLC, as the Syndication Agent, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents, United Rentals (North America), Inc. and certain of its Subsidiaries, as
the U.S. Borrowers, United Rentals, Inc. and certain of its Subsidiaries, as the Guarantors, United Rentals of Canada, Inc., as the Canadian Borrower, United Rentals Financing Limited Partnership, as the Specified Loan Borrower, and Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Wells Fargo Capital Finance, LLC, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc., as the Joint Lead Arrangers and the Joint Book Runners, as amended on December 16, 2011 and
to which the Originator acceded pursuant to that certain Accession Agreement, dated as of April 30, 2012, and as the same may, from time to time, be amended, waived, modified, supplemented or replaced but only to the extent that the Purchaser
Agents approve such amendment, waiver, modification or supplement for the purposes of incorporation of such amendment, waiver, modification, supplement or replacement herein. 

  
 I-6

 “Credit and Collection Policy” means those receivables credit and
collection policies and practices of the Seller in effect on the date of the Agreement and described in Annex C hereto, as modified in compliance with the Agreement. 

“Daily Report” means a report, in substantially the form of Annex G-2 hereto, furnished by the Collection Agent
to the Administrative Agent and to each Purchaser Agent as required pursuant to Article IV of the Agreement. 

“Daily Report Trigger Event” means that the Senior Secured Leverage Ratio is greater than 2 to 1 on any day. 

“Days Sales Outstanding” means the product of (a) the number of days in the month most recently ended and
(b) the amount obtained by dividing (i) the Outstanding Balance of Pool Receivables for such month by (ii) the aggregate dollar amount of Receivables created for such month. 

“Debt” has the meaning specified in the Credit Agreement. 

“Default Ratio” means the percentage equivalent of a fraction, computed as of the last day of each calendar month,
obtained by dividing (a) the aggregate Outstanding Balance of all Pool Receivables that were Defaulted Receivables on the last day of each such month or that would have been Defaulted Receivables on such day had they not been written off the
books of the Originator or the Seller during such month by (b) the aggregate Outstanding Balance of all Pool Receivables on such day. 
 “Defaulted Receivable” means a Receivable: 
 (a) as to which any
payment or part thereof remains unpaid for 151 or more days after the Invoice Date for such payment (or, in the case of Extended Term Receivables, as to which any payment or part thereof remains unpaid for 211 or more days after the Invoice Date for
such payment); 
 (b) as to which the Obligor thereof or any other Person obligated thereon or owning any Related Security in
respect thereof has taken any action, or suffered any event to occur, of the type described in paragraph (g) of Exhibit V; or 
 (c) that, consistent with the Credit and Collection Policy, would be written off as uncollectible. 
 “Deferred Purchase Price” has the meaning specified in the Purchase Agreement. 

  
 I-7

 “Delinquency Ratio” means the percentage equivalent of a fraction, computed
as of the last day of each calendar month, obtained by dividing (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables as of the last day of such month by (b) the aggregate Outstanding Balance of all
Receivables on such day. 
 “Delinquent Receivable” means a Pool Receivable that is not a Defaulted Receivable
and: 
 (a) as to which any payment, or part thereof, remains unpaid for 121 days or more after the Invoice Date for such
payment (or, in the case of Extended Term Receivables, as to which any payment or part thereof remains unpaid for 181 days or more after the Invoice Date for such payment); and 

(b) that, consistent with the Credit and Collection Policy, would be classified as delinquent. 

“Designated Obligor” means, at any time, each Obligor; provided, however, that any Obligor shall cease to
be a Designated Obligor upon notice by the Administrative Agent to the Seller. 
 “Dilution” means, with
respect to any Pool Receivable, the aggregate amount of any reductions or adjustments in the Outstanding Balance of such Receivable as a result of any defective, rejected, returned, repossessed or foreclosed goods or services or any rebate, sales
allowance, cash discount or other adjustment or setoff. 
 “Dilution Ratio” means for any month, the percentage
equivalent of a fraction, the numerator of which is equal to the dollar amount of Dilutions occurring during such month, and the denominator of which is equal to the aggregate Outstanding Balance of all Receivables as of the last day of such month.

 “Dilution Reserve” for any Receivable Interest at any time means an amount equal to (a) the Net
Receivables Pool Balance on such date multiplied by (b) the Dilution Reserve Percentage at such time. 
 “Dilution
Reserve Percentage” means for any Receivable Interest at any time an amount equal to: 
 [(Stress Factor x Expected
Dilution Ratio) + (Dilution Volatility)] 
 multiplied by the Dilution Horizon Ratio 

Where: 
 Stress Factor = 2.25

 Expected Dilution Ratio = the twelve month rolling average of the Reserve Dilution Ratio 

Dilution Volatility = (Dilution Spike—Expected Dilution Ratio) x (Dilution Spike divided by Expected Dilution Ratio) 

  
 I-8

 Dilution Spike = the highest Reserve Dilution Ratio as of the last day of each of the twelve
months immediately preceding such day 
 Dilution Horizon Ratio = the aggregate amount of newly generated Receivables during the
most recent two months divided by the Net Receivables Pool Balance as of the last day of the most recent month. 

“Eligible Assignee” means (a) with respect to Scotia Capital, (i) Scotia Capital or any of its Affiliates or
(ii) any other Person the short term debt of which is rated A-1 by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents, (b) with respect to PNC,
(i) PNC or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents
and (c) with respect to BTMU, (i) BTMU or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is
otherwise acceptable to the Purchaser Agents. 
 “Eligible Extended Term Receivable” means any Eligible
Receivable that is an Extended Term Receivable that is less than 181 days past its Invoice Date. 
 “Eligible
Receivable” means, at the relevant time of determination, a Receivable or an ENB Receivable, as applicable: 
 (a) the
Obligor of which (i) if a natural person, is a resident of the United States or, if a corporation or other business organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive
office in the United States; and (ii) is not an Affiliate of the Originator or the Seller; 
 (b) the Obligor of which has
not taken any action, or suffered any event to occur, of the type described in paragraph (g) of Exhibit V; 

(c) the Obligor of which, at the time of the initial creation of an interest therein under the Agreement, is a Designated Obligor;

 (d) that is not a Defaulted Receivable or a Delinquent Receivable or from a “6661 account” or a “7771
account”; 
 (e) that, according to the Contract related thereto, is required to be paid in full within 30 days of the
original billing date therefor (or with respect to an ENB Receivable or Extended Term Receivable, in accordance with the payment terms of the related Contract); 
 (f) that is an “account” within the meaning of the UCC (or, with respect to an ENB Receivable, an account or payment intangible) of the applicable jurisdictions governing the perfection
of the interest created by a Receivable Interest; 
 (g) that is denominated and payable in United States dollars in the United
States; 

  
 I-9

 (h) that arises under a Contract that: 

(i) does not require the Obligor thereunder to consent to the transfer, sale or assignment of the rights and duties of the
Seller or the Originator thereunder; 
 (ii) is substantially in the form of contract or the form of invoice (in
the case of any open account agreement) previously approved by the Purchaser Agents; 
 (iii) together with such
Receivable, is in full force and effect, constitutes the legal, valid and binding obligation of the Obligor of such Receivable to pay a determinable amount and is not subject to any dispute, offset, counterclaim or defense whatsoever (except the
potential discharge in bankruptcy of such Obligor) and for which neither the Originator thereof, the Seller nor the Collection Agent has established any offset arrangements with the related Obligor; and 

(iv) does not contain a confidentiality provision that purports to restrict the ability of the Investors, the Banks or
their assignees to exercise their rights under the Agreement, including, without limitation, their right to review the Contract; 

(i) that, 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 relating to usury, consumer protection, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and
privacy) and with respect to which none of the Seller, the Originator or the Obligor is in violation of any such law, rule or regulation in any material respect; 
 (j) in which the Seller owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable by the Seller; 

(k) that satisfies all applicable requirements of the Credit and Collection Policy; 

(l) as to which, at or prior to the time of the initial creation of an interest therein under the Agreement, the Administrative Agent or
the Purchaser Agents has not notified the Seller that the Receivables of a particular Obligor are not acceptable for purchase by a Purchaser or the Banks hereunder; 
 (m) the Obligor of which has been directed to make all payments to a Collection Account and within one Business Day the Collection Agent has transferred all such payments to the Controlled Account except
to the extent otherwise permitted by the provisions of Section 1.04(a) hereof; 
 (n) for which the Investors shall
have a valid and enforceable undivided percentage ownership or security interest, to the extent of the Receivable Interest, and a valid and enforceable first priority perfected security interest therein and in the Related Security and Collections
with respect thereto, in each case free and clear of any Adverse Claim; 

  
 I-10

 (o) that does not represent proceeds of the lease or provision of equipment that has been
leased to the Originator by a lessor (i) that has not released in writing any lien that it may have on Receivables generated by the lease or provision of such equipment or (ii) with respect to which a proper financing statement (Form
UCC-3) amending any financing statement known to the Collection Agent, the Originator or the Seller relating to such lien (in order to exclude such Receivable from the collateral description therein) has not been filed in the appropriate filing
office in accordance with the terms of such release; 
 (p) that was not originated by any branch or division of the Originator
that was acquired by such Originator after the date hereof, unless (i) such branch or division has been fully integrated into the existing accounts receivable platform of the Collection Agent (the “WYNNE System”), and new
receivables generated are generated in accordance with the Collection Agent’s established credit and collection policy, and (ii) a Collection Account has been established or exists into which payments on such receivables will be made;

 (q) that following the occurrence of an Event of Termination, is not a Receivable, the Obligor of which is a Government
Obligor, unless the Federal Assignment of Claims Act and each similar applicable law is being fully complied with in respect of the Receivables owed by such Obligor; 
 (r) the transfer, sale or assignment of which does not contravene any applicable law, rule or regulation; 
 (s) solely with respect to ENB Receivables, the ENB Receivable Conditions are satisfied; and 
 (t) that is not an Equipment Sale Receivable. 
 “ENB Receivable”
means the U.S. dollar denominated indebtedness of any Obligor resulting from the provision or sale of goods or services (including, without limitation, the lease or rental of goods) to such Obligor by the Originator under a Contract generated by the
Originator in the ordinary course of its business for which all actions required to be performed by the Originator have been performed (except for the presentment by the Originator of an invoice to the Obligor), and includes the right to payment of
any sales tax, interest or finance charges and other obligations of such Obligor with respect thereto, which Receivable has been acquired or purported to be acquired by the Seller by purchase or by capital contribution pursuant to the Purchase
Agreement. 
 “ENB Receivable Conditions” means with respect to an ENB Receivable being treated as an Eligible
Receivable, the satisfaction of the following conditions: (a) the Senior Secured Leverage Ratio shall not exceed 1.25 to 1.0; or (b) the Collection Agent maintains at least $50,000,000 in availability under the Credit Agreement.

 “Equipment Sale Receivable” means any receivable or other indebtedness owing to the Originator, that but for
the proviso to the definition of “Receivable” would constitute a Receivable hereunder, in respect of the sale of tangible personal property which such Originator uses productively in its trade or business or holds for investment, unless
such property is ineligible to become Relinquished Property (as such term is defined in the Master Exchange Agreement). 

  
 I-11

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

“Eurodollar Rate (Reserve Adjusted)” for any Investor or Bank for any Fixed Period means the rate (expressed as a
decimal rounded upwards, if necessary, to the nearest one hundredth of a percentage point) determined pursuant to the following formula: 
  

					
	Eurodollar Rate (Reserve Adjusted) = 	  	Eurodollar Rate	  	
		  	  
	  	
		  	1—Eurodollar Reserve Percentage	  	

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

  
 I-12

 “Event of Termination” has the meaning specified in Exhibit V.

 “Existing Agreement” has the meaning as set forth in the preamble to this Agreement. 

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

“Fixed Period” means with respect to any Receivable Interest in the Pool Receivables: 

  
 I-13

 (a) initially the period commencing on the date of purchase of such Receivable Interest and
ending on the last day of the same calendar month as such date of purchase, or such other number of days as the Seller shall select and the related Purchaser Agent shall approve pursuant to Section 1.02, up to 31 days from such date; and

 (b) thereafter (i) a period of one month commencing on the last day of the immediately preceding Fixed Period for such
Receivable Interest or (ii) such other period commencing on the last day of the immediately preceding Fixed Period for such Receivable Interest and ending such number of days (not to exceed 31 days) as the Seller shall select and the related
Purchaser Agent shall approve on notice by the Seller received by the related Purchaser Agent (including notice by telephone, confirmed in writing) not later than 11:00 A.M. (New York City time) on such last day; 

provided that 
 (i) the Fixed Period with respect to Pooled Commercial Paper shall be the immediately preceding calendar month; 
 (ii) any Fixed Period in respect of which Yield is computed by reference to the Assignee Rate shall be a period from one to and including 29 days, or a period of one month, as the Seller may select as
provided above; 
 (iii) any Fixed Period (other than of one day) that would otherwise end on a day that is not a
Business Day shall be extended to the next succeeding Business Day (provided, however, that if Yield in respect of such Fixed Period is calculated by reference to the Eurodollar Rate, and such Fixed Period would otherwise end on a day
that is not a Business Day, and there is no subsequent Business Day in the same calendar month as such day, such Fixed Period shall end on the next preceding Business Day); 

(iv) in the case of any Fixed Period of one day, (x) if such Fixed Period is the initial Fixed Period for a
Receivable Interest in the Pool Receivables, such Fixed Period shall be the day of purchase of such Receivable Interest in the Pool Receivables; (y) any subsequently occurring Fixed Period that is one day shall, if the immediately preceding
Fixed Period is more than one day, be the last day of such immediately preceding Fixed Period, and, if the immediately preceding Fixed Period is one day, be the day next following such immediately preceding Fixed Period; and (z) if such Fixed
Period occurs on a day immediately preceding a day that is not a Business Day, such Fixed Period shall be extended to the next succeeding Business Day; and 
 (v) in the case of any Fixed Period for any Receivable Interest in the Pool Receivables that commences before the Termination Date for such Receivable Interest and would otherwise end on a date occurring
after such Termination Date, such Fixed Period shall end on such Termination Date and the duration of each Fixed Period that commences on or after the Termination Date for such Receivable Interest shall be of such duration as shall be selected by
the related Purchaser Agent. 
 “Fixed Charge Coverage Ratio” has the meaning specified in the Credit
Agreement. 

  
 I-14

 “Former Deal Documents” means the Amended and Restated Receivables Purchase
Agreement, dated as of June 26, 2001, among the Seller, United Rentals, the issuers party thereto, the banks party thereto and Calyon New York Branch, as Agent, and the documents executed in connection therewith, and the Receivables Purchase
Agreement, dated as of June 17, 2003, by and among the Seller, the Collection Agent, the entities from time to time parties thereto as Conduit Investors, the entities from time to time parties thereto as Committed Investors, the entities from
time to time party hereto as agents for the Investor Groups, the entities from time to time parties thereto as Administrators and Deutsche Bank Securities, Inc., as the administrative agent. 

“Global” has the meaning specified in Section 7.14(b). 

“Gotham” has the meaning as set forth in the preamble to this Agreement. 

“Gotham Purchaser Agent” means BTMU and its successors and assigns. 

“Government Obligor” means an Obligor that is the United States federal government or governmental subdivision or agency
of the United States or a state government or governmental subdivision or agency thereof. 
 “Identifiable Combined
Assets” means amounts received in the Collection Accounts that the Collection Agent can identify as being received in respect of (i) the sale of equipment that has been leased to the Originator and is subject to the lien of the lessor
thereof, or (ii) Receivables that would, in accordance with the accounts receivable adjustment codes used by the Collection Agent, the Seller and the Originator on the date hereof, be identified on the general ledger thereof under account
receivable adjustment code “N/A.” 
 “Incipient Event of Termination” means an event that but for
notice or lapse of time or both would constitute an Event of Termination. 
 “Incremental Purchase” means a
purchase of one or more Receivable Interests which increases the total outstanding Capital hereunder. 
 “Indemnified
Amounts” has the meaning specified in Section 3.01 of the Agreement. 
 “Indemnified
Party” has the meaning specified in Section 3.01 of the Agreement. 
 “Investor” means
each of the Purchasers, Banks and all other owners by assignment or otherwise of a Receivable Interest or any interest therein and any Person that has entered into an agreement to purchase, undivided interests therein (each of which shall be an
Eligible Assignee). 

  
 I-15

 “Investor Rate” for any Fixed Period for any Receivable Interest means, to
the extent a Purchaser funds such Receivable Interest for such Fixed Period by issuing (a) commercial paper (other than Pooled Commercial Paper), the rate (or if more than one rate, the weighted average of the rates) at which commercial paper
notes of such Purchaser having a term equal to such Fixed Period and to be issued to fund such Receivable Interest may be sold by any placement agent or commercial paper dealer selected by the its Purchaser Agent on behalf of its Purchaser or
(b) Pooled Commercial Paper, the discount of interest accrued on such Pooled Commercial Paper, plus in either case all commissions of placement agents and commercial paper dealers with respect to such commercial paper notes as agreed between
each such agent or dealer and such Purchaser Agent and notice of which has been given by such Purchaser Agent to the Collection Agent; provided that if the rate (or rates) as agreed between any such agent or dealer and such Purchaser Agent
for any Fixed Period for any Receivable Interest is a discount rate (or rates), then such rate shall be the rate (or if more than one rate, the weighted average of the rates) resulting from converting such discount rate (or rates) to an
interest-bearing equivalent rate per annum. 
 “Invoice Date” means the date on which an invoice is sent to the
Obligor. 
 “Liberty” has the meaning as set forth in the preamble to this Agreement. 

“Liberty Purchaser Agent” means Scotia Capital and its successors and assigns. 

“Like-Kind Exchange” means, with respect to each Exchanger, each of a series of “exchanges”, as defined in
Sections 1.1031(k)-1(b)(i) and 1.1031(k)-1(b)(ii) of the Treasury Regulations, pursuant to this Agreement, as determined by each Exchanger, consisting of one or more transfers of Relinquished Property and one or more subsequent related acquisitions
of Replacement Property within the relevant Exchange Period that are of like-kind, as defined in Sections 1.1031(a)-1(b) and 1.1031(a)-2 of the Treasury Regulations and under the “safe harbors” section 4.01 of Rev. Proc 2003-39.
Capitalized terms used above but not defined herein are as defined in the Master Exchange Agreement. 
 “Like-Kind
Exchange Account” means an account or accounts established jointly with a Qualified Intermediary pursuant to and for the purpose of facilitating any Like-Kind Exchange that (1) qualifies within the definition of “Joint
Accounts” described in section 5.02 of Rev. Proc. 2003-39, (2) is used to receive Relinquished Property Proceeds and any Additional Subsidies from the Collection Accounts, and (3) used to provide such funds to pay off indebtedness
related to Relinquished Property Subject to Liabilities or to transfer to the Disbursement Accounts (to the extent of the funds in the Exchange Account, including any funds earned from the investment of funds held in the Exchange Account).
Capitalized terms used in this definition but not defined herein are as defined in the Master Exchange Agreement. 

“Liquidation Day” means, for any Receivable Interest, (a) each day during a Settlement Period for such Receivable
Interest in the Pool Receivables on which the conditions set forth in paragraph 2 of Exhibit II are not satisfied, and (b) each day that occurs on or after the Termination Date for such Receivable Interest in the Pool Receivables,
(c) each day after the occurrence of the Facility Termination Date, and (d) each day that an Event of Termination (not otherwise waived in accordance with the waiver provisions set forth in Section 2.02) occurs. 

“Liquidation Fee” means, for any Fixed Period during which a Liquidation Day occurs, the amount, if any, by which
(a) the additional Yield (calculated without taking into account any Liquidation Fee or any shortened duration of such Fixed Period pursuant to clause (iv) of the definition thereof) that would have accrued during such Fixed Period on the
reductions of Capital of the Receivable Interest relating to such Fixed Period had such reductions remained as Capital, exceeds (b) the income, if any, received by the Investors’ or Banks’ investing the proceeds of such reductions of
Capital. 

  
 I-16

 “Loss Horizon Ratio” means for any month the ratio determined by dividing:
(a) the sum of (i) the cumulative sales over the most recent three months, plus (ii) the product of (x) the cumulative sales over the fourth most recent month, times (y) 5%, by (b) the current
month’s Net Receivables Pool Balance. 
 “Loss Reserve” means, for any Receivable Interest on any date, an
amount equal to the Net Receivables Pool Balance multiplied by the Loss Reserve Percentage. 
 “Loss Reserve
Percentage” means, for any Receivable Interest in the Pool Receivables on any date, an amount equal to the greater of: 

(a) Stress Factor * Loss Ratio * Loss Horizon Ratio and 
 (b) Minimum Loss Reserve 
 Where: 

Loss Ratio = the highest three month rolling average of the Aged Receivables Ratio in the most recent twelve months ended prior to such
date. 
 Minimum Loss Reserve = 10%. 
 Stress Factor = 2.25 
 “Market Street” has the meaning as set
forth in the preamble to this Agreement. 
 “Market Street Purchaser Agent” means PNC and its successors and
assigns. 
 “Material Adverse Effect” means a material adverse change in, or a material adverse effect upon,
the financial condition, operations, assets, business, properties or prospects of United Rentals and its Subsidiaries, taken as a whole. 
 “Master Exchange Agreement” means the agreement dated as of January 1, 2009 by and among, inter alia, Qualified Intermediary and the Originator, as amended, modified or
supplemented from time to time. 
 “Monthly Report” means a report, in substantially the form of
Annex E hereto, furnished by the Collection Agent to the Administrative Agent and each Purchaser Agent pursuant to Article IV of the Agreement. 
 “Moody’s” means Moody’s Investor Service, Inc. 

“Net Receivables Pool Balance” means at any time the Outstanding Balance of Eligible Receivables reduced by, without
duplication: 

  
 I-17

 (a) the aggregate amount by which the Outstanding Balance of Eligible Receivables of each
Obligor exceeds the product of (i) the Concentration Percentage for such Obligor multiplied by (ii) the Outstanding Balance of the Eligible Receivables; 
 (b) the Outstanding Balance of Eligible Receivables for Obligors that are United States, federal government, governmental subdivisions or agencies that in the aggregate are in excess of 2% of the
aggregate Outstanding Balance of all Eligible Receivables; 
 (c) the Outstanding Balance of Eligible Receivables for Obligors
that are state government, governmental subdivisions or agencies that in the aggregate are in excess of 4% of the aggregate Outstanding Balance of all Eligible Receivables; 
 (d) the aggregate monthly collections received during the preceding calendar month and not deposited into the Controlled Account in accordance with the provisions of Section 1.04(a) hereof;

 (e) the aggregate amount of Collections received as credit card payments during the preceding calendar month that were not
deposited into the Controlled Account in accordance with the provisions of Section 1.04(a) hereof; 
 (f) the amount
shown as “Un-reconciled Difference” in the latest Monthly Report expressed as a positive number; 
 (g) with
respect to any Obligor in respect of which (i) there is currently an Outstanding Balance of Eligible Receivables owing from such Obligor in excess of $100,000 and (ii) there is a payable owing from the Collection Agent or any of its
Affiliates to such Obligor, the lesser of (x) the Outstanding Balance of Eligible Receivables owing from such Obligor and (y) the aggregate amount owing from the Collection Agent and its Affiliates to such Obligor; 

(h) the Outstanding Balance of ENB Receivables that (i) in the aggregate are in excess of 20% of the aggregate Outstanding Balance of
all Eligible Receivables or (ii) are greater than 28 days old; 
 (i) the Outstanding Balance of Eligible Extended Term
Receivables that in the aggregate are in excess of 6% of the aggregate Outstanding Balance of all Eligible Receivables; and 

(j) the Outstanding Balance of Eligible Receivables as to which any payment, or part thereof remains unpaid for 91 days or more after the
Invoice Date for such payment (or, in the case of Extended Term Receivables, as to which any payment or part thereof remains unpaid for 151 days or more after the Invoice Date for such payment) that in the aggregate is in excess of 5% of the
aggregate Outstanding Balance of all Receivables other than the ENB Receivables. 
 “Non-Extending Bank” has
the meaning set forth in Section 1.04(h). 
 “Nonrenewing Bank” has the meaning set forth in
Section 1.13(a). 

  
 I-18

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

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

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

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

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

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

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

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

“Performance Undertaking Agreement” means the Amended and Restated Performance Undertaking Agreement, dated as of the
date hereof, made by United Rentals in favor of the Seller, as the same may, from time to time, be amended, restated, modified or supplemented. 
 “Percentage” of any Bank means, (a) with respect to Scotia Capital, the percentage set forth on the signature page to the Agreement, (b) with respect to PNC, the percentage set
forth on the signature page to the Agreement, (c) with respect to BTMU, the percentage set forth on the signature page to the Agreement and (d) with respect to a Bank that has entered into an Assignment and Acceptance, the amount set forth
therein as such Bank’s Percentage, in each case as such amount may be modified by an Assignment and Acceptance entered into between a Bank and an Eligible Assignee. 
 “Periodic Report” means the Monthly Report, the Weekly Report or the Daily Report. 
 “Person” means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, unincorporated association, trust, joint venture or
other entity, or a government or any political subdivision or agency thereof. 
 “PNC” has the meaning as set
forth in the preamble to this Agreement and its successors and assigns. 

  
 I-19

 “PNC Fee Agreement” means the separate fee agreement, dated on or about the
date hereof, pertaining to fees among the Seller and PNC as Market Street Purchaser Agent, as the same may be amended or restated from time to time. 
 “Pool Balance Dilution Ratio” means the three month rolling average of the percentage equivalent of a fraction, computed as of the last day of each calendar month, obtained by dividing
(a) the aggregate Dilutions occurring during such month by (b) the aggregate Outstanding Balance of Pool Receivables as of the last day of such month. 
 “Pool Receivable” means a Receivable in the Receivables Pool. 

“Pooled Commercial Paper” means all short-term Commercial Paper issued by a Purchaser from time to time, subject to any
pooling arrangement by such Purchaser, but excluding short-term Commercial Paper issued by such Purchaser both for a tenor and in an amount specifically requested by any Person in connection with any receivables purchase facility effected by such
Purchaser. 
 “Purchase Agreement” means the Third Amended and Restated Purchase and Contribution Agreement,
dated as of the date of the Agreement, between the Originator, as seller, United Rentals, as collection agent, and United Rental Receivables LLC II, as buyer, as the same may be amended, modified or restated from time to time. 

“Purchase Limit” means $475,000,000, as such amount may be reduced pursuant to Section 1.01(b). References
to the unused portion of the Purchase Limit shall mean, at any time, the Purchase Limit, as then reduced pursuant to Section 1.01(b), minus the then outstanding Capital of Receivable Interests under the Agreement. 

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

“Purchaser Agent’s Account” means (i) with respect to Scotia Capital, the special account (account number
2158-13, ABA No. 026-002532) of Scotia Capital maintained at the office of Scotia Capital; (ii) with respect to PNC, the special account (account number 1002422076, ABA No. 043-000-096) of PNC maintained at the office of PNC and
(iii) with respect to BTMU, the special account (account number 310-035-147, ABA No. 026-009-632) of BTMU maintained at the office of BTMU. 

  
 I-20

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

“Receivable Interest” means, at any date of determination, an undivided percentage ownership interest in (a) all
then outstanding Pool Receivables arising prior to the time of the most recent computation or recomputation of such undivided percentage interest pursuant to Section 1.03, (b) all Related Security with respect to such Pool
Receivables and (c) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Each undivided percentage interest shall be computed as 

C + YR + LR + CAFR +DR  
 NRPB 
 where: 

 

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

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

			
		 	LR	  	 =       the Loss Reserve of each such Receivable Interest at the time of
computation.

			
		 	CAFR	  	 =       the Collection Agent Fee Reserve of each such Receivable Interest at the time of
computation.

			
		 	DR	  	 =       the Dilution Reserve of each such Receivable Interest at the time of
computation.

			
		 	NRPB	  	 =       the Net Receivables Pool Balance at the time of computation.

  
 I-21

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

“Recipient” has the meaning specified in Section 1.11. 

“Related Bank” means (a) with respect to Liberty, Scotia Capital and each Eligible Assignee that shall become a
party to the Agreement as a Related Bank for Liberty pursuant to Section 7.03; (b) with respect to Market Street, PNC and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for Market Street pursuant
to Section 7.03 and (c) with respect to Gotham, BTMU and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for Gotham pursuant to Section 7.03. 

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

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

(b) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable,
whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements authorized or signed by an Obligor describing any collateral securing such Receivable; 

(c) all guaranties, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment
of such Receivable whether pursuant to the Contract related to such Receivable or otherwise; and 
 (d) the Contract and all
other books, records and other information (including, without limitation, computer programs, tapes, discs, punch cards, data processing software and related property and rights) relating to such Receivable and the related Obligor. 

“Repurchase Date” has the meaning set forth in Section 1.12. 

“Required Purchaser Agents” means at any time Purchaser Agents whose related Banks and Purchasers hold in the aggregate
Receivable Interests representing more than 66 2/3%, or, in the event no Receivable Interests are outstanding, whose Banks have aggregate Bank Commitments representing more than 66 2/3% of the Bank Commitments. 

  
 I-22

 “Reserve Dilution Ratio” means the percentage equivalent of a fraction,
computed as of the last day of each calendar month, obtained by dividing (a) the aggregate Dilutions as of the last day of such month by (b) the aggregate amount of newly generated Receivables during the two months prior to such month.

 “Response Deadline” has the meaning set forth in Section 1.13(a). 

“Responsible Officers” means the President, any Vice President, Chief Executive Officer, Chief Financial Officer,
Secretary, Treasurer, legal counsel, or any other executive or financial officer of the Seller, the Collection Agent or the Originator. 
 “Scotia Capital” has the meaning as set forth in the preamble to this Agreement and its successors and assigns. 
 “Scotia Capital Fee Agreement” means the separate fee agreement, dated on or about the date hereof, pertaining to fees among the Seller and Scotia Capital as Liberty Purchaser Agent and
as the Administrative Agent, as the same may be amended or restated from time to time. 
 “Seller” has the
meaning as set forth in the preamble to this Agreement and its permitted successors and assigns. 
 “Senior Secured
Leverage Ratio” has the meaning specified in the Credit Agreement. 
 “Settlement Day” for any
Receivable Interest means (i) in the case of Yield, all fees and payments due pursuant to each of the Fee Agreements, and the accrued Collection Agent Fee for such Receivable Interest, the fifth Business Day of each calendar month, or, on and
after the Termination Date for such Receivable Interest, the last day of the related Settlement Period, and (ii) in each other case, the last day of the related Settlement Period, or, for Pooled Commercial Paper, means the thirtieth day from
the last day of immediately preceding Settlement Period, provided that, if such day is not a Business Day, the next following day that is a Business Day. 
 “Settlement Period” for any Receivable Interest means (i) each period commencing on the first day and ending on the last day of each Fixed Period for such Receivable Interest and
(ii) on and after the Termination Date for such Receivable Interest, such period (including, without limitation, a period of one day) as shall be selected from time to time by the related Purchaser Agent or, in the absence of any such
selection, each period of thirty days from the last day of the immediately preceding Settlement Period. 
 “Special
Indemnified Amounts” has the meaning specified in Section 4.07. 
 “Special Indemnified
Party” has the meaning specified in Section 4.07. 
 “Standard & Poor’s”
means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 

  
 I-23

 “Subsidiary” of a specified Person means any corporation of which
securities having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such specified Person. 

“Tangible Net Worth” means at any time the excess of (a) the Outstanding Balance of all Receivables plus cash and
cash equivalents of the Seller, minus (b) the sum of (i) the Outstanding Balance of such Receivables that have become Defaulted Receivables, plus (ii) Capital, Yield Reserve, Loss Reserve, Collection Agent Fee Reserve and Dilution
Reserve, plus (iii) the Deferred Purchase Price. 
 “Termination Date” for any Receivable Interest in the
Pool Receivables means (a) in the case of a Receivable Interest in the Pool Receivables owned by a Purchaser, the earlier of (i) the Business Day that the Seller or the related Purchaser Agent so designates by notice to the other at least
two Business Days in advance for such Receivable Interest in the Pool Receivables and (ii) the Facility Termination Date and (b) in the case of a Receivable Interest in the Pool Receivables owned by a Bank, the earlier of (i) the
Business Day that the Seller so designates by notice to the related Purchaser Agent at least one Business Day in advance for such Receivable Interest in the Pool Receivables and (iii) the Commitment Termination Date. 

“Threshold Basis” has the meaning specified in Section 1.04(a). 

“Transaction Document” means any of the Agreement, each Fee Agreement, the Performance Undertaking Agreement, the
Purchase Agreement and all other agreements and documents delivered and/or related hereto or thereto. 
 “UCC”
means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction. 
 “United
Rentals” means United Rentals, Inc. and its successors and permitted assigns. 
 “Weekly Report” means
a report, in substantially the form of Annex G-1 hereto, furnished by the Collection Agent to the Administrative Agent and each Purchaser Agent pursuant to Article IV of the Agreement. 

“Yield” means: 
 (a) for each Receivable Interest for any Fixed Period to the extent a Purchaser will be funding such Receivable Interest during such Fixed Period through the issuance of commercial paper, 

IR x C x ED + LF 
               360 
 (b) for each Receivable Interest for any Fixed Period, to the extent the Investors will not be funding such Receivable Interest during such Fixed Period through the issuance of commercial paper or the
Banks will be funding such Receivable Interest, 

  
 I-24

 AR x C x ED + LF 

               360 

where: 
 AR =
the Assignee Rate for such Receivable Interest for such Fixed Period 
 C    = the Capital of such Receivable
Interest during such Fixed Period 
 ED = the actual number of days elapsed during such Fixed Period 

IR  = the Investor Rate for such Receivable Interest for such Fixed Period 

LF  = the Liquidation Fee, if any, for such Receivable Interest for such Fixed Period; 

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

- - - - - - 

Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted
accounting principles. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 

  
 I-25

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

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

  
 II-1

 (g) Completed UCC search reports, dated on or within one month before the date of this
Agreement, listing the financing statements filed in all applicable jurisdictions referred to in clause (d) above that name the Originator or the Seller as debtor, together with copies of such other financing statements that were filed on any
date after September 28, 2011, and similar search reports with respect to judgment liens, federal tax liens and liens of the Pension Benefit Guaranty Corporation in such jurisdictions, as the Administrative Agent or any Purchaser Agent may
reasonably request, showing no Adverse Claims (other than any Adverse Claim arising under or permitted by any Transaction Document) on any Pool Receivable. 
 (h) Copies of an executed amendment to the Controlled Account Agreement in place on the date hereof with the Controlled Account Bank. 

(i) Letters from each of the Rating Agencies then rating the Commercial Paper of each Purchaser confirming the rating of such Commercial
Paper after giving effect to the transaction contemplated by the Agreement and the Transaction Documents. 
 (j) A favorable
opinion of counsel for the Seller and the Originator, in form and substance reasonably satisfactory to the Administrative Agent and each Purchaser Agent. 
 (k) A favorable opinion of counsel for the Parent, in form and substance reasonably satisfactory to the Administrative Agent and each Purchaser Agent. 

(l) An executed copy of the Fee Agreements. 
 (m) An executed copy of each of the Transaction Documents. 
 (n) An executed copy
of the Performance Undertaking Agreement. 
 (o) An executed letter agreement with the Qualified Intermediary with respect to the
Collection Accounts. 
 (p) Each Pool Receivable included in the calculation of Eligible Receivables is an Eligible Receivable.

 2. Conditions Precedent to All Purchases and Reinvestments. Each purchase (including the initial purchase) and each
reinvestment in the Pool Receivables shall be subject to the further conditions precedent that: 
 (a) in the case of each
purchase, the Collection Agent shall have delivered to the Administrative Agent and each Purchaser Agent on or prior to such purchase, in form and substance reasonably satisfactory to the Administrative Agent and each Purchaser Agent, a completed
Monthly Report, Weekly Report and Daily Report, when applicable, containing information covering the most recently ended calendar month and demonstrating that after giving effect to such purchase no Event of Termination or Incipient Event of
Termination under paragraph (i) of Exhibit V would occur; 

  
 II-2

 (b) on the date of such purchase or reinvestment pursuant to Section 1.04(b)(ii)
of the Agreement, the following statements shall be true (and acceptance of the proceeds of such purchase or reinvestment shall be deemed a representation and warranty by the Seller that such statements are then true), except that the statement in
clause (iii) below is required to be true only if such purchase or reinvestment is by a Purchaser: 
 (i)
the representations and warranties contained in Exhibit III are correct on and as of the date of such purchase or reinvestment as though made on and as of such date; 

(ii) no event has occurred and is continuing, or would result from such purchase or reinvestment, that constitutes an
Event of Termination or an Incipient Event of Termination; and 
 (iii) the Administrative Agent, at the
direction of any Purchaser Agent, shall not have given the Seller at least one Business Day’s notice that the Purchasers for which such Purchaser Agent acts have terminated the reinvestment of Collections in Receivable Interests; and

 (c) in the case of each purchase, the Administrative Agent and each Purchaser Agent shall have received a Purchase Request
and such other approvals, opinions or documents as it may reasonably request pursuant to the terms of the Agreement. 

  
 II-3

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

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

  
 III-1

 
the period ended on such date, all in accordance with generally accepted accounting principles consistently applied, and since the end of its most recent fiscal year there has been no material
adverse change in the business, operations, property or financial condition of United Rentals or its Subsidiaries, except as may have previously been disclosed to the Administrative Agent and each Purchaser Agent. Notwithstanding the foregoing, in
the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC and BTMU are Revolving Credit Lenders thereunder, such
waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement. Since the formation of the Seller, there has been no material adverse change in the business, operations, property or
financial or other condition of the Seller. 
 (f) There is no pending or, to the Seller’s knowledge, threatened action or
proceeding affecting United Rentals or any of its Subsidiaries before any court, governmental agency or arbitrator that may materially adversely affect the financial condition or operations of United Rentals or any of its Subsidiaries or the ability
of the Seller or United Rentals to perform their respective obligations under the Transaction Documents, or which purports to affect the legality, validity or enforceability of the Transaction Documents. To the Seller’s knowledge, neither
United Rentals nor any Subsidiary is in default with respect to any order of any court, arbitration or governmental body except for defaults with respect to orders of governmental agencies that defaults are not material to the business or operations
of United Rentals and its Subsidiaries, taken as a whole. 
 (g) No proceeds of any purchase or reinvestment will be used to
acquire any equity security of a class that is registered pursuant to Section 12 of the Securities Exchange Act of 1934. 

(h) The Seller is the legal and beneficial owner of the Pool Receivables and Related Security free and clear of any Adverse Claim (other
than any Adverse Claim arising under or permitted by any Transaction Document). Upon each purchase of or reinvestment in a Receivable Interest, the Investors or the Banks, as the case may be, shall acquire a valid and perfected undivided percentage
ownership interest or first priority security interest to the extent of the pertinent Receivable Interest in each Pool Receivable then existing or thereafter arising and in the Related Security and Collections with respect thereto; provided
that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce such Receivable directly against such obligor may be restricted by the Federal Assignment of Claims Act or any similar applicable Law to the
extent the Originator thereof or the Seller shall not have complied with the applicable provisions of any such Law in connection with the assignment or subsequent reassignment of any such Receivable. No effective financing statement or other
instrument similar in effect covering any Contract or any Pool Receivable or the Related Security or Collections with respect thereto is on file in any recording office, except those filed in favor of the Administrative Agent relating to the
Agreement and those filed pursuant to the Purchase Agreement. 
 (i) Each Monthly Report, Weekly Report and Daily Report (if
prepared by the Seller, or to the extent that information contained therein is supplied by the Seller), information, exhibit, financial statement, document, book, record or report furnished at any time by or on behalf of the Seller to the
Administrative Agent, the Purchaser Agents, the Investors or the Banks in connection with the Agreement is true, complete and accurate in all material respects as of its date or (except as otherwise disclosed to the Administrative Agent, the
Purchaser Agents, the Investors or the Banks, as the case may be, at such time) as of the date so furnished. 

  
 III-2

 (j) The principal place of business and chief executive office of the Seller and the office
where the Seller keeps its records concerning the Pool Receivables are located at the address or addresses referred to in paragraph (b) of Exhibit IV. 
 (k) The names and addresses of all the Controlled Account Bank, together with the account numbers of the Controlled Account of the Seller at such Controlled Account Bank, are specified in Annex F
hereto (or at such other Controlled Account Bank and/or with such other Controlled Account as have been notified to the Administrative Agent in accordance with the Agreement). 
 (l) The Seller is not known by and does not use any tradename or doing-business-as name. 
 (m) The Seller was formed on December 15, 2000 and the Seller did not engage in any business activities prior to the date of this Agreement other than those relating to the transactions evidenced by
the Existing Agreement, the Former Deal Documents and the documents amended and restated thereby. The Seller has no Subsidiaries. 
 (n) (i) The fair value of the property of the Seller is greater than the total amount of liabilities, including contingent liabilities, of the Seller, (ii) the present fair salable value of the
assets of the Seller is not less than the amount that will be required to pay all probable liabilities of the Seller on its Debts as they become absolute and matured, (iii) the Seller does not intend to, and does not believe that it will, incur
Debt or liabilities beyond the Seller’s abilities to pay such Debt and liabilities as they mature and (iv) the Seller is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which the
Seller’s property would constitute unreasonably small capital. 
 (o) With respect to each Pool Receivable, the Seller
(i) shall have received such Pool Receivable as a contribution to the capital of the Seller by the Originator or (ii) shall have purchased such Pool Receivable from the Originator in exchange for payment (made by the Seller to the
Originator in accordance with the provisions of the Purchase Agreement) of cash in an amount that constitutes fair consideration and reasonably equivalent value. Each such sale referred to in clause (ii) of the preceding sentence shall not have
been made for or on account of an antecedent Debt owed by the Originator to the Seller and no such sale is voidable or subject to avoidance under any section of the Federal Bankruptcy Code. 

(p) Each ENB Receivable has been originated pursuant to the terms of a Contract substantially similar to the form of Contract attached
hereto as Annex H as amended from time to time by the Seller with notice to the Purchaser Agents; provided that if any amendment to the form of Contract attached as Annex H hereto adversely affects the enforceability of ENB
Receivables or the interests of the Seller or the Investors therein, such amendment shall require the written consent of the Purchaser Agents. 

  
 III-3

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

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

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

  
 IV-1

 (e) Extension or Amendment of Receivables. Except as provided in
Section 4.02(c), the Seller will not, and will not permit the Collection Agent to, (i) extend the maturity or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in a manner inconsistent with the
Credit and Collection Policy, that would result in the Dilution of such Pool Receivable or that would otherwise prevent such Pool Receivable from being an Eligible Receivable unless, in each case, the Seller shall have been deemed to have received a
Collection in respect of such Pool Receivable, or (ii) amend, modify or waive in any material respect any term or condition relating to payments under or enforcement of any Contract related thereto. 

(f) Change in Business or Credit and Collection Policy. The Seller will not make or permit any change in the character of its
business or in the Credit and Collection Policy that would, in either case, materially adversely affect the collectibility of the Receivables Pool or the ability of the Seller to perform its obligations under the Agreement, except as may otherwise
be agreed in writing by the Administrative Agent and each Purchaser Agent. 
 (g) Change in Payment Instructions to
Obligors. The Seller will not make or permit any change in the instructions to Obligors regarding payments to be made to the Seller or the Collection Agent or payments to be made to the Controlled Account Bank, unless the Administrative Agent
shall have received notice of and agreed to such change, other than a change related solely to instructions to Obligors to pay to a new Controlled Account Bank and subject to a Controlled Account Agreement. 

(h) Addition or Termination of Controlled Account Bank or Controlled Account Agreement. The Seller will not add or terminate or
cause or permit the addition or termination of any bank as a Controlled Account Bank from those listed in Annex F to the Agreement or terminate any Controlled Account Agreement, unless the Administrative Agent shall have received notice
of such addition or termination of a Controlled Account Bank, notice of the termination of the Controlled Account Agreement with any terminated Controlled Account Bank and executed copies of a Controlled Account Agreement with each newly added
Controlled Account Bank. The Seller will not permit any provision of any Controlled Account Agreement to be changed, amended, modified or waived without the prior written consent of the Administrative Agent. 

(i) Deposits to Controlled Account. The Seller will deposit, or cause to be deposited, all Collections of Pool Receivables into the
Collection Accounts, and will cause all such Collections deposited to the Collection Accounts to be transferred to the Controlled Account within one Business Day of its receipt except to the extent otherwise permitted by the provisions of
Section 1.04(a) hereof. The Seller will not deposit or otherwise credit, or cause or issue any instructions to be so deposited or credited, to the Collection Accounts or any Controlled Account cash or cash proceeds other than Collections
of Pool Receivables, and with respect to the Collection Accounts, the proceeds of Equipment Sale Receivables and to the limited extent permitted herein, Identifiable Combined Assets. 

(j) Marking of Records. At its expense, the Seller will mark its master data processing records evidencing Pool Receivables and
related Contracts with a legend evidencing that Receivable Interests related to such Pool Receivables and related Contracts have been sold in accordance with the Agreement. 

  
 IV-2

 (k) Reporting Requirements. The Seller will provide to the Administrative Agent (in
multiple copies, if requested by the Administrative Agent) the following: 
 (i) as soon as available and in any
event within 45 days after the end of the first three quarters of each fiscal year of United Rentals, balance sheets of United Rentals, its Subsidiaries and the Seller as of the end of such quarter and statements of income and retained earnings of
United Rentals, its Subsidiaries and the Seller for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of United Rentals; notwithstanding the foregoing, in
the event the due date for delivery of such financials is waived or extended with respect to the Revolving Loans pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC and BTMU are Revolving Credit Lenders thereunder, such
waiver or extension will be deemed to have been made with respect to the delivery of such financials under this Agreement; 
 (ii) as soon as available and in any event within 90 days after the end of each fiscal year of United Rentals, a copy of the annual report for such year for United Rentals and its Subsidiaries, containing
financial statements for such year audited by Ernst & Young or other independent public accountants of recognized national standing; notwithstanding the foregoing, in the event the due date for delivery of such financials is waived or
extended with respect to the Revolving Loans pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC and BTMU are Revolving Credit Lenders thereunder, such waiver or extension will be deemed to have been made with respect to
the delivery of such financials under this Agreement; 
 (iii) as soon as possible and in any event within five
(5) days after the occurrence of each Event of Termination or Incipient Event of Termination, a statement of the chief financial officer of the Seller setting forth details of such Event of Termination or Incipient Event of Termination and the
action that the Seller has taken and proposes to take with respect thereto; 
 (iv) promptly after the sending or
filing thereof, copies of all reports that United Rentals sends to any of its securityholders, and copies of all reports and registration statements that United Rentals or any Subsidiary files with the Securities and Exchange Commission or any
national securities exchange; 
 (v) promptly after the filing or receiving thereof, copies of all reports and
notices that the Seller or any Affiliate files under ERISA with the Internal Revenue Service or the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or that the Seller or any Affiliate receives from any of the foregoing or from
any multiemployer plan (within the meaning of Section 4001(a)(3) of ERISA) to which the Seller or any Affiliate is or was, within the preceding five years, a contributing employer, in each case in respect of the assessment of withdrawal
liability or an event or condition that could, in the aggregate, result in the imposition of liability on the Seller and/or any such Affiliate in excess of $1,000,000; 

  
 IV-3

 (vi) at least ten (10) Business Days prior to any change in the name of
the Originator or the Seller, a notice setting forth the new name and the effective date thereof and UCC-3 amendments to all then existing UCC-1 financing statements filed in connection with the Transaction Documents; 

(vii) promptly after the Seller obtains knowledge thereof, notice of any “Event of Termination” or
“Facility Termination Date” under the Purchase Agreement; 
 (viii) so long as any Capital shall
be outstanding, as soon as possible and in any event no later than the day of occurrence thereof, notice that the Originator has, pursuant to the Purchase Agreement, stopped selling or contributing to the Seller all newly arising Receivables;

 (ix) at the time of the delivery of the financial statements provided for in clauses (i) and (ii) of
this paragraph, a certificate of the chief financial officer or the treasurer of the Seller to the effect that, to the best of such officer’s knowledge, no Event of Termination has occurred and is continuing or, if any Event of Termination has
occurred and is continuing, specifying the nature and extent thereof; 
 (x) promptly after receipt thereof,
copies of all consents requested from the Seller by, and all notices or other documents received by the Seller from, the Originator under the Purchase Agreement; 

(xi) promptly, such other information, documents, records or reports respecting the Receivables or the condition or
operations, financial or otherwise, of the Seller as the Administrative Agent may from time to time reasonably request; 
 (xii) promptly after the Seller obtains knowledge thereof, notice of any (a) litigation, investigation or proceeding that may exist at any time between the Seller or the Originator and any
governmental authority that, in either case, if not cured or if adversely determined, as the case may be, would reasonably be expected to have a Material Adverse Effect on the business, operations, property or financial or other condition of the
Seller or the Originator; (b) litigation or proceeding materially and adversely affecting the Seller’s or the Originator’s ability to perform its obligations under a Transaction Document or (c) litigation or proceeding adversely
affecting the Seller or the Originator and not covered by insurance or in which injunctive or similar relief is sought which, if adversely determined, would reasonably be expected to have a Material Adverse Effect; and 

(xiii) promptly after the occurrence thereof, notice of a material adverse change in the business, operations, property or
financial condition of the Seller or the Collection Agent and the Parent, taken as a whole. 

  
 IV-4

 The reporting requirements set forth above are satisfied by filing any of the documentation
specified in (i), (ii) and (iv) with the Securities and Exchange Commission through the EDGAR electronic filing system. 
 (l) Separateness. (i) The Seller shall at all times maintain at least two independent directors each of whom (x) is not currently and has not been during the five years preceding the date
of the Agreement an officer, director or employee of, or a major vendor or supplier of services to, an Affiliate of the Seller or any Other Corporation, (y) is not a current or former officer or employee of the Seller and (z) is not a
stockholder of any Other Corporation or any of their respective Affiliates. 
 (i) The Seller shall not direct or
participate in the management of any of the Other Corporations’ operations. 
 (ii) The Seller shall conduct
its business from an office separate from that of the Other Corporations (but which may be located in the same facility as one or more of the Other Corporations). The Seller shall have stationery and other business forms and a mailing address and a
telephone number separate from that of the Other Corporations. 
 (iii) The Seller shall at all times be
adequately capitalized in light of its contemplated business. 
 (iv) The Seller shall at all times provide for
its own operating expenses and liabilities from its own funds. 
 (v) The Seller shall maintain its assets and
transactions separately from those of the Other Corporations and reflect such assets and transactions in financial statements separate and distinct from those of the Other Corporations and evidence such assets and transactions by appropriate entries
in books and records separate and distinct from those of the Other Corporations. The Seller shall hold itself out to the public under the Seller’s own name as a legal entity separate and distinct from the Other Corporations. The Seller shall
not hold itself out as having agreed to pay, or as being liable, primarily or secondarily, for, any obligations of the Other Corporations. 
 (vi) The Seller shall not maintain any joint account with any Other Corporation or become liable as a guarantor or otherwise with respect to any Debt or contractual obligation of any Other Corporation.

 (vii) The Seller shall not make any payment or distribution of assets with respect to any obligation of any
Other Corporation or grant an Adverse Claim on any of its assets to secure any obligation of any Other Corporation. 
 (viii) The Seller shall not make loans, advances or otherwise extend credit to any of the Other Corporations. 
 (ix) The Seller shall hold regular duly noticed meetings of its Managers and make and retain minutes of such meetings. 

  
 IV-5

 (x) The Seller shall have bills of sale (or similar instruments of
assignment) and, if appropriate, UCC-1 financing statements, with respect to all assets purchased from any of the Other Corporations. 
 (xi) The Seller shall not engage in any transaction with any of the Other Corporations, except as permitted by the Agreement and as contemplated by the Purchase Agreement. 

(xii) The Seller shall comply with (and cause to be true and correct) each of the facts and assumptions contained in the
opinion delivered pursuant to paragraph (1)(j) of Exhibit II to the Agreement. 
 (m) Transaction
Documents. Subject to the waiver provisions set forth in Section 2.02, the Seller will not amend, waive or modify any provision of any of the Transaction Documents or waive the occurrence of any “Event of
Termination” under the Purchase Agreement, without the prior written consent of the Administrative Agent and each Purchaser Agent. The Seller will perform all of its obligations under the Transaction Documents in all material respects and
will enforce the Transaction Documents in accordance with its terms in all material respects. 
 (n) Nature of Business.
The Seller will not engage in any business other than the purchase of Receivables, Related Security and Collections from the Originator and the transactions contemplated by the Agreement. The Seller will not create or form any Subsidiary.

 (o) Mergers, Etc. The Seller will not merge with or into or consolidate with or into, or convey, transfer, lease or
otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all of the assets or capital stock or other
ownership interest of, or enter into any joint venture or partnership agreement with, any Person. 
 (p) Distributions,
Etc. So long as a Purchaser’s Commercial Paper with respect to this transaction are outstanding, the Seller will not declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities
on account of any shares of any class of capital stock of the Seller, or return any capital to its shareholders as such, or purchase, retire, defease, redeem or otherwise acquire for value or make any payment in respect of any shares of any class of
capital stock of the Seller or any warrants, rights or options to acquire any such shares, now or hereafter outstanding; provided, however, that the Seller may declare and pay cash dividends on its capital stock to its shareholders so
long as (i) no Event of Termination shall then exist or would occur as a result thereof, (ii) such dividends are in compliance with all applicable law including the corporate law of the state of the Seller’s incorporation, and
(iii) such dividends have been approved by all necessary and appropriate corporate action of the Seller. 
 (q)
Debt. The Seller will not incur any Debt, other than any Debt incurred pursuant to the Agreement, the Purchase Agreement or the Fee Agreements. 
 (r) Limited Liability Agreement. The Seller will not amend or delete Sections 7 to 10, 16, 20 to 25 or 30 of its limited liability agreement. 

(s) Tangible Net Worth. The Seller will maintain Tangible Net Worth at all times equal to at least 3% of the
Outstanding Balance of the Receivables at such time. 

  
 IV-6

 EXHIBIT V 
 EVENTS OF TERMINATION 
 Each of the following, unless waived in writing in
accordance with Section 2.02, shall be an “Event of Termination”: 
 (a) A Collection Agent Default
shall have occurred; or 
 (b) The Seller shall fail (i) to transfer or cause to be transferred to the Administrative Agent
when requested any rights, pursuant to the Agreement, of the Collection Agent or (ii) to make any payment required under Section 1.04, and any such failure to transfer or pay shall remain unremedied for two (2) Business Days;
or 
 (c) Any representation or warranty made or deemed made by the Seller (or any of its officers) pursuant to the Agreement or
any other Transaction Document or any information or report delivered by the Seller pursuant to the Agreement or any other Transaction Document shall prove to have been incorrect or untrue in any material respect when made or deemed made or
delivered, and such incorrectness or untruth is incapable of remedy or, if capable of remedy, is not corrected or cured within fifteen (15) days of the earlier of Seller becoming aware of such incorrectness or untruth or written notice thereof
being given to the Seller by the Administrative Agent or any Purchaser Agent; or 
 (d) The Seller shall fail to perform or
observe any other term, covenant or agreement contained in the Agreement or in any other Transaction Document on its part to be performed or observed and any such failure shall remain unremedied for ten (10) days after written notice thereof
shall have been given to the Seller by the Administrative Agent or any Purchaser Agent (or, with respect to a failure to deliver the Monthly Report, the Weekly Report or the Periodic Report pursuant to the Agreement, such failure shall remain
unremedied for five (5) days or two (2) Business Days, respectively, without a requirement for notice); or 
 (e) The
Seller shall fail to pay any principal of or premium or interest on any of its Debt that is outstanding in a principal amount of at least $25,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under
any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration
of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or
defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; or 

  
 V-1

 (f) Any purchase or any reinvestment pursuant to the Agreement shall for any reason (other
than pursuant to the terms hereof) cease to create, or any Receivable Interest shall for any reason cease to be, a valid and perfected undivided percentage ownership or first priority security interest to the extent of the pertinent Receivable
Interest in each applicable Pool Receivable and the Related Security and Collections with respect thereto free and clear of any Adverse Claim (other than any Adverse Claim arising under or permitted by any Transaction Document); or the security
interest created pursuant to Section 1.09 shall for any reason cease to be a valid first priority perfected security interest in the collateral security referred to in that section free and clear of any Adverse Claim (other than any
Adverse Claim arising under or permitted by any Transaction Document), and such default is incapable of remedy or, if capable of remedy, (x) the value of such percentage ownership or security interest shall not exceed $25,000 and (y) such
default is not corrected or cured within seven (7) days of Seller becoming aware of such default or written notice thereof being given to the Seller by the Administrative Agent or any Purchaser Agent; or 

(g) The Seller shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts
generally, or shall make a general assignment for the benefit of creditors or file a notice of intention to make a proposal to some or all of its creditors; or any proceeding shall be instituted by or against the Seller 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, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain
undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official
for, it or for any substantial part of its property) shall occur; or the Seller shall take any corporate action to authorize any of the actions set forth above in this paragraph (g); or 

(h) As of the last day of any calendar month, either: 

(i) the Default Ratio shall exceed (x) if such month is January, February, March, April or May, 10.25% or (y) if
such month is any other month, 9.50%; or 
 (ii) the three-month rolling average of the Default Ratio shall
exceed (x) if such month is January, February, March, April or May, 10.00% or (y) if such month is any other month, 9.25%; or 
 (iii) the Delinquency Ratio shall exceed 4.25% or the three-month rolling average of the Delinquency Ratio shall exceed 4.00%; or 

(iv) the Dilution Ratio shall exceed 3.25% or the Pool Balance Dilution Ratio shall exceed 3.00%; or 

(v) at any time, the Days Sales Outstanding shall exceed (x) during December, January or February, 68.5 days, or
(y) during any other month, 66.5 days; or 
 (i) The sum of the Receivable Interests shall be greater than
100% for a period of two (2) Business Days; or 

  
 V-2

 (j) There shall have occurred any material adverse change in the business, operations,
property or financial condition of the Seller or the Parent and its Subsidiaries, taken as a whole, since the last publicly filed financial statements; or there shall have occurred any event that could reasonably be expected to materially adversely
affect (as determined by the Banks in their sole and absolute discretion) the collectibility of the Receivables Pool or the ability of the Seller or the Collection Agent to collect Pool Receivables or otherwise perform its obligations under the
Agreement; or 
 (k) An “Event of Termination” or “Facility Termination Date” shall occur under
the Purchase Agreement or any other Transaction Document shall cease to be in full force and effect; or 
 (l) All of the
outstanding membership interests of the Seller shall cease to be owned, directly or indirectly, by United Rentals; or 
 (m) The
Outstanding Balance of all Receivables (based on the most recent Weekly Report) shall for any two consecutive Business Days be less than 105% of the aggregate outstanding Capital (based on the most recent Weekly Report), Yield Reserve, Loss Reserve,
Collection Agent Fee Reserve and Dilution Reserve (each as shown in the most recent Monthly Report) and the Seller shall not have cured such event within two Business Days after the date of delivery of the Weekly Report to the Administrative Agent
and the Purchaser Agents or the date such Weekly Report should have been delivered. 

  
 V-3

 EXHIBIT VI 
 COLLECTION AGENT DEFAULTS 
 Each of the following, unless waived in writing by the
Required Purchaser Agents (other than as set forth in paragraph (e) which cannot be waived), shall be a “Collection Agent Default”: 
 (a) The Collection Agent (if United Rentals or any of its Affiliates is the Collection Agent) (i) shall fail to perform or observe in any material respect any term, covenant or agreement under the
Agreement (other than as referred to in clause (ii) of this paragraph (a)) and such failure shall remain unremedied for two (2) Business Days or (ii) shall fail to make when due any payment or deposit to be made by it under the
Transaction Documents and such failure to transfer or pay shall remain unremedied for two (2) Business Days; or 
 (b) The
Collection Agent shall fail to transfer to the Administrative Agent when requested any rights, pursuant to the Agreement, which it then has as Collection Agent and any such failure to transfer or pay shall remain unremedied for two (2) Business
Days; or 
 (c) Any representation or warranty made or deemed made by the Collection Agent (or any of its officers) pursuant to
the Agreement or any other Transaction Document or any information or report delivered by the Collection Agent pursuant to the Agreement or any other Transaction Document shall prove to have been incorrect or untrue in any material respect when made
or deemed made or delivered, and such incorrectness or untruth is incapable of remedy or, if capable of remedy, is not corrected or cured within fifteen (15) days of the earlier of the Collection Agent becoming aware of such incorrectness or
untruth or written notice thereof being given to the Collection Agent by the Administrative Agent or any Purchaser Agent; or 

(d) The Collection Agent shall fail to pay any principal of or premium or interest on any of its Debt that is outstanding in a principal
amount of at least $25,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any,
specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any,
specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid
(other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; or 

  
 VI-1

 (e) The Collection Agent shall generally not pay its debts as such debts become due, or
shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors or file a notice of intention to make a proposal to some or all of its creditors; or any proceeding shall be instituted
by or against the Collection Agent seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but
not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment
of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Collection Agent shall take any corporate action to authorize any of the actions set forth above in this paragraph
(e); or 
 (f) There shall have occurred any material adverse change in the business, operations, property or financial condition
of the Collection Agent and its Subsidiaries, taken as a whole, since the last publicly filed financial statements; or there shall have occurred any event that may materially adversely affect the collectibility of the Receivables Pool or the ability
of the Collection Agent to collect Pool Receivables or otherwise perform its obligations under the Agreement; or 
 (h) A breach
by the Collection Agent under the Credit Agreement of the Fixed Charge Coverage Ratio or the Senior Secured Leverage Ratio; or 

(i) A Change of Control of the Collection Agent or of the Originator shall occur. 

  
 VI-2

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