Document:

ex_191617.htm

Exhibit 10.6

 

AGREEMENT REGARDING OUTSTANDING 

 

CONVERTIBLE PREFERRED STOCK AND WARRANTS

 

This Agreement, dated as of June 25, 2020, is among GeoVax Labs, Inc., a Delaware corporation (the “Company”), Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd. (collectively, the “Sabby Funds”).

 

WHEREAS, the Company and the Sabby Funds have entered into securities purchase agreements with respect to the acquisition by the Sabby Funds of convertible preferred stock of the Company, $0.001 par value (“Preferred Stock”) as well as the underlying shares of the Company’s common stock, $0.01 par value (“Common Stock”);

 

WHEREAS, the Sabby Funds have also acquired warrants to purchase the Company’s Common Stock;

 

WHEREAS, the only securities purchase agreement and warrants which are currently in effect are identified on Exhibit A hereto, as well as a list of the outstanding shares of convertible preferred stock held by each Sabby Fund as of the date hereof; and

 

WHEREAS, the Company and the Sabby Funds wish to enter into this Agreement for the purpose of enabling the Company to raise additional capital from third parties;

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Sabby Funds agree as follows:

 

ARTICLE I

THE PROPOSED BRIDGE FINANCING

 

	
			1.

				
			General. The Company proposes to enter into a definitive agreement or agreements with an unaffiliated third party pursuant to which it anticipates raising additional capital on terms substantially similar to those set forth on Exhibit B hereto (the “Bridge Financing”). The Sabby Funds have no objection to, and consent to, the Bridge Financing, including the pledge of the assets of the Company and its subsidiaries as security for amounts due under the senior secured convertible promissory note(s) contemplated by the Bridge Financing.

			

 

	
			2.

				
			Securities Purchase Agreement. The Sabby Funds hereby waive any rights that might arise from the announcement of or entering into a definitive agreement for, and the consummation of, the Bridge Financing, pursuant to the Securities Purchase Agreement, including any claim that the Bridge Financing violates Section 4.12 of the Securities Purchase Agreement.

			

 

	
			3.

				
			Term. This Article I shall remain in effect for the execution of a definitive agreement or agreements on terms substantially similar to those set forth on Exhibit B (or better from the point of view of the Company) with respect to the Bridge Financing on or before June 30, 2020.

			

 

1

 

 

ARTICLE II

PIGGYBACK REGISTRATION RIGHTS

 

	 	
			1.

				
			For purposes of this Article the following definitions shall apply:

			

 

	 	
			a.

				
			“Investor Shares” means shares of the Company’s Common Stock issued pursuant to the Bridge Financing for the account of the persons who acquired such shares in the Bridge Financing;

			

 

	 	
			b.

				
			“Registrable Securities” means, as of any date of determination, (a) all of the shares of Common Stock then issuable upon conversion in full of the Company’s Series J Convertible Preferred Stock or exercise of Warrant Shares (assuming on such date the shares of the Company’s Series J Convertible Preferred Stock are converted in full, and the Warrants are exercised, without regard to any conversion limitations set forth in the Certificate of Designation or the Warrants), (b) any additional shares of Common Stock issuable in connection with any anti-dilution provisions in the Preferred Stock or the Warrants (without giving effect to any limitations on conversion set forth in the Certificate of Designation or the Warrants) and (c) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable Securities when and for so long as such securities have become eligible for resale pursuant to Section 4(a)(1) and/or Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Company’s Transfer Agent and the affected Sabby Fund(s) (in form and substance similar to the current practice between the Company and the Sabby Funds), assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any affiliate of the Company, as reasonably determined by the Company, upon the advice of counsel to the Company; and

			

 

	 	
			c.

				
			“Warrant Shares” means shares of Common Stock issuable by Sabby Funds upon exercise of the Series G, H, or I Warrants (“Warrants”) listed on Exhibit A.

			

 

	 	
			2.

				
			If, at any time until the [nine (9) month] anniversary of the closing of the Bridge Financing, the Company shall determine to prepare and file with the Securities and Exchange Commission a registration statement relating to an offering of Investor Shares under the Securities Act, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock option or other employee benefit plans, the Company shall deliver to each Sabby Fund a written notice of such determination and if, within 15 calendar days after the date of delivery of such notice, a Sabby Fund (or any permitted successor or assign) shall so request in writing, the Company shall include in such registration statement all or any part of the Registrable Securities that such Sabby Fund requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this Section to the extent the underwriter/placement agent (if any) managing the offering objects in good faith in writing to inclusion of the Registrable Securities in the related registration statement, and further provided, that any reduction in the number of Registrable Shares held by Sabby Funds to be included shall be in proportion to the relative beneficial ownership of common stock by the persons who acquired shares in the Bridge Financing, on the one hand, and the beneficial ownership of the share held by the Sabby Funds, on the other hand.

			

 

2

 

 

 

ARTICLE IIi

MISCELLANEOUS

 

	
			1.

				
			Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be made in accordance with the provisions of the Certificate of Designation or the Securities Purchase Agreement.

			

 

	
			2.

				
			Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

			

 

	
			3.

				
			Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

			

 

	
			4.

				
			Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined pursuant to the Governing Law provision of the Certificate of Designation or Securities Purchase Agreement.

			

 

	
			5.

				
			Entire Agreement. This Agreement, together with the Certificate of Designation and the Securities Purchase Agreement, and any exhibits and schedules thereto, contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

			

 

	
			6.

				
			Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

			

 

3

 

 

	
			7.

				
			Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Sabby Fund hereunder are several and not joint with the obligations of any other Sabby Fund hereunder, and no Sabby Fund shall be responsible in any way for the performance of the obligations of any other Sabby Fund hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Sabby Fund pursuant hereto, shall be deemed to constitute the Sabby Funds as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Sabby Funds are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Sabby Fund shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Sabby Fund to be joined as an additional party in any proceeding for such purpose.

			

 

	
			8.

				
			Fees and Expenses. Except as expressly set forth herein, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.

			

 

[Signatures are on the following page.]

 

4

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement Regarding Outstanding Convertible Stock to be duly executed by their respective authorized signatories as of the date first indicated above.

 

 

 

THE COMPANY:

 

GeoVax Labs, Inc.

 

 

By:                                                           

Name: David A. Dodd

Title: President & CEO

 

 

 

THE SABBY FUNDS:

 

Sabby Healthcare Master Fund, Ltd.

 

 

By:                                                           

Name:                                                      

Title:                                                        

 

 

Sabby Volatility Warrant Master Fund, Ltd.

 

 

By:                                                           

Name:                                                      

Title:                                                        

 

 

5

 

 

EXHIBIT A

 

	
			1.

				
			Securities Purchase Agreement, dated as of January 24, 2020 among GeoVax Labs, Inc., a Delaware corporation (the “Company”), Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd. The Sabby Funds purchased 300 shares of Series J Convertible Preferred Stock pursuant to this agreement, all of which is currently outstanding.

			

 

	
			2.

				
			Series G Common Stock Purchase Warrants dated September 5, 2018.

			

 

	
			3.

				
			Series H Common Stock Purchase Warrants dated December 27, 2018.

			

 

	
			4.

				
			Series I Common Stock Purchase Warrants dated February 26, 2019.

			

 

6

 

 

EXHIBIT B

 

7

 

 

Key Terms of Proposed Bridge Financing:

 

	
			Issuer:

				 	
			GeoVax Labs, Inc. (GOVX)

			
	
			Securities:

				 	
			Senior Secured Convertible Promissory Note (the “Notes”)

			
	
			Original Issue Discount:

				 	
			12.5% (“OID”)

			
	
			Principal Amount:

				 	
			$1,200,000

			
	
			Purchase Price:

				 	
			$1,050,000 delivered at closing.

			
	
			Maturity:

				 	
			12 months from Closing Date.

			
	
			Interest:

				 	
			5% interest per annum.

			
	
			Conversion Price:

				 	
			The Holder of this Note is entitled, at its option, at any time after the requisite 144 holding period, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company’s common stock (the “Common Stock”) without restrictive legend of any nature, at a price (“Conversion Price”) for each share of Common Stock equal $0.50 per share. The notes shall have a blocker of 4.99%.

			
	
			Use of Proceeds:

				 	
			The proceeds received by the Company shall be used for working capital purposes. The Company may not use funds at any time to lend money, give credit or make advances or pay back salary to any officers, directors, employees or affiliates of the Company. The Company may use the proceeds to fund its subsidiaries working capital needs, subject to the same restrictions on use.

			
	
			Share Reservation:

				 	
			The Company shall maintain, at all times, a reserve of shares in the name of investors equal to 5x the number of shares required for full conversion of the Notes and exercise of the Warrants, and, if necessary, will seek shareholder approval of the Company to increase in authorized capital or reverse split (and the implementation of such action) such that the Company shall have in reserve a number of shares equal 5x the full conversion of the Notes into Common Stock or exercise of any such.

			
	
			Event of Default:

				 	
			The Events of Default will be further outlined in the Transaction documents. Upon the occurrence of an Event of Default, the Investors shall have the right to be prepaid at 130% of the outstanding principal balance and accrued interest immediately due prior to such Event of Default. Following an Event of Default, interest shall accrue at rate of 1.5% per month (18% annual) until paid. In the event of default, the Conversion Price shall be equal to 70% of the lowest trading price of the Common Stock as reported on the OTCQB or other principal market where the Company’s Common Stock is traded (the “Trading Market”) for the ten prior trading days. The 4.99% blocker shall remain in effect.

			

 

8

 

 

	
			Prepayment:

				 	
			The Notes may be prepaid at any time for the first 90 days at face value plus interest. Starting on day 91 the note may be prepaid in an amount equal to 110% of the outstanding principal and accrued interest and 120% of the outstanding principal and accrued interest for days 181-365 days after issuance. In order to prepay the Notes after day 181, the Company must give at least 20 trading days’ written notice to the Investors-during which time the Investors may convert the Notes in whole or in part, subject to the 4.99% blocker.

			
	
			Seniority:

				 	
			The Notes will be senior to all obligations of the Company.

			
	
			Warrants:

				 	
			100% warrant coverage shall be exercisable for a period of 5 years post issuance at an exercise price of $0.50 per share (the “Exercise Price”). The 4.99% blocker shall also apply to warrant exercises.

			 

			The Warrants will contain a cashless exercise provision if not covered by a registration statement by month six.

			 

			The Company may call the warrants if the stock trades at $1.25 for a period of 10 straight trading days and the warrant shares are covered by an effective registration statement. Additionally, the average daily volume of the Common Stock for the previous 10 trading days must be greater than $200,000.

			
	
			Qualified Offering:

				 	
			The Note and accrued interest will be mandatorily convertible upon a Qualified Offering (minimum of $6 million public offering on a national exchange) at the lower of the conversion price or 20% of the offering price. The Investors will execute a 30 day lock-up for any amount due upon the Qualified Offering. Following that period the investor will enter a leak-out agreement for an additional 60 days.

			
	
			Legal Fees:

				 	
			The Company will pay the Investors’ reasonable legal fees at the closing of the Transaction, not to exceed $30,000. A $5,000 deposit should be sent to the investors Law firm.

			
	
			Right of Participation:

				 	
			The Investors shall be granted a right of participation of 25% in all subsequent financings conducted by the Company, except exempt issuances, strategic investors and raises that are $15 million or more, for the longer of a period of 12 months following the closing of the Transaction or until the debt is retired.

			
	
			Anti-Dilution:

				 	
			The shares underlying the Notes and Warrants will be subject to anti-dilution protection.Exhibit 10.1

 

EXECUTION VERSION

 

 

AMENDMENT
NO. 12 TO

THIRD AMENDED
AND RESTATED RECEIVABLES PURCHASE AGREEMENT

 

AND

 

AMENDMENT
NO. 7 TO

THIRD AMENDED
AND RESTATED PURCHASE AND CONTRIBUTION AGREEMENT

 

THIS AMENDMENT NO. 12
TO THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT AND AMENDMENT NO. 7 TO THIRD AMENDED AND RESTATED PURCHASE AND
CONTRIBUTION AGREEMENT (this “Agreement”) is dated and is effective as of June 26, 2020, and is entered
into by and among UNITED RENTALS (NORTH AMERICA), INC., a Delaware corporation (the “Originator”), UNITED
RENTALS RECEIVABLES LLC II, a Delaware limited liability company (the “Seller”), UNITED RENTALS, INC.,
a Delaware corporation (the “Collection Agent”), LIBERTY STREET FUNDING LLC, a Delaware limited liability
company (“Liberty”), and GOTHAM FUNDING CORPORATION, a Delaware corporation (“Gotham”, and
together with Liberty, the “Purchasers”), THE BANK OF NOVA SCOTIA (“Scotia Capital”), as
a Bank (as defined in the Purchase Agreement referred to below), as administrative agent (the “Administrative Agent”)
for the Investors and the Banks (as such terms are defined in the Purchase Agreement referred to below) and as purchaser agent
for Liberty (the “Liberty Purchaser Agent”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a
Bank and as purchaser agent for itself (the “PNC Purchaser Agent”), MUFG BANK, LTD. (“MUFG”),
as a Bank and as purchaser agent for Gotham (the “Gotham Purchaser Agent”), TRUIST BANK, successor by merger
to SunTrust Bank (“Truist”), as a Bank and as purchaser agent for itself (the “Truist Purchaser Agent”),
and THE TORONTO-DOMINION BANK (“TD”), as a Bank and as purchaser agent for itself (the “TD Purchaser
Agent”, and together with the Liberty Purchaser Agent, the PNC Purchaser Agent, the Gotham Purchaser Agent and the Truist
Purchaser Agent, the “Purchaser Agents”). Capitalized terms used and not otherwise defined herein are used as
defined in the Purchase Agreement (as defined below).

 

RECITALS

 

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

 

WHEREAS, the Originator,
the Collection Agent and the Seller are parties to that certain Third Amended and Restated Purchase and Contribution Agreement
dated as of September 24, 2012 (as amended, supplemented or otherwise modified, the “Contribution Agreement”);

 

WHEREAS, pursuant
to Section 7.01 of the Purchase Agreement, the parties wish to (i) extend the Facility Termination Date under the
Purchase Agreement, (ii) decrease the Purchase Limit and (iii) make certain other amendments to the Purchase
Agreement, all as hereinafter set forth; and

 

    1

     

    

 

WHEREAS, pursuant to
Section 9.01 of the Contribution Agreement, the parties wish to reflect name changes with respect to certain of the Banks
and Purchaser Agents.

 

NOW, THEREFORE, the parties agree as follows:

 

Section 1.              Decrease
in Purchase Limit and Bank Commitments; Adjustment of Bank Commitments and Percentages. As of the Effective Date (as defined
below):

 

(a)           Pursuant
to and in accordance with the Purchase Agreement, the Purchase Limit is hereby decreased by $175,000,000 and the definition of
 “Purchase Limit” contained in Exhibit I to the Purchase Agreement is hereby amended by deleting the dollar figure
 “$975,000,000” contained therein and replacing it with the dollar figure “$800,000,000”. In accordance
with Section 7.01 of the Purchase Agreement, each of the Seller, the Administrative Agent, the Banks, and the Purchaser Agents
consents to such amendment.

 

(b)           In
connection with the decrease in the Purchase Limit, the Seller desires to cause (v) Scotia Capital to decrease its Bank Commitment
by $67,500,000, (w) PNC to decrease its Bank Commitment by $22,500,000, (x) MUFG to decrease its Bank Commitment by
$25,000,000, (y) Truist to decrease its Bank Commitment by $22,500,000 and (z) TD to decrease its Bank Commitment by
$37,500,000, and each of Scotia Capital, PNC, MUFG, Truist and TD agrees to such decrease in its respective Bank Commitment. Each
of the Purchasers, the Purchaser Agents and the Administrative Agent hereby consents to such decrease in the respective Bank Commitment
of each of Scotia Capital, PNC, MUFG, Truist and TD.

 

(c)           Upon
the effectiveness of the Bank Commitment decreases in Section 1(b), the Bank Commitment of each of the Banks shall be as
follows (and each Bank’s Percentage shall be that percentage determined pursuant to the Purchase Agreement):

 

	Bank	 	Bank Commitment	 
	Truist	 	$	102,500,000	 
	MUFG	 	$	115,000,000	 
	PNC	 	$	102,500,000	 
	TD	 	$	172,500,000	 
	Scotia Capital	 	$	307,500,000	 
	TOTAL	 	$	800,000,000.00	 

 

(d)           In
connection with the foregoing adjustments of the Bank Commitments and the resulting adjustments to each Bank’s Percentage,
the applicable Banks (or related Purchasers) whose Percentage has decreased shall transfer a Receivable Interest or Receivable
Interests to each of the applicable Banks (or related Purchasers) whose Percentage has increased, as applicable, in exchange for
an aggregate cash payment from each such Person in an amount equal to the aggregate Capital of such Receivable Interests so transferred
to such Person, so that after giving effect to such transfers of Receivable Interests and such cash payments, each applicable
Investor shall hold aggregate outstanding Capital equal to such Investor’s ratable share of the aggregate outstanding Capital
of all Investors as of such time (based on the applicable Bank’s Percentage, as so adjusted). The Seller hereby consents
to the foregoing transfers of Receivable Interests. Each of the Seller, the Purchaser Agents and the Administrative Agent hereby
acknowledges and agrees that this Agreement constitutes notice to it by the relevant transferors of the transfer of Receivable
Interests pursuant to this Section 1(d).

 

    2

     

    

 

Section 2.             Amendments
to the Purchase Agreement. Effective as of the Effective Date, immediately after giving effect to the actions contemplated
by Section 1 hereof, the Purchase Agreement is hereby amended to incorporate the changes shown on the marked pages
attached hereto as Annex A.

 

Section 3.               Effectiveness
of this Agreement. This Agreement shall become effective as of the date hereof (the “Effective Date”) at
such time as:

 

(a)       executed
counterparts of this Agreement have been delivered by each party hereto to the other parties hereto;

 

(b)       each
Purchaser Agent shall have received payment of a one-time upfront fee in an amount equal to 7.5 basis points on the amount
of its related Bank’s Bank Commitment after giving effect to the decrease of Bank Commitments contemplated by Section 1;

 

(c)       in
the event that the aggregate Capital of all Receivable Interests in effect immediately prior to the decrease of the Purchase Limit
contemplated by Section 1 is greater than $800,000,000, the Seller shall have caused such aggregate Capital to be
reduced to $800,000,000 or less;

 

(d)       the
Administrative Agent shall have received an opinion, in form and substance reasonably satisfactory to the Administrative Agent,
from Sullivan & Cromwell LLP, with respect to true sale and non-consolidation matters after giving effect to this Agreement
and the transactions contemplated hereby; and

 

(e)       the
Administrative Agent and the Purchaser Agents shall have received, in form and substance reasonably satisfactory to the Administrative
Agent and each Purchaser Agent, a certificate of the Secretary or Assistant Secretary of the Seller certifying copies of the resolutions
of the Board of Directors of the Seller approving this Agreement and the transactions contemplated hereby.

 

Section 4.               Representations
and Warranties. The Originator, the Seller and the Collection Agent represent and warrant as follows:

 

(a)       The
execution, delivery and performance by the Originator, the Collection Agent and the Seller of this Agreement (i) are
within its corporate or limited liability company powers, as applicable, (ii) have been duly authorized by all necessary
corporate or limited liability company action, as applicable, and (iii) do not contravene (1) its charter, by-laws
or limited liability company agreement, as applicable, (2) any law, rule or regulation applicable to it or (3) any
contractual restriction binding on it or its property, in each case under clauses (2) or (3) where such
contravention would reasonably be expected to have a material adverse effect on the collectability of any Pool Receivable, on
the Originator, on the Seller or on the performance by the Collection Agent of its obligations under the Contribution
Agreement or the Purchase Agreement. This Agreement has been duly executed and delivered by the Originator, the Seller and
the Collection Agent.

 

    3

     

    

 

(b)       No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required for the due execution, delivery and performance by the Originator, the Seller or the Collection Agent of this Agreement
or any other document to be delivered by the Originator, the Seller or the Collection Agent hereunder other than those already
obtained; provided that the right of any assignee of a Receivable the obligor of which is a Government Obligor to enforce
such Receivable directly against such obligor may be restricted by the Federal Assignment of Claims Act or any similar applicable
law to the extent the Originator or the Seller shall not have complied with the applicable provisions of any such law in connection
with the assignment or subsequent reassignment of any such Receivable.

 

(c)       This
Agreement constitutes the legal, valid and binding obligation of the Originator, the Seller and the Collection Agent, enforceable
against the Originator, the Seller and the Collection Agent in accordance with its terms subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights generally and general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

 

(d)       The
representations and warranties contained in (i) Section 4.01 of the Contribution Agreement (with respect to the Originator),
(ii) Exhibit III to the Purchase Agreement (with respect to the Seller) and (iii) Section 4.08 of the Purchase
Agreement (with respect to the Collection Agent) are correct in all material respects (except for those representations and warranties
that are conditioned by materiality, material adverse effect or a similar qualification, which shall be correct in all respects)
on and as of the date hereof as though made on and as of the date hereof, except to the extent such representations and warranties
specifically relate to an earlier date, in which case such representations and warranties shall have been correct in all material
respects (except for those representations and warranties that are conditioned by materiality, material adverse effect or a similar
qualification, which shall have been correct in all respects) on and as of such earlier date.

 

(e)        No
event has occurred and is continuing, or would result from the transactions contemplated hereby, that constitutes an Event of
Termination or an Incipient Event of Termination.

 

Section 5.              Amendment
to Fee Letters. The Seller and each of the Banks hereby agrees that, upon the effectiveness of the amendments to the Purchase
Agreement contemplated by Section 2 above, (x) the percentage “0.75%” in Section 1 of each Fee Letter utilized
in the calculation of the Program Fee (as defined in each Fee Letter) is amended to be (1) with respect to each Fee Letter as
to which the related Purchaser Agent has a Purchaser party to the Purchase Agreement, “1.25%” and (2) with respect
to each Fee Letter as to which the related Purchaser Agent does not have a Purchaser party to the Purchase Agreement, “1.30%”,
(y) the percentage “0.35%” in Section 2 of each Fee Letter utilized in the calculation of the Commitment Fee
(as defined in each Fee Letter) is amended to be “0.40%” and (z) the percentage “1.25%” in the paragraph
of each Fee Letter mentioning the “Assignee Rate” is amended to be “1.30%”.

 

    4

     

    

 

Section 6.               Purchase
Agreement, Contribution Agreement and Fee Letters in Full Force and Effect as Amended.

 

(a)       In
connection with the extension of the Facility Termination Date under the Purchase Agreement, the Originator acknowledges that
the Facility Termination Date under the Contribution Agreement shall accordingly be extended pursuant to clause (a) of the
definition of “Facility Termination Date” contained therein. The respective parties hereto acknowledge and agree that
each reference in the Contribution Agreement (including any schedules and exhibits thereto) to (x) “The Bank of Tokyo-Mitsubishi
UFJ, Ltd.” or “BTMU” or words to that effect is hereby replaced in its entirety with a reference to “MUFG
Bank, Ltd.” or “MUFG”, mutatis mutandis, and (y) “SunTrust Bank” or “ST” or words
to that effect is hereby replaced in its entirety with a reference to “Truist Bank” or “Truist”, mutatis
mutandis. All of the provisions of the Purchase Agreement, the Contribution Agreement and the Fee Letters, each as amended
hereby, and all of the provisions of all other documentation required to be delivered with respect thereto shall remain in full
force and effect and are ratified and confirmed in all respects.

 

(b)       The
respective parties hereto agree to be bound by the terms and conditions of the Purchase Agreement, the Contribution Agreement
and the Fee Letters, each as amended hereby, as applicable, as though such terms and conditions were set forth herein.

 

(c)       This
Agreement may not be amended or otherwise modified except as provided in the Purchase Agreement or the Contribution Agreement,
as applicable.

 

(d)       This
Agreement shall constitute a Transaction Document under both the Purchase Agreement and the Contribution Agreement.

 

Section 7.               Reference
in Other Documents; Affirmation of Performance Undertaking Agreement.

 

(a)       On
and from the date hereof, references to the Purchase Agreement in any agreement or document (including without limitation the
Purchase Agreement) shall be deemed to include a reference to the Purchase Agreement, as amended hereby, whether or not reference
is made to this Agreement. On and from the date hereof, references to the Contribution Agreement in any agreement or document
(including without limitation the Contribution Agreement) shall be deemed to include a reference to the Contribution Agreement,
as amended hereby, whether or not reference is made to this Agreement.

 

(b)       United
Rentals, Inc. hereby consents to this Agreement and hereby affirms and agrees that the Performance Undertaking Agreement
is, and shall continue to be, in full force and effect and is hereby ratified and affirmed in all respects. Upon and at all
times after the effectiveness of this Agreement, each reference in the Performance Undertaking Agreement to (i) the
 “Receivables Purchase Agreement”, “thereunder”, “thereof” or words of like import shall
mean and be a reference to the Purchase Agreement as amended by this Agreement, and as hereafter amended or restated, and
(ii) the “Purchase Agreement”, “thereunder”, “thereof” or words of like import shall mean
and be a reference to the Contribution Agreement as amended by this Agreement, and as hereafter amended or restated.

 

		Section	8.             Costs
and Expenses.

 

The Seller agrees to
pay on demand all reasonable and documented costs and expenses in connection with the drafting, negotiation, revision, execution
and delivery of this Agreement and the other documents and agreements to be delivered hereunder and thereunder, including, without
limitation, the reasonable and documented fees and out-of-pocket expenses of one firm of primary counsel for the Administrative
Agent and the Purchaser Agents, the Purchasers and the Banks.

 

		Section	9.             Counterparts.

 

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

 

		Section	10.           Headings.

 

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

 

		Section	11.           Governing
Laws.

 

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

 

The remainder of
this page is intentionally left blank.

 

    5

     

    

 

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/ Colin Fox
	 	 	Name:	 Colin Fox
	 	 	Title:	Assistant Treasurer

 

	SELLER:	UNITED RENTALS RECEIVABLES LLC II
		 
	 	By:	/s/ Colin Fox
	 	 	Name:	 Colin Fox
	 	 	Title:	Assistant Treasurer

 

	COLLECTION AGENT:	UNITED RENTALS, INC.
		 
	 	By:	/s/ Colin Fox
	 	 	Name:	 Colin Fox
	 	 	Title:	Assistant Treasurer

 

	SOLELY FOR PURPOSES OF SECTION 7(b):	UNITED RENTALS, INC.
		 
	 	By:	/s/ Colin Fox
	 	 	Name:	 Colin Fox
	 	 	Title:	Assistant Treasurer

 

Signature Page

AMENDMENT NO. 12 to RPA and AMENDMENT NO. 7 TO PCA

 

    

     

    

 

	ADMINISTRATIVE AGENT:	THE BANK OF NOVA SCOTIA
		 
	 	By:	/s/ Doug Noe
	 	 	Name:	Doug Noe
	 	 	Title:	Managing Director

 

	PURCHASER:	LIBERTY STREET FUNDING LLC
		 
	 	By:	/s/ Kevin J. Corrigan
	 	 	Name:	Kevin J. Corrigan
	 	 	Title:	Vice President

 

	PURCHASER AGENT:	THE BANK
OF NOVA SCOTIA
		 
	 	By:	/s/ Doug Noe
	 	 	Name:	Doug Noe
	 	 	Title:	Managing Director

 

	BANK:	THE BANK OF NOVA SCOTIA
		 
	 	By:	 /s/ Doug Noe
	 	 	Name:	Doug Noe
	 	 	Title:	Managing Director

 

Signature Page

AMENDMENT NO. 12 to RPA and AMENDMENT NO. 7 TO PCA

 

    

     

    

 

	PURCHASER AGENT:	PNC BANK,
NATIONAL ASSOCIATION
		 
	 	By:	/s/ Christopher Blaney
	 	 	Name:	Christopher Blaney
	 	 	Title:	Senior Vice President

 

	BANK:	PNC BANK, NATIONAL ASSOCIATION
		 
	 	By:	/s/ Christopher Blaney
	 	 	Name:	Christopher Blaney
	 	 	Title:	Senior Vice President

 

Signature Page

AMENDMENT NO. 12 to RPA and AMENDMENT NO. 7 TO PCA

 

    

     

    

 

	PURCHASER:	GOTHAM FUNDING
CORPORATION
		 
	 	By:	/s/ Kevin J. Corrigan
	 	 	Name:	Kevin J. Corrigan
	 	 	Title:	Vice President

 

	PURCHASER AGENT:	MUFG BANK,
LTD.
		 
	 	By:	/s/ Eric Williams
	 	 	Name:	Eric Williams
	 	 	Title:	Managing Director

 

	BANK:	MUFG BANK,
LTD.
		 
	 	By:	/s/ Eric Williams
	 	 	Name:	Eric Williams
	 	 	Title:	Managing Director

 

Signature Page

AMENDMENT NO. 12 to RPA and AMENDMENT NO. 7 TO PCA

 

    

     

    

 

	PURCHASER AGENT:	TRUIST BANK
		 
	 	By:	/s/ Jason Meyer
	 	 	Name:	Jason Meyer
	 	 	Title:	Managing Director

 

	BANK:	TRUIST BANK
		 
	 	By:	/s/ Jason Meyer
	 	 	Name:	Jason Meyer
	 	 	Title:	Managing Director

 

Signature Page

AMENDMENT NO. 12 to RPA and AMENDMENT NO. 7 TO PCA

 

    

     

    

 

	PURCHASER AGENT:	THE TORONTO-DOMINION
BANK
		 
	 	By:	/s/ Jamie Giles
	 	 	Name:	Jamie Giles
	 	 	Title:	Managing Director

 

	BANK:	THE TORONTO-DOMINION
BANK
		 
	 	By:	/s/ Jamie Giles
	 	 	Name:	Jamie Giles
	 	 	Title:	Managing Director

 

Signature Page

AMENDMENT NO. 12 to RPA and AMENDMENT NO. 7 TO PCA

 

    

     

    

 

ANNEX A

 

CHANGED PAGES TO PURCHASE AGREEMENT

 

See Attached

 

    

     

    

 

CONFORMED COPY INCORPORATING

AMENDMENT
NO. 1112 EFFECTIVE AS OF APRIL 27,
JUNE 26, 2020

 

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,

 

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 itself and as a Bank,

 

MUFG BANK, LTD.,

as Purchaser Agent for Gotham and as a Bank,

 

SUNTRUSTTRUIST
BANK,

as Purchaser Agent for itself and as a Bank,

 

and

 

THE TORONTO-DOMINION BANK,

as Purchaser Agent for itself and as a Bank

 

    

     

    

 

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, GOTHAM FUNDING CORPORATION (“Gotham”), a Delaware corporation (each of Liberty 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 itself (the “PNC Purchaser Agent”),
MUFG BANK, LTD. (“MUFG”), as a Bank and as purchaser agent for Gotham (the “Gotham Purchaser Agent”),
SUNTRUSTTruist BANK (“STTruist”),
as a Bank and as purchaser agent for itself (the “STTruist
Purchaser Agent”), and THE TORONTO-DOMINION BANK (“TD”), as a Bank and as purchaser agent
for itself (the “TD Purchaser Agent”, and together with the Liberty Purchaser Agent, the PNC Purchaser Agent,
the Gotham Purchaser Agent and the STTruist 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 in the manner set forth herein (as applicable).

 

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:

 

    

     

    

 

except
with respect to any purchase being made by STTruist
PNC or TD (in their respective capacities as a Bank), the desired duration of the initial Fixed Period for each such
Receivable Interest in the Pool Receivables. Each Purchaser Agent which has a related Purchaser shall promptly thereafter
(but in no event later than 11:00 a.m. (New York City time) on the proposed date of purchase) notify the Seller and the
Administrative Agent whether such respective Purchaser has determined to make a purchase and, if so, whether all of the terms
specified by the Seller are acceptable to such Purchaser and the yield with respect to such purchase and the amount of
interest that will be due for the related Settlement Period. If (a) a Purchaser has determined not to make a proposed
purchase, or (b) a Purchaser Agent does not have a related Purchaser, the respective Purchaser Agent shall promptly send
notice of the proposed purchase to all of the Related Banks of such Purchaser Agent concurrently specifying the date of such
purchase, each such Bank’s Percentage multiplied by the aggregate amount of Capital of the Receivable Interests in the
Pool Receivables being purchased, and, except with respect to any purchase being made by STTruist, PNC
or TD (in their respective capacities as a Bank), 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, in each case other than any Delaying Bank with respect to such purchase and such Delaying Bank’s related Purchasers,
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. A Delaying Bank may not object to its funding obligation
of Delayed Funds under Section 1.02(e)(vi) on the basis of the failure of the Seller to satisfy the conditions precedent
set forth in Exhibit II hereto unless such Delaying Bank has delivered a written notice to the Administrative Agent and
the Seller expressing its objections to the proposed purchase on or prior to the Original Date of such purchase applicable to Non-Delaying
Banks.

 

(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 Agreement as are delegated to such Purchaser Agent by the terms hereof, together with such powers as
are reasonably incidental thereto.

 

    3

     

    

 

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

 

(c)               
Gotham, MUFG, and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment
and Acceptance that MUFG shall act as its Purchaser Agent, has appointed MUFG 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.

 

(d)              
STTruist and each Bank or other
Person that has entered into an Assignment and Acceptance and has agreed in such Assignment and Acceptance that STTruist
shall act as its Purchaser Agent, has appointed STTruist
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.

 

(e)               
TD and each Bank or other Person that has entered into an Assignment and Acceptance and has agreed in such Assignment and
Acceptance that TD shall act as its Purchaser Agent, has appointed TD 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:

 

    34

     

    

 

With a copy to:

MUFG BANK, LTD.

1221 Avenue of the Americas

New York, NY 10020

Attention: The Securitization Group

Facsimile No.: (212) 782-6448

Emails:
securitization_reporting@us.mufg.jp

cpohl@us.mufg.jp

 

If
to the STTruist Purchaser Agent:

 

SUNTRUSTTRUISTBANK

3333 Peachtree Road, NE

10th Floor East

Atlanta, Georgia 30326

Attention:       Jason Meyer

Tel. No.: (404) 926-5505

Facsimile No.: (404) 926-5100

 

If to the TD Purchaser Agent:

 

THE TORONTO-DOMINION BANK

Asset Securitization Group

222 Bay Street,

EY Tower 7th floor

Toronto, Ontario M5K1A2

Attention: Jamie Giles

Tel. No.: (416) 307-8782

Facsimile No.: (416) 307-8840

Emails:
Jamie.Giles@tdsecurities.com

Monica.miaoAndrew.Gubasta@tdsecurities.com

 

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

 

    38

     

    

 

SUNTRUSTTruistBANK

3333 Peachtree Road, NE

10th Floor East

Atlanta, Georgia 30326

Attention:          Jason Meyer

Tel. No.: (404) 926-5505

Facsimile No.: (404) 926-5100

 

THE TORONTO-DOMINION BANK

Asset Securitization Group

222 Bay Street,

EY Tower 7th floor

Toronto, Ontario M5K1A2

Attention: Jamie Giles

Tel. No.: (416) 307-8782

Facsimile No.: (416) 307-8840

Emails:
 Jamie.Giles@tdsecurities.com

Monica.miaoAndrew.Gub.asta@tdsecurities.com

 

SECTION 7.03.           Assignability.

 

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

(b)                 Each
Bank may assign, with the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed,
to any Eligible Assignee or to any other Bank all or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Bank Commitment and any Receivable Interests in the Pool Receivables or interests
therein owned by it). The parties to each such assignment shall execute and deliver to the Administrative Agent and the
related Purchaser Agent for each such party an Assignment and Acceptance. In addition, each Bank or any of its respective
Affiliates may assign any of its 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.

 

    40

     

    

 

 

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

 

(d)              
Any Purchaser may at any time pledge or grant a security interest in all or any portion of its rights (including, without
limitation, rights to payment of Capital and Yield) under this Agreement or under any of the other Transaction Documents to its
collateral agent or trustee under its commercial paper note program without notice to or consent of the Seller, the Administrative
Agent or the Purchaser Agent.

 

(e)              
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.

(f)               
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, MUFG, STTruist
and TD 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, MUFG, STTruist and TD 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.

 

    41

     

    

 

(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 additional amounts pursuant to Section 7.04(d), it shall pay to the Seller an
amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Seller
under Section 7.04(d) or Section 3.01 hereunder with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) incurred by such Refund Recipient and without interest (other than any interest paid
by the relevant governmental authority with respect to such refund). The Seller, upon the request of such Refund Recipient,
shall repay to such Refund Recipient the amount paid over to the Seller by such Refund Recipient pursuant to this paragraph
(g) (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such
Refund Recipient is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary in
this paragraph (g), in no event will any Refund Recipient be required to pay any amount to the Seller pursuant to this
paragraph (g) the payment of which would place such Refund Recipient in a less favorable net after-Tax position than such
Refund Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had
never been paid. This paragraph shall not be construed to require any Refund Recipient to make available its Tax returns (or
any other information relating to its Taxes that it deems confidential) to the Seller or any other Person.

 

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 or MUFG (or an Affiliate thereof), (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 or MUFG (or an Affiliate
thereof), 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 SEC 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, MUFG,STTruist TD or any successor

 

    44

     

    

 

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:	 
	 	 	Name: Irene Moshouris 
	 	 	Title: Vice President and Treasurer 

 

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

 

 

Signature Page - Receivables Purchase Agreement I- 1

 

     

     

    

 

	ADMINISTRATIVE
    AGENT:	THE
    BANK OF NOVA SCOTIA
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	PURCHASER:	LIBERTY STREET FUNDING LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	PURCHASER AGENT:	THE BANK
    OF NOVA SCOTIA
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page - Receivables Purchase Agreement I- 2

 

     

     

    

 

	PURCHASER AGENT:	PNC BANK, NATIONAL ASSOCIATION
	 	 
	
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page - Receivables Purchase Agreement I- 3

  

     

     

    

 

	PURCHASER:	GOTHAM
    FUNDING CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 

 

 

	PURCHASER AGENT:	THE BANK OF TOKYOMITSUBISHI UFJ, LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page - Receivables Purchase Agreement I- 4

 

     

     

    

 

	BANKS:	THE BANK OF NOVA SCOTIA
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	PNC BANK,
    NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:                
	 	 	Title:
	 	 
	 	 
	 	THE BANK
    OF TOKYO-MITSUBISHI UFJ, LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

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).

 

Signature Page - Receivables Purchase Agreement I- 5

 

     

     

    

 

“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 181 days past
their Invoice Date (or, in the case of Extended Term Receivables, that were less than 241 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, 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 became Defaulted Receivables at any time during such
calendar month, by (b) the aggregate dollar amount of all Pool Receivables created during the calendar
month ended five months prior to the most recent calendar month-end.

 

“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 and each other Bank for which PNC acts as Purchaser Agent, on any date, a fluctuating interest rate per annum as shall be
in effect from time to time, which rate shall be at all times equal to the higher of:

 

Signature Page - Receivables Purchase Agreement I- 6

 

     

     

    

(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;

 

(c)       For
MUFG, 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 MUFG 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 MUFG charges
any corporate customer); and

 

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

 

(d)
       For
Truist and
each other Bank for which Truist
acts
as Purchaser Agent, on any date, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall
be at all times equal to the higher of:

 

(i)                   the rate of interest determined by MUFG in New York, New YorkTruist
in Charlotte, North Carolina, from time to time in its sole discretion, as its prime commercial lending rate
(which rate is not necessarily the lowest rate that MUFG Truist charges
any corporate customer); and

 

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

 

(d)       For
ST and each other Bank for which  ST
acts as Purchaser Agent, on any date, a fluctuating interest rate per annum as shall be in effect
from time to time, which rate shall be at all times equal to the higher of:

 

(i)                  
the rate of interest determined by  ST in Atlanta,
Georgia, from time to time in its sole discretion, as its prime commercial
lending rate (which rate is not necessarily the lowest rate that ST charges any corporate customer); and

 

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

 

(e)       For
TD and each other Bank for which TD acts as Purchaser Agent, on any date, a fluctuating interest rate per annum as shall be in
effect from time to time, which rate shall be at all times equal to the higher of:

 

(i)                  
the rate of interest determined by TD in Toronto, Ontario, from time to time in its sole discretion, as its prime commercial
lending rate (which rate is not necessarily the lowest rate that TD charges any corporate customer); and

 

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

 

Signature Page - Receivables Purchase Agreement
I- 7

 

     

     

    

 

 

“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 with respect to which an Investor or Bank shall have notified its Purchaser Agent that:

 

(i)                  
the introduction of or any change in or in the interpretation of any applicable law or regulation makes it unlawful, or
any central bank or other governmental authority asserts that it is unlawful, for such Investor or Bank to fund such Receivable
Interest in the Pool Receivables at the rate set forth above (and such Investor or Bank shall not have subsequently notified its
Purchaser Agent that such circumstances no longer exist),

(ii)                
dollar deposits in the relevant amounts and for the relevant Fixed Period are not available,

 

(iii)              
adequate and reasonable means do not exist for ascertaining the Eurodollar Rate (Reserve Adjusted) for the relevant Fixed
Period, or

 

(iv)              
the Eurodollar Rate (Reserve Adjusted) determined pursuant hereto does not accurately reflect the cost to the Investors
or the Banks (as conclusively determined by the related Purchaser Agent) of maintaining Receivable Interests during such Fixed
Period,

 

(b)         other
than with respect to a Fixed Period for STTruist, PNC
or TD (in their respective capacities as a Bank), any Fixed Period of one to and including 29 days (other than a Fixed Period
that corresponds to the month of February or that begins on a day in the month of February and runs to the numerically
corresponding day of the following month),

 

(c)         other
than with respect to a Fixed Period for STTruist,
PNC or TD (in their respective capacities as a Bank), 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,

 

(d)         any
Fixed Period for a Receivable Interest the Capital of which allocated to the Investors or Banks is less than $500,000, or

 

(e)         the
Eurodollar Rate (Reserve Adjusted) no longer being utilitzedutilized
in determining the Assignee Rate pursuant to Section 1.15,

 

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

 

Signature Page - Receivables Purchase Agreement I-
8

 

     

     

    

 

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(s) for such Bank and for such Eligible Assignee, pursuant to which such Eligible Assignee
may become a party to the Agreement as a Bank or a Purchaser.

 

“Bank Commitment” of any Bank means, (a) with respect to Scotia
Capital, $375,000,000,307,500,000, or such amount as increased or reduced by any Assignment and Acceptance entered into
with other Banks; (b) with respect to PNC, $125,000,000,102,500,000, or such amount as increased or reduced by any Assignment
and Acceptance entered into with other Banks, (c) with respect to MUFG, $140,000,000,115,000,000, or such amount as increased
or reduced by any Assignment and Acceptance entered into with other Banks, (d) with respect to ST,
$125,000,000,Truist,$102,500,000, or such amount as increased or reduced
by any Assignment and Acceptance entered into with other Banks; (e) with respect to TD, $210,000,000,172,500,000, or such
amount as increased or reduced by any Assignment and Acceptance entered into with other Banks; or (f) with respect to a Bank that
has entered into an Assignment and Acceptance, the amount set forth therein as such Bank’s Bank Commitment, in each case
as such amount may be increased or reduced by an Assignment and Acceptance entered into between such Bank and an Eligible Assignee,
and as may be further reduced (or terminated) pursuant to the next sentence. Any reduction (or termination) of the Purchase Limit
pursuant to the terms of the Agreement shall reduce ratably (or terminate) each Bank’s Bank Commitment.

 

“Banks”
means each of Scotia Capital, PNC, MUFG, STTruist, TD and each respective Eligible Assignee
that shall become a party to the Agreement pursuant to Section 7.03.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. Section 1010.230.

 

“Broken
Funding Costs” means for any Receivable Interest that is accruing Yield based on the Eurodollar Rate or the Investor
Rate that is reduced, 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 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. 

to cover a Collection Account may also constitute
a Collection Account Agreement with respect to such Collection Account.

 

Signature Page - Receivables Purchase Agreement I- 9

 

     

     

    

 

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

 

“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.

 

“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) June 26, 202025, 2021 (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 the “Concentration Percentage” with respect to such
Obligor determined in accordance with the below ratings table; provided that if an Obligor’s payment obligations under
Receivables owing by such Obligor are guaranteed in full by another entity, such guarantor’s ratings (to the extent higher
than the ratings of such Obligor) shall be used in determining the Concentration Percentage of such Obligor; and provided, further,
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(s) are one Obligor (in the event such Obligor and such Affiliated Obligor(s) are
in

 

Signature Page - Receivables Purchase Agreement I- 11

 

     

     

    

 

“Debt”means “Indebtedness”, as defined 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 werebecame
Defaulted Receivables on the last day of eachat any
time during such month or that would have beenbecome Defaulted Receivables
onat any time during such daymonth 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 :

 

(a)         
any payment or part thereof remains unpaid for 151 or more to
180 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);to 240 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)         
thathas been or, consistent with the Credit and Collection Policy, would be written
off as uncollectible.

 

“Defaulting
Bank” means any Bank that has not made any purchase (including a purchase pursuant to Section 1.02(e)(vi)) or
payment of any other amount as and when due hereunder.

 

“Delayed
Funding Amount” has the meaning specified in Section 1.02(e)(vi) of the Agreement.

 

“Delayed
Funding Date” has the meaning specified in Section 1.02(e)(i) of the Agreement.

 

“Delayed
Funding Notice” has the meaning specified in Section 1.02(e)(i) of the Agreement.

 

“Delayed
Funds” has the meaning specified in Section 1.02(e)(i) of the Agreement. “Delaying Bank”
has the meaning specified in Section 1.02(e)(i) of the Agreement.

 

“Delaying
Certificate” has the meaning specified in Section 1.02(e)(ii) of the Agreement.

 

“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.

 

Signature Page - Receivables Purchase Agreement I- 14

 

     

     

    

 

“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, other than any of the foregoing included in the Contractual Dilution Amount
for the applicable period.

 

“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 12 month rolling
average of the Reserve Dilution Ratio

 

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

 

Dilution Spike = the highest Reserve Dilution Ratio
as of the last day of each of the 12 months immediately preceding such day

 

Signature Page - Receivables Purchase Agreement I- 15

 

     

     

    

 

Dilution Horizon Ratio = the aggregate amount of newly generated Receivables during
the most recent two months divided by the Net Receivables Pool Balance as of the last day of the most recent month.

 

“Eligible Assignee” means (a) with respect to Scotia Capital,
(i) Scotia Capital or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard
 & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents, (b)
with respect to PNC, (i) PNC or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher)
by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise acceptable to the Purchaser
Agents, (c) with respect to MUFG, (i) MUFG or any of its Affiliates or (ii) any other Person the
short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1 by Moody’s Investor Service, Inc.
and which is otherwise acceptable to the Purchaser Agents, (d) with respect to Truist,
(i) Truist  or any of its Affiliates or (ii) any other Person the short term debt of which is rated A-1 (or higher) by
Standard & Poor’s and P-1 by Moody’s Investor Service, Inc. and which is otherwise
acceptable to the Purchaser Agents, (d) with respect to ST, (i) ST
or any of its Affiliates or (ii) any other Person the short term debt of which
is rated A1 (or higher) by Standard & Poor’s and P1 by Moody’s Investor Service,
Inc. and which is otherwise acceptable to the Purchaser Agents and (e) with respect to TD, (i) TD or any of its Affiliates
or (ii) any other Person the short term debt of which is rated A-1 (or higher) by Standard & Poor’s and P-1 by Moody’s
Investor Service, Inc. and which is otherwise acceptable to the Purchaser Agents.

 

“Eligible
Extended Term Receivable” means any Eligible Receivable that is an Extended Term Receivable that is less than
181 days past its Invoice Date.

 

“Eligible
Receivable” means, at the relevant time of determination, a Receivable or an ENB Receivable, as applicable:

 

(a)         
the Obligor of which (i) if a natural person, is a resident of the United States or, if a corporation or other business
organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive
office in the United States; (ii) is not an Affiliate of the Originator or the Seller; and (iii) to the knowledge of the Seller,
is not the subject of sanctions administered or enforced by the U.S. government under any Sanctions Laws.

 

(b)         
neither the Obligor of which nor any other Person obligated
thereon 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;

 

(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);

 

Signature Page - Receivables Purchase Agreement I- 16

 

     

     

    

 

“ENB
Receivable Conditions” means with respect to an ENB Receivable being treated as an Eligible Receivable, the satisfaction
of either of the following conditions: (a) the Senior Secured Indebtedness 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.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

 

“Eurocurrency
Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal Reserve
System, as in effect from time to time.

 

“Eurodollar
Rate” means:

 

(a)   
for any Fixed Period other than any Fixed Period for any Receivable Interest in the Pool Receivables held by STTruist,
PNC or TD (in their respective capacities as a Bank), 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 the Reuters
service or on any successor or substitute page of such service or any successor or substitute for such service displaying the
London interbank offered rate for deposits in Dollars (the “Eurodollar Screen Rate”); provided that,
if more than one rate is specified on the applicable screen page, the applicable rate shall be the arithmetic mean of all such
rates; provided further that if on any Business Day that the Eurodollar Rate is to be determined any Purchaser Agent shall
have determined (which determination shall be conclusive and binding upon the parties hereto), by reason of circumstances affecting
the interbank Eurodollar market, either that: (a) dollar deposits in the relevant amounts and for the relevant Settlement Period
are not available, or (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement
Period, the Administrative Agent will request the principal London office of Scotia Capital (the “Eurodollar Reference
Bank”), to provide the Administrative Agent with its quotation at approximately 11:00 A.M., London time, on such date
of the rate per annum it offers to prime banks in the London interbank market for deposits in U.S. dollars for the requested Fixed
Period in an amount substantially equal to the Capital associated with such Fixed Period; if the Eurodollar Reference Bank does
not furnish timely information to the Administrative Agent for determining the Eurodollar Rate, then the Eurodollar Rate shall
be considered to be the Alternate Base Rate for such Fixed Period; and

 

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

 

Signature Page - Receivables Purchase Agreement I- 19

 

     

     

    

 

Notwithstanding anything in this definition to the
contrary, in no event shall the Eurodollar Rate be less than zero for purposes of this Agreement or any other Transaction Document.

 

“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.

 

“Eurodollar
Successor Rate” has the meaning specified in Section 1.15.

 

“Eurodollar
Successor Rate Conforming Changes” means, with respect to any proposed Eurodollar Successor Rate, any conforming
changes to the definitions of Assignee Rate, Fixed Period, timing and frequency of determining rates and making payments of Yield
and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption
of such Eurodollar Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially
consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice
is not administratively feasible or that no market practice for the administration of such Eurodollar Successor Rate exists, in
such other manner of administration as the Administrative Agent determines in consultation with the Seller).

 

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

 

“Excluded
Receivables” means each of the following: (a) each receivable from a “6661 account” or a “7771
account” or other account with an account number that the Collection Agent or the Seller has notified the Administrative
Agent in writing is used solely to track non-account customer accounts receivable and (b) the indebtedness of each Person identified
as an excluded obligor in a side letter among the Seller, the Originator, the Collection Agent, the

 

Signature Page - Receivables Purchase Agreement I- 20

 

     

     

    

 

Administrative Agent and each Purchaser Agent, as
such side letter may be amended from time to time at the request of the Seller, the Originator and the Collection Agent and with
the written consent of the Administrative Agent (acting on the instruction of each Purchaser Agent).

 

“Excluded
Taxes” has the meaning specified in Section 7.04(d).

 

“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 Excluded Receivables.

 

“Facility
Termination Date” means the earliest of (a) June 26, 2020,25,
2021, (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.

 

“FATCA”
means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities and implementing such
Sections of the Code.

 

“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.

 

Signature Page - Receivables Purchase Agreement I- 21

 

     

     

    

 

“Fee Agreement” means the Scotia Capital Fee Agreement, the
PNC Fee Agreement, the MUFG Fee Agreement, the STTruist Fee Agreement or the TD Fee Agreement.

 

“Fitch”
means Fitch, Inc.

 

“Fixed
Charge Coverage Ratio” has the meaning specified in the Credit Agreement.

 

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

 

(a)         
initially the period commencing on the date of purchase of such Receivable Interest and ending (i) on the last day of the
same calendar month as such date of purchase, or (ii) other than with respect to any Receivable Interest in the Pool Receivables
held by STTruist, PNC or TD (in their respective capacities as a Bank), 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 (which period shall correspond to a calendar month in the case of any Receivable Interest
in the Pool Receivables held by STTruist, PNC or TD (in their respective capacities as
a Bank)) or (ii) other than with respect to any Receivable Interest in the Pool Receivables held by STTruist,
PNC or TD (in their respective capacities as a Bank), 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 (x) other than with respect
to any Receivable Interest in the Pool Receivables held by STTruist, PNC or TD (in their
respective capacities as a Bank), a period from one to and including 29 days, or a period of one month, as the Seller may select
as provided above, and (y) with respect to any Receivable Interest in the Pool Receivables held by STTruist,
PNC or TD (in their respective capacities as a Bank), a period of one month which shall correspond to a calendar month;

 

(iii)              
any Fixed Period (other than of one day) that would otherwise end on a day that is not a Business Day shall be extended
to the next succeeding Business Day (provided, however, that if Yield in respect of such Fixed Period is calculated
by reference to the Eurodollar Rate (other than with respect to any Receivable Interest in the Pool Receivables held by STTruist,
PNC or TD (in their respective capacities as a Bank)), and

 

Signature Page - Receivables Purchase Agreement I- 22

 

     

     

    

 

 

“Percentage” of any Bank means, at any time, a fraction (expressed as a percentage rounded to eight decimal places), the numerator of which
is the amount of such Bank’s Bank Commitment at such time and the denominator of which is the aggregate amount of all
of the Banks’ Bank Commitments at such time, or if no Bank Commitments are outstanding at such time, such Bank’s
Percentage in effect immediately prior to there being no Bank Commitments outstanding.

 

“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.

 

“PNC
Fee Agreement” means the separate fee agreement, dated on or about the date hereof, pertaining to fees among the
Seller and PNC as PNC Purchaser Agent, as the same may be amended or restated from time to time.

 

“PNC
Purchaser Agent” means PNC and its successors and assigns.

 

“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 $975,000,000,800,000,000
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.

 

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    I- 28

     

    

 

“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) 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,
and (iii) any other Person that becomes a Purchaser hereunder 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 PNC Purchaser Agent, (iii) MUFG and its permitted successors and assigns as Gotham
Purchaser Agent, (iv) STTruist and its
permitted successors and assigns as STTruist Purchaser
Agent and (v) TD and its permitted successors and assigns as TD Purchaser Agent.

 

“Purchaser
Agent’s Account” means (i) with respect to Scotia Capital, the special account (account number 1016733,
ABA No. 026-002532, FFC: BNS HOUSTON – NOSCUS4H (Liberty Street Funding LLC – acct 1016733)) 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; (iii) with respect to MUFG, the special account (account number 310-035-147, ABA No. 026-009-632)
of MUFG maintained at the office of MUFG; (iv) with respect to STTruist,
the special account (account number 1000022220783, ABA No. 061000104, Ref: United Rentals) of STTruist
maintained at the office of STTruist;
and (v) with respect to TD, the special account (account number 1020-7414669, ABA No. 026009593) of TD maintained at
the office of TD.

 

“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 Excluded Receivables. For the avoidance
of doubt, Receivables shall include ENB Receivables.

 

Signature Page - Receivables Purchase Agreement

 

    I- 29

     

    

 

become a party to
the Agreement as a Related Bank for Gotham and the Gotham Purchaser Agent pursuant to Section 7.03; (c) with respect to
the PNC Purchaser Agent, PNC and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for the PNC
Purchaser Agent pursuant to Section 7.03; (d) with respect to the STTruist
Purchaser Agent, STTruist
and each Eligible Assignee that shall become a party to the Agreement as a Related Bank
for the STTruist
Purchaser Agent pursuant to Section 7.03; (e) with respect to the TD Purchaser Agent, TD
and each Eligible Assignee that shall become a party to the Agreement as a Related Bank for the TD Purchaser Agent pursuant to
Section 7.03; and (f) with respect to any other Purchaser or any Purchaser Agent, each Bank that is an Eligible Assignee
identified in the Assignment and Acceptance pursuant to which such Purchaser and/or Purchaser Agent became a party to this Agreement
and each Eligible Assignee that shall become a party to the Agreement as a Related Bank with respect to any such Person pursuant
to Section 7.03.

 

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

 

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

 

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

 

(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 Related Banks
have aggregate Bank Commitments representing more than 66 2/3% of the Bank Commitments; provided, that, (i) solely for purposes
of this definition, the Receivable Interests and Bank Commitment for the Related Bank and Purchasers of any Purchaser Agent whose
Related Bank is a Defaulting Bank shall be zero for so long as such Bank remains a Defaulting Bank and (ii) solely for purposes
of determining the Required Purchaser Agents for the waiver of the occurrence of a Liquidation Day under Section 1.04(b),
the Receivable Interests held by any Bank that is a Delaying Bank at such time shall be zero until such time that Collections are
applied in full under item “first” contained in the proviso at the end of Section 1.04(c)(x)(iii).

 

Signature Page - Receivables Purchase Agreement

 

    I- 31

     

    

 

for the four full
fiscal quarters, treated as one period, for which financial information in respect thereof is available immediately preceding
such date, in each case calculated with the pro forma adjustments as are appropriate and consistent with the pro forma adjustment
provisions set forth 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 30th 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 30 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.

 

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

 

“ST
Fee Agreement” means the separate fee agreement, effective as of September
18, 2014, pertaining to fees among the Seller and ST as ST Purchaser
Agent, as the same may be amended or restated from time to time.

 

“ST
Purchaser Agent” means ST and its successors and assigns.

 

“Standard
 & Poor’s” means Standard & Poor’s Financial Services LLC, a division of McGraw Hill Financial,
Inc.

 

“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 are or
have become Defaulted ReceivablesTNW Ineligibles,
plus (ii) Capital, Yield Reserve, Loss Reserve, Collection Agent Fee Reserve and Dilution Reserve.

 

“Taxes”
has the meaning specified in Section 7.04(d).

 

Signature Page - Receivables Purchase Agreement

 

    I- 33

     

    

 

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

 

“TD
Fee Agreement” means the separate fee agreement, effective as of August 29, 2017, pertaining to fees among the
Seller and TD as TD Purchaser Agent, as the same may be amended or restated from time to time.

 

“TD
Purchaser Agent” means TD and its successors and assigns.

 

“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 (ii) the Commitment Termination Date.

 

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

 

“TNW Ineligible” 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 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.

 

“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.

 

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

 

“Truist
Fee Agreement” means the separate fee agreement, effective as of September 18, 2014,
pertaining to fees among the Seller and Truist as Truist Purchaser
Agent, as the same may be amended or restated from time to time.

 

“Truist
Purchaser Agent” means Truist and its successors and assigns.

 

Signature Page - Receivables Purchase Agreement

 

    I- 34

     

    

 

(e)                 
The consolidated balance sheets of United Rentals and its Subsidiaries as at the end of its most recent fiscal year, and
the related consolidated statements of income and retained earnings of United Rentals and its Subsidiaries for such fiscal year,
copies of which have been furnished to the Administrative Agent and each Purchaser Agent, fairly present in all material respects
the consolidated financial condition of United Rentals and its Subsidiaries as at such date and the consolidated results of the
operations of United Rentals and its Subsidiaries for the period ended on such date, all in accordance with generally accepted
accounting principles consistently applied, and since the end of its most recent fiscal year there has been no material adverse
change in the business, operations, property or financial condition of United Rentals or its Subsidiaries, except as may have
previously been disclosed to the Administrative Agent and each Purchaser Agent. Notwithstanding the foregoing, in the event the
due date for delivery of such financials is waived or extended with respect to the Revolving Loans (as defined in the Credit Agreement)
pursuant to the Credit Agreement and at such time each of Scotia Capital, PNC, MUFG, STTruist
and TD are Revolving Credit Lenders (as defined therein) thereunder, such waiver or extension will be deemed to have
been made with respect to the delivery of such financials under this Agreement; provided, that written notice of the request
for such waiver or extension is delivered by the Collection Agent to the Administrative Agent (for distribution to the Purchaser
Agents) promptly after such request being sent to the Revolving Credit Lenders under the Credit 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 would reasonably be expected to 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 that 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 Account Agreement, unless the Administrative
Agent shall have received notice of such addition or termination of a Collection Account Bank, notice of the termination of
the Collection Account Agreement with any terminated Collection Account Bank, executed copies of a Collection Account
Agreement with each newly added Collection Account Bank and an updated Annex F to the Agreement reflecting any such addition
or termination. The Seller will not permit any provision of any Collection Account Agreement to be changed, amended, modified
or waived without the prior written consent of the Administrative Agent.

 

    III- 2

     

    

 

(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 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 Controlled Account cash or cash proceeds other than Collections of Pool Receivables and the proceeds of Excluded Receivables.
The Seller 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 Pool Receivables, the proceeds of Excluded Receivables, and to the limited
extent permitted herein, Identifiable Combined Assets. The Seller will use its commercially reasonable efforts to not cause any
proceeds of Excluded Receivables to be transferred or deposited into the Controlled Account and, in the event any such proceeds
of Excluded Receivables are so transferred or deposited into the Controlled Account, the Seller will transfer, or cause to be transferred
(and the Collection Agent agrees to transfer), such proceeds to the Originator within one Business Day of the day on which the
Seller becomes aware that such proceeds are transferred or deposited into the Controlled Account (but in no event more than two
Business Days after the date on which such proceeds are transferred or deposited into the Controlled Account).

 

(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.

 

(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 60 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 (as defined in the Credit Agreement) pursuant to the Credit Agreement and at such time each of Scotia
Capital, PNC, MUFG, STTruist and
TD are Revolving Credit Lenders (as defined therein) thereunder, such waiver or extension will be deemed to have been made
with respect to the delivery of such financials under this Agreement; provided that written notice of the request for
such waiver or extension is delivered by the Collection Agent to the Administrative Agent (for distribution to the Purchaser
Agents) promptly after such request being sent to the Revolving Credit Lenders under the Credit Agreement;

 

    IV- 3

     

    

 

(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 Scotia Capital, PNC, MUFG, STTruist
and TD are Revolving Credit Lenders (as defined therein) thereunder, such waiver or extension will be deemed to have
been made with respect to the delivery of such financials under this Agreement; provided that written notice of the request
for such waiver or extension is delivered by the Collection Agent to the Administrative Agent (for distribution to the Purchaser
Agents) promptly after such request being sent to the Revolving Credit Lenders under the Credit Agreement;

 

(iii)           
promptly 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 SEC 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, reasonably be expected
to have a Material Adverse Effect;

 

(vi)            
promptly and in any event within 30 days after 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;

 

    IV- 4

     

    

 

(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
$5,000,000 and (y) such default is not corrected or cured within 10 Business Days of any Responsible Officer of the 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 limited liability company 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)                 for any calendar month ending after June 30, 2020, 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

 

(i)                 (ii)
(A) for any calendar month ending on or prior to June 30, 2020, the three-month rolling average of the Default
Ratio shall exceed 15.00% or (B) for any calendar month ending after June 30, 2020, the threemonth
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, 9.252.75%; or

 

(ii)                (iii)
(A) for any calendar month ending on or prior to June 30, 2020, the three-month rolling average of the Delinquency
Ratio shall exceed 10.00% or

 

    V- 2

     

    

 

(B)
for any calendar month ending after June 30, 2020, the Delinquency Ratio shall exceed 4.25% or the threemonth rolling average
of the Delinquency Ratio shall exceed 4.0014.50%;
or

 

(iii)             
(iv) (A) for any calendar month ending on or prior to June 30, 2020, the
Pool Balance Dilution Ratio shall exceed 3.00% or (B) for any calendar month ending after June
30, 2020, the Dilution Ratio shall exceed 3.25% or the Pool Balance Dilution Ratio shall exceed 3.001.75%;
or

 

(iv)             (v)
(A) for any calendar month ending on or prior to June 30, 2020, at any time, the three-month rolling average Days
Sales Outstanding shall exceed 100 days or (B) for any calendar month ending after June 30, 2020,
at any time, the Days Sales Outstanding shall exceed (x) during December, January or February, 68.5 days, or (y) during any other
month, 66.570 days; or

 

(i)                
The sum of the Receivable Interests shall be greater than 100% for a period of two Business Days; or

 

(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 would reasonably be expected to materially adversely affect (as determined by the Banks in their sole
and absolute discretion) the collectability 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; or

 

(n)              
Either (A) a governmental authority with proper authority asserts that (i) the Seller is (or may be deemed) a “covered
fund” under the Volcker Rule, and (ii) the terms of this Agreement result in the acquisition by the Administrative Agent
or any of the Investors of an ownership interest (as defined in the Volcker Rule) in the Seller or (B) the Administrative Agent

 

    V- 3

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