Document:

Exhibit 10.1 

 

EXECUTION
VERSION

 

SECOND
AMENDMENT TO THE

RECEIVABLES
FINANCING AGREEMENT

 

This
SECOND AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT (this “Amendment”), dated as of February 19, 2021,
is entered into by and among the following parties:

 

		(i)	BrightView
                                         Funding LLC,
                                         as Borrower (the “Borrower”);

 

		(ii)	BRIGHTVIEW
                                         LANDSCAPES, LLC, as initial Servicer (the “Servicer”); and

 

		(iii)	PNC
                                         BANK, NATIONAL ASSOCIATION (“PNC”), as Lender, LC Bank, LC Participant
                                         and Administrative Agent (in such capacity, the “Administrative Agent”).

 

Capitalized
terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in
the Receivables Financing Agreement described below.

 

BACKGROUND

 

A.             The
parties hereto and PNC Capital Markets LLC (the “Structuring Agent”) have entered into a Receivables Financing
Agreement, dated as of April 28, 2017 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables
Financing Agreement”).

 

B.             Concurrently
herewith, the Borrower, PNC and the Structuring Agent are entering into a Second Amended and Restated Fee Letter, dated as of
the date hereof (the “Fee Letter”).

 

C.             The
parties hereto desire to amend the Receivables Financing Agreement as set forth herein.

 

NOW,
THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein,
each party to this Amendment hereby agrees as follows:

 

SECTION
1.    Amendments to the Receivables Financing Agreement. The Receivables Financing Agreement
is hereby amended to incorporate the changes shown on the marked pages of the Receivables Financing Agreement attached hereto
as Exhibit A.

 

SECTION
2.    Representations and Warranties of the Borrower and Servicer. The Borrower and the Servicer
hereby represent and warrant to each of the parties hereto as of the date hereof as follows:

 

(a)           Representations and Warranties. The representations and warranties made by it in the Receivables Financing Agreement and
each of the other Transaction Documents to which it is a party are true and correct as of the date hereof.

 

     

     

    

 

(b)           Enforceability. The execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment,
the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within
its organizational powers and have been duly authorized by all necessary action on its part, and this Amendment, the Receivables
Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due authorization
and execution by the other parties thereto) its valid and legally binding obligations, enforceable in accordance with its terms.

 

(c)           No Event of Default. No Event of Default or Unmatured Event of Default has occurred and is continuing, or would occur as
a result of this Amendment or the transactions contemplated hereby.

 

(d)           Credit Agreement. The Credit Agreement has not been amended, restated, supplemented or otherwise modified since the effectiveness
of that certain Amendment No. 5 to Credit Agreement, dated as of August 15, 2018.

 

SECTION
3.    Effect of Amendment; Ratification. All provisions of the Receivables Financing Agreement
and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect.
After this Amendment becomes effective, all references in the Receivables Financing Agreement (or in any other Transaction Document)
to “this Receivables Financing Agreement”, “this Agreement”, “hereof”, “herein”
or words of similar effect referring to the Receivables Financing Agreement shall be deemed to be references to the Receivables
Financing Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive,
amend or supplement any provision of the Receivables Financing Agreement other than as set forth herein. The Receivables Financing
Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects.

 

SECTION
4.    Effectiveness. This Amendment shall become effective as of the date hereof, subject to
the satisfaction of each of the following conditions precedent:

 

(a)           receipt by the Administrative Agent of counterparts of this Amendment (whether by facsimile or otherwise) executed by each of
the parties hereto;

 

(b)           receipt by the Administrative Agent of counterparts of the Fee Letter (whether by facsimile or otherwise) executed by each
of the parties thereto;

 

(c)           receipt by the Administrative Agent of a standard corporate enforceability opinion addressed to the Administrative Agent, the
Lender, the LC Bank and the LC Participant covering such matters as the Administrative Agent may reasonably request in form and
substance satisfactory to the Administrative Agent;

 

(d)           receipt by the Administrative Agent of resolutions and secretary’s certificates of the Borrower and the Servicer in connection
with this Amendment and the transactions contemplated hereby;

 

    2 

     

    

 

(e)           evidence received by the Administrative Agent that (i) the “Upfront Fee” under and as defined in the Fee Letter
and (ii) each other fee or other amount owing by the Borrower on the date hereof under any Transaction Document or in connection
with this Amendment or the transactions contemplated hereby, in each case, have been paid in fully in accordance with the terms
of the Fee Letter or such other document to which such fee or amount is payable; provided that (x) the Borrower shall not
be required to pay any fees, costs, expenses or disbursements of internal counsel to the Administrative Agent or any other Credit
Party in connection with the execution of this Amendment or the transactions contemplated hereby and (y) the fees, costs, expenses
and disbursements of external counsel to the Administrative Agent and any other Credit Party in connection with the execution
of this Amendment and the transactions contemplated hereby (excluding any amendment, restatement, supplement, consent or waiver,
if any, of this Amendment or any other Transaction Document from time to time occurring after the date hereof) shall not exceed
$50,000; and

 

(f)            receipt by the Administrative Agent of such other documents and instruments as the Administrative Agent may reasonably request
prior to the date hereof.

 

SECTION
5.    Severability. Any provisions of this Amendment which are prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

SECTION
6.   Transaction Document. This Amendment shall be a Transaction Document for purposes of the
Receivables Financing Agreement.

 

SECTION
7.    Counterparts. This Amendment may be executed in any number of counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an
originally executed counterpart. The words “execution”, “executed”, “signed”, “signature”,
and words of like import in this Amendment shall be deemed to include electronic signatures or electronic records, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act.

 

SECTION
8.    GOVERNING LAW AND JURISDICTION.

 

(a)           THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK,
BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

 

    3 

     

    

 

(b)           EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION,
AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE
OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT,
AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE
BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS
AMENDMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH
FEDERAL COURT. NOTHING IN THIS SECTION 8 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO
BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER
JURISDICTIONS. EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO,
THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN
ANY OTHER MANNER PROVIDED BY LAW.

 

SECTION
9.    Section Headings. The various headings of this Amendment are included for convenience only
and shall not affect the meaning or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof
or thereof.

 

SECTION
10.  Reaffirmation of Performance Guaranty. After giving effect to this Amendment and each of the other transactions
contemplated hereby, all of the provisions of the Performance Guaranty shall remain in full force and effect and Performance Guarantor
hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue
in full force and effect in accordance with its terms.

 

[Signature
pages follow]

 

    4 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above
written.

 

	 	BRIGHTVIEW FUNDING LLC,
	 	as Borrower
	 	 
	 	By:	 /s/ Katriona Knaus
	 	Name: Katriona Knaus
	 	Title: Treasurer
	 	 
	 	BRIGHTVIEW LANDSCAPES, LLC,
	 	as initial Servicer
	 	 
	 	By: 	/s/ Katriona Knaus
	 	Name: Katriona Knaus
	 	Title: Treasurer

 

BrightView/PNC: Second Amendment to

Receivables Financing Agreement

 

    S-1

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as Administrative Agent
	 	 
	 	By: 	/s/ Christopher Blaney
	 	Name: Christopher Blaney
	 	Title: Senior Vice President
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as Lender
	 	 
	 	By: 	/s/ Christopher Blaney
	 	Name: Christopher Blaney
	 	Title: Senior Vice President
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as LC Bank and LC Participant
	 	 
	 	By:	 /s/ Christopher Blaney
	 	Name: Christopher Blaney
	 	Title: Senior Vice President

 

BrightView/PNC: Second Amendment to

Receivables Financing Agreement

 

 

    S-2

     

    

  

	ACKNOWLEDGED AND AGREED:	 
	 	 
	BRIGHTVIEW HOLDINGS, INC.,	 
	as Performance Guarantor	 
	 	 
	By:	 /s/ Katriona Knaus	 
	Name: Katriona Knaus	 
	Title: Assistant Treasurer	 

 

BrightView/PNC: Second Amendment to

Receivables Financing Agreement 

 

    S-3

     

    

 

EXHIBIT
A

 

Amendments
to Receivables Financing Agreement

 

    Exhibit A

     

    

 

 

EXHIBIT
A to FirstSecond
Amendment, Dated as of September 8, 2020February
19, 2021

EXECUTION
COPY

 

RECEIVABLES
FINANCING AGREEMENT

 

Dated
as of April 28, 2017

 

by
and among

 

BRIGHTVIEW
FUNDING LLC,

as
Borrower,

 

THE
PERSONS FROM TIME TO TIME PARTY HERETO,

as
Lenders and LC Participants,

 

PNC
BANK, NATIONAL ASSOCIATION,

as
LC Bank,

 

PNC
BANK, NATIONAL ASSOCIATION,

as
Administrative Agent,

 

BRIGHTVIEW
LANDSCAPES, LLC,

as
initial Servicer,

 

and

 

PNC
CAPITAL MARKETS LLC, as Structuring Agent

 

 

 

     

     

     

TABLE OF CONTENTS

 

	 	 	 	 	 	Page
	ARTICLE I	DEFINITIONS	 	1
	 	SECTION 1.01.	 	Certain Defined Terms	 	1
	 	SECTION 1.02.	 	Other Interpretative Matters	 	3237
	 	SECTION 1.03.	 	LIBOR Notification	 	38
	ARTICLE II	TERMS OF THE LOANS	 	3238
	 	SECTION 2.01.	 	Loan Facility	 	3238
	 	SECTION 2.02.	 	Making Loans; Repayment of Loans	 	3338
	 	SECTION 2.03.	 	Interest and Fees	 	3440
	 	SECTION 2.04.	 	Records of Loans and Participation Advances	 	3540
	 	SECTION 2.05.	 	Selection of Interest Rates and Tranche Periods	 	3540
	 	SECTION 2.06.	 	Defaulting Lenders	 	3541
	ARTICLE III 	LETTER OF CREDIT FACILITY	 	3642
	 	SECTION 3.01.	 	Letters of Credit	 	3642
	 	SECTION 3.02.	 	Issuance of Letters of Credit; Participations	 	3742
	 	SECTION 3.03.	 	Requirements For Issuance of Letters of Credit	 	3843
	 	SECTION 3.04.	 	Disbursements, Reimbursement	 	3843
	 	SECTION 3.05.	 	Repayment of Participation Advances	 	3944
	 	SECTION 3.06.	 	Documentation; Documentary and Processing Charges	 	3945
	 	SECTION 3.07.	 	Determination to Honor Drawing Request	 	4045
	 	SECTION 3.08.	 	Nature of Participation and Reimbursement Obligations	 	4045
	 	SECTION 3.09.	 	Indemnity	 	4147
	 	SECTION 3.10.	 	Liability for Acts and Omissions	 	4247
	 	SECTION 3.11.	 	LC Collateral Account	 	4348
	ARTICLE IV 	SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS	 	4349
	 	SECTION 4.01.	 	Settlement Procedures	 	4349
	 	SECTION 4.02.	 	Payments and Computations, Etc	 	4651
	ARTICLE V 	INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST	 	4652
	 	SECTION 5.01.	 	Increased Costs	 	4652

 

 

    -i- 

     

     

TABLE OF CONTENTS

(continued)

 

	 	 	 	 	 	Page
	 	SECTION 5.02.	 	Funding Losses	 	4853
	 	SECTION 5.03.	 	Taxes	 	4853
	 	SECTION 5.04.	 	Inability to Determine Adjusted LIBOR or LMIR; Change in Legality	 	5257
	 	SECTION 5.05.	 	Security Interest	 	5358
	 	SECTION 5.06.	 	Benchmark Replacement Setting	 	59
	ARTICLE VI	CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS	 	5462
	 	SECTION 6.01.	 	Conditions Precedent to Effectiveness and the Initial Credit Extension	 	5462
	 	SECTION 6.02.	 	Conditions Precedent to All Credit Extensions	 	5462
	 	SECTION 6.03.	 	Conditions Precedent to All Releases	 	5563
	ARTICLE VII 	REPRESENTATIONS AND WARRANTIES	 	5664
	 	SECTION 7.01.	 	Representations and Warranties of the Borrower	 	5664
	 	SECTION 7.02.	 	Representations and Warranties of the Servicer	 	6169
	ARTICLE VIII 	COVENANTS	 	6472
	 	SECTION 8.01.	 	Covenants of the Borrower	 	6472
	 	SECTION 8.02.	 	Covenants of the Servicer	 	7381
	 	SECTION 8.03.	 	Separate Existence of the Borrower	 	7886
	ARTICLE IX 	ADMINISTRATION AND COLLECTION OF RECEIVABLES	 	8290
	 	SECTION 9.01.	 	Appointment of the Servicer	 	8290
	 	SECTION 9.02.	 	Duties of the Servicer	 	8391
	 	SECTION 9.03.	 	Collection Account Arrangements	 	8491
	 	SECTION 9.04.	 	Enforcement Rights	 	8492
	 	SECTION 9.05.	 	Responsibilities of the Borrower	 	8693
	 	SECTION 9.06.	 	Servicing Fee	 	8694
	ARTICLE X 	EVENTS OF DEFAULT	 	8794
	 	SECTION 10.01.	 	Events of Default	 	8794
	ARTICLE XI	THE ADMINISTRATIVE AGENT	 	9098
	 	SECTION 11.01.	 	Authorization and Action	 	9098
	 	SECTION 11.02.	 	Administrative Agent’s Reliance, Etc	 	9198
	 	SECTION 11.03.	 	Administrative Agent and Affiliates	 	9198

 

 

    -ii- 

     

     

TABLE OF CONTENTS

(continued)

 

	 	 	 	 	 	Page
	 	SECTION 11.04.	 	Indemnification of Administrative Agent	 	9199
	 	SECTION 11.05.	 	Delegation of Duties	 	9299
	 	SECTION 11.06.	 	Action or Inaction by Administrative Agent	 	9299
	 	SECTION 11.07.	 	Notice of Events of Default; Action by Administrative Agent	 	9299
	 	SECTION 11.08.	 	Non-Reliance on Administrative Agent and Other Parties	 	92100
	 	SECTION 11.09.	 	Successor Administrative Agent	 	93100
	 	SECTION 11.10.	 	Structuring Agent	 	93100
	ARTICLE XII 	INDEMNIFICATION	 	93101
	 	SECTION 12.01.	 	Indemnities by the Borrower	 	93101
	 	SECTION 12.02.	 	Indemnification by the Servicer	 	96104
	ARTICLE XIII 	MISCELLANEOUS	 	98105
	 	SECTION 13.01.	 	Amendments, Etc	 	98105
	 	SECTION 13.02.	 	Notices, Etc	 	99106
	 	SECTION 13.03.	 	Assignability; Addition of Lenders	 	99106
	 	SECTION 13.04.	 	Costs and Expenses	 	102109
	 	SECTION 13.05.	 	No Proceedings; Limitation on Payments	 	102109
	 	SECTION 13.06.	 	Confidentiality	 	103110
	 	SECTION 13.07.	 	GOVERNING LAW	 	104111
	 	SECTION 13.08.	 	Execution in Counterparts	 	104111
	 	SECTION 13.09.	 	Integration; Binding Effect; Survival of Termination	 	104111
	 	SECTION 13.10.	 	CONSENT TO JURISDICTION	 	105112
	 	SECTION 13.11.	 	WAIVER OF JURY TRIAL	 	105112
	 	SECTION 13.12.	 	Ratable Payments	 	105112
	 	SECTION 13.13.	 	Limitation of Liability	 	106113
	 	SECTION 13.14.	 	Intent of the Parties	 	106113
	 	SECTION 13.15.	 	USA Patriot Act	 	106113
	 	SECTION 13.16.	 	Right of Setoff	 	107114
	 	SECTION 13.17.	 	Severability	 	107114
	 	SECTION 13.18.	 	Mutual Negotiations	 	107114

 

 

    -iii- 

     

     

TABLE OF CONTENTS

(continued)

 

	 	 	 	 	 	Page
	 	SECTION 13.19.	 	Captions and Cross References	 	107114

 

 

    -iv- 

     

    TABLE OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	EXHIBITS
	 	 	 	 
	EXHIBIT A	–	Form of [Loan Request] [LC Request]	 
	EXHIBIT B	–	Form of Reduction Notice	 
	EXHIBIT C	–	Form of Assignment and Acceptance Agreement	 
	EXHIBIT D	–	Form of Letter of Credit Application	 
	EXHIBIT E	–	Credit and Collection Policy	 
	EXHIBIT F	–	Form of Monthly Report	 
	EXHIBIT G	–	Form of Compliance Certificate	 
	EXHIBIT H	–	Closing Memorandum	 
	EXHIBIT I	–	Form of Interim Report	 
	EXHIBIT J	–	U.S. Tax Compliance Certificate	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	SCHEDULE I	–	Commitments	 
	SCHEDULE II	–	Lock-Boxes, Collection Accounts and Collection Account Banks	 
	SCHEDULE III	–	Notice Addresses	 

 

 

 

    -v- 

     

     

 

This
RECEIVABLES FINANCING AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”)
is entered into as of April 28, 2017 by and among the following parties:

 

	 	(i)	BRIGHTVIEW FUNDING LLC, a Delaware limited liability company, as Borrower (together with its successors and assigns, the “Borrower”);

 

	 	(ii)	the Persons from time to time party hereto as Lenders and LC Participants;

 

	 	(iii)	PNC BANK, NATIONAL ASSOCIATION, as LC Bank (in such capacity, together with its successors and assigns in such capacity, the “LC Bank”);

 

	 	(iv)	PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent;

 

	 	(v)	BRIGHTVIEW LANDSCAPES, LLC, a Delaware limited liability company, in its individual capacity (“BrightView”) and as initial Servicer (in such capacity, together with its successors and assigns in such capacity, the “Servicer”); and

 

	 	(vi)	PNC CAPITAL MARKETS LLC, a Pennsylvania limited liability company, as Structuring Agent.

 

PRELIMINARY STATEMENTS

 

The
Borrower has acquired, and will acquire from time to time, Receivables from the Originator(s) pursuant to the Purchase and Sale
Agreement. The Borrower has requested (a) that the Lenders make Loans from time to time to the Borrower and (b) the LC Bank to
issue Letters of Credit for the account of the Borrower from time to time, in each case, on the terms, and subject to the conditions
set forth herein, secured by, among other things, the Receivables.

 

In
consideration of the mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

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

 

“Account
Control Agreement” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower,
the Servicer, the Administrative Agent and a Collection Account Bank, governing the terms of the related Collection Accounts, that,
among other things, provides the Administrative Agent with control within the meaning of the UCC over the deposit accounts subject
to such agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

 

     

     

     

“Adjusted
LC Participation Amount” means, at any time of determination, the greater of (i) the LC Participation Amount less the
amount of cash collateral held in the LC Collateral Account at such time and (ii) zero ($0).

 

“Adjusted
LIBOR” means with respect to any Tranche Period, the interest rate per annum determined by the applicable Lender by dividing
(the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate of interest determined
by such Lender in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the
rate per annum for deposits in Dollars as reported by Bloomberg Finance L.P. and shown on US0001M Screen as the composite offered
rate for London interbank deposits for such Tranche Period (or on any successor or substitute page of such service, or any successor
to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service,
as determined by such Lender from time to time for purposes of providing quotations of interest rates applicable to dollar deposits
in the London interbank market) at or about 11:00 a.m. (London time) on the Business Day which is two (2) Business Days prior to
the first day of such Tranche Period for an amount comparable to the Portion of Capital to be funded at Adjusted LIBOR during such
Tranche Period, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage; provided, however, that with
respect to the initial Tranche Period for a Loan that is not advanced on a Monthly Settlement Date, Adjusted LIBOR shall be the
interest rate per annum equal to LMIR for each day during such initial Tranche Period from the date that such Loan is made pursuant
to Section 2.01 until the next-occurring Monthly Settlement Date The calculation of Adjusted LIBOR may also be expressed
by the following formula:

 

 

	 	 	Composite of London interbank offered rates shown on
	 	 	Bloomberg Finance L.P. Screen US0001M
	 	 	or appropriate successor
	 	Adjusted LIBOR  =	=                                                                                                
	 	 	 
	 	 	1.00 - Euro-Rate Reserve Percentage

 

 

Adjusted
LIBOR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. The
applicable Lender shall give prompt notice to the Borrower of Adjusted LIBOR as determined or adjusted in accordance herewith (which
determination shall be conclusive absent manifest error). Notwithstanding the foregoing, if Adjusted LIBOR as determined herein
would be less than zero (0.00), such rate shall be deemed to be zero percent (0.00%) for purposes of this Agreement.

 

“Administrative
Agent” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor thereto in
such capacity appointed pursuant to Article XI or Section 13.03(f).

 

“Adverse
Claim” means any Lien, except any Permitted Lien.

 

“Advisors”
has the meaning set forth in Section 13.06(c).

 

“Affected
Person” means each Credit Party and each of their respective Affiliates.

 

 

    2

     

     

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly,
the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of
voting securities, by contract or otherwise.

 

“Aggregate
Capital” means, at any time of determination, the aggregate outstanding Capital of all Lenders and LC Participants at
such time.

 

“Aggregate
Interest” means, at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders
at such time.

 

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

 

“Anti-Terrorism
Laws” means any Applicable Law of the United States relating to terrorism financing, trade sanctions programs and embargoes,
import/export licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant
to such Applicable Laws of the United States, all as amended, supplemented or replaced from time to time.

 

“Applicable
Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation,
ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority
applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts
and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound. For the avoidance
of doubt, FATCA shall constitute an “Applicable Law” for all purposes of this Agreement.

 

“Assignment
and Acceptance Agreement” means an assignment and acceptance agreement entered into by a Lender, an Eligible Assignee
and the Administrative Agent, and, if required, the Borrower, pursuant to which such Eligible Assignee may become a party to this
Agreement, in substantially the form of Exhibit C hereto.

 

“Attorney
Costs” means and includes all fees, costs, expenses and disbursements of any law firm or other external counsel and all
disbursements of internal counsel.

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then
current Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for determining
the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any
tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 5.06(d),
or (y) if the then current Benchmark is not a term rate nor based on a term rate, any payment period for interest calculated with
reference to such Benchmark pursuant to this Agreement as of such date. For the avoidance of doubt, the Available Tenor for LMIR
is one month.

 

“Bankruptcy
Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to
time.

 

 

    3

     

     

“Base
Rate” means, for any day and any Lender, 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:

 

(a)     the
rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent or its Affiliate as
its “reference rate” or “prime rate”, as applicable. Such “reference rate” or “prime
rate” is set by the Administrative Agent or its Affiliate based upon various factors, including such Person’s costs
and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which
may be priced at, above or below such announced rate, and is not necessarily the lowest rate charged to any customer; and

 

(b)     0.50%
per annum above the latest Federal FundsOvernight
Bank Funding Rate for such day.

 

“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event a Term SOFR Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced
such prior benchmark rate pursuant to Section 5.06(a).

 

“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by
the Administrative Agent for the applicable Benchmark Replacement Date:

 

(1) the
sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2) the
sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3) the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S.
dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided
that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that
publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided, further,
that, with respect to a Term SOFR Transition Event, on the applicable Benchmark Replacement Date, the “Benchmark Replacement”
shall revert to and shall be determined as set forth in clause (1) of this definition. If the Benchmark Replacement as determined
pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor
for the purposes of this Agreement and the other Transaction Documents.

 

 

    4

     

     

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)
for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in
the order below that can be determined by the Administrative Agent:

 

(a)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Available Tenor that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
the applicable Corresponding Tenor;

 

(b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is
first set for such Available Tenor that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions
to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of
a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with
the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date
or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities;

 

provided
that, (x) in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes
such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion and
(y) if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark
Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark
for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available Tenor that
has approximately the same length (disregarding business day adjustments) as the payment period for interest calculated with reference
to such Unadjusted Benchmark Replacement.

 

 

    5

     

     

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition
of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing
requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions,
and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect
the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent
in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion
of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for
the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides
is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).

  

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

 

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

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined by the Administrative
Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein;

 

(3)
in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Lenders and the
Borrower pursuant to Section 5.06, which date shall be at least 30 days from the date of the Term SOFR Notice; or

 

(4)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth
(5th) Business Day after the date notice of such Early Opt-in
Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Majority
Lenders.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in
the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein
with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

 

    6

     

     

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

 

(1)
a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2)
a public statement or publication of information by an Official Body having jurisdiction over the Administrative Agent, the regulatory
supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve
Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark
(or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or
a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors
of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
or

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) or an Official Body having jurisdiction over the Administrative Agent announcing that
all Available Tenors of such Benchmark (or such component thereof) are no longer representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark
if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor
of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to
clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark
for all purposes hereunder and under any Transaction Document in accordance with Section 5.06(d) and (y) ending at the time that
a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in
accordance with Section 5.06(d).

 

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

 

“Borrower”
has the meaning specified in the preamble to this Agreement.

 

“Borrower
Indemnified Amounts” has the meaning set forth in Section 12.01(a).

 

“Borrower
Indemnified Party” has the meaning set forth in Section 12.01(a).

 

 

    7

     

     

“Borrower
Material Adverse Effect” means a material adverse effect on any of the following:

 

(a)    the
assets, operations, business or financial condition of the Borrower;

 

(b)    the
ability of the Borrower to perform its obligations under this Agreement or any other Transaction Document to which it is a party;

 

(c)    the
validity or enforceability of this Agreement or any other Transaction Document to which the Borrower is a party, or the validity,
enforceability, value or collectibility of any material portion of the Pool Receivables;

 

(d)    the
status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e)    the
rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

“Borrower
Obligations” means all present and future indebtedness, reimbursement obligations, and other liabilities and obligations
(howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower
to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under or in connection with this Agreement
or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all
Capital and Interest on the Loans, reimbursement for drawings under the Letters of Credit, all Fees and all other amounts due or
to become due under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including,
without limitation, interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect
to the Borrower (in each case whether or not allowed as a claim in such proceeding).

 

“Borrower’s
Net Worth” means, at any time of determination, an amount equal to (i) the Outstanding Balance of all Pool Receivables
at such time, minus (ii) the sum of (A) the Aggregate Capital at such time, plus (B) the Adjusted LC Participation
Amount at such time, plus (C) the Aggregate Interest at such time, plus (D) the aggregate accrued and unpaid Fees
at such time, plus (E) the aggregate outstanding principal balance of all Subordinated Notes at such time, plus (F)
the aggregate accrued and unpaid interest on all Subordinated Notes at such time, plus (G) without duplication, the aggregate
accrued and unpaid other Borrower Obligations at such time.

 

“Borrowing
Base” means, at any time of determination, the amount equal to the lesser of (a) the Facility Limit and (b) the amount
equal to (i) the Net Receivables Pool Balance at such time, minus (ii) the Total Reserves at such time.

 

“Borrowing
Base Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital plus the Adjusted
LC Participation Amount at such time, exceeds (b) the Borrowing Base at such time.

 

 

    8

     

     

“Breakage
Fee” means (i) for any Interest Period for which Interest is computed by reference to LMIR or Adjusted LIBOR, as applicable,
and a reduction of Capital is made for any reason on any day other than a Settlement Date or (ii) to the extent that the Borrower
shall for any reason, fail to borrow on the date specified by the Borrower in connection with any request for funding pursuant
to Article II of this Agreement, the amount, if any, by which (A) the additional Interest (calculated without taking into
account any Breakage Fee or any shortened duration of such Interest Period pursuant to the definition thereof) which would have
accrued during such Interest Period on the reductions of Capital relating to such Interest Period had such reductions not been
made (or, in the case of clause (ii) above, the amounts so failed to be borrowed or accepted in connection with any such
request for funding by the Borrower), exceeds (B) the income, if any, received by the applicable Lender from the investment of
the proceeds of such reductions of Capital (or such amounts failed to be borrowed by the Borrower). A certificate as to the amount
of any Breakage Fee (including the computation of such amount) shall be submitted by the affected Lender to the Borrower and shall
be conclusive and binding for all purposes, absent manifest error.

 

“BrightView”
has the meaning specified in the preamble to this Agreement.

 

“Business
Day” means any day (other than a Saturday or Sunday) on which: (a) banks are not authorized or required to close in Pittsburgh,
Pennsylvania, or New York City, New York and (b) if this definition of “Business Day” is utilized in connection with
Adjusted LIBOR or LMIR, as applicable, dealings are carried out in the London interbank market.

 

“Capital”
means, with respect to any Lender, without duplication, the aggregate amounts (i) paid to, or on behalf of, the Borrower in connection
with all Loans made by such Lender pursuant to Article II, (ii) paid by such Lender, as an LC Participant, to the LC Bank
in respect of a Participation Advance made by such Lender to LC Bank pursuant to Section 3.04(b) and (iii) with respect
to the Lender that is the LC Bank, paid by the LC Bank with respect to all drawings under the Letter of Credit to the extent such
drawings have not been reimbursed by the Borrower or funded by Participation Advances, as reduced from time to time by Collections
distributed and applied on account of such Capital pursuant to Section 4.01; provided, that if such Capital shall
have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned
for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution as though it had not been
made.

 

“Capital
Stock” means, with respect to any Person, any and all common shares, preferred shares, interests, participations, rights
in or other equivalents (however designated) of such Person’s capital stock, partnership interests, limited liability company
interests, membership interests or other equivalent interests and any rights (other than debt securities convertible into or exchangeable
for capital stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests.

 

“Change
in Control” means the occurrence of any of the following:

 

(a)    Parent
ceases to own, directly, 100% of the issued and outstanding Capital Stock and all other equity interests of the Borrower free and
clear of all Adverse Claims;

 

(b)    Parent
ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock, membership interests or other equity interests
of any Originator;

 

 

    9

     

     

(c)    any
Subordinated Note shall at any time cease to be owned by an Originator, free and clear of all Adverse Claims;

 

(d)    a
 “Change of Control” (as defined in the Credit Agreement) shall have occurred;

 

(e)    Holdings
ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock, membership interests or other equity interests
of Parent; or

 

(f)    with
respect to Holdings, any “person”, “entity” or “group” (within the meaning of Section 13(d)
or 14(d) of the Exchange Act), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial
ownership of a percentage of the voting power of the outstanding Voting Stock of Holdings that exceeds 35% thereof, unless the
Permitted Holders have, at such time, the right or the ability by voting power, contract or otherwise to elect or designate for
election at least a majority of the board of directors of Holdings.

 

“Change
in Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any
law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (w) the final rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance:
Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial
Paper Programs; and Other Related Issues, adopted by the United States bank regulatory agencies on December 15, 2009, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory
Framework for More Resilient Banks and Banking Systems” (as amended, supplemented or otherwise modified or replaced from
time to time), shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Closing
Date” means April 28, 2017.

 

“Code”
means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

 

“Collateral”
has the meaning set forth in Section 5.05(a).

 

“Collection
Account” means each account listed on Schedule II to this Agreement (as such schedule may be modified from time
to time in connection with the closing or opening of any Collection Account in accordance with the terms hereof) (in each case,
in the name of the Borrower) and maintained at a bank or other financial institution acting as a Collection Account Bank pursuant
to an Account Control Agreement for the purpose of receiving Collections.

 

 

    10

     

     

“Collection
Account Bank” means any of the banks or other financial institutions holding one or more Collection Accounts.

 

“Collections”
means, with respect to any Pool Receivable: (a) all funds that are received by any Originator, the Borrower, the Servicer or any
other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, service
charges, finance charges, interest, fees and all other charges), or applied to amounts owed in respect of such Pool Receivable
(including insurance payments, proceeds of drawings under supporting letters of credit and net proceeds of the sale or other disposition
of repossessed goods or other collateral or property of the related Obligor or any other Person directly or indirectly liable for
the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections, (c) all proceeds of all Related
Security with respect to such Pool Receivable and (d) all other proceeds of such Pool Receivable.

 

“Commitment”
means, with respect to any Lender, LC Participant or LC Bank, as applicable, the maximum aggregate amount which such Person is
obligated to lend or pay hereunder on account of all Loans and all drawings under all Letters of Credit, on a combined basis, as
set forth on Schedule I or in such other agreement pursuant to which it became a Lender and/or LC Participant, as such amount
may be modified in connection with any subsequent assignment pursuant to Section 13.03 or in connection with a reduction
in the Facility Limit pursuant to Section 2.02(e). If the context so requires, “Commitment” also refers to a
Lender’s obligation to make Loans, make Participation Advances and/or issue Letters of Credit hereunder in accordance with
this Agreement.

 

“Concentration
Percentage” means (i) for any Group A Obligor, 7.5%, (ii) for any Group B Obligor, 7.5%, (iii) for any Group C Obligor,
7.5%, (iv) for the two largest Group D Obligors, 5.0% each, and (v) for any other Group D Obligor, 3.0%.

 

“Concentration
Reserve Percentage” means the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors,
(b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentages
of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

 

“Consolidated
EBITDA” shall (along with each defined term constituting a component thereof) have the meaning assigned thereto in the
Credit Agreement as in effect on the FirstSecond
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in
writing by the Administrative Agent in its sole discretion.

 

“Contract”
means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings
pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to
make payment in respect of such Receivable.

 

 

    11

     

     

“Controlled
Group” means all members of a controlled group of corporations or other business entities and all trades or businesses
(whether or not incorporated) under common control which, together with Holdings or any of its Subsidiaries, are treated as a single
employer under Section 414 of the Code.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered
Entity” means (a) each of Borrower, the Servicer, each Originator, Holdings and each of Holding’s Subsidiaries
and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this
definition, control of a Person shall mean the direct or indirect power to direct or cause the direction of the management and
policies of such Person whether by ownership of equity interests, contract, proxy or otherwise.

 

“Credit
Agreement” means that certain Credit Agreement, dated as of December 18, 2013 (as amended, restated, amended and restated
or otherwise modified from time to time), by and among Brightview Holdings, Inc. as holdings, Brightview Landscapes, LLC, as the
borrower, the lending institutions from time to time parties thereto and JPMorgan Chase Bank, N.A., as the administrative agent,
the collateral agent, the swingline lender, a letter of credit issuer and a lender.

 

“Credit
and Collection Policy” means, as the context may require, those receivables credit and collection policies and practices
of the Originators in effect on the Closing Date and described in Exhibit E, as modified in compliance with this Agreement.

 

“Credit
Extension” means the making of any Loan or the issuance of any Letter of Credit or any modification, extension or renewal
of any Letter of Credit.

 

“Credit
Party” means each Lender, the LC Bank, each LC Participant and the Administrative Agent.

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental
Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that
any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish
another convention in its reasonable discretion.

 

“Days’
Sales Outstanding” means, for any Fiscal Month, an amount
computed as of the last day of such Fiscal Month equal to: (a) the average of the Outstanding Balance of all Pool Receivables (other
than Unbilled Receivables) as of the last day of each of the three most recent Fiscal Months ended on the last day of such Fiscal
Month, divided by (b) (i) the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables)
generated by the Originators during the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided
by (ii) 90.

 

 

    12

     

     

“Debt”
means, as to any Person at any time of determination, any and all indebtedness, obligations or liabilities (whether matured or
unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in
respect of: (i) borrowed money, (ii) amounts raised under or liabilities in respect of any bonds, debentures, notes, note purchase,
acceptance or credit facility, or other similar instruments or facilities, (iii) reimbursement obligations (contingent or otherwise)
under any letter of credit, (iv) any other transaction (including production payments (excluding royalties), installment purchase
agreements, forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect
of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including (a) accounts
payable incurred in the ordinary course of such Person’s business payable on terms customary in the trade, (b) prepaid or
deferred revenue arising in the ordinary course of business and (c) purchase price holdbacks arising in the ordinary course of
business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the
seller of such asset), (v) all net obligations of such Person in respect of interest rate or currency hedges or (vi) without duplication,
any Guaranty of any such Debt.

 

“Deemed
Collections” has the meaning set forth in Section 4.01(d).

 

“Default
Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded
upward) computed as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool
Receivables that became Defaulted Receivables during such Fiscal Month, by (b) the aggregate initial Outstanding Balance
of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the month that is seven (7) Fiscal
Months before such Fiscal Month.

 

“Defaulted
Receivable” means a Receivable:

 

(a)    as
to which any payment, or part thereof, remains unpaid for more than 180 days after the original invoice date for such Receivable;

 

(b)    as
to which an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or any other Person obligated thereon
or owning any Related Security with respect thereto;

 

(c)    that
has been written off the applicable Originator’s or the Borrower’s books as uncollectible and that remains unpaid for
less than 181 days after the original invoice date for such Receivable; or

 

(d)    that,
consistent with the Credit and Collection Policy, should be written off the applicable Originator’s or the Borrower’s
books as uncollectible;

 

provided,
however, that in each case above such amount shall be calculated without giving effect to any netting of credits that have
not been matched to a particular Receivable for the purposes of aged trial balance reporting.

 

 

    13

     

     

“Defaulting
Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the
result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including
the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made
a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless such writing or public statement indicates that such position is based on such Lender’s good faith determination
that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this
Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within
three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized
officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective
Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such
Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d)
has become the subject of an Insolvency Proceeding.

 

“Delinquency
Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded
upward) computed as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool
Receivables that were Delinquent Receivables on such day, by (b) the aggregate Outstanding Balance of all Pool Receivables
on such day.

 

“Delinquent
Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for more than 120 days from the
original invoice date for such Receivable; provided, however, that such amount shall be calculated without giving
effect to any netting of credits that have not been matched to a particular Receivable for the purposes of aged trial balance reporting.

 

“Dilution
Horizon Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of
1%, with 5/1000th of 1% rounded upward) computed as of the last day of such Fiscal Month by dividing: (a) the aggregate
initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the most
recently ended Fiscal Month, by (b) the Net Receivables Pool Balance as of the last day of such Fiscal Month. Within thirty
(30) days of the completion and the receipt by the Administrative Agent of the results of any annual audit or field exam of the
Receivables and the servicing and origination practices of the Servicer and the Originators, the numerator of the Dilution Horizon
Ratio may be adjusted by the Administrative Agent upon not less than five (5) Business Days notice to the Borrower to reflect such
number of Fiscal Months as the Administrative Agent reasonably believes best reflects the business practices of the Servicer and
the Originators and the actual amount of dilution and Deemed Collections that occur with respect to Pool Receivables based on the
weighted average dilution lag calculation completed as part of such audit or field exam.

 

“Dilution
Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with
5/1000th of 1% rounded upward), computed as of the last day of each Fiscal Month by dividing: (i) the aggregate amount of
Deemed Collections during such Fiscal Month (other than any Deemed Collections with respect to any Receivables that were both (x)
generated by an Originator during such Fiscal Month and (y) written off the applicable Originator’s or the Borrower’s
books as uncollectible during such Fiscal Month), by (ii) the aggregate initial Outstanding Balance of all Pool Receivables
(other than Unbilled Receivables) generated by the Originators during the Fiscal Month that is one (1) month prior to such Fiscal
Month.

 

 

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“Dilution
Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the Dilution Horizon Ratio, multiplied by (b) the sum of (i) the
Stress Factor multiplied by the average of the Dilution Ratios for the twelve (12) most recent Fiscal Months, plus (ii)
the Dilution Volatility Component.

 

“Dilution
Volatility Component” means, for any Fiscal Month, the product (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the positive difference, if any, between: (i) the highest Dilution Ratio
for any Fiscal Month during the twelve (12) most recent Fiscal Months and (ii) the arithmetic average of the Dilution Ratios for
such twelve (12) Fiscal Months, multiplied by (b) the quotient of (i) the highest Dilution Ratio for any Fiscal Month during
the twelve (12) most recent Fiscal Months, divided by (ii) the arithmetic average of the Dilution Ratios for such twelve
(12) Fiscal Months.

 

“Dollars”
and “$” each mean the lawful currency of the United States of America.

 

“Early
Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of:

 

(1)
a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time
contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based
upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available
for review); and

 

(2)
the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders.

 

“Drawing
Date” has the meaning set forth in Section 3.04(a).

 

“Eligible
Assignee” means (i) any Lender or any of its Affiliates, (ii) any Person managed by a Lender or any of its Affiliates
and (iii) any other financial or other institution.

 

“Eligible
Canadian Obligor” means an Obligor that both (i) is organized in or that has a head office (domicile), registered office,
and chief executive office located in Canada and (ii) is not a Governmental Authority.

 

“Eligible
Foreign Obligor” means a Foreign Obligor whose head office (domicile), registered office and chief executive office is
in a country that is not a Sanctioned Country.

 

 

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“Eligible
Receivable” means, at any time of determination, a Pool Receivable:

 

(a)    the
Obligor of which is: (i) either a U.S. Obligor, an Eligible Canadian Obligor or an Eligible Foreign Obligor; (ii) not a Sanctioned
Person; (iii) not subject to any Insolvency Proceeding; (iv) not an Affiliate of the Borrower, the Servicer, the Parent, the Performance
Guarantor or any Originator; (v) not the Obligor with respect to Delinquent Receivables with an aggregate Outstanding Balance exceeding
50% of the aggregate Outstanding Balance of all such Obligor’s Pool Receivables; (vi) not a natural person and (vii) not
a material supplier to any Originator or an Affiliate of a material supplier;

 

(b)    that
is denominated and payable only in Dollars in the United States of America, and the Obligor with respect to which has been instructed
to remit Collections in respect thereof directly to a Lock-Box or Collection Account in the United States of America;

 

(c)    that
does not have a due date which is more than 120 days after the original invoice date of such Receivable;

 

(d)    that
(i) arises under a Contract for the sale of goods or services in the ordinary course of the applicable Originator’s business
and (ii) does not constitute a loan or other similar financial accommodation being provided by the applicable Originator;

 

(e)    that
arises under a duly authorized Contract that (i) is in full force and effect, (ii) is governed by the law of the United States
of America or of any State thereof and (iii) is a legal, valid and binding obligation of the related Obligor, enforceable against
such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity regardless
of whether enforceability is considered in a proceeding in equity or at law;

 

(f)     that
has been transferred by an Originator to the Borrower pursuant to the Purchase and Sale Agreement with respect to which transfer
all conditions precedent under the Purchase and Sale Agreement have been met;

 

(g)    that,
together with the Contract related thereto, conforms in all material respects with all Applicable Laws (including any applicable
laws relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection
practices and privacy);

 

(h)    with
respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, or notices to,
any Governmental Authority or other Person, required to be obtained by, effected or given to an Originator in connection with the
creation of such Receivable, the execution, delivery and performance by such Originator of the related Contract or the assignment
thereof under the Purchase and Sale Agreement have been duly obtained, effected or given and are in full force and effect;

 

(i)     that
is not subject to any existing dispute, right of rescission, right of set-off, counterclaim, any other defense against the applicable
Originator (or any assignee of such Originator) or Adverse Claim or unexpired volume or pricing discounts or rebates or other adjustments
or dilutions, including such amounts accrued for in BrightView’s general ledger account #4601 or #2101 (or any replacement
thereof); provided that only the portion of such Pool Receivable subject to such dispute, right of rescission, right of
set-off, counterclaim, defense, Adverse Claim or unexpired volume or pricing discount or rebate or other adjustment or dilution
shall be ineligible;

 

 

    16

     

     

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

 

(k)     that,
together with the Contract related thereto, has not been modified, waived or restructured since its creation, except as permitted
pursuant to Section 9.02 of this Agreement;

 

(l)      in
which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable (including
without any consent of the related Obligor or any Governmental Authority unless such consent has been obtained) and that payments
thereon are free and clear of any withholding Tax;

 

(m)    for
which the Administrative Agent (on behalf of the Secured Parties) has a valid and enforceable first priority perfected security
interest therein and in the Related Security and Collections with respect thereto in which a security interest may be perfected
by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim;

 

(n)     that
(x) constitutes an “account” or “general intangible” (as defined in the UCC), (y) is not evidenced by instruments
or chattel paper and (z) does not constitute, or arise from the sale of, as extracted collateral (as defined in the UCC);

 

(o)     that
is neither a Defaulted Receivable nor a Delinquent Receivable;

 

(p)     for
which no Originator, the Borrower, the Parent, the Performance Guarantor or the Servicer has established any offset or netting
arrangements with the related Obligor in connection with the ordinary course of payment of such Receivable;

 

(q)     that
represents amounts earned and payable by the Obligor that are not subject to the performance of additional services by the Originator
thereof or by the Borrower and the related goods or merchandise shall have been shipped and/or services performed, other than,
in the case of an Eligible Unbilled Receivable, the billing or invoicing of such Receivable; provided, that if such Receivable
is subject to the performance of additional services, only the portion of such Receivable attributable to such additional services
shall be ineligible;

 

(r)      which
(i) does not arise from a sale of accounts made as part of a sale of a business or constitute an assignment for the purpose of
collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness
or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract and
(iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance;

 

(s)      which
does not relate to the sale of any consigned goods or finished goods which have incorporated any consigned goods into such finished
goods;

 

 

    17

     

     

(t)     for
which the related Originator (i) has recognized the related revenue on its financial books and records in accordance with GAAP
and (ii) is not the Puerto Rico Originator;

 

(u)     for
which neither the related Originator nor any Affiliate thereof is holding any deposits received by or on behalf of the related
Obligor; provided that only the portion of such Pool Receivable in an amount equal to such deposits shall be ineligible;

 

(v)     that,
if such Receivable is an Unbilled Receivable, is an Eligible Unbilled Receivable.

 

“Eligible
Unbilled Receivable” means, at any time, any Unbilled Receivable if (a) the related Originator has recognized the related
revenue on its financial books and records in accordance with GAAP, and (b) such
time is not later than the last day of the month following the month in which such Unbilled Receivable arosethe
Outstanding Balance of such Unbilled Receivable was included in the definition of Modified Days’ Sales Outstanding, Modified
Days’ Sales Outstanding would not exceed the Maximum Term; provided, however, for purposes of exclusion of any Unbilled Receivable
pursuant to this clause (b), Unbilled Receivables shall be excluded in order based on the Outstanding Balance (with the smallest
amount excluded first). For purposes of this definition of “Eligible Unbilled Receivable”, “Maximum Term”
means 75 days.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

 

“ERISA
Affiliate” means, with respect to any Person, any corporation, trade or business which together with the Person is a
member of a controlled group of corporations or a controlled group of trades or businesses and would be deemed a “single
employer” within the meaning of Sections 414(b), (c), (m) of the Code or Section 4001(b) of ERISA.

 

“Euro-Rate
Reserve Percentage” means, the maximum effective percentage in effect on such day as prescribed by the Board of Governors
of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental,
marginal, and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency
Liabilities”).

 

“Event
of Default” has the meaning specified in Section 10.01. For the avoidance of doubt, any Event of Default that
occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with Section 13.01.

 

“Excess
Concentration” means the sum of the following amounts, without duplication:

 

(a)     the
sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) the aggregate Outstanding Balance of
the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied
by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus

 

(b)     the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Canadian
Obligor, net of any other Excess Concentrations (if any) related to such Eligible Canadian Obligor’s Concentration Percentage,
over (ii) the product of (x) 1.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool; plus

 

 

    18

     

     

(c)     the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Foreign
Obligor, net of any other Excess Concentrations (if any) related to such Eligible Foreign Obligor’s Concentration Percentage,
over (ii) the product of (x) 1.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool; plus

 

(d)     the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is a Federal Governmental
Authority, net of any other Excess Concentrations (if any) related to such Obligor’s Concentration Percentage, over
(ii) the product of (x) 1.0%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the
Receivables Pool; plus

 

(e)     the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that are Eligible Unbilled Receivables, over
(ii) the product of (x) 15.0%30.0%
(or if a Ratings Event has occurred and is continuing and the Administrative Agent has elected in its sole discretion to reduce
such percentage, 15.0%), multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool; plus

 

(f)     the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that have a due date which is more than 60
days and less than 91 days after the original invoice date of such Receivable, over (ii) the product of (x) 25.0%, multiplied by
(y) the aggregate Outstanding Balance of all Receivables then in the Receivables Pool; plus

 

(g)     the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that have a due date which is more than 90
days and less than 121 days after the original invoice date of such Receivable, over (ii) the product of (x) 12.5%, multiplied
by (y) the aggregate Outstanding Balance of all Receivables
then in the Receivables Pool.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or
deducted from a payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise
Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Affected Person being organized under the laws of,
or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing
such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan
or Commitment pursuant to a law in effect on the date on which (i) such Lender makes a Loan or its Commitment or (ii) such Lender
changes its lending office, except in each case to the extent that amounts with respect to such Taxes were payable either to such
Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to a Lender’s failure to comply with Section 5.03(f) and (d) any U.S. federal withholding
Taxes imposed pursuant to FATCA.

 

 

    19

     

     

“Facility
Limit” means $200,000,000 as(i)
prior to the Facility Limit Increase Date, $235,000,000, and (ii) on and after the Facility Limit Increase Date, $250,000,000,
as each may be reduced from time to time pursuant to Section 2.02(e). References to the unused portion of the
Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the
sum of the Aggregate Capital plus the LC Participation Amount.

 

“Facility
Limit Increase Date” means September 20, 2021.

 

“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,
any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any laws, regulations, rules or practices adopted pursuant
to any intergovernmental agreement entered into with respect to the foregoing.

 

“Federal
Funds Rate” means, for any day, the per annum rate set forth in the weekly statistical release designated as H.15(519), or
any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such
day opposite the caption “Federal Funds (Effective).” If on any relevant day such rate is not yet published in H. 15(519),
the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations
for U.S. Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any
such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective
Rate.” If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations,
the rate for such day will be the arithmetic mean as determined by the Administrative Agent of the rates for the last transaction
in overnight Federal funds arranged before 9:00 a.m. (New York City time) on that day by each of three leading brokers of Federal
funds transactions in New York City selected by the Administrative Agent.

 

“Federal
Governmental Authority” means the government of the United States of America, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government.

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal
functions.

 

“Fee
Letter” has the meaning specified in Section 2.03(a).

 

“Fees”
has the meaning specified in Section 2.03(a).

 

“Final
Maturity Date” means the date that (i) is 120 days following the Termination Date or (ii) such earlier date on which
the Aggregate Capital and all other Borrower Obligations become due and payable pursuant to Section 10.01.

 

 

    20

     

     

“Final
Payout Date” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Interest have
been paid in full, (ii) the LC Participation Amount has been reduced to zero ($0) and no Letters of Credit issued hereunder remain
outstanding and undrawn, (iii) all Borrower Obligations shall have been paid in full, (iv) all other amounts owing to the Credit
Parties and any other Borrower Indemnified Party or Affected Person hereunder and under the other Transaction Documents have been
paid in full and (v) all accrued Servicing Fees have been paid in full.

 

“Financial
Covenant Event” shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as
of the last day of any Test Period ending during any Compliance Period is greater than 6.50 to 1.00. As used in this definition,
 “Compliance Period” and “Test Period” (and any defined term constituting a component of such terms) have
the meanings assigned to such terms in the Credit Agreement as in effect on the FirstSecond
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in
writing by the Administrative Agent in its sole discretion. If at any time following the FirstSecond
Amendment Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly
modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as
in effect on the FirstSecond
Amendment Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each
Lender modify this definition and/or Section 10.01(u) to conform to the Credit Agreement as so amended, restated, waived,
supplemented or otherwise modified.

 

“Financial
Officer” of any Person means, the president, the chief executive officer, the chief financial officer, the chief accounting
officer, the principal accounting officer, the controller, the treasurer, the assistant treasurer, vice president-finance or any
other senior officer of such Person designated as such in writing to the Administrative Agent by such person.

 

“First
Amendment Date” means February 21, 2019.

 

“Fiscal
Month” means each calendar month.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified, zero (0.00).

 

“Foreign
Obligor” means an Obligor which is a corporation or other business organization whose head office (domicile), registered
office and chief executive office is in a country that is not the United States or Canada.

 

“GAAP”
means generally accepted accounting principles in the United States of America, consistently applied.

 

“Governmental
Acts” has the meaning set forth in Section 3.09.

 

“Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

 

    21

     

     

“Group
A Obligor” means any Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with a short-term
rating of at least: (a) “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating
of “A+” or better by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable)
long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-1” by Moody’s, or if such
Obligor does not have a short-term rating from Moody’s, “Al” or better by Moody’s on such Obligor’s,
its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities;
provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split
rating from S&P and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have
only the lower of the two rating for the purpose of determining whether such rating satisfies clauses (a) or (b)
above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group
A Obligor” shall be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition
for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration Reserve” and
clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately
satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in
which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may
be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

 

“Group
B Obligor” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not
a Group A Obligor, with a short-term rating of at least: (a) “A-2” by S&P, or if such Obligor does not have a short-term
rating from S&P, a rating of “BBB+” to “A” by S&P on such Obligor’s, its parent’s or
its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-2”
by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baal” to “A2”
by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured
and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if
such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority
owner, as applicable) shall be deemed to have only the lower of the two rating for the purpose of determining whether such rating
satisfies clauses (a) or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor
that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated
with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”,
the “Concentration Reserve” and clause (a) of the definition of “Excess Concentration” for such
Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”,
or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor
or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that
are Obligors.

 

 

    22

     

     

“Group
C Obligor” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not
a Group A Obligor or a Group B Obligor, with a short-term rating of at least: (a) “A-3” by S&P, or if such Obligor
does not have a short-term rating from S&P, a rating of “BBB-” to “BBB” by S&P on such Obligor’s,
its parent’s or it’s majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities,
or (b) “P-3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baa3”
to “Baa2” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable)
long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority
owner, as applicable, if such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or
its parent or majority owner, as applicable) shall be deemed to have only the lower of the two rating for the purpose of determining
whether such rating satisfies clauses (a) or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary
of an Obligor that satisfies the definition of “Group C Obligor” shall be deemed to be a Group C Obligor and shall
be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve
Percentage”, the “Concentration Reserve” and clause (a) of the definition of “Excess Concentration”
for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group
B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor,
a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of
its Subsidiaries that are Obligors.

 

“Group
D Obligor” means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor; provided, that
any Obligor (or its parent or majority owner, as applicable, if such Obligor is unrated) that is not rated by both Moody’s
and S&P shall be a Group D Obligor.

 

“Guaranty”
of any Person means any obligation of such Person guarantying or in effect guarantying any Debt, liability or obligation of any
other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements,
including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and
any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the
ordinary course of business.

 

“Holdings”
means BrightView Holdings, Inc. (f/k/a BrightView Acquisition Holdings, Inc.), a Delaware corporation.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of the Borrower or any of its Affiliates under any Transaction Document and (b) to the extent not otherwise described
in clause (a) above, Other Taxes.

 

“Independent
Director” has the meaning set forth in Section 8.03(c).

 

“Initial
Investors” means Kohlberg Kravis Roberts & Co. L.P., KKR North America Fund XI L.P., KKR North America Fund XI ESC
L.P., and KKR North America Fund XI SBS L.P., and each of their respective Affiliates.

 

“Insolvency
Proceeding” means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy,
reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment
for the benefit of creditors of a Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement
in respect of its creditors generally or any substantial portion of its creditors, in each of clauses (a) and (b) undertaken under
U.S. Federal, state or foreign law, including the Bankruptcy Code.

 

 

    23

     

     

“Intended
Tax Treatment” has the meaning set forth in Section 13.14.

 

“Interest”
means, for each Loan for each day during any Interest Period (or portion thereof), the amount of interest accrued on the Capital
of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b).

 

“Interest
Period” means, with respect to each Loan, (a) before the Termination Date: (i) initially, the period commencing on the
date such Loan is made pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing
Date) and ending on (but not including) the next Monthly Settlement Date and (ii) thereafter, each period commencing on such Monthly
Settlement Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such
period (including a period of one day) as shall be selected from time to time by the Administrative Agent (with the consent or
at the direction of the Majority Lenders) or, in the absence of any such selection, each period of 30 days from the last day of
the preceding Interest Period.

 

“Interest
Rate” means, for any day in any Interest Period for any Loan (or any portion of Capital thereof):

 

(a)     subject
to Sections 5.04 and 5.06 and so long as no Event of Default has occurred and is continuing on such day, LMIR or
Adjusted LIBOR, as applicable, as determined pursuant to Section 2.05, provided, however, that the
Interest Rate applicable to any LIBOR Loan that is not advanced on a Monthly Settlement Date shall be LMIR for each day during
the initial Interest Period applicable to such Loan from the date such Loan is made pursuant to Section 2.01 until the next
occurring Monthly Settlement Date; or

 

(b)     for
any day while an Event of Default has occurred and is continuing, an interest rate per annum equal to the sum of 2.00% per annum
plus the greater of (i) the interest rate per annum determined for such Loan and such day pursuant to clause (a) above,
and (ii) the Base Rate in effect on such day;

 

provided,
however, that no provision of this Agreement shall require the payment or permit the collection of Interest in excess of
the maximum permitted by Applicable Law; provided, further, however, that Interest for any Loan shall not
be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must
otherwise be returned for any reason.

 

“Interim
Report” means a report, in substantially the form of Exhibit I.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended or otherwise modified from time to time.

 

 

    24

     

     

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“LC
Bank” has the meaning set forth in the preamble to this Agreement.

 

“LC
Collateral Account” means each account at any time designated as an LC Collateral Account established and maintained
by the Administrative Agent (for the benefit of the LC Bank and the LC Participants), or such other account(s) as may be so designated
as such by the Administrative Agent.

 

“LC
Fee Expectation” has the meaning set forth in Section 3.05(c).

 

“LC
Limit” means $50,000,000.75,000,000.
  References to the unused portion of the LC Limit shall mean, at any time of determination, an amount equal to (x) the LC
Limit at such time, minus (y) the LC Participation Amount.

 

“LC
Participant” means PNC and each other Person that becomes a party to this Agreement in the capacity of an “LC Participant”.

 

“LC
Participation Amount” means at any time of determination, the sum of the amounts then available to be drawn under all
outstanding Letters of Credit.

 

“LC
Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to
the Administrative Agent, the LC Bank and the Lenders pursuant to Section 3.02(a).

 

“LCR
Security” means any commercial paper or security (other than equity securities issued to Parent or any Originator that
is a consolidated subsidiary of Parent under GAAP) within the meaning of Paragraph __.32(e)(viii) of the final rules titled Liquidity
Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).

 

“Lender”
means PNC and each other Person that becomes a party to this Agreement in the capacity of a “Lender”.

 

“Lender’s
Account” means, with respect to any Lender the account(s) from time to time designated in writing by such Lender to the
Borrower and the Servicer for purposes of receiving payments to or for the account of such Lender and its Affiliates hereunder.

 

“Letter
of Credit” means any stand-by letter of credit issued by the LC Bank at the request of the Borrower pursuant to this
Agreement.

 

“Letter
of Credit Application” has the meaning set forth in Section 3.02(a).

 

“Leverage
Ratio” shall (along with each defined term constituting a component thereof) have the meaning assigned to the term “Consolidated
First Lien Secured Debt to Consolidated EBITDA Ratio” in the Credit Agreement as in effect on the FirstSecond
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in
writing by the Administrative Agent in its sole discretion.

 

    25

     

     

“LIBOR
Loan” means a Loan accruing Interest at Adjusted LIBOR.

 

“LIBOR
Termination Date” has the meaning
set forth in Section 5.06(a).

 

“Lien”
means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other
encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited
to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having
the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other
encumbrance is created or exists at the time of the filing).

 

“LMIR”
means for any day during any Interest Period, the interest rate per annum determined by the applicable Lender (which determination
shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for Dollar deposits as reported by Bloomberg
Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose
of displaying offered rates of leading banks for London interbank deposits in Dollars, as of 11:00 a.m. (London time) on such day,
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 Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate
changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day. The calculation of LMIR may
also be expressed by the following formula:

 

	 	 	One-month Eurodollar rate for Dollars 

shown on Bloomberg US0001M Screen 

or appropriate successor	 
	LMIR     =	 	 	 
	 	 	 	 
	 	 	1.00 - Euro-Rate Reserve Percentage	 

 

 

LMIR
shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. Notwithstanding
the foregoing, if LMIR as determined herein would be less than zero percent (0.00%), such rate shall be deemed to be zero percent
(0.00%) for purposes of this Agreement.

 

“Loan”
means any loan made by a Lender pursuant to Section 2.02.

 

“Loan
Request” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to
the Administrative Agent and the Lenders pursuant to Section 2.02(a).

 

“Lock-Box”
means each locked postal box with respect to which a Collection Account Bank has executed an Account Control Agreement pursuant
to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and
which is listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal
of any Lock-Box in accordance with the terms hereof).

 

    26

     

     

“Loss
Horizon Ratio” means, at any time of determination, the ratio (expressed as a percentage and rounded to the nearest 1/100
of 1%, with 5/1000th of 1% rounded upward) computed by dividing: (a) the sum of (x) aggregate initial Outstanding Balance
of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the fivethree
most recent Fiscal Months plus (y) 2587.5%
of the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators
during the sixthfourth
most recent Fiscal Month; by (b) the Net Receivables Pool Balance as of such date.

 

“Loss
Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the Stress Factor, multiplied by (b) the highest average of the
Default Ratios for any three (3) consecutive Fiscal Months during the twelve (12) most recent Fiscal Months, multiplied by
(c) the Loss Horizon Ratio.

  

“Majority
Lenders” means one or more Lenders that, individually or in the aggregate, hold more than 50% of the aggregate Commitments
of all Lenders (or, if the Commitments have been terminated, hold Loans with more than 50% of the Aggregate Capital).

 

“Material
Adverse Effect” means a circumstance or condition that would, individually or in the aggregate, materially adversely
affect:

 

(a)            
the assets, operations, business or financial condition of the Performance Guarantor and its Subsidiaries, taken as a whole;

 

(b)           
the ability of the Servicer, the Performance Guarantor or any Originator, taken as a whole, to perform its obligations under this
Agreement or any other Transaction Document to which it is a party;

 

(c)           
the validity or enforceability of this Agreement or any other Transaction Document, or the validity, enforceability, value or collectibility
of any material portion of the Pool Receivables;

 

(d)            
the status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e)            
the rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

“Minimum
Dilution Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded
to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the average of the Dilution Ratios for the twelve (12)
most recent Fiscal Months, multiplied by (b) the Dilution Horizon Ratio.

 

    27

     

     

“Minimum
Funding Threshold” means, on any day, an amount equal to the lesser of (a) the product of (i) 70.0% times (ii)
the Facility Limit at such time and (b) the Borrowing Base at such time.

 

“Modified
Days’ Sales Outstanding” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal Month equal
to: (a) the average of the Outstanding Balance of all Pool Receivables as of the last day of each of the three most recent Fiscal
Months ended on the last day of such Fiscal Month, divided by (b) (i) the aggregate initial Outstanding Balance of all Pool Receivables
generated by the Originators during the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by
(ii) 90.

 

“Monthly
Report” means a report in substantially the form of Exhibit
F.

 

“Monthly
Settlement Date” means the 20th calendar day of each calendar month (or if such day is not a Business Day,
the next occurring Business Day).

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, the Servicer, any Originator,
the Parent, the Performance Guarantor or any of their respective ERISA Affiliates (other than one considered an ERISA Affiliate
only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or accruing an obligation to make contributions, or
has within any of the preceding five plan years made or accrued an obligation to make contributions.

 

“Net
Receivables Pool Balance” means, at any time of determination: (a) the aggregate Outstanding Balance of all Eligible
Receivables then in the Receivables Pool, minus (b) the Excess Concentration.

 

“Notice
Date” has the meaning set forth in Section 3.02(b).

 

“Obligor”
means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable.

 

“Obligor
Percentage” means, at any time of determination, for each Obligor, a fraction, expressed as a percentage, (a) the numerator
of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included
in the calculation of the Excess Concentration with respect to such Obligor and its Pool Receivables and (b) the denominator of
which is the aggregate Outstanding Balance of all Eligible Receivables at such time.

 

“OFAC”
means the U.S. Department of Treasury’s Office of Foreign Assets Control.

 

“Order”
has the meaning set forth in Section 3.10.

 

    28

     

     

“Originator”
and “Originators” have the meaning set forth in the Purchase and Sale Agreement, as the same may be modified
from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative
Agent.

 

“Other
Connection Taxes” means, with respect to any Affected Person, Taxes imposed as a result of a present or former connection
between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest
in any Loan or Transaction Document).

 

“Other
Taxes” means any and all present or future stamp or documentary Taxes or any other similar excise or property Taxes,
charges or levies or fees arising from any payment made hereunder or from the execution, delivery, filing, recording or enforcement
of, or otherwise in respect of, this Agreement, the other Transaction Documents and the other documents or agreements to be delivered
hereunder or thereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

 

“Outstanding
Balance” means, at any time of determination, with respect to any Receivable, the then outstanding principal balance
thereof.

 

“Overnight
Bank Funding Rate” means for any day, the rate comprised of both overnight federal funds and overnight eurocurrency borrowings
by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank
of New York (“NYFRB”), as set forth on its public website from time to time, and as published on the next succeeding
Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg)
selected by the Administrative Agent for the purpose of displaying such rate); provided, that if such day is not a Business Day,
the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that
if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Administrative
Agent at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined
as above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as
of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrower.

 

“Parent”
means BrightView Landscapes, LLC, a Delaware limited liability company.

 

“Parent
Group” has the meaning set forth in Section 8.03(c).

 

“Participant”
has the meaning set forth in Section 13.03(d).

 

“Participant
Register” has the meaning set forth in Section 13.03(e).

 

“Participation
Advance” has the meaning set forth in Section 3.04(b).

 

“PATRIOT
Act” has the meaning set forth in Section 13.15.

 

    29

     

     

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.

 

“Pension
Plan” means a pension plan as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA with respect to which
any Originator, the Borrower or any other member of the Controlled Group may have any liability, contingent or otherwise.

 

“Percentage”
means, at any time of determination, with respect to any Lender, a fraction (expressed as a percentage), (a) the numerator of which
is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder
have been terminated, the aggregate outstanding Capital of all Loans being funded by such Lender at such time and (b) the denominator
of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Lenders at such time or
(ii) if all Commitments hereunder have been terminated, the Aggregate Capital at such time.

 

“Performance
Guarantor” means Holdings in its capacity as guarantor under the Performance Guaranty.

 

“Performance
Guaranty” means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the
Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise
modified from time to time.

 

“Permitted
Holders” shall (along with each defined term constituting a component thereof) have the meaning assigned to such term
in the Credit Agreement as in effect on the FirstSecond
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in
writing by the Administrative Agent in its sole discretion.

 

“Permitted
Lien” means (a) the interests of the Borrower, the Administrative Agent and each of the other Secured Parties under the
Transaction Documents, (b) any inchoate liens for current taxes, assessments, levies, fees and other government and similar charges
not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings and with
respect to which adequate reserves have been established in accordance with GAAP, but only so long as foreclosure with respect
to such lien is not imminent and the use and value of the property to which the liens attach are not impaired during the pendency
of such proceedings, (c) liens arising out of any judgment or award against any Originator with respect to which (i) an appeal
or proceeding for review is being taken in good faith and with respect to which there shall have been secured a bond pending such
appeal or proceeding for review and (ii) such judgment or award does not constitute an Event of Default, (d) any lien in favor
of, or assigned to, the Administrative Agent (for the benefit of the Secured Parties) and (e) any Lien on the Capital Stock or
other equity interests of the Originators (excluding, for the avoidance of doubt, any Lien on the Capital Stock of the Borrower)
granted in connection with the Credit Agreement (or any refinancing thereof) in favor of the secured parties thereunder.

 

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

 

    30

     

     

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

 

“Pool
Receivable” means a Receivable in the Receivables Pool.

 

“Portion
of Capital” means, with respect to any Lender and its related Capital, the portion of such Capital being funded or maintained
by such Lender by reference to a particular interest rate basis.

 

“Pro
Forma Basis” shall (along with each defined term constituting a component thereof) have the meaning assigned thereto
in the Credit Agreement as in effect on the FirstSecond
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in
writing by the Administrative Agent in its sole discretion.

 

“Pro
Rata Share” means, as to any LC Participant, a fraction, the numerator of which equals the Commitment of such LC Participant
at such time and the denominator of which equals the aggregate of the Commitments of all LC Participants at such time.

 

“Puerto
Rico Originator” means BrightView Puerto Rico, LLC, a Puerto Rico limited liability company.

 

“Purchase
and Sale Agreement” means the Purchase and Sale Agreement, dated as of the Closing Date, among the Servicer, the Originators
and the Borrower, as such agreement may be amended, supplemented or otherwise modified from time to time.

 

“Purchase
and Sale Termination Event” has the meaning set forth in the Purchase and Sale Agreement.

 

“Ratings
Event” shall be deemed to have occurred on any day when Holdings does not have at least one of: (i) a rating of “B”
or better by S&P on the Holdings’ long-term senior unsecured and uncredit-enhanced debt securities or (ii) a rating of
 “B2” or better by Moody’s on Holdings’ long-term senior unsecured and uncredit-enhanced debt securities.

 

“Receivable”
means any right to payment of a monetary obligation, whether or not earned by performance, owed to any Originator or the Borrower
(as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible,
in each instance arising in connection with the sale of goods that have been or are to be sold or for services rendered or to be
rendered, and includes, without limitation, the obligation to pay any service charges, finance charges, interest, fees and other
charges with respect thereto. Any such right to payment arising from any one transaction, including, without limitation, any such
right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting
of any such right to payment arising from any other transaction.

 

“Receivables
Pool” means, at any time of determination, all of the then outstanding Receivables transferred (or purported to be transferred)
to the Borrower pursuant to the Purchase and Sale Agreement prior to the Termination Date.

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London
time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR,
the time determined by the Administrative Agent in its reasonable discretion.

 

    31

     

     

“Register”
has the meaning set forth in Section 13.03(b).

 

“Reimbursement
Obligation” has the meaning set forth in Section 3.04(a).

 

“Related
Rights” has the meaning set forth in Section 1.1 of the Purchase and Sale Agreement.

 

“Related
Security” means, with respect to any Receivable:

 

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

 

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

 

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

 

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

 

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

 

(f)            
all of the Borrower’s rights, interests and claims under the Purchase and Sale Agreement and the other Transaction Documents;
and

 

(g)            all Collections and other proceeds (as defined in the UCC) of any of the foregoing.

 

“Release”
has the meaning set forth in Section 4.01(a).

 

“Relevant
Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

 

    32

     

     

“Reportable
Compliance Event” means that any Covered Entity becomes
a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially
detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts
or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation
of any Anti-Terrorism Law.

 

“Reportable
Event” means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect
to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant
to subsection (m) or (o) of Section 414 of the Code).

 

“Representatives”
has the meaning set forth in Section 13.06(c).

 

“Required
Capital Amount” means $22,500,000.(i)
prior to the Facility Limit Increase Date, $26,437,500, and (ii) on and after the Facility Limit Increase Date, $28,125,000.

 

“Restricted
Payments” has the meaning set forth in Section 8.01(r).

 

“S&P”
means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor
thereto that is a nationally recognized statistical rating organization.

 

“Sanctioned
Country” means a country subject to a comprehensive countrywide or territory-wide sanctions program maintained under
any Anti-Terrorism Law.

 

“Sanctioned
Person” (i) A person named on the list of “Specially Designated Nationals” or “Blocked Persons”
maintained by OFAC, (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a Sanctioned
Country or (C) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC, or
(iii) any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited,
sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not
limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.

 

“Scheduled
Termination Date” means February 18, 2022.20,
2024.

 

“SEC”
means the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor.

 

“Second
Amendment Date” means February 19, 2021.

 

“Secondary
Term SOFR Conversion Date” has the meaning
set forth in Section 5.06(f).

 

“Secured
Parties” means each Credit Party, each Borrower Indemnified Party and each Affected Person.

 

    33

     

     

“Securities
Act” means the Securities Act of 1933, as amended or otherwise modified from time to time.

 

“Servicer”
has the meaning set forth in the preamble to this Agreement, including any successor Servicer pursuant to Section 9.01.

 

“Servicer
Indemnified Amounts” has the meaning set forth in Section 12.02(a).

 

“Servicer
Indemnified Party” has the meaning set forth in Section 12.02(a).

 

“Servicing
Fee” means the fee referred to in Section 9.06(a).

 

“Servicing
Fee Rate” means the rate referred to in Section 9.06(a).

 

“Settlement
Date” means with respect to any Portion of Capital for any Interest Period or any Interest or Fees, (i) prior to the
Termination Date and so long as no Event of Default has occurred and is continuing, the Monthly Settlement Date and (ii) on and
after the Termination Date or if an Event of Default has occurred and is continuing, each day selected from time to time by the
Administrative Agent (with the consent or at the direction of the Majority Lenders) (it being understood that the Administrative
Agent (with the consent or at the direction of the Majority Lenders) may select such Settlement Date to occur as frequently as
daily), or, in the absence of such selection, the Monthly Settlement Date.

 

“Side
Letter” means that certain letter agreement, dated as of the Closing Date, among the Borrower, the Servicer and the Administrative
Agent, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing
rate). 

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Solvent”
means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value)
of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total
existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able
to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become
due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts
and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in
any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration
to the prevailing practice in the industry in which such Person is engaged.

 

    34

     

     

“Stress
Factor” means 2.25.

 

“Structuring
Agent” means PNC Capital Markets LLC, a Pennsylvania limited liability company.

 

“Subordinated
Note” has the meaning set forth in the Purchase and Sale Agreement.

 

“Sub-Servicer”
has the meaning set forth in Section 9.01(d).

 

“Subsidiary”
means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock of each
class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of
the happening of a contingency) to elect a majority of the Board of Directors or other managers of such entity are at the time
owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person or (c)
by such Person and one or more Subsidiaries of such Person.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority and all interest, penalties or additions to tax with respect thereto.

 

“Term
SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based
on SOFR that has been selected or recommended by the Relevant Governmental Body. 

 

“Term
SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term
SOFR Transition Event.

 

“Term
SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use
by the Relevant Governmental Body, and is determinable for each Available Tenor, (b) the administration of Term SOFR is administratively
feasible for the Administrative Agent and (c) a Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement
in accordance with Section 5.06 that is not Term SOFR.

 

“Termination
Date” means the earliest to occur of (a) the Scheduled
Termination Date, (b) the date on which the “Termination Date” is declared or deemed to have occurred under Section
10.01, (c) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to Section 2.02(e)
and (d) the date (if any) on which the Borrower, the Servicer or any Originator delivers to the Administrative Agent a written
notice that the Borrower is unable to pay the “Purchase Price” (as defined in the Purchase and Sale Agreement) for
Receivables and Related Rights pursuant to Section 3.2 of the Purchase and Sale Agreement.

 

“Test
Period” shall (along with each defined term constituting a component thereof) have the meaning assigned thereto in the
Credit Agreement as in effect on the FirstSecond
Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in
writing by the Administrative Agent in its sole discretion.

 

    35

     

     

“Total
Reserves” means, at any time of determination, an amount equal to the product of the Net Receivables Pool Balance and
the sum of: (a) the Yield Reserve Percentage, plus (b) the greatest of (i) 15.0%, (ii) the sum of the Concentration Reserve
Percentage plus the Minimum Dilution Reserve Percentage and (iii) the sum of the Loss Reserve Percentage plus the
Dilution Reserve Percentage.

 

“Tranche
Period” means, with respect to any LIBOR Loan, a period of one, two, three or six months selected by the Borrower pursuant
to Section 2.05. Each Tranche Period shall commence on a Monthly Settlement Date and end on (but not including) the Monthly
Settlement Date occurring one, two, three or six calendar months thereafter, as selected by the Borrower pursuant to Section
2.05; provided, however, that if the date any Loan made pursuant to Section 2.01 is not a Monthly Settlement
Date, the initial Tranche Period for such Loan shall commence on the date such Loan is made pursuant to Section 2.01 and
end on the next Monthly Settlement Date occurring after the day in the applicable succeeding calendar month which corresponds numerically
to the beginning day of such initial Tranche Period; provided, further, that if any Tranche Period would end after
the Termination Date, such Tranche Period (including a period of one day) shall end on the Termination Date.

 

“Transaction
Documents” means this Agreement, the Purchase and Sale Agreement, the Account Control Agreements, the Fee Letter, each
Subordinated Note, the Performance Guaranty, the Side Letter and all other certificates, instruments, UCC financing statements,
reports, notices, agreements and documents executed or delivered under or in connection with this Agreement, in each case as the
same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement.

 

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

 

“Unmatured
Event of Default” means an event that but for notice or lapse of time or both would constitute an Event of Default.

 

“Unbilled
Receivable” means, at any time, any Receivable as to which the invoice or bill with respect thereto has not yet been
sent to the Obligor thereof.

 

“U.S.
Obligor” means an Obligor that is a corporation or other business organization and is organized under the laws of the
United States of America (or of a United States of America territory, district, state, commonwealth, or possession, including,
without limitation, Puerto Rico and the U.S. Virgin Islands) or any political subdivision thereof.

 

“U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S.
Tax Compliance Certificate” has the meaning set forth in Section 5.03(f)(ii)(B)(3).

 

“USD
LIBOR” means the London interbank offered rate for U.S. dollars.

 

    36

     

     

“Volcker
Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations
thereunder.

 

“Voting
Stock” means, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled
to vote in the election of the board of directors of such Person.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Yield
Reserve Percentage” means, at any time of determination:

 

1.50
x DSO x (BR + SFR)

360

 

where:

 

	 	BR	=            the Base Rate;

 

	 	DSO	=            the Days’ Sales Outstanding for the most recently ended Fiscal Month; and

 

	 	SFR	=            the Servicing Fee Rate.

 

SECTION
1.02. Other Interpretative Matters. All accounting terms not specifically defined herein shall be construed in accordance
with GAAP. All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein, are used herein
as defined in such Article 9. Unless otherwise expressly indicated, all references herein to “Article,” “Section,”
 “Schedule”, “Exhibit” or “Annex” shall mean articles and sections of, and schedules, exhibits
and annexes to, this Agreement. For purposes of this Agreement, the other Transaction Documents and all such certificates and other
documents, unless the context otherwise requires: (a) references to any amount as on deposit or outstanding on any particular date
means such amount at the close of business on such day; (b) the words “hereof,” “herein” and “hereunder”
and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and
not to any particular provision of such agreement (or such certificate or document); (c) references to any Section, Schedule or
Exhibit are references to Sections, Schedules and Exhibits in or to such agreement (or the certificate or other document in which
the reference is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition
refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term “including”
means “including without limitation”; (e) references to any Applicable Law refer to that Applicable Law as amended
from time to time and include any successor Applicable Law; (f) references to any agreement refer to that agreement as from time
to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with its terms;
(g) references to any Person include that Person’s permitted successors and assigns; (h) headings are for purposes of reference
only and shall not otherwise affect the meaning or interpretation of any provision hereof; (i) unless otherwise provided, in the
calculation of time from a specified date to a later specified date, the term “from” means “from and including”,
and the terms “to” and “until” each means “to but excluding”; (j) terms in one gender include
the parallel terms in the neuter and opposite gender; (k) references to any amount as on deposit or outstanding on any particular
date means such amount at the close of business on such day and (l) the term “or” is not exclusive.

 

    37

     

     

SECTION
1.03. LIBOR Notification. Section 5.06 provides a mechanism for determining an alternative rate of interest in the event that the
London interbank offered rate is no longer available or in certain other circumstances. The Administrative Agent does not warrant
or accept any responsibility for and shall not have any liability with respect to, the administration, submission or any other
matter related to the London interbank offered rate or other rates in the definition of Adjusted LIBOR, LMIR or with respect to
any alternative or successor rate thereto, or replacement rate therefor.

 

ARTICLE
II

TERMS OF THE LOANS

 

SECTION
2.01. Loan Facility. Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the
conditions hereinafter set forth, the Lenders shall, ratably in accordance with their respective Commitments, severally and not
jointly, make Loans to the Borrower from time to time during the period from the Closing Date to the Termination Date. Under no
circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan:

 

(i)             
the Aggregate Capital plus the LC Participation Amount would exceed the Facility Limit, at such time;

 

(ii)            
the sum of (A) the aggregate outstanding Capital of such Lender plus (B) the related LC Participant’s Pro Rata Share
of the LC Participation Amount, would exceed the Commitment of such Lender; or

 

(iii)          
the Aggregate Capital plus the Adjusted LC Participation Amount would exceed the Borrowing Base at such time.

 

SECTION
2.02. Making Loans; Repayment of Loans. (a) Each Loan hereunder shall be made on at least one (1) Business Day’s prior
written request from the Borrower to the Administrative Agent and each Lender in the form of a Loan Request attached hereto as
Exhibit A. Each such request for a Loan shall be made no later than noon (New York City time) on a Business Day (it being
understood that any such request made after such time shall be deemed to have been made on the following Business Day) and
shall specify (i) the amount of the Loan(s) requested (which shall not be less than $1,000,000 and shall be an integral multiple
of $100,000 in excess thereof), (ii) the allocation of such amount among the Lenders (which shall be ratable based on the Commitments),
(iii) the account to which the proceeds of such Loan shall be distributed and (iv) the date such requested Loan is to be made (which
shall be a Business Day).

 

(b)           
No later than 2:30 p.m. (New York City time) on the date of each Loan specified in the applicable Loan Request, the Lenders shall,
upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in
this Article II, make available to the Borrower in same day funds an aggregate amount equal to the amount of such Loans
requested, at the account set forth in the related Loan Request.

 

    38

     

     

(c)            
Each Lender’s obligation shall be several, such that the failure of any Lender to make available to the Borrower any funds
in connection with any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make funds available on
the date such Loans are requested (it being understood, that no Lender shall be responsible for the failure of any other
Lender to make funds available to the Borrower in connection with any Loan hereunder).

 

(d)           
The Borrower shall repay in full the outstanding Capital of each Lender on the Final Maturity Date. Prior thereto, the Borrower
shall, on each Settlement Date, make a prepayment of the outstanding Capital of the Lenders to the extent required under Section
4.01 and otherwise in accordance therewith. Notwithstanding the foregoing, the Borrower, in its discretion, shall have the
right to make a prepayment, in whole or in part, of the outstanding Capital of the Lenders on any Business Day upon one (1) Business
Day’s prior written notice thereof to the Administrative Agent and each Lender in the form of a Reduction Notice attached
hereto as Exhibit B; provided, however, that (i) each such prepayment shall be in a minimum aggregate amount
of $100,000 and shall be an integral multiple of $100,000 in excess thereof; provided, however that the Borrower
shall not provide a Reduction Notice, if such prepayment will cause the Aggregate Capital plus the Adjusted LC Participation Amount
to be less than the Minimum Funding Threshold; provided, however that notwithstanding the foregoing, a prepayment
may be in an amount necessary to reduce any Borrowing Base Deficit existing at such time to zero, and (ii) any accrued Interest
and Fees in respect of such prepaid Capital shall be paid on the immediately following Settlement Date.

 

(e)            
The Borrower may, at any time upon at least thirty (30) days’ prior written notice to the Administrative Agent and each Lender,
terminate the Facility Limit in whole or ratably reduce the Facility Limit in part. Each partial reduction in the Facility Limit
shall be in a minimum aggregate amount of $3,000,000 or integral multiples of $1,000,000 in excess thereof, and no such partial
reduction shall reduce the Facility Limit to an amount less than $100,000,000. In connection with any partial reduction in the
Facility Limit, the Commitment of each Lender and LC Participant, as well as the LC Limit, shall be ratably reduced.

 

(f)             
In connection with any reduction of the Commitments, the Borrower shall remit to the Administrative Agent (i) instructions regarding
such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to (A) repay the Capital of each Lender such that
its Capital will not exceed its Commitment as so reduced and (B) pay all other outstanding Borrower Obligations with respect to
such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the Commitments
prior to such reduction or, if the Administrative Agent reasonably determines that any portion of the outstanding Borrower Obligations
is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of
such portion) including, without duplication, any associated Breakage Fees. Upon receipt of any such amounts, the Administrative
Agent shall apply such amounts first to the reduction of the Aggregate Capital, and second to the payment of the remaining outstanding
Borrower Obligations with respect to such reduction, including any Breakage Fees, by paying such amounts to the Lenders. Notwithstanding
the forgoing, any such reduction of the Commitments shall not be effective to the extent that after giving effect thereto the sum
of (A) the aggregate outstanding Capital of any Lender plus (B) the related LC Participant’s Pro Rata Share of the
LC Participation Amount, would exceed such Lender’s Commitment.

 

    39

     

     

SECTION
2.03. Interest and Fees.

 

(a)            
On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 4.01,
pay to each Lender, each LC Participant, the LC Bank, the Administrative Agent and the Structuring Agent certain fees (collectively,
the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into, among the
Borrower, the Lenders, the LC Participants, the LC Bank and/or the Administrative Agent (each such fee letter agreement, as amended,
restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee Letter”).
Commitment Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender as provided in Section 2.06.

 

(b)           
Each Loan of each Lender and the Capital thereof (without duplication) shall accrue interest on each day when such Capital remains
outstanding at the then applicable Interest Rate for such Loan. The Borrower shall pay all Interest (including, for the avoidance
of doubt, all Interest accrued on LIBOR Loans during an Interest Period regardless of whether the applicable Tranche Period has
ended), Fees and Breakage Fees accrued during each Interest Period on each Settlement Date in accordance with the terms and priorities
for payment set forth in Section 4.01.

 

SECTION
2.04. Records of Loans and Participation Advances. Each Lender shall record in its records, the date and amount of each
Loan and Participation Advance made by such Lender hereunder, the Interest Rate with respect thereto, the Interest accrued thereon
and each repayment and payment thereof. Subject to Section 13.03(c), such records shall be conclusive and binding absent
manifest error. The failure to so record any such information or any error in so recording any such information shall not, however,
limit or otherwise affect the obligations of the Borrower hereunder or under the other Transaction Documents to repay the Capital
of each Lender, together with all Interest accruing thereon and all other Borrower Obligations.

 

SECTION
2.05. Selection of Interest Rates and Tranche Periods.

 

(a)            
Subject to the following sentence, each Loan shall bear interest initially at LMIR. Thereafter, so long as no Event of Default
has occurred and is continuing, the Borrower may from time to time elect to change or continue the type of Interest Rate and/or
Tranche Period borne by each Loan or, subject to the minimum amount requirement for each outstanding Loan set forth in Section
2.02, a portion thereof by notice to the Administrative Agent not later than 11:00 a.m. (New York City time), one (1) Business
Day prior to the expiration of any Tranche Period or Interest Period, as applicable; provided, that there shall not be more
than six (6) LIBOR Loans outstanding hereunder at any one time; provided, further that for the avoidance of
doubt, any change from LMIR to Adjusted LIBOR and/or any change to a Tranche Period applicable to a Loan shall not be effective
until the Monthly Settlement Date occurring after the date of such request. Any such notices requesting the continuation or conversion
of a Loan to the Administrative Agent may be given by telephone, telecopy, or other telecommunication device acceptable to the
Administrative Agent (which notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in writing
in a manner acceptable to the Administrative Agent).

 

    40

     

     

(b)           
If, by the time required in Section 2.05(a), the Borrower fails to select a Tranche Period or Interest Rate for any Loan,
such Loan shall automatically accrue Interest at LMIR for the next occurring Interest Period.

 

SECTION
2.06. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)            Commitment Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender.

 

(b)           
The Commitment and Capital of such Defaulting Lender shall not be included in determining whether the Majority Lenders have taken
or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 13.01);
provided, that, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver
or other modification requiring the consent of such Lender or each Lender directly affected thereby (if such Lender is directly
affected thereby).

 

(c)           
In the event that the Administrative Agent, the Borrower and the Servicer each agrees in writing that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase at par such
of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold
such Loans ratably in accordance its applicable Commitment; provided, that no adjustments shall be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender, and provided,
further, that except to the extent otherwise agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
that is not a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender
having been a Defaulting Lender.

 

    41

     

     

ARTICLE
III

LETTER OF CREDIT FACILITY

 

SECTION
3.01. Letters of Credit.

 

(a)            
Subject to the terms and conditions hereof and the satisfaction of the applicable conditions set forth in Article VI, the
LC Bank shall issue or cause the issuance of Letters of Credit on behalf of the Borrower (and, if applicable, on behalf of, or
for the account of, an Originator or an Affiliate of such Originator in favor of such beneficiaries as such Originator or an Affiliate
of such Originator may elect with the consent of the Borrower); provided further, however, that the LC Bank will
not be required to issue or cause to be issued any Letters of Credit to the extent that after giving effect thereto:

 

(i)           
the Aggregate Capital plus the LC Participation Amount would exceed the Facility Limit at such time;

 

(ii)          
the Aggregate Capital plus the Adjusted LC Participation Amount would exceed the Borrowing Base at such time;

 

(iii)         
the LC Participation Amount would exceed the LC Limit at such time; or

 

(iv)         
the LC Participation Amount would exceed the aggregate of the Commitments of the LC Participants at such time.

 

(b)           
Interest shall accrue on all amounts drawn under Letters of Credit for each day on and after the applicable Drawing Date so long
as such drawn amounts shall have not been reimbursed to the LC Bank pursuant to the terms hereof.

 

SECTION
3.02. Issuance of Letters of Credit; Participations.

 

(a)           
The Borrower may request the LC Bank, upon two (2) Business Days’ prior written notice submitted on or before noon (New York
City time), to issue a Letter of Credit by delivering to the Administrative Agent, each Lender and the LC Bank, the LC Bank’s
form of Letter of Credit Application (the “Letter of Credit Application”), substantially in the form of Exhibit
D attached hereto and an LC Request, in each case completed to the satisfaction of the Administrative Agent and the LC Bank;
and such other certificates, documents and other papers and information as the Administrative Agent or the LC Bank may reasonably
request.

 

(b)           
Each Letter of Credit shall, among other things, (i) provide for the payment of sight drafts or other written demands for payment
when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described therein
and (ii) have an expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension
or renewal, as the case may be, and in no event later than twelve (12) months after the Scheduled Termination Date. The terms of
each Letter of Credit may include customary “evergreen” provisions providing that such Letter of Credit’s expiry
date shall automatically be extended for additional periods not to exceed twelve (12) months unless, not less than thirty (30)
days (or such longer period as may be specified in such Letter of Credit) (the “Notice Date”) prior to the applicable
expiry date, the LC Bank delivers written notice to the beneficiary thereof declining such extension; provided, however,
that if (x) any such extension would cause the expiry date of such Letter of Credit to occur after the date that is twelve (12)
months after the Scheduled Termination Date or (y) the LC Bank determines that any condition precedent (including, without limitation,
those set forth in Sections 3.01 and Article VI) to issuing such Letter of Credit hereunder are not satisfied (other
than any such condition requiring the Borrower to submit an LC Request or Letter of Credit Application in respect thereof), then
the LC Bank, in the case of clause (x) above, may (or, at the written direction of any LC Participant, shall) or, in the
case of clause (y) above, shall, use reasonable efforts in accordance with (and to the extent permitted by) the terms of
such Letter of Credit to prevent the extension of such expiry date (including notifying the Borrower and the beneficiary of such
Letter of Credit in writing prior to the Notice Date that such expiry date will not be so extended). Each Letter of Credit shall
be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank or the International Standby Practices (ISP98-International
Chamber of Commerce Publication Number 590), and any amendments or revisions thereof adhered to by the LC Bank, as determined by
the LC Bank.

 

 

    42

     

      

(c)            
Immediately upon the issuance by the LC Bank of any Letter of Credit (or any amendment to a Letter of Credit increasing the amount
thereof), the LC Bank shall be deemed to have sold and transferred to each LC Participant, and each LC Participant shall be deemed
irrevocably and unconditionally to have purchased and received from the LC Bank, without recourse or warranty, an undivided interest
and participation, to the extent of such LC Participant’s Pro Rata Share, in such Letter of Credit, each drawing made thereunder
and the obligations of the Borrower hereunder with respect thereto, and any security therefor or guaranty pertaining thereto. Upon
any change in the Commitments or Pro Rata Shares of the LC Participants pursuant to this Agreement, it is hereby agreed that, with
respect to all outstanding Letters of Credit and unreimbursed drawings thereunder, there shall be an automatic adjustment to the
participations pursuant to this clause (c) to reflect the new Pro Rata Shares of the assignor and assignee LC Participant
or of all LC Participants with Commitments, as the case may be. In the event that the LC Bank makes any payment under any Letter
of Credit and the Borrower shall not have reimbursed such amount in full to the LC Bank pursuant to Section 3.04(a), each
LC Participant shall be obligated to make Participation Advances with respect to such Letter of Credit in accordance with Section
3.04(b).

 

SECTION
3.03. Requirements For Issuance of Letters of Credit. The Borrower shall authorize and direct the LC Bank to name the Borrower,
an Originator or an Affiliate of an Originator as the “Applicant” or “Account Party” of each Letter of
Credit.

 

SECTION
3.04. Disbursements, Reimbursement.

 

(a)            
In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank will promptly
notify the Administrative Agent and the Borrower of such request. The Borrower shall reimburse (such obligation to reimburse the
LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank prior to 5:00 p.m. (New
York City time), on each date that an amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing
Date”) in an amount equal to the amount so paid by the LC Bank. Such Reimbursement Obligation shall be satisfied by the
Borrower (i) first, by the remittance by the Administrative Agent to the LC Bank of any available amounts then on deposit in the
LC Collateral Account and (ii) second, by the remittance by or on behalf of the Borrower to the LC Bank of any other funds of the
Borrower then available for disbursement. In the event the Borrower fails to reimburse the LC Bank for the full amount of any drawing
under any Letter of Credit by 5:00 p.m. (New York City time) on the Drawing Date (including because the conditions precedent to
a Loan requested by the Borrower pursuant to Section 2.01 shall not have been satisfied), the LC Bank will promptly notify
each LC Participant thereof. Any notice given by the LC Bank pursuant to this Section may be oral if promptly confirmed in writing;
provided that the lack of such a prompt written confirmation shall not affect the conclusiveness or binding effect of such
oral notice.

 

    43

     

     

(b)           
Each LC Participant shall upon any notice pursuant to clause (a) above make available to the LC Bank an amount in immediately
available funds equal to its Pro Rata Share of the amount of the drawing (a “Participation Advance”), whereupon
the LC Participants shall each be deemed to have made a Loan to the Borrower in that amount. If any LC Participant so notified
fails to make available to the LC Bank the amount of such LC Participant’s Pro Rata Share of such amount by 2:00 p.m. (New
York City time) on the Drawing Date, then interest shall accrue on such LC Participant’s obligation to make such payment,
from the Drawing Date to the date on which such LC Participant makes such payment (i) at a rate per annum equal to the Federal
FundsOvernight Bank Funding Rate during
the first three days following the Drawing Date and (ii) at a rate per annum equal to the Base Rate on and after the fourth day
following the Drawing Date. The LC Bank will promptly give notice to each LC Participant of the occurrence of the Drawing Date,
but failure of the LC Bank to give any such notice on the Drawing Date or in sufficient time to enable any LC Participant to effect
such payment on such date shall not relieve such LC Participant from its obligation under this clause (b). Each LC Participant’s
Commitment shall continue until the last to occur of any of the following events: (A) the LC Bank ceases to be obligated to issue
or cause to be issued Letters of Credit hereunder, (B) no Letter of Credit issued hereunder remains outstanding and uncancelled
or (C) all Credit Parties have been fully reimbursed for all payments made under or relating to Letters of Credit.

 

SECTION
3.05. Repayment of Participation Advances.

 

(a)            
Upon (and only upon) receipt by the LC Bank for its account of immediately available funds from or for the account of the Borrower
(i) in reimbursement of any payment made by the LC Bank under a Letter of Credit with respect to which any LC Participant has made
a Participation Advance to the LC Bank or (ii) in payment of Interest on the Loans made or deemed to have been made in connection
with any such draw, the LC Bank will pay to each LC Participant, ratably (based on the outstanding drawn amounts funded by each
such LC Participant in respect of such Letter of Credit), in the same funds as those received by the LC Bank; it being understood,
that the LC Bank shall retain a ratable amount of such funds that were not the subject of any payment in respect of such Letter
of Credit by any LC Participant.

 

(b)           
If the LC Bank is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any official
in any Insolvency Proceeding, any portion of the payments made by the Borrower to the LC Bank pursuant to this Agreement in reimbursement
of a payment made under a Letter of Credit or interest or fee thereon, each LC Participant shall, on demand of the LC Bank, forthwith
return to the LC Bank the amount of its Pro Rata Share of any amounts so returned by the LC Bank plus interest at the Federal
FundsOvernight Bank Funding Rate, from the
date the payment was first made to such LC Participant through, but not including, the date the payment is returned by such LC
Participant.

 

(c)            
If any Letters of Credit are outstanding and undrawn on the Termination Date, the LC Collateral Account shall be funded from Collections
(or, in the Borrower’s sole discretion, by other funds available to the Borrower) in an amount equal to the aggregate undrawn
face amount of such Letters of Credit plus all related fees to accrue through the stated expiration dates thereof, including any
customary presentation, amendment and other processing fees, and other standard costs and charges, of the LC Bank relating to letters
of credit (such fees to accrue, as reasonably estimated by the LC Bank, the “LC Fee Expectation”).

 

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SECTION
3.06. Documentation; Documentary and Processing Charges. The Borrower agrees to be bound by the terms of the Letter of Credit
Application and by the LC Bank’s interpretations of any Letter of Credit issued for the Borrower and by the LC Bank’s
written regulations and customary practices relating to letters of credit, though the LC Bank’s interpretation of such regulations
and practices may be different from the Borrower’s own. In the event of a conflict between the Letter of Credit Application
and this Agreement, this Agreement shall govern. The LC Bank shall not be liable for any error, negligence and/or mistakes, whether
of omission or commission, in following the Borrower’s instructions or those contained in the Letters of Credit or any modifications,
amendments or supplements thereto. In addition to any other fees or expenses owing under the Fee Letter or any other Transaction
Document or otherwise pursuant to any Letter of Credit Application, the Borrower shall pay to the LC Bank for its own account any
customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the LC Bank relating
to letters of credit as from time to time in effect. Such customary fees shall be due and payable upon demand and shall be nonrefundable.

 

SECTION
3.07. Determination to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter of
Credit by the beneficiary thereof, the LC Bank shall be responsible only to determine that the documents and certificates required
to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such
Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the
manner so set forth.

 

SECTION
3.08. Nature of Participation and Reimbursement Obligations. Each LC Participant’s obligation in accordance with this
Agreement to make Participation Advances as a result of a drawing under a Letter of Credit, and the obligations of the Borrower
to reimburse the LC Bank upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed
strictly in accordance with the terms of this Agreement and under all circumstances, including the following circumstances:

 

(i)           
any set-off, counterclaim, recoupment, defense or other right which such LC Participant may have against the LC Bank, the other
Credit Parties, the Borrower, the Servicer, an Originator, the Performance Guarantor or any other Person for any reason whatsoever;

 

(ii)          
the failure of the Borrower or any other Person to comply with the conditions set forth in this Agreement for the making of a purchase,
reinvestments, requests for Letters of Credit or otherwise, it being acknowledged that such conditions are not required for the
making of Participation Advances hereunder;

 

(iii)         
any lack of validity or enforceability of any Letter of Credit or any set-off, counterclaim, recoupment, defense or other right
which the Borrower, the Performance Guarantor, the Servicer, an Originator or any Affiliate thereof on behalf of which a Letter
of Credit has been issued may have against the LC Bank, or any other Credit Party or any other Person for any reason whatsoever;

 

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(iv)         
any claim of breach of warranty that might be made by the Borrower, an Originator or any Affiliate thereof, the LC Bank, or any
LC Participant against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, defense or other right which
the Borrower, the Servicer, the LC Bank or any LC Participant may have at any time against a beneficiary, any successor beneficiary
or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting),
the LC Bank, any other Credit Party or any other Person, whether in connection with this Agreement, the transactions contemplated
herein or any unrelated transaction (including any underlying transaction between the Borrower or any Affiliates of the Borrower
and the beneficiary for which any Letter of Credit was procured);

 

(v)          
the lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or genuineness of,
any draft, demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand, instrument,
certificate or other document proving to be forged, fraudulent, invalid, defective or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect, even if the Administrative Agent or the LC Bank has been notified thereof;

 

(vi)         
payment by the LC Bank under any Letter of Credit against presentation of a demand, draft or certificate or other document which
does not comply with the terms of such Letter of Credit;

 

(vii)        
the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any
transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other
characteristic of any property or services relating to a Letter of Credit;

 

(viii)       
any failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter of Credit in the form requested by the
Borrower;

 

(ix)         
any Material Adverse Effect or Borrower Material Adverse Effect;

 

(x)          
any breach of this Agreement or any other Transaction Document by any party thereto;

 

(xi)        
the occurrence or continuance of an Insolvency Proceeding with respect to the Borrower, the Performance Guarantor, any Originator
or any Affiliate thereof;

 

(xii)       
the fact that an Event of Default or an Unmatured Event of Default shall have occurred and be continuing;

 

(xiii)      
the fact that this Agreement or the obligations of the Borrower or the Servicer hereunder shall have been terminated; and

 

(xiv)      
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

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SECTION
3.09. Indemnity. In addition to other amounts payable hereunder, the Borrower hereby agrees to protect, indemnify, pay and
save harmless the Administrative Agent, the LC Bank, each LC Participant, each other Credit Party and each of the LC Bank’s
Affiliates that have issued a Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties,
interest, judgments, losses, costs, charges and expenses (including Attorney Costs) which the Administrative Agent, the LC Bank,
any LC Participant, any other Credit Party or any of their respective Affiliates may incur or be subject to as a consequence, direct
or indirect, of the issuance of any Letter of Credit, except to the extent resulting from (a) the gross negligence or willful misconduct
of the party to be indemnified as determined by a final non-appealable judgment of a court of competent jurisdiction or (b) the
wrongful dishonor by the LC Bank or any of its Affiliates of a proper demand for payment made under any Letter of Credit, except
if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto
Governmental Authority (all such acts or omissions herein called “Governmental Acts”). Under no circumstances
shall the Servicer (or any Affiliate thereof (other than the Borrower)) have any reimbursement or recourse obligations in respect
of any Letter of Credit.

 

SECTION
3.10. Liability for Acts and Omissions. As between the Borrower, on the one hand, and the Administrative Agent, the LC Bank,
the LC Participants, and the other Credit Parties, on the other, the Borrower assumes all risks of the acts and omissions of, or
misuse of any Letter of Credit by, the respective beneficiaries of such Letter of Credit. In furtherance and not in limitation
of the foregoing, none of the Administrative Agent, the LC Bank, the LC Participants, or any other Credit Party shall be responsible
for any of the following, including any losses or damages to the Borrower, any of its Affiliates or any other Person or property
related therefrom: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any
party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in
any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even if the LC Bank, any LC Participant or any other
Credit Party shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or
in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of
Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with any conditions required in order
to draw upon such Letter of Credit or any other claim of the Borrower against any beneficiary of such Letter of Credit, or any
such transferee, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any such transferee;
(iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, electronic mail, cable, telegraph,
telex, facsimile or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss
or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or
of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing
under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Administrative Agent, the
LC Bank, the LC Participants, and the other Credit Parties, including any Governmental Acts, and none of the above shall affect
or impair, or prevent the vesting of, any of the LC Bank’s rights or powers hereunder. In no event shall the Administrative
Agent, the LC Bank, the LC Participants, or the other Credit Parties or their respective Affiliates, be liable to the Borrower
or any other Person for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including
without limitation Attorney Costs), or for any damages resulting from any change in the value of any property relating to a Letter
of Credit.

 

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Without
limiting the generality of the foregoing, the Administrative Agent, the LC Bank, the LC Participants, and the other Credit Parties
and each of their respective Affiliates (i) may rely on any written communication believed in good faith by such Person to have
been authorized or given by or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the documents
presented appear on their face to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously
dishonored presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise
any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation
had initially been honored, together with any interest paid by the LC Bank or its Affiliates; (iv) may honor any drawing that is
payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement
indicates that a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft
or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating
bank claiming that it rightfully honored under the laws or practices of the place where such bank is located; and (vi) may settle
or adjust any claim or demand made on the Administrative Agent, the LC Bank, the LC Participants, or the other Credit Parties or
their respective Affiliates, in any way related to any order issued at the applicant’s request to an air carrier, a letter
of guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and may honor any
drawing in connection with any Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents
presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit.

 

In
furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by the
LC Bank under or in connection with any Letter of Credit issued by it or any documents and certificates delivered thereunder, if
taken or omitted in good faith and without gross negligence or willful misconduct, as determined by a final non-appealable judgment
of a court of competent jurisdiction, shall not put the LC Bank under any resulting liability to the Borrower, any Credit Party
or any other Person.

 

SECTION
3.11. LC Collateral Account. The Administrative Agent shall have exclusive dominion and control, including the exclusive
right of withdrawal, over the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments
shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such
deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the LC Collateral Account.
Moneys in the LC Collateral Account shall be applied by the Administrative Agent to reimburse the LC Bank for each drawing under
a Letter of Credit and for repayment of amounts owing by the Borrower hereunder and under each of the other Transaction Documents
to each of the other Secured Parties. Amounts, if any, on deposit in the LC Collateral Account on the Final Payout Date shall be
promptly remitted by the Administrative Agent to the Borrower.

 

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ARTICLE
IV

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS

 

SECTION
4.01. Settlement Procedures.

 

(a)          
The Servicer shall set aside and hold in trust for the benefit of the Secured Parties (or, if so requested by the Administrative
Agent, segregate in a separate account designated by the Administrative Agent, which shall be an account maintained and controlled
by the Administrative Agent unless the Administrative Agent otherwise instructs in its sole discretion), for application in accordance
with the priority of payments set forth below, all Collections on Pool Receivables that are received by the Servicer or the Borrower
or received in any Lock-Box or Collection Account; provided, however, that so long as each of the conditions precedent
set forth in Section 6.03 are satisfied on such date, the Servicer may release to the Borrower from such Collections the
amount (if any) necessary to pay (i) the purchase price for Receivables purchased by the Borrower on such date in accordance with
the terms of the Purchase and Sale Agreement or (ii) amounts owing by the Borrower to the Originators under the Subordinated Notes
(each such release, a “Release”). On each Settlement Date, the Servicer (or, following its assumption of control
of the Collection Accounts, the Administrative Agent) shall, distribute such Collections in the following order of priority:

 

(i)          
first, to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest Period
(plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been
distributed to the Servicer);

 

(ii)         
second, to each Lender and other Credit Party (ratably, based on the amount then due and owing), all accrued and unpaid
Interest, Fees and Breakage Fees due to such Lender and other Credit Party for the immediately preceding Interest Period (including
any additional amounts or indemnified amounts payable under Sections 5.03 and 12.01 in respect of such payments),
plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including any additional amounts or indemnified amounts
payable under Sections 5.03 and 12.01 in respect of such payments) payable for any prior Interest Period to the extent
such amount has not been distributed to such Lender or Credit Party;

 

(iii)        
third, as set forth in clause (x) or (y) below, as applicable:

 

(x)       prior
to the occurrence of the Termination Date, to the extent that a Borrowing Base Deficit exists on such date: (I) first, to
the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment of a portion of the
outstanding Aggregate Capital at such time, in an aggregate amount equal to (1) the amount necessary to reduce the Borrowing Base
Deficit to zero ($0) Dollars or (2) at the election of the Borrower, such greater amount in accordance with Section 2.02(d)
and (II) second, to the LC Collateral Account, in reduction of the Adjusted LC Participation Amount, in an amount equal
to the amount necessary (after giving effect to clause (I) above) to reduce the Borrowing Base Deficit to zero ($0); or

 

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(y)       on
and after the occurrence of the Termination Date: (I) first, to each Lender (ratably, based on the aggregate outstanding
Capital of each Lender at such time) for the payment in full of the aggregate outstanding Capital of such Lender at such time and
(II) second, to the LC Collateral Account (A) the amount necessary to reduce the Adjusted LC Participation Amount to zero
($0) and (B) an amount equal to the LC Fee Expectation at such time;

 

(iv)         
fourth, to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount due
and owing at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties,
the Affected Persons and the Borrower Indemnified Parties; and

 

(v)          
fifth, the balance, if any, to be paid to the Borrower for its own account.

 

(b)           
Notwithstanding anything to the contrary set forth in this Section 4.01, the Administrative Agent shall have no obligation
to distribute or pay any amount under this Section 4.01 except to the extent actually received by the Administrative Agent.

 

(c)           
Notwithstanding anything contained herein to the contrary, if and to the extent that for any reason any payment by or on behalf
of any Person of any amount owed hereunder is rescinded or must otherwise be restored by the Administrative Agent, any Credit Party,
any Affected Person or any Borrower Indemnified Party, whether as a result of any proceedings in bankruptcy or reorganization or
otherwise, such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly,
the Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall
have a claim against the Borrower for such amount.

 

(d)           
For the purposes of this Section 4.01:

 

(i)           
if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected, returned,
repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment
made by the Borrower, any Originator, the Servicer or any Affiliate of the Servicer, or any setoff, counterclaim or dispute between
the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate
of the Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable
in the amount of such reduction or adjustment and, if an Event of Default or Unmatured Event of Default exists or if the Purchase
and Sale Termination Date has occurred and, in each case, if an Originator has made a related payment in cash to the Borrower pursuant
to Section 3.2(c) of the Purchase and Sale Agreement, shall immediately pay (or cause the applicable Originator to pay pursuant
to Section 3.3 of the Purchase and Sale Agreement) any and all such amounts in respect thereof to a Collection Account (or as otherwise
directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section
4.01(a); provided that if a Receivable’s “Purchase Price” has been reduced by the full Outstanding
Balance thereof pursuant to Section 3.3(a) of the Purchase and Sale Agreement and such reduction has been made in accordance with
Section 3.3(c) of the Purchase and Sale Agreement, then the Borrower shall deliver to the applicable Originator any payments thereafter
received by the Borrower on account of such Receivable’s Outstanding Balance in accordance with the Borrower’s obligations
under the proviso to Section 3.3(a) of the Purchase and Sale Agreement;

 

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(ii)          
if on any day any of the representations or warranties in Section 7.01 is not true with respect to any Pool Receivable,
the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and, if an Event of Default
or Unmatured Event of Default exists or if the Purchase and Sale Termination Date shall have occurred and, in each case, if an
Originator has made a related payment in cash to the Borrower pursuant to Section 3.2(c) of the Purchase and Sale Agreement, shall
immediately pay the amount of such deemed Collection to a Collection Account (or as otherwise directed by the Administrative Agent
at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a) (Collections deemed to have
been received pursuant to Section 4.01(d) are hereinafter sometimes referred to as “Deemed Collections”);

 

(iii)         
except as provided in clauses (i) or (ii) above or otherwise required by Applicable Law or the relevant Contract,
all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of
the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for
application to specific Receivables; and

 

(iv)         
if and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be
required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding)
any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather to have
been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable when
and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.

 

SECTION
4.02. Payments and Computations, Etc. (a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent,
any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than noon (New York City
time) on the day when due in same day funds to the applicable Lender’s Account.

 

(b)          
Each of the Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount other than Capital
(which Capital shall accrue Interest) not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.00%
per annum above the Base Rate, payable on demand.

 

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(c)          
All computations of interest under subsection (b) above and all computations of Interest, Fees and other amounts hereunder
shall be made on the basis of a year of 360 days (or, in the case of amounts determined by reference to the Base Rate, 365 or 366
days, as applicable) for the actual number of days (including the first but excluding the last day) elapsed. Whenever any payment
or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next
succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit.

 

ARTICLE
V

INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST

 

SECTION
5.01. Increased Costs.

 

(a)         
Increased Costs Generally. If any Change in Law shall:

 

(i)           
impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Affected Person;

 

(ii)          
subject any Affected Person to any Taxes (except to the extent such Taxes are Indemnified Taxes or Excluded Taxes) on its loans,
loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; or

 

(iii)        
impose on any Affected Person any other condition, cost or expense (other than Taxes) (A) affecting the Collateral, this Agreement,
any other Transaction Document, any Loan or any Letter of Credit or participation therein or (B) affecting its obligations or rights
to make Loans or issue or participate in Letters of Credit;

 

and
the result of any of the foregoing shall be to increase the cost to such Affected Person of (A) acting as the Administrative Agent
or a Lender hereunder with respect to the transactions contemplated hereby, (B) funding or maintaining any Loan or issuing or participating
in, any Letter of Credit (or interests therein) or (C) maintaining its obligation to fund or maintain any Loan or issuing or participating
in, any Letter of Credit, or to reduce the amount of any sum received or receivable by such Affected Person hereunder, then, upon
request of such Affected Person (or its related Lender), the Borrower shall pay to such Affected Person such additional amount
or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered.

 

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(b)          
Capital and Liquidity Requirements. If any Affected Person determines that any Change in Law affecting such Affected Person
or any lending office of such Affected Person or such Affected Person’s holding company, if any, regarding capital or liquidity
requirements, has or would have the effect of (x) increasing the amount of capital required to be maintained by such Affected Person
or Affected Person’s holding company, if any, (y) reducing the rate of return on such Affected Person’s capital or
on the capital of such Affected Person’s holding company, if any, or (z) causing an internal capital or liquidity charge
or other imputed cost to be assessed upon such Affected Person or Affected Person’s holding company, if any, in each case,
as a consequence of (A) this Agreement or any other Transaction Document, (B) the commitments of such Affected Person hereunder
or under any other Transaction Document, (C) the Loans, Letters of Credit or participations in Letters of Credit, made or issued
by such Affected Person or (D) any Capital, to a level below that which such Affected Person or such Affected Person’s holding
company could have achieved but for such Change in Law (taking into consideration such Affected Person’s policies and the
policies of such Affected Person’s holding company with respect to capital adequacy and liquidity), then from time to time,
upon request of such Affected Person (or its related Lender), the Borrower will pay to such Affected Person such additional amount
or amounts as will compensate such Affected Person or such Affected Person’s holding company for any such increase, reduction
or charge.

 

(c)          
Certificates for Reimbursement. A certificate of an Affected Person (or its related Lender on its behalf) setting forth
the amount or amounts necessary to compensate such Affected Person or its holding company, as the case may be, as specified in
clause (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower
shall, subject to the priorities of payment set forth in Section 4.01, pay such Affected Person the amount shown as due
on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.

 

(d)          
Delay in Requests. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall
not constitute a waiver of such Affected Person’s right to demand such compensation; provided that the Borrower shall
not be required to compensate an Affected Person pursuant to this Section for any increased costs incurred or reductions suffered
more than nine (9) months prior to the date that such Affected Person notifies the Borrower of the Change in Law giving rise to
such increased costs or reductions and of such Affected Person’s intention to claim compensation therefor (except that, if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to
above shall be extended to include the period of retroactive effect thereof).

 

SECTION
5.02. Funding Losses.

 

(a)          
The Borrower will pay each Lender all Breakage Fees.

 

(b)          
A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender, as specified in clause (a)
above and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall, subject to the priorities of
payment set forth in Section 4.01, pay such Lender the amount shown as due on any such certificate on the first Settlement
Date occurring after the Borrower’s receipt of such certificate.

 

SECTION
5.03. Taxes.

 

(a)           
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Transaction Document
shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined
in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such
payment to an Affected Person, then the applicable withholding agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law,
and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under
this Section), the applicable Affected Person receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

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(b)           
Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance
with Applicable Law, or, at the option of the Administrative Agent, timely reimburse it for the payment of, any Other Taxes.

 

(c)           
Indemnification by the Borrower. The Borrower shall indemnify each Affected Person, within ten days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section) payable or paid by such Affected Person or required to be withheld or deducted from a payment to such Affected
Person and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Borrower by an Affected Person (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of an Affected Person, shall be conclusive absent manifest error.

 

(d)           
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender or any of its Affiliates that are Affected Persons (but only
to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting
any obligation of the Borrower to do so), (ii) any Taxes attributable to the failure of such Lender or any of its Affiliates that
are Affected Persons to comply with Section 13.03(e) relating to the maintenance of a Participant Register and (iii) any
Excluded Taxes attributable to such Lender or any of its Affiliates that are Affected Persons, in each case, that are payable or
paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or
with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender or any of its Affiliates that are Affected Persons under any Transaction Document or otherwise payable by
the Administrative Agent to such Lender or any of its Affiliates that are Affected Persons from any other source against any amount
due to the Administrative Agent under this clause (d).

 

(e)            
Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant
to this Section 5.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

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(f)          
Status of Affected Persons. (i) Any Affected Person that is entitled to an exemption from or reduction of withholding Tax
with respect to payments made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the
time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or
at a reduced rate of withholding. In addition, any Affected Person, if reasonably requested by the Borrower or the Administrative
Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative
Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Affected Person is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation (other than such documentation set forth in Sections 5.03(f)(ii)(A),
5.03(f)(ii)(B) and 5.03(g)) shall not be required if, in the Affected Person’s reasonable judgment, such completion,
execution or submission would subject such Affected Person to any material unreimbursed cost or expense or would materially prejudice
the legal or commercial position of such Affected Person.

 

(ii)        
Without limiting the generality of the foregoing:

 

(A)        
a Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative
Agent, executed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B)       
any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a
party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, whichever
of the following is applicable:

 

(1)           
in the case of such a Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect
to payments of interest under any Transaction Document, executed originals of Internal Revenue Service Form W-8BEN or Internal
Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, Internal Revenue
Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

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(2)           
executed originals of Internal Revenue Service Form W-8ECI;

 

(3)           
in the case of such a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate in substantially the form of Exhibit J hereto to the effect that such Lender is not a “bank” within
the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service
Form W-8BEN-E; or

 

(4)           
to the extent such Lender is not the beneficial owner, executed originals of Internal Revenue Service Form W-8IMY, accompanied
by Internal Revenue Service Form W-8ECI, Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E a U.S. Tax
Compliance Certificate, Internal Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as
applicable; provided that, if such Lender is a partnership and one or more direct or indirect partners of such Lender are
claiming the portfolio interest exemption, such Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct
and indirect partner; and

 

(C)        
any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient), on or prior to the date on which such Lender becomes a
party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, executed
originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit
the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 

(g)          
Documentation Required by FATCA. If a payment made to a Credit Party under any Transaction Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Credit Party were to fail to comply with the applicable reporting requirements
of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Credit Party shall deliver
to the Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably
requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative
Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine
that such Credit Party has complied with such Affected Person’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (g), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement.

 

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(h)           
Treatment of Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts
pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this clause (h) (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this clause (h), in no event will the indemnified party be required
to pay any amount to an indemnifying party pursuant to this clause (h) the payment of which would place the indemnified
party in a less favorable net after Tax position than the indemnified party 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 indemnified party to
make available its Tax returns (or other information relating to its Taxes that it deems confidential) to the indemnifying party
or any other Person.

 

(i)           
Survival. Each party’s obligations under this Section 5.03 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Credit Party, the termination of the Commitments
and the repayment, satisfaction or discharge of all the Borrower Obligations and the Servicer’s obligations hereunder.

 

(j)            
Updates. Each Credit Party agrees that if any form or certification it previously delivered pursuant to this Section
5.03 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify
the Borrower and the Administrative Agent in writing of its legal inability to do so.

 

SECTION
5.04. Inability to Determine Adjusted LIBOR or LMIR; Change in Legality.

 

(a)            
If any Lender shall have determined (which determination shall be conclusive and binding upon the parties hereto absent manifest
error) on any day, by reason of circumstances affecting the interbank Eurodollar market, either that: (i) dollar deposits in the
relevant amounts and for the relevant Interest Period or day, as applicable, are not available, (ii) adequate and reasonable means
do not exist for ascertaining Adjusted LIBOR or LMIR, for such Interest Period or day, as applicable, or (iii) Adjusted LIBOR or
LMIR determined pursuant hereto does not accurately reflect the cost to the applicable Affected Person (as conclusively determined
by such Lender) of maintaining any Portion of Capital during such Interest Period or day, as applicable, such Lender shall promptly
give telephonic notice of such determination, confirmed in writing, to the Borrower on such day. Upon delivery of such notice:
(i) no Portion of Capital with respect to such Lender shall be funded thereafter at Adjusted LIBOR or LMIR unless and until such
Lender shall have given notice to the Administrative Agent and the Borrower that the circumstances giving rise to such determination
no longer exist and (ii) with respect to any outstanding Portion of Capital then funded at Adjusted LIBOR or LMIR, as applicable,
such Interest Rate shall automatically and immediately be converted to the Base Rate.

 

 

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(b)           
If on any day any Lender shall have been notified by any Affected Person that such Affected Person has determined (which determination
shall be final and conclusive absent manifest error) that any Change in Law, or compliance by such Affected Person with any Change
in Law, shall make it unlawful or impossible for such Affected Person to fund or maintain any Portion of Capital at or by reference
to Adjusted LIBOR or LMIR, as applicable, such Lender shall notify the Borrower and the Administrative Agent thereof. Upon receipt
of such notice, until the applicable Lender notifies the Borrower and the Administrative Agent that the circumstances giving rise
to such determination no longer apply, (i) no Portion of Capital with respect to such Lender shall be funded at or by reference
to Adjusted LIBOR or LMIR, as applicable, and (ii) the Interest for any outstanding Portions of Capital with respect to such Lender
then funded at Adjusted LIBOR or LMIR, as applicable, shall automatically and immediately be converted to the Base Rate.

 

SECTION
5.05. Security Interest.

 

(a)            
As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed
under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital and all
Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative Agent for
its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s right,
title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising (collectively, the
 “Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii)
all Collections with respect to such Pool Receivables, (iv) the Lock-Boxes and Collection Accounts and all amounts on deposit therein,
and all certificates and instruments, if any, from time to time evidencing such Lock-Boxes and Collection Accounts and amounts
on deposit therein, (v) the LC Collateral Account and all amounts on deposit therein, and all certificates and instruments, if
any, from time to time evidencing LC Collateral Account and amounts on deposit therein, (vi) all rights (but none of the obligations)
of the Borrower under the Purchase and Sale Agreement, (vii) all other personal and fixture property or assets of the Borrower
of every kind and nature including, without limitation, all goods (including inventory, equipment and any accessions thereto),
instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit accounts,
securities accounts, securities entitlements, letter of credit rights, commercial tort claims, securities and all other investment
property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims and proceeds,
and all general intangibles (including all payment intangibles) (each as defined in the UCC) and (viii) all proceeds of, and all
amounts received or receivable under any or all of, the foregoing.

 

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The
Administrative Agent (for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition to
all the other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights
and remedies of a secured party under any applicable UCC. The Borrower hereby authorizes the Administrative Agent to file financing
statements describing as the collateral covered thereby as “all of the debtor’s personal property or assets”
or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement.

 

Immediately
upon the occurrence of (i) the Final Payout Date or (ii) the repurchase of any Receivable as set forth in Section 3.3(a) of the
Purchase and Sale Agreement, the Collateral, in the case of clause (i), or the applicable Receivable and any Related Security solely
with respect to such Receivable, in the case of clause (ii), shall be automatically released from the lien created hereby, and
this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent,
the Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any instrument or performance of any
act by any party, and all rights to the Collateral shall revert to the Borrower; provided, however, that promptly
following written request therefor by the Borrower delivered to the Administrative Agent following any such termination, and at
the expense of the Borrower, the Administrative Agent shall deliver to the Borrower written authorization for the Borrower to file
(or have filed on its behalf) UCC-3 termination statements and such other documents as the Borrower shall reasonably request to
evidence such termination.

 

SECTION
5.06. Successor Adjusted LIBOR or LMIR. Benchmark
Replacement Setting.

 

(a)            
If the Administrative Agent determines
in its reasonable discretion that either (i) (A) the circumstances set forth in Section
5.04 have arisen and are unlikely to be temporary (the date of such occurrence, an “Inability
or Illegality Date”), or (B) the circumstances set forth in Section 5.04
have not arisen but the applicable supervisor or administrator (if any) of Adjusted LIBOR or LMIR or a Governmental Authority
having jurisdiction over the Administrative Agent has made a public statement identifying the specific date after which Adjusted
LIBOR or LMIR shall no longer be used for determining interest rates for loans (such specific date identified in such public statement,
an “Identified Date”; together with an Inability or Illegality Date, each,
a “LIBOR Termination Date”), or (ii) a rate other than Adjusted LIBOR or LMIR,
as applicable, has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market, then the
Administrative Agent shall notify the Borrower, and the Administrative Agent and the Borrower shall endeavor to promptly choose
a replacement index for Adjusted LIBOR or LMIR, as applicable, and make adjustments to applicable margins and related amendments
to this Agreement as referred to below such that, to the extent practicable, the all-in Interest based on the replacement index
will be substantially equivalent to the all-in Interest based on Adjusted LIBOR or LMIR, as applicable, in effect prior to its
replacement. Notwithstanding
anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of
the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition
of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark
for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings
without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document
and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement”
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under
any Transaction Document in respect of any Benchmark setting at or after 5:00
p.m. New York City time on the fifth (5th) Business Day after the date notice
of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party
to, this Agreement or any other Transaction Document so long as the
Administrative Agent has not received, by such time, written
notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders.

 

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(b)           
The Administrative Agent and the Borrower
shall enter into an amendment to this Agreement to reflect the replacement index, the adjusted margins and such other related amendments
as may be appropriate, in the reasonable discretion of the Administrative Agent,
for the implementation and administration of the replacement index-based rate. NotwithstandingIn
connection with the implementation of a Benchmark Replacement, the
Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary in
this Agreement or the other Transaction Documents (including, without limitation, Section 13.01),
such amendment shallherein or in any other Transaction
Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any
further action or consent of any other party to this Agreement at 5:00
p.m. New York City time on the fifth (5th) Business Day after the date a draft of the amendment
is provided to the Lenders, unless the Administrative Agent receives,
on or before such fifth (5th) Business Day, a written notice
from the Majority Lenders stating that such Majority Lenders object to such amendment. or
any other Transaction Document.

 

(c)            
Selection of the replacement index, adjustments to the applicable margins, and amendments to this
Agreement (i) will be determined with due consideration to the then-current market practices for determining and implementing a
rate of interest for newly originated loans in the United States and loans converted from a rate based on Adjusted LIBOR or LMIR
to a replacement index-based rate, and (ii) may also reflect adjustments to account for (A) the effects of the transition from
Adjusted LIBOR or LMIR, as applicable, to the replacement index and (B) yield or risk-based differences between Adjusted LIBOR
or LMIR, as applicable, and the replacement index.The
Administrative Agent will promptly notify the Borrower and
the Lenders of (i) any occurrence of a Benchmark Transition Event , a Term SOFR Transition Event or an Early Opt-in Election, as
applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness
of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to Section
5.06(d) and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election
that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.06,
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest
error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction
Document, except, in each case, as expressly required pursuant to this Section 5.06.

 

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(d)           
Until an amendment reflecting a new replacement index in accordance with this Section
5.06 is effective, each Portion of Capital accruing Interest with reference to Adjusted LIBOR or LMIR will
continue to bear interest with reference to Adjusted LIBOR or LMIR, as applicable; provided however,
that if the Administrative Agent determines in its reasonable discretion that a LIBOR Termination Date has occurred, then following
the LIBOR Termination Date, each Portion of Capital that would otherwise accrue Interest with reference to Adjusted LIBOR or LMIR
shall automatically begin accruing Interest with reference to the Base Rate until such time as an amendment reflecting a replacement
index and related matters as described above is implemented. Notwithstanding
anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation
of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (A)
any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time
as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of
such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or
will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for
any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was
removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including
a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative
for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest
Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(e)            
Notwithstanding anything to the contrary contained herein, if at any time the replacement index
is less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement.Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request
for a Loan bearing interest based on USD LIBOR, conversion to or continuation of Loans bearing interest based on USD LIBOR to be
made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have
converted any such request into a request for a Loan of or conversion to Loans bearing interest under the Base Rate. During any
Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component
of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any
determination of the Base Rate.

 

(f)            
Notwithstanding anything to the contrary herein or in any other Transaction Document
and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date
have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (i) the applicable Benchmark
Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect of
such Benchmark setting (the “Secondary Term SOFR Conversion Date”) and subsequent Benchmark settings, without any amendment
to, or further action or consent of any other party to, this Agreement or any other Transaction Document; and (ii) Loans outstanding
on the Secondary Term SOFR Conversion Date bearing interest based on the then-current Benchmark shall be deemed to have been converted
to Loans bearing interest at the Benchmark Replacement with a tenor approximately the same length as the interest payment period
of the then-current Benchmark; provided that, this Section 5.06(f) shall not be effective unless
the Administrative Agent has delivered to the Lenders and
the Borrower a Term SOFR Notice.

 

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ARTICLE
VI

CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS

 

SECTION
6.01. Conditions Precedent to Effectiveness and the Initial Credit Extension. This Agreement shall become effective as of
the Closing Date when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form),
opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached
as Exhibit H hereto, in each case, in form and substance acceptable to the Administrative Agent and (b) all fees and expenses
payable by the Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction
Documents.

 

SECTION
6.02. Conditions Precedent to All Credit Extensions. Each Credit Extension hereunder on or after the Closing Date shall
be subject to the conditions precedent that:

 

(a)         
in the case of a Loan, the Borrower shall have delivered to the Administrative Agent and each Lender a Loan Request for such Loan,
and in the case of a Letter of Credit, the Borrower shall have delivered to the Administrative Agent and the LC Bank, a Letter
of Credit Application and an LC Request, in each case, in accordance with Section 2.02(a) or Section 3.02(a), as
applicable;

 

(b)        
the Servicer shall have delivered to the Administrative Agent and each Lender all Monthly Reports and Interim Reports required
to be delivered hereunder;

 

(c)         
the conditions precedent to such Credit Extension specified in Section 2.01(i) through (iii) and Section 3.01(a),
as applicable, shall be satisfied; and

 

(d)        
on the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such Credit
Extension, the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and
correct):

 

(i)           
the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are true
and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless
such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all
material respects on and as of such earlier date;

 

(ii)          
no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of
Default would result from such Credit Extension;

 

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(iii)         
no Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension; and

 

(iv)         
the Termination Date has not occurred.

 

SECTION
6.03. Conditions Precedent to All Releases. Each Release hereunder on or after the Closing Date shall be subject to the
conditions precedent that:

 

(a)          
after giving effect to such Release, the Servicer shall be holding in trust for the benefit of the Secured Parties an amount of
Collections sufficient to pay the sum of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Fees, in each case,
through the date of such Release, (y) the amount of any Borrowing Base Deficit (after giving effect to such Release and the Borrower’s
related purchase of Receivables pursuant to the Purchase and Sale Agreement on the date of such Release) and (z) the amount of
all other accrued and unpaid Borrower Obligations through the date of such Release;

 

(b)         
the Borrower shall use the proceeds of such Release solely to pay the purchase price for Receivables purchased by the Borrower
in accordance with the terms of the Purchase and Sale Agreement; and

 

(c)         
on the date of such Release the following statements shall be true and correct (and upon the occurrence of such Release, the Borrower
and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct):

 

(i)           
the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are true
and correct in all material respects on and as of the date of such Release as though made on and as of such date unless such representations
and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on
and as of such earlier date;

 

(ii)          
no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of
Default would result from such Release;

 

(iii)         
no Borrowing Base Deficit exists or would exist after giving effect to such Release;

 

(iv)         
the Termination Date has not occurred; and

 

(v)          
the Aggregate Capital plus the Adjusted LC Participation Amount exceeds the Minimum Funding Threshold.

 

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ARTICLE
VII

REPRESENTATIONS AND WARRANTIES

 

SECTION
7.01. Representations and Warranties of the Borrower. The Borrower represents and warrants to each Credit Party as of the
Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:

 

(a)           
Organization and Good Standing. The Borrower is a limited liability company and validly existing in good standing under
the laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted.

 

(b)           
Due Qualification. The Borrower is duly qualified to do business, is in good standing as a foreign entity and has obtained
all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses
or approvals, except where the failure to do so could not reasonably be expected to have a Borrower Material Adverse Effect.

 

(c)           
Power and Authority; Due Authorization. The Borrower (i) has all necessary power and authority to (A) execute and deliver
this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and
the other Transaction Documents to which it is a party and (C) grant a security interest in the Collateral to the Administrative
Agent on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary action such grant
and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the
other Transaction Documents to which it is a party.

 

(d)           
Binding Obligations. This Agreement and each of the other Transaction Documents to which the Borrower is a party constitutes
legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms,
except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles
of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

(e)           
No Conflict or Violation. The execution, delivery and performance of, and the consummation of the transactions contemplated
by, this Agreement and the other Transaction Documents to which the Borrower is a party, and the fulfillment of the terms hereof
and thereof, will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without
notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement, credit agreement,
loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument to which the Borrower is a party
or by which it or any of its properties is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of the
Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of
trust, or other agreement or instrument other than this Agreement and the other Transaction Documents or (iii) conflict with or
violate any Applicable Law.

 

 

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(f)           
Litigation and Other Proceedings. (i) There is no action, suit, proceeding or investigation pending or, to the best knowledge
of the Borrower, threatened, against the Borrower before any Governmental Authority and (ii) the Borrower is not subject to any
order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either
of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement or any other Transaction Document,
(B) seeks to prevent the grant of a security interest in any Collateral by the Borrower to the Administrative Agent, the ownership
or acquisition by the Borrower of any Pool Receivable or other Collateral or the consummation of any of the transactions contemplated
by this Agreement or any other Transaction Document, (C) seeks any determination or ruling that could materially and adversely
affect the performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any other
Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations could
reasonably be expected to have a Borrower Material Adverse Effect.

 

(g)          
Governmental Approvals. Except where the failure to obtain or make such authorization, consent, order, approval or action
could not reasonably be expected to have a Borrower Material Adverse Effect, all authorizations, consents, orders and approvals
of, or other actions by, any Governmental Authority that are required to be obtained by the Borrower in connection with the grant
of a security interest in the Collateral to the Administrative Agent hereunder or the due execution, delivery and performance by
the Borrower of this Agreement or any other Transaction Document to which it is a party and the consummation by the Borrower of
the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or
made and are in full force and effect.

 

(h)          
Margin Regulations. The Borrower is not engaged, principally or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors
of the Federal Reserve System).

 

(i)           
Solvency. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, the
Borrower is Solvent.

 

(j)           
Offices; Legal Name. The Borrower’s sole jurisdiction of organization is the State of Delaware and such jurisdiction
has not changed within four months prior to the date of this Agreement. The office of the Borrower is located at 401
Plymouth980 Jolly Road, Suite
500, Plymouth MeetingBlue Bell, PA 19462.19422.
The legal name of the Borrower is BrightView Funding LLC.

 

(k)          
Investment Company Act; Volcker Rule. The Borrower (i) is not, and is not controlled by, an “investment company”
registered or required to be registered under the Investment Company Act and (ii) is not a “covered fund” under the
Volcker Rule. In determining that the Borrower is not a “covered fund” under the Volcker Rule, the Borrower relies
on an exemption from the definition of “investment company” set forth in Section 3(c)(5) of the Investment Company
Act, although other exemptions from the definition of “investment company” set forth in the Investment Company Act
may be also be available.

 

 

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(l)            
No Material Adverse Effect. Since the date of formation of the Borrower there has been no Borrower Material Adverse Effect.

 

(m)         
Accuracy of Information. All Monthly Reports, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications,
certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit
Party by or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in connection
with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at
the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative
Agent or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any
fact necessary to make the statements contained therein not misleading; provided that, with respect to projected financial
information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time.

 

(n)           
Anti-Money Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity, either
in its own right or knowingly through any third party, (i) has any of its assets in a Sanctioned Country or in the possession,
custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any
of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law; or (iii) engages in any material dealings or transactions prohibited by any Anti-Terrorism Law.

 

(o)           
Perfection Representations.

 

(i)           
This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s right,
title and interest in, to and under the Collateral which (A) security interest has been perfected and is enforceable against creditors
of and purchasers from the Borrower (in the case of the Related Security, in only that portion of the Related Security in which
a security interest may be perfected by the filing of a financing statement under the UCC) and (B) will be free of all Adverse
Claims in such Collateral.

 

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

 

(iii)         
The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claim of any Person.

 

(iv)         
All appropriate financing statements, financing statement amendments and continuation statements have been filed in the proper
filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of) the sale
and contribution of the Receivables and Related Security from each Originator to the Borrower pursuant to the Purchase and Sale
Agreement and the grant by the Borrower of a security interest in the Collateral to the Administrative Agent pursuant to this Agreement.

 

 

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(v)          
Other than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement
and the other Transaction Documents. The Borrower has not authorized the filing of and is not aware of any financing statements
filed against the Borrower that include a description of collateral covering the Collateral other than any financing statement
(i) in favor of the Administrative Agent or (ii) that has been terminated. The Borrower is not aware of any judgment lien, ERISA
lien or tax lien filings against the Borrower.

 

(vi)         
Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this
Section 7.01(o) shall be continuing and remain in full force and effect until the Final Payout Date.

 

(p)         
The Lock-Boxes and Collection Accounts.

 

(i)          
Nature of Collection Accounts. Each Collection Account constitutes a “deposit account” within the meaning of
the applicable UCC.

 

(ii)         
Ownership. Each Lock-Box and Collection Account is in the name of the Borrower, and the Borrower owns and has good and marketable
title to the Collection Accounts free and clear of any Adverse Claim.

 

(iii)        
Perfection. The Borrower has delivered to the Administrative Agent a fully executed Account Control Agreement relating to
each Lock-Box and Collection Account. The Administrative Agent has “control” (as defined in Section 9-104 of the UCC)
over each Collection Account.

 

(iv)       
Instructions. Neither the Lock-Boxes nor the Collection Accounts are in the name of any Person other than the Borrower.
Neither the Borrower nor the Servicer has consented to the applicable Collection Account Bank complying with instructions of any
Person other than the Administrative Agent.

 

(q)         
Ordinary Course of Business. Each remittance of Collections by or on behalf of the Borrower to the Credit Parties under
this Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial
affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

 

(r)          
Compliance with Law. The Borrower has complied in all material respects with all Applicable Laws to which it may be subject.

 

(s)          
Bulk Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar
law.

 

(t)          
Eligible Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool
Balance as of any date is an Eligible Receivable as of such date.

 

 

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(u)          
Taxes. The Borrower has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii)
paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other
governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided
in accordance with GAAP, except in each case to the extent that such failure to file or pay could not reasonably be expected to
have a Borrower Material Adverse Effect.

 

(v)           
Tax Status. The Borrower (i) is, and shall at all relevant times continue to be, a “disregarded entity” within
the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes and (ii) is not and will not at
any relevant time become an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

 

(w)          
Opinions. The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the
Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this
Agreement and the Transaction Documents are true and correct in all material respects.

 

(x)           
Other Transaction Documents. Each representation and warranty made by the Borrower under each other Transaction Document
to which it is a party is true and correct in all material respects as of the date when made.

 

(y)           
Liquidity Coverage Ratio. The Borrower has not issued any LCR Securities, and the Borrower is a consolidated subsidiary
of BrightView under GAAP.

 

(z)           
Beneficial Ownership Regulation. As of the First Amendment Date, the Borrower is an entity that is organized under the laws
of the United States or of any state and at least 51% of whose common stock or analogous equity interest is owned directly or indirectly
by a company listed on the New York Stock Exchange or the American Stock Exchange or designated as a NASDAQ National Market Security
listed on the NASDAQ stock exchange and is excluded on that basis from the definition of “Legal Entity Customer” as
defined in the Beneficial Ownership Regulation.

 

(aa)         
Reaffirmation of Representations and Warranties. On the date of each Credit Extension, on the date of each Release,
on each Settlement Date and on the date each Monthly Report, Interim Report or other report is delivered to the Administrative
Agent or any Lender hereunder, the Borrower shall be deemed to have certified that (i) all representations and warranties of the
Borrower hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except
for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be
true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred
and is continuing or will result from such Credit Extension or Release.

 

Notwithstanding
any other provision of this Agreement or any other Transaction Document, the representations and warranties contained in this Section
shall be continuing, and remain in full force and effect until the Final Payout Date.

 

 

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SECTION
7.02. Representations and Warranties of the Servicer. The Servicer represents and warrants to each Credit Party as of the
Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:

 

(a)           
Organization and Good Standing. The Servicer is a duly organized and validly existing limited liability company in good
standing under the laws of the State of Delaware, with the power and authority under its organizational documents and under the
laws of Delaware to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted.

 

(b)           
Due Qualification. The Servicer is duly qualified to do business, is in good standing as a foreign entity and has obtained
all necessary licenses and approvals in all jurisdictions in which the conduct of its business or the servicing of the Pool Receivables
as required by this Agreement requires such qualification, licenses or approvals, except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

(c)           
Power and Authority; Due Authorization. The Servicer has all necessary power and authority to (i) execute and deliver this
Agreement and the other Transaction Documents to which it is a party and (ii) perform its obligations under this Agreement and
the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of
the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized
by the Servicer by all necessary action.

 

(d)           
Binding Obligations. This Agreement and each of the other Transaction Documents to which the Servicer is a party constitutes
legal, valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their respective terms,
except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles
of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

(e)           
No Conflict or Violation. The execution and delivery of this Agreement and each other Transaction Document to which the
Servicer is a party, the performance of the transactions contemplated by this Agreement and such other Transaction Documents and
the fulfillment of the terms of this Agreement and such other Transaction Documents by the Servicer will not (i) conflict with,
result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default
under, the organizational documents of the Servicer or any indenture, sale agreement, credit agreement (including the Credit Agreement),
loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Servicer is a party or
by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties
pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other
agreement or instrument, other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable
Law, except to the extent that any such conflict, breach, default, Adverse Claim or violation could not reasonably be expected
to have a Material Adverse Effect.

 

 

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(f)             
Litigation and Other Proceedings. There is no action, suit, proceeding or investigation pending, or to the Servicer’s
knowledge threatened, against the Servicer before any Governmental Authority: (i) asserting the invalidity of this Agreement or
any of the other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement or any other Transaction Document; or (iii) seeking any determination or ruling that could materially and adversely affect
the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other
Transaction Documents.

 

(g)          
No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval, registration,
authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, or performance of
this Agreement or any other Transaction Document to which it is a party that has not already been obtained or the failure of which
to obtain could not reasonably be expected to have a Material Adverse Effect.

 

(h)          
Compliance with Applicable Law. The Servicer (i) shall duly satisfy all obligations on its part to be fulfilled under or
in connection with the Pool Receivables and the related Contracts, (ii) has maintained in effect all qualifications required under
Applicable Law in order to properly service the Pool Receivables and (iii) has complied in all material respects with all Applicable
Laws in connection with servicing the Pool Receivables.

 

(i)           
Accuracy of Information. All Monthly Reports, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications,
certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit
Party by the Servicer pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant
to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same
are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent
or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any fact
necessary to make the statements contained therein not misleading; provided that, with respect to projected financial information,
if any, such representation is made only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

 

(j)           
Location of Records. The offices where the initial Servicer keeps all of its records relating to the servicing of the Pool
Receivables are located at 401 Plymouth980
Jolly Road, Suite 500, Plymouth MeetingBlue
Bell, PA 19462.19422.

 

(k)          
Credit and Collection Policy. The Servicer has complied in all material respects with the Credit and Collection Policy in
connection with its servicing of the Pool Receivables and the related Contracts.

 

(l)           
Eligible Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool
Balance as of any date is an Eligible Receivable as of such date.

 

 

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(m)          
Servicing Programs. No material license or approval is required for the Administrative Agent’s use of any software
or other computer program used by the Servicer, any Originator or any Sub-Servicer in the servicing of the Pool Receivables, other
than those which have been obtained and are in full force and effect.

 

(n)           
Servicing of Pool Receivables. Since the Closing Date there has been no material adverse change in the ability of the Servicer
or any Sub-Servicer to service and collect the Pool Receivables and the Related Security.

 

(o)           
Other Transaction Documents. Each representation and warranty made by the Servicer under each other Transaction Document
to which it is a party (including, without limitation, the Purchase and Sale Agreement) is true and correct in all material respects
as of the date when made.

 

(p)           
No Material Adverse Effect. Since December 31, 2016 there has been no Material Adverse Effect on the Servicer.

 

(q)           
Investment Company Act. The Servicer is not an “investment company,” or a company “controlled” by
an “investment company,” within the meaning of the Investment Company Act.

 

(r)            
Anti-Money Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity, either
in its own right or knowingly through any third party, (i) has any of its assets in a Sanctioned Country or in the possession,
custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any
of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law; or (iii) engages in any material dealings or transactions prohibited by any Anti-Terrorism Law.

 

(s)           
Financial Condition. The consolidated balance sheets of the Servicer and its consolidated Subsidiaries as of December 31,
2016 and the related statements of income and shareholders’ equity of the Servicer and its consolidated Subsidiaries for
the fiscal year then ended, copies of which have been furnished to the Administrative Agent and the Lenders, present fairly in
all material respects the consolidated financial position of the Servicer and its consolidated Subsidiaries for the period ended
on such date, all in accordance with GAAP.

 

(t)            
Bulk Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar
law.

 

(u)           
Taxes. The Servicer has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii)
paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other
governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided
in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to
have a Material Adverse Effect.

 

(v)           
Opinions. The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the
Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this
Agreement and the Transaction Documents are true and correct in all material respects.

 

 

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(w)        
Reaffirmation of Representations and Warranties. On the date of each Credit Extension, on the date of each Release,
on each Settlement Date and on the date each Monthly Report, Interim Report or other report is delivered to the Administrative
Agent or any Lender hereunder, the Servicer shall be deemed to have certified that (i) all representations and warranties of the
Servicer hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except
for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be
true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred
and is continuing or will result from such Credit Extension or Release.

 

Notwithstanding
any other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be
continuing, and remain in full force and effect until the Final Payout Date.

 

ARTICLE
VIII

COVENANTS

 

SECTION
8.01. Covenants of the Borrower. At all times from the Closing Date until the Final Payout Date:

 

(a)         
Payment of Principal and Interest. The Borrower shall duly and punctually pay Capital, Interest, Fees and all other amounts
payable by the Borrower hereunder in accordance with the terms of this Agreement.

 

(b)         
Existence. The Borrower shall keep in full force and effect its existence and rights as a limited liability company under
the laws of the State of Delaware, and shall obtain and preserve its qualification to do business in each jurisdiction in which
such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction
Documents and the Collateral.

 

(c)         
Financial Reporting. The Borrower will maintain a system of accounting established and administered in accordance with GAAP,
and the Borrower (or the Servicer on its behalf) shall furnish to the Administrative Agent, the LC Bank and each Lender:

 

(i)           
Annual Financial Statements of the Borrower. Promptly upon completion and in no event later than 105 days after the
close of each fiscal year of the Borrower, annual unaudited financial statements of the Borrower certified by a Financial Officer
of the Borrower that they fairly present in all material respects, in accordance with GAAP, the financial condition of the Borrower
as of the date indicated and the results of its operations for the periods indicated.

 

(ii)          
Monthly Reports and Interim Reports. As soon as available and in any event (a) not later than two (2) Business Days prior
to each Settlement Date, a Monthly Report as of the most recently completed Fiscal Month and (b) not later than two (2) Business
Days following the Borrower’s receipt of a request thereof, an Interim Report with respect to the Pool Receivables with data
as of the close of business on the applicable date specified by the Administrative Agent (which date in any event shall not be
later than the immediately preceding Business Day).

 

 

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(iii)         
Other Information. Such other information relating to the Collateral and the Borrower and the transactions contemplated
hereby (including non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request.

 

(iv)          
Quarterly Financial Statements of Performance Guarantor. As soon as available and in any event not later than the date on
which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if
such financial statements are not required to be filed with the SEC, in no event later than 60 days following the end of each of
the first three fiscal quarters in each of Performance Guarantor’s fiscal years), (i) the unaudited consolidated balance
sheet and statements of income of Performance Guarantor and its consolidated Subsidiaries (including the Borrower, the Servicer
and each Originator) as at the end of such fiscal quarter and the related unaudited consolidated statements of earnings and cash
flows for such fiscal quarter and for the elapsed portion of the fiscal year ended with the last day of such fiscal quarter, in
each case setting forth comparative figures for the corresponding fiscal quarter in the prior fiscal year, all of which shall be
certified by a Financial Officer of Performance Guarantor that they fairly present in all material respects, in accordance with
GAAP, the financial condition of Performance Guarantor and its consolidated Subsidiaries as of the dates indicated and the results
of their operations for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes and (ii)
to the extent required to be filed with the SEC, management’s discussion and analysis of the important operational and financial
developments during such fiscal quarter.

 

(v)           
Annual Financial Statements of Performance Guarantor. As soon as available and in any event no later than the date on which
such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such
financial statements are not required to be filed with the SEC, on or before the date that is 105 days after the close of each
of Performance Guarantor’s fiscal years, the consolidated balance sheet of Performance Guarantor and its consolidated Subsidiaries
(including the Borrower, the Servicer and each Originator) as at the end of such fiscal year and the related consolidated statements
of earnings and cash flows for such fiscal year setting forth comparative figures for the preceding fiscal year, all reported on
by independent certified public accountants of recognized national standing (without a “going concern” or like qualification
or exception) to the effect that such consolidated financial statements present fairly in all material respects, in accordance
with GAAP, the financial condition of Performance Guarantor and its consolidated Subsidiaries as of the dates indicated and the
results of their operations for the periods indicated.

 

(vi)         
Other Reports and Filings. Promptly (but in any event within ten days) after the filing or delivery thereof, copies of all
financial information, proxy materials and reports, if any, which Performance Guarantor or any of its consolidated Subsidiaries
shall publicly file with the SEC or deliver to holders (or any trustee, agent or other representative therefor) of any of its material
Debt pursuant to the terms of the documentation governing the same.

 

 

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Notwithstanding
anything herein to the contrary, any financial information, proxy statements or other material required to be delivered pursuant
to this paragraph (c) shall be deemed to have been furnished to each of the Administrative Agent and each Lender on the date that
such report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.

 

(d)         
Notices. The Borrower (or the Servicer on its behalf) will notify the Administrative Agent and each Lender in writing of
any of the following events promptly upon (but in no event later than three (3) Business Days after) a Financial Officer or other
officer learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the
Person(s) affected with respect thereto:

 

(i)           
Notice of Events of Default or Unmatured Events of Default. A statement of a Financial Officer of the Borrower setting forth
details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Borrower
proposes to take with respect thereto.

 

(ii)          
Litigation. The institution of any litigation, arbitration proceeding or governmental proceeding on the Servicer, the Parent,
Performance Guarantor or any Originator, which could reasonably be expected to have a Material Adverse Effect, or the institution
of any litigation, arbitration proceeding or governmental proceeding on the Borrower.

 

(iii)         
Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person
other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to
any Collection Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to
Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

 

(iv)        
Name Changes. At least thirty (30) days before any change in any Originator’s or the Borrower’s name, jurisdiction
of organization or any other change requiring the amendment of UCC financing statements filed against the Borrower or any Originator.

 

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

 

 

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(vi)         
Termination Event. The occurrence of a Purchase and Sale Termination Event under the Purchase and Sale Agreement.

 

(vii)        
Material Adverse Change. Promptly after the occurrence thereof, notice of any Borrower Material Adverse Effect or Material
Adverse Effect.

 

(e)         
Conduct of Business. The Borrower will carry on and conduct its business in substantially the same manner and in substantially
the same fields of enterprise as it is presently conducted and will do all things necessary to remain duly organized, validly existing
and in good standing as a domestic organization in its jurisdiction of organization and maintain all requisite authority to conduct
its business in each jurisdiction in which its business is conducted.

 

(f)          
Compliance with Laws. The Borrower will comply with all Applicable Laws to which it may be subject if the failure to comply
could reasonably be expected to have a Borrower Material Adverse Effect.

 

(g)         
Furnishing of Information and Inspection of Receivables. The Borrower will furnish or cause to be furnished to the Administrative
Agent, the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral
as the Administrative Agent, the LC Bank or any Lender may reasonably request. The Borrower will, at the Borrower’s expense,
during regular business hours with prior written notice (i) permit the Administrative Agent, the LC Bank and each Lender or their
respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the
Pool Receivables or other Collateral, (B) visit the offices and properties of the Borrower for the purpose of examining such books
and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Borrower’s performance
hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Borrower having knowledge of such matters and (ii) without limiting the provisions of clause (i)
above, during regular business hours, at the Borrower’s expense, upon prior written notice from the Administrative Agent,
permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and
records with respect to such Pool Receivables and other Collateral; provided, that the Borrower shall be required to reimburse
the Administrative Agent for only one (1) combined review of the Servicer, the Borrower and the Originators pursuant to Section
8.02(e) and the Borrower pursuant to clause (ii) above in any twelve-month period, unless an Event of Default has occurred
and is continuing.

 

 

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(h)           
Payments on Receivables, Collection Accounts. The Borrower (or the Servicer on its behalf) will, and will cause each Originator
to, at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account or a Lock-Box. The
Borrower (or the Servicer on its behalf) will, and will cause each Originator to, at all times, maintain such books and records
necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property
of the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower,
the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and
the other Secured Parties and promptly remit such funds into a Collection Account; provided, however, that (x) no
less than 98.0% of such payments received shall be remitted to a Collection Account within one (1) Business Day after becoming
aware of such receipt and (y) no more than 2.0% of such payments received shall be remitted to a Collection Account within five
(5) Business Days after becoming aware of such receipt. The Borrower shall use commercially reasonable efforts to ensure that no
funds other than Collections on Pool Receivables and other Collateral are deposited into any Collection Account. If such funds
are nevertheless deposited into any Collection Account, the Borrower (or the Servicer on its behalf) will within two (2) Business
Days identify and transfer such funds to the appropriate Person entitled to such funds. The Borrower will not, and will not permit
the Servicer, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any
Lender or any other Secured Party is entitled, with any other funds. The Borrower shall only add a Collection Account (or a related
Lock-Box) or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has
received notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto)
from the applicable Collection Account Bank. The Borrower shall only terminate a Collection Account Bank or close a Collection
Account (or a related Lock-Box) with the prior written consent of the Administrative Agent.

 

(i)            
Sales, Liens, etc. Except as otherwise provided herein, the Borrower will not sell, assign (by operation of law or otherwise)
or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any
financing statement) or with respect to, any Pool Receivable or other Collateral, or assign any right to receive income in respect
thereof.

 

(j)            
Extension or Amendment of Pool Receivables. Except as otherwise permitted in Section 9.02, the Borrower will
not, and will not permit the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify the
terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition
of any related Contract. The Borrower shall at its expense, timely and fully perform and comply in all material respects with all
provisions, covenants and other promises required to be observed by it under the Contracts related to the collectability of the
Pool Receivables, and timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the
related Contract.

 

(k)           
Change in Credit and Collection Policy. The Borrower will not make any material change in the Credit and Collection Policy
that would be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or
(y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the
Administrative Agent and the Majority Lenders. Promptly following any material change in the Credit and Collection Policy, the
Borrower will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

 

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(l)            
Fundamental Changes. The Borrower shall not, without the prior written consent of the Administrative Agent and the Majority
Lenders, permit itself to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one
transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to,
any Person. The Borrower shall provide the Administrative Agent with at least 30 days’ prior written notice before making
any change in the Borrower’s name or location or making any other change in the Borrower’s identity or corporate structure
that could impair or otherwise render any UCC financing statement filed in connection with this Agreement or any other Transaction
Document “seriously misleading” as such term (or similar term) is used in the applicable UCC; each notice to the Administrative
Agent and the Lenders pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof.

 

(m)          
Books and Records. The Borrower shall maintain and implement (it being understood and agreed that the Servicer may maintain
and implement on the Borrower’s behalf) administrative and operating procedures (including an ability to recreate records
evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain
(it being understood and agreed that the Servicer may keep and maintain on the Borrower’s behalf) all documents, books, records,
computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including
records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing
Pool Receivable).

 

(n)           
Identifying of Records. The Borrower shall: identify (it being understood and agreed that the Servicer may identify on the
Borrower’s behalf) its master data processing records relating to Pool Receivables and related Contracts with a legend that
indicates that the Pool Receivables have been pledged in accordance with this Agreement.

 

(o)           
Change in Payment Instructions to Obligors. The Borrower shall not (and shall not instruct or encourage the Servicer or
any Sub-Servicer to) add, replace or terminate any Collection Account (or any related Lock-Box) or make any change in its (or their)
instructions to the Obligors regarding payments to be made to the Collection Accounts (or any related Lock-Box), other than any
instruction to remit payments to a different Collection Account (or any related Lock-Box), unless the Administrative Agent shall
have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Account Control
Agreement (or amendment thereto) with respect to such new Collection Accounts (or any related Lock-Box), in each case (x) in form
and substance reasonably satisfactory to the Administrative Agent and (y) in accordance with the terms hereof and, if applicable,
such Account Control Agreement.

 

(p)           
Security Interest, Etc. The Borrower shall (and shall cause the Servicer to), at its expense, take all action necessary
to establish and maintain a valid and enforceable first priority perfected security interest in the Receivables and that portion
of the Collateral in which an ownership or security interest may be created under the UCC and perfected by the filing of a financing
statement under the UCC, in each case free and clear of any Adverse Claim, in favor of the Administrative Agent (on behalf of the
Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative
Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request. In order to evidence
the security interests of the Administrative Agent under this Agreement, the Borrower shall, from time to time take such action,
or execute (if necessary) and deliver such instruments as may be necessary (including, without limitation, such actions as are
reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s
security interest in the Receivables and that portion of the Related Security and Collections in which a security interest may
be perfected by the filing of a financing statement under the UCC. The Borrower shall, from time to time and within the time limits
established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval,
all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other
filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.
The Administrative Agent’s approval of such filings shall authorize the Borrower to file such financing statements under
the UCC without the signature of the Borrower, any Originator or the Administrative Agent where allowed by Applicable Law. Notwithstanding
anything else in the Transaction Documents to the contrary, the Borrower shall not have any authority to file a termination, partial
termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing
statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent.

 

 

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(q)        
Certain Agreements. Without the prior written consent of the Administrative Agent and the Majority Lenders, the Borrower
will not amend, modify, waive, revoke or terminate any Transaction Document to which it is a party or any provision of the Borrower’s
organizational documents which requires the consent of the “Independent Director” (as such term is used in the Borrower’s
Certificate of Formation and Limited Liability Company Agreement).

 

(r)         
Restricted Payments. (i) Except pursuant to clause (ii) below, the Borrower will not: (A) purchase or redeem any
of its membership interests, (B) declare or pay any dividend or set aside any funds for any such purpose, (C) prepay, purchase
or redeem any Debt (other than any Loans pursuant to this Agreement), (D) lend or advance any funds or (E) repay any loans or advances
to, for or from any of its Affiliates (the amounts described in clauses (A) through (E) being referred to as “Restricted
Payments”).

 

(ii)          
Subject to the limitations set forth in clause (iii) below, the Borrower may make Restricted Payments so long as such Restricted
Payments are made only in one or more of the following ways: (A) the Borrower may make cash payments (including prepayments) on
the Subordinated Notes in accordance with their respective terms (it being understood that the foregoing shall not restrict any
adjustment to the balance of any Subordinated Note pursuant to Sections 3.2, 3.3 or 3.4 of the Purchase and Sale Agreement as a
result of the issuance or expiration of any Letter of Credit) and (B) the Borrower may declare and pay dividends if, both immediately
before and immediately after giving effect thereto, the Borrower’s Net Worth is not less than the Required Capital Amount.

 

(iii)         
The Borrower may make Restricted Payments only out of the funds, if any, it receives pursuant to Sections 4.01 of this Agreement;
provided that the Borrower shall not pay, make or declare any Restricted Payment (including any dividend) if, after giving
effect thereto, any Event of Default or Unmatured Event of Default shall have occurred and be continuing.

 

(s)         
Other Business. The Borrower will not: (i) engage in any business other than the transactions contemplated by the Transaction
Documents, (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be issued for its account any letters
of credit (excluding, for the avoidance of doubt, Letters of Credit issued hereunder) or bankers’ acceptances other than
pursuant to this Agreement or the Subordinated Notes or (iii) form any Subsidiary or make any investments in any other Person.

 

 

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(t)          
Use of Collections Available to the Borrower. The Borrower shall apply the Collections available to the Borrower to make
payments in the following order of priority: (i) the payment of its obligations under this Agreement and each of the other Transaction
Documents (other than the Subordinated Notes), (ii) the payment of accrued and unpaid interest on the Subordinated Notes and (iii)
other legal and valid purposes.

 

(u)        
Further Assurances; Change in Name or Jurisdiction of Origination, etc.(i) The Borrower hereby authorizes and hereby agrees
from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and
to take all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect,
protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to
enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce the Secured Parties’ rights and
remedies under this Agreement and the other Transaction Document. Without limiting the foregoing, the Borrower hereby authorizes,
and will, upon the request of the Administrative Agent, at the Borrower’s own expense, execute (if necessary) and file such
financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary,
or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing.

 

(ii)          
The Borrower authorizes the Administrative Agent to file financing statements, continuation statements and amendments thereto and
assignments thereof, relating to the Receivables, the Related Security, the related Contracts, Collections with respect thereto
and the other Collateral without the signature of the Borrower. A photocopy or other reproduction of this Agreement shall be sufficient
as a financing statement where permitted by law.

 

(iii)         
The Borrower shall at all times be organized under the laws of the State of Delaware and shall not take any action to change its
jurisdiction of organization.

 

(iv)         
The Borrower will not change its name, location, identity or corporate structure unless (x) the Borrower, at its own expense, shall
have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this Agreement
(including, without limitation, the filing of all financing statements and the taking of such other action as the Administrative
Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Borrower
shall cause to be delivered to the Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent
as to such UCC perfection and priority matters as the Administrative Agent may request at such time.

 

(v)         
Anti-Money Laundering/International Trade Law Compliance.The Borrower will not become a Sanctioned Person. No Covered Entity,
either in its own right or knowingly through any third party, will use the proceeds of any Credit Extension for the purpose of
funding any operations in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned
Person, to the extent that the activity would violate any Anti-Terrorism Law. The funds used to repay each Credit Extension will
not be derived from any unlawful activity. The Borrower shall comply with all Anti-Terrorism Laws. The Borrower shall promptly
notify the Administrative Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event. The Borrower has
not used and will not use the proceeds of any Credit Extension for the purpose of funding any operations in, financing any investments
or activities in or making any payments to, a Sanctioned Person or a Sanctioned Country.

 

 

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(w)          
Borrower’s Net Worth. The Borrower shall not permit the Borrower’s Net Worth to be less than the Required Capital
Amount.

 

(x)           
Taxes. The Borrower will (i) timely file all tax returns (federal, state and local) required to be filed by it and (ii)
pay, or cause to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other
governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided
in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to
have a Borrower Material Adverse Effect.

 

(y)           
Borrower’s Tax Status. The Borrower will remain a wholly-owned subsidiary of a United States person (within the meaning
of Section 7701(a)(30) of the Code). No action will be taken that would cause the Borrower to (i) be treated other than as a “disregarded
entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes or (ii) become
an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

 

(z)            
Liquidity Coverage Ratio. The Borrower shall not issue any LCR Security.

 

(aa)         
Minimum Funding Threshold. The Aggregate Capital plus the Adjusted LC Participation Amount shall exceed the Minimum Funding
Threshold.

 

(bb)         
Federal Assignment of Claims Act, Etc. If requested by the Administrative Agent at any time following the occurrence of
an Event of Default, the Borrower shall prepare and make any filings under the Federal Assignment of Claims Act (or any other similar
Applicable Law, including any state or municipal law or regulation) with respect to Receivables from Obligors that are Governmental
Authorities, that are necessary or desirable in order for the Administrative Agent to enforce such Receivable against the Obligor
thereof.

 

(cc)         
Beneficial Ownership Regulation. Promptly following any change that would result in a change to the status as an excluded
 “Legal Entity Customer” under (and as defined in) the Beneficial Ownership Regulation, the Borrower shall execute and
deliver to the Administrative Agent a Certification of Beneficial Owner(s) complying with the Beneficial Ownership Regulation,
in form and substance reasonably acceptable to the Administrative Agent.

 

 

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SECTION
8.02. Covenants of the Servicer. At all times from the Closing Date until the Final Payout Date:

 

(a)         
Financial Reporting. The Servicer will maintain a system of accounting established and administered in accordance with GAAP,
and the Servicer shall furnish to the Administrative Agent, the LC Bank and each Lender:

 

(i)           
Compliance Certificates.(a) A compliance certificate promptly upon completion of the annual report of the Performance Guarantor
and in no event later than 90 days after the close of the Performance Guarantor’s fiscal year (or, if later, in the manner
and period set forth in Section 8.01(c)(v)), in form and substance substantially similar to Exhibit G signed by a
Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing,
or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof
and (b) within 45 days after the close of each fiscal quarter of the Servicer (or, if later, in the manner set forth in Section
8.01(c)(iv)), a compliance certificate in form and substance substantially similar to Exhibit G signed by a Financial
Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any
Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof.

 

(ii)          
Monthly Reports and Interim Reports. As soon as available and in any event (a) not later than two (2) Business Days prior
to each Settlement Date, a Monthly Report as of the most recently completed Fiscal Month and (b) not later than two (2) Business
Days following the Servicer’s receipt of a request thereof, an Interim Report with respect to the Pool Receivables with data
as of the close of business on the applicable date specified by the Administrative Agent (which date in any event shall not be
later than the immediately preceding Business Day).

 

(iii)         
Other Information. Such other information (including non-financial information) relating to the Borrower, the Servicer,
the Originators and the Collateral as the Administrative Agent or any Lender may from time to time reasonably request.

 

(b)        
Notices. The Servicer will notify the Administrative Agent and each Lender in writing of any of the following events promptly
upon (but in no event later than three (3) Business Days after) a Financial Officer or other officer learning of the occurrence
thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect
thereto:

 

(i)           
Notice of Events of Default or Unmatured Events of Default. A statement of a Financial Officer of the Servicer setting forth
details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer
proposes to take with respect thereto.

 

(ii)          
Litigation. The institution of any litigation, arbitration proceeding or governmental proceeding which could reasonably
be expected to be determined adversely and, if so determined, could reasonably be expected to have a Material Adverse Effect.

 

(iii)         
Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person
other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to
any Collection Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with respect to
Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

 

 

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

 

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

 

(vi)         
Termination Event. The occurrence of a Purchase and Sale Termination Event.

 

(vii)        
Material Adverse Change. Promptly after the occurrence thereof, notice of any Borrower Material Adverse Effect or Material
Adverse Effect.

 

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

 

(d)         
Compliance with Laws. The Servicer will comply with all Applicable Laws to which it may be subject if the failure to comply
could reasonably be expected to have a Material Adverse Effect.

 

(e)         
Furnishing of Information and Inspection of Receivables. The Servicer will furnish or cause to be furnished to the Administrative
Agent, the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the other Collateral
as the Administrative Agent, the LC Bank or any Lender may reasonably request. The Servicer will, at the Servicer’s expense,
during regular business hours with prior written notice, (i) permit the Administrative Agent, the LC Bank and each Lender or their
respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the
Pool Receivables or other Collateral, (B) visit the offices and properties of the Servicer for the purpose of examining such books
and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Servicer’s performance
hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Servicer (provided that representatives of the Servicer are present during such discussions) having knowledge
of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the Servicer’s
expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable
to the Administrative Agent to conduct a review of its books and records with respect to the Pool Receivables and other Collateral;
provided, that the Servicer shall be required to reimburse the Administrative Agent for only one (1) combined review of
the Borrower pursuant to Section 8.01(g) and the Servicer, the Borrower and the Originators pursuant to clause (ii)
above in any twelve-month period unless an Event of Default has occurred and is continuing.

 

 

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(f)            
Payments on Receivables, Collection Accounts. The Servicer will at all times, instruct all Obligors to deliver payments
on the Pool Receivables to a Collection Account or a Lock-Box. The Servicer will, at all times, maintain such books and records
necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property
of the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower,
the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and
the other Secured Parties and promptly remit such funds into a Collection Account; provided, however, that (x) no
less than 98.0% of such payments received shall be remitted to a Collection Account within one (1) Business Day after receipt and
(y) no more than 2.0% of such payments received shall be remitted to a Collection Account within five (5) Business Days after receipt.
The Servicer shall not permit funds other than Collections on Pool Receivables and other Collateral to be deposited into any Collection
Account. If such funds are nevertheless deposited into any Collection Account, the Servicer will within two (2) Business Days identify
and transfer such funds to the appropriate Person entitled to such funds. The Servicer will not, and will not permit the Borrower,
any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any
other Secured Party is entitled, with any other funds. The Servicer shall only add a Collection Account (or a related Lock-Box),
or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received
notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the
applicable Collection Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or
a related Lock-Box) with the prior written consent of the Administrative Agent.

 

(g)           
Extension or Amendment of Pool Receivables. Except as otherwise permitted in Section 9.02, the Servicer will not
alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material
respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract. The Servicer shall
at its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises
required to be observed by it under the Contracts related to the Pool Receivables (if any), and timely and fully comply with the
Credit and Collection Policy with regard to each Pool Receivable and the related Contract.

 

(h)           
Change in Credit and Collection Policy. The Servicer will not make any material change in the Credit and Collection Policy
that would be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or
(y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the
Administrative Agent and the Majority Lenders. Promptly following any material change in the Credit and Collection Policy, the
Servicer will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

 

 

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(i)            
Records. The Servicer will maintain and implement administrative and operating procedures (including an ability to recreate
records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and
maintain all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the
collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool Receivable and all
Collections of and adjustments to each existing Pool Receivable).

 

(j)            
Identifying of Records. The Servicer shall identify its master data processing records relating to Pool Receivables and
related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

 

(k)           
Change in Payment Instructions to Obligors. The Servicer shall not (and shall not permit any Sub-Servicer to) add, replace
or terminate any Collection Account (or any related Lock-Box) or make any change in its instructions to the Obligors regarding
payments to be made to the Collection Accounts (or any related Lock-Box), other than any instruction to remit payments to a different
Collection Account (or any related Lock-Box), unless the Administrative Agent shall have received (i) prior written notice of such
addition, termination or change and (ii) a signed and acknowledged Account Control Agreement (or an amendment thereto) with respect
to such new Collection Accounts (or any related Lock-Box) in each case (x) in form and substance reasonably satisfactory to the
Administrative Agent and (y) in accordance with the terms hereof and, if applicable, such Account Control Agreement.

 

(l)            
Security Interest, Etc. The Servicer shall, at its expense, take all action necessary to establish and maintain a valid
and enforceable first priority perfected security interest in the Receivables and that portion of the Collateral in which a security
interest may be created under the UCC and perfected by the filing of a financing statement under the UCC, in each case free and
clear of any Adverse Claim in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action
to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties)
as the Administrative Agent or any Secured Party may reasonably request. In order to evidence the security interests of the Administrative
Agent under this Agreement, the Servicer shall, from time to time take such action, or execute (if necessary) and deliver such
instruments as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative
Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables
and that portion of the Related Security and Collections in which a security interest may be perfected by the filing of a financing
statement under the UCC. The Servicer shall, from time to time and within the time limits established by law, prepare and present
to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments,
continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain
and perfect the Administrative Agent’s security interest as a first-priority interest. The Administrative Agent’s approval
of such filings shall authorize the Servicer to file such financing statements under the UCC without the signature of the Borrower,
any Originator or the Administrative Agent where allowed by Applicable Law. Notwithstanding anything else in the Transaction Documents
to the contrary, the Servicer shall not have any authority to file a termination, partial termination, release, partial release,
or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection
with the Transaction Documents, without the prior written consent of the Administrative Agent.

 

 

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(m)          
Further Assurances; Change in Name or Jurisdiction of Origination, etc. The Servicer hereby authorizes and hereby agrees
from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and
to take all further actions, that may be necessary, or that the Administrative Agent may reasonably request, to perfect, protect
or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable
the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies under
this Agreement or any other Transaction Document. Without limiting the foregoing, the Servicer hereby authorizes, and will, upon
the request of the Administrative Agent (with such request being hereby deemed to be an authorization as to such filing by the
Administrative Agent), at the Servicer’s own expense, execute (if necessary) and file such financing statements or continuation
statements, or amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Administrative
Agent may reasonably request (with such request being hereby deemed to be an authorization as to such filing by the Administrative
Agent), to perfect, protect or evidence any of the foregoing.

 

(n)           
Anti-Money Laundering/International Trade Law Compliance. The Servicer will not become a Sanctioned Person. No Covered Entity,
either in its own right or knowingly through any third party, will use the proceeds of any Credit Extension for the purpose of
funding any operations in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned
Person, to the extent that the activity would violate any Anti-Terrorism Law. The funds used to repay each Credit Extension will
not be derived from any unlawful activity. The Servicer shall comply with all Anti-Terrorism Laws. The Servicer shall promptly
notify the Administrative Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event.

 

(o)           
Taxes. The Servicer will (i) timely file all tax returns (federal, state and local) required to be filed by it and (ii)
pay, or cause to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other
governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided
in accordance with GAAP, except in each case to the extent that such failure to file or pay could not reasonably be expected to
have a Material Adverse Effect.

 

(p)           
Borrower’s Tax Status. The Servicer shall not take or cause any action to be taken that could result in the Borrower
(i) being treated other than as a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3
for U.S. federal income tax purposes or (ii) becoming an association taxable as a corporation or a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes.

 

(q)           
Federal Assignment of Claims Act, Etc. If requested by the Administrative Agent at any time following the occurrence of
an Event of Default, the Servicer shall prepare and make any filings under the Federal Assignment of Claims Act (or any other similar
Applicable Law, including any state or municipal law or regulation) with respect to Receivables from Obligors that are Governmental
Authorities, that are necessary or desirable in order for the Administrative Agent to enforce such Receivable against the Obligor
thereof.

 

 

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SECTION
8.03. Separate Existence of the Borrower. Each of the Borrower and the Servicer hereby acknowledges that the Credit Parties
are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Borrower’s
identity as a legal entity separate from any Originator, the Servicer, the Performance Guarantor and their Affiliates. Therefore,
each of the Borrower and Servicer shall take all steps specifically required by this Agreement to continue the Borrower’s
identity as a separate legal entity and to make it apparent to third Persons that the Borrower is an entity with assets and liabilities
distinct from those of the Performance Guarantor, the Originators, the Servicer and any other Person, and is not a division of
the Performance Guarantor, the Originators, the Servicer, its Affiliates or any other Person. Without limiting the generality of
the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Borrower and the Servicer
shall take such actions as shall be required in order that:

 

(a)           
Special Purpose Entity. The Borrower will be a special purpose company whose primary activities are restricted in its Limited
Liability Company Agreement to: (i) purchasing or otherwise acquiring from the Originators, owning, holding, collecting, granting
security interests or selling interests in, the Collateral, (ii) entering into agreements for the selling, servicing and financing
of the Receivables Pool (including the Transaction Documents) and (iii) conducting such other activities as it deems necessary
or appropriate to carry out its primary activities.

 

(b)           
No Other Business or Debt. The Borrower shall not engage in any business or activity except as set forth in this Agreement
nor, incur any indebtedness or liability other than as expressly permitted by the Transaction Documents.

 

(c)           
Independent Director. Not fewer than one member of the Borrower’s board of directors (the “Independent Director”)
shall be a natural person who (i) has never been, and shall at no time be, an equityholder, director, officer, manager, member,
partner, officer, employee or associate, or any immediate relative of the foregoing, of any member of the Parent Group (as hereinafter
defined) (other than his or her service as an Independent Director or “special member” of the Borrower or an independent
director or “special member” of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing,
or facilitating the securitization of, financial assets of any member or members of the Parent Group), (ii) is not a material customer
or supplier of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent
director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the
securitization of, financial assets of any member or members of the Parent Group), (iii) is not a member of the immediate family
of any person described in (ii) above, and (iv) has (x) prior experience as an independent director for a corporation or
limited liability company whose organizational or charter documents required the unanimous consent of all independent directors
thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings
against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (y) at
least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses,
advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.
For purposes of this clause (c), “Parent Group” shall mean (i) the Parent, the Servicer, the Performance
Guarantor and each Originator, (ii) each person that directly or indirectly, owns or controls, whether beneficially, or as a trustee,
guardian or other fiduciary, five percent (5%) or more of the Capital Stock in the Parent, (iii) each person that controls, is
controlled by or is under common control with the Parent and (iv) each of such person’s officers, directors, managers, joint
venturers and partners; provided that the term Parent Group shall not include any Person or relationship which exists solely
as a result of direct or indirect ownership of, or control by, one or more common Initial Investors. For the purposes of this definition,
 “control” of a person means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise.
A person shall be deemed to be an “associate” of (A) a corporation or organization of which such person is an officer,
director, partner or manager or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity
securities, (B) any trust or other estate in which such person serves as trustee or in a similar capacity and (C) any relative
or spouse of a person described in clause (A) or (B) of this sentence, or any immediate relative of such spouse.

 

 

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The
Borrower shall (A) give written notice to the Administrative Agent of the election or appointment, or proposed election or appointment,
of a new Independent Director of the Borrower, which notice shall be given not later than ten (10) Business Days prior to the date
such appointment or election would be effective (except when such election or appointment is necessary to fill a vacancy caused
by the death, disability, or incapacity of the existing Independent Director, or the failure of such Independent Director to satisfy
the criteria for an Independent Director set forth in this clause (c), in which case the Borrower shall provide written
notice of such election or appointment within one (1) Business Day) and (B) with any such written notice, certify to the Administrative
Agent that the Independent Director satisfies the criteria for an Independent Director set forth in this clause (c).

 

The
Borrower’s Limited Liability Company Agreement shall provide that: (A) the Borrower’s board of directors shall not
approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the
Independent Director shall approve the taking of such action in writing before the taking of such action and (B) such provision
and each other provision requiring an Independent Director cannot be amended without the prior written consent of the Independent
Director.

 

The
Independent Director shall not at any time serve as a trustee in bankruptcy for the Borrower, the Parent, the Performance Guarantor,
any Originator, the Servicer or any of their respective Affiliates.

 

(d)           
Organizational Documents. The Borrower shall maintain its organizational documents in conformity with this Agreement, such
that it does not amend, restate, supplement or otherwise modify its ability to comply with the terms and provisions of any of the
Transaction Documents, including, without limitation, Section 8.01(p).

 

 

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(e)           
Conduct of Business. The Borrower shall conduct its affairs strictly in accordance with its organizational documents and
observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special
members’ and board of directors’ meetings appropriate to authorize all company action, keeping separate and accurate
minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining
accurate and separate books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts.

 

(f)           
Compensation. Any employee, consultant or agent of the Borrower will be compensated from the Borrower’s funds for
services provided to the Borrower, and to the extent that Borrower shares the same employees as the Servicer (or any other Affiliate
thereof), the salaries and expenses relating to providing benefits to such employees shall be fairly allocated among such entities,
and each such entity shall bear its fair share of the salary and benefit costs associated with such common employees. The Borrower
will not engage any agents other than its attorneys, auditors and other professionals, and a servicer and any other agent contemplated
by the Transaction Documents for the Receivables Pool, which servicer will be fully compensated for its services by payment of
the Servicing Fee.

 

(g)           
Servicing and Costs. The Borrower will contract with the Servicer to perform for the Borrower all operations required on
a daily basis to service the Receivables Pool. The Borrower will not incur any indirect or overhead expenses for items shared with
the Servicer (or any other Affiliate thereof) that are not reflected in the Servicing Fee. To the extent, if any, that the Borrower
(or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee, such as legal, auditing and other professional
services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered,
and otherwise on a basis reasonably related to the actual use or the value of services rendered.

 

(h)           
Operating Expenses. The Borrower’s operating expenses will not be paid by the Servicer, the Parent, the Performance
Guarantor, any Originator or any Affiliate thereof.

 

(i)            
Stationery. The Borrower will have its own separate stationery.

 

(j)            
Books and Records. The Borrower’s books and records will be maintained separately from those of the Servicer, the
Parent, the Performance Guarantor, the Originators and any of their Affiliates and in a manner such that it will not be difficult
or costly to segregate, ascertain or otherwise identify the assets and liabilities of the Borrower.

 

(k)           
Disclosure of Transactions. All financial statements of the Servicer, the Parent, the Performance Guarantor, the Originators
or any Affiliate thereof that are consolidated to include the Borrower will disclose that (i) the Borrower’s sole business
consists of the purchase or acceptance through capital contributions of the Receivables and Related Rights from the Originators
and the subsequent retransfer of or granting of a security interest in such Receivables and Related Rights to the Administrative
Agent pursuant to this Agreement, (ii) the Borrower is a separate legal entity with its own separate creditors who will be entitled,
upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming
available to the Borrower’s equity holders and (iii) the assets of the Borrower are not available to pay creditors of the
Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof.

 

 

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(l)           
Segregation of Assets. The Borrower’s assets will be maintained in a manner that facilitates their identification
and segregation from those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof.

 

(m)         
Corporate Formalities. The Borrower will strictly observe limited liability company formalities in its dealings with the
Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower
will not be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof
except as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint
bank accounts or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Originators or any
Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and
has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on
any insurance policy with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor,
the Originators or any Subsidiaries or other Affiliates thereof. The Borrower will pay to the appropriate Affiliate the marginal
increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance
policy that covers the Borrower and such Affiliate.

 

(n)           
Arm’s-Length Relationships. The Borrower will maintain arm’s-length relationships with the Servicer, the Parent,
the Performance Guarantor, the Originators and any Affiliates thereof. Any Person that renders or otherwise furnishes services
to the Borrower will be compensated by the Borrower at market rates for such services it renders or otherwise furnishes to the
Borrower. Neither the Borrower on the one hand, nor the Servicer, the Parent, the Performance Guarantor, any Originator or any
Affiliate thereof, on the other hand, will be or will hold itself out to be responsible for the debts of the other or the decisions
or actions respecting the daily business and affairs of the other. The Borrower, the Servicer, the Parent, the Performance Guarantor,
the Originators and their respective Affiliates will immediately correct any known misrepresentation with respect to the foregoing,
and they will not operate or purport to operate as an integrated single economic unit with respect to each other or in their dealing
with any other entity.

 

(o)           
Allocation of Overhead. To the extent that Borrower, on the one hand, and the Servicer, the Parent, the Performance Guarantor,
any Originator or any Affiliate thereof, on the other hand, have offices in the same location, the Borrower shall pay a fair and
appropriate allocation of overhead costs between it and them, and the Borrower shall bear its fair share of such expenses, which
may be paid through the Servicing Fee or otherwise.

 

 

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ARTICLE
IX

ADMINISTRATION AND COLLECTION

OF RECEIVABLES

 

SECTION
9.01. Appointment of the Servicer.

 

(a)           
The servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to
time as the Servicer in accordance with this Section 9.01. Until the Administrative Agent gives notice to BrightView (in
accordance with this Section 9.01) of the designation of a new Servicer, BrightView is hereby designated as, and hereby
agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence of an Event of
Default, the Administrative Agent may (with the consent of the Majority Lenders) and shall (at the direction of the Majority Lenders)
designate as Servicer any Person (including itself) to succeed BrightView or any successor Servicer, on the condition in each case
that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof.

 

(b)           
Upon the designation of a successor Servicer as set forth in clause (a) above, BrightView agrees that it will terminate
its activities as Servicer hereunder in a manner that the Administrative Agent reasonably determines will facilitate the transition
of the performance of such activities to the new Servicer, and BrightView shall cooperate with and assist such new Servicer. Such
cooperation shall include access to and transfer of records (including all Contracts) related to Pool Receivables and use by the
new Servicer of all licenses (or the obtaining of new licenses), hardware or software necessary or reasonably desirable to collect
the Pool Receivables and the Related Security.

 

(c)           
BrightView acknowledges that, in making its decision to execute and deliver this Agreement, the Administrative Agent and each Lender
have relied on BrightView’s agreement to act as Servicer hereunder. Accordingly, BrightView agrees that it will not voluntarily
resign as Servicer without the prior written consent of the Administrative Agent and the Majority Lenders.

 

(d)           
The Servicer may delegate its duties and obligations hereunder to any subservicer (each a “Sub-Servicer”); provided,
that, in each such delegation: (i) such Sub-Servicer shall agree in writing to perform the delegated duties and obligations of
the Servicer pursuant to the terms hereof, (ii) the Servicer shall remain liable for the performance of the duties and obligations
so delegated, (iii) the Borrower, the Administrative Agent and each Lender shall have the right to look solely to the Servicer
for performance, (iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrative Agent may terminate
such agreement upon the termination of the Servicer hereunder by giving notice of its desire to terminate such agreement to the
Servicer (and the Servicer shall provide appropriate notice to each such Sub-Servicer) and (v) if such Sub-Servicer is not an Affiliate
of the Parent, the Administrative Agent and the Majority Lenders shall have consented in writing in advance to such delegation.

 

 

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SECTION
9.02. Duties of the Servicer.

 

(a)           
The Servicer shall take or cause to be taken all such action as may be necessary to service, administer and collect each Pool Receivable
from time to time, all in accordance with this Agreement and all Applicable Laws, with reasonable care and diligence, and in accordance
with the Credit and Collection Policy and consistent with the past practices of the Originators. The Servicer shall set aside,
for the accounts of each Secured Party, the amount of Collections to which each such Secured Party is entitled in accordance with
Article IV hereof. The Servicer may, in accordance with the Credit and Collection Policy and consistent with past practices
of the Originators, take such action, including modifications, waivers or restructurings of Pool Receivables and related Contracts,
as the Servicer may reasonably determine to be appropriate to maximize Collections thereof or reflect adjustments expressly permitted
under the Credit and Collection Policy or as expressly required under Applicable Laws or the applicable Contract; provided,
that for purposes of this Agreement: (i) such action shall not, and shall not be deemed to, change the number of days such Pool
Receivable has remained unpaid from the date of the original due date related to such Pool Receivable, (ii) such action shall not
alter the status of such Pool Receivable as a Delinquent Receivable or a Defaulted Receivable or limit the rights of any Secured
Party under this Agreement or any other Transaction Document and (iii) if an Event of Default has occurred and is continuing, the
Servicer may take such action only upon the prior written consent of the Administrative Agent. The Borrower shall deliver to the
Servicer and the Servicer shall hold for the benefit of the Administrative Agent (individually and for the benefit of each Secured
Party), in accordance with their respective interests, all records and documents (including computer tapes or disks) with respect
to each Pool Receivable.

 

(b)           
The Servicer shall, as soon as practicable following actual receipt of collected funds, turn over to the Borrower the collections
of any indebtedness that is not a Pool Receivable, less, if BrightView or an Affiliate thereof is not the Servicer, all reasonable
and appropriate out-of-pocket costs and expenses of such Servicer of servicing, collecting and administering such collections.
The Servicer, if other than BrightView or an Affiliate thereof, shall, as soon as practicable upon demand, deliver to the Borrower
all records in its possession that evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records
in its possession that evidence or relate to any indebtedness that is a Pool Receivable.

 

(c)           
The Servicer’s obligations hereunder shall terminate on the Final Payout Date. Promptly following the Final Payout Date,
the Servicer shall deliver to the Borrower all books, records and related materials that the Borrower previously provided to the
Servicer, or that have been obtained by the Servicer, in connection with this Agreement.

 

SECTION
9.03. Collection Account Arrangements. Prior to the Closing Date, the Borrower shall have entered into Account Control Agreements
with all of the Collection Account Banks and delivered executed counterparts of each to the Administrative Agent. Upon the occurrence
and during the continuance of an Unmatured Event of Default or an Event of Default, the Administrative Agent may (with the consent
of the Majority Lenders) and shall (upon the direction of the Majority Lenders) at any time thereafter give notice to each Collection
Account Bank that the Administrative Agent is exercising its rights under the Account Control Agreements to do any or all of the
following: (a) to have the exclusive dominion and control of the Collection Accounts transferred to the Administrative Agent (for
the benefit of the Secured Parties) and to exercise exclusive dominion and control over the funds deposited therein (for the benefit
of the Secured Parties), (b) to have the proceeds that are sent to the respective Collection Accounts redirected pursuant to the
Administrative Agent’s instructions rather than deposited in the applicable Collection Account and (c) to take any or all
other actions permitted under the applicable Account Control Agreement. The Borrower hereby agrees that if the Administrative Agent
at any time takes any action set forth in the preceding sentence, the Administrative Agent shall have exclusive control (for the
benefit of the Secured Parties) of the proceeds (including Collections) of all Pool Receivables and the Borrower hereby further
agrees to take any other action that the Administrative Agent may reasonably request to transfer such control. Any proceeds of
Pool Receivables received by the Borrower or the Servicer thereafter shall be sent immediately to, or as otherwise instructed by,
the Administrative Agent.

 

 

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SECTION
9.04. Enforcement Rights.

 

(a)         
At any time following the occurrence and during the continuation of an Event of Default:

 

(i)           
the Administrative Agent (at the Borrower’s expense) may direct the Obligors that payment of all amounts payable under any
Pool Receivable is to be made directly to the Administrative Agent or its designee;

 

(ii)          
the Administrative Agent may instruct the Borrower or the Servicer to give notice of the Secured Parties’ interest in Pool
Receivables to each Obligor, which notice shall direct that payments be made directly to the Administrative Agent or its designee
(on behalf of the Secured Parties), and the Borrower or the Servicer, as the case may be, shall give such notice at the expense
of the Borrower or the Servicer, as the case may be; provided, that if the Borrower or the Servicer, as the case may be,
fails to so notify each Obligor within two (2) Business Days following instruction by the Administrative Agent, the Administrative
Agent (at the Borrower’s or the Servicer’s, as the case may be, expense) may so notify the Obligors;

 

(iii)         
the Administrative Agent may request the Servicer to, and upon such request the Servicer shall: (A) assemble all of the records
necessary to collect the Pool Receivables and the Related Security, and transfer or license to a successor Servicer the use of
all software necessary to collect the Pool Receivables and the Related Security, and make the same available to the Administrative
Agent or its designee (for the benefit of the Secured Parties) at a place selected by the Administrative Agent and (B) segregate
all cash, checks and other instruments received by it from time to time constituting Collections in a manner reasonably acceptable
to the Administrative Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or with duly
executed instruments of transfer, to the Administrative Agent or its designee;

 

(iv)         
the Administrative Agent may notify the Collection Account Banks that the Borrower and the Servicer will no longer have any access
to the Collection Accounts;

 

(v)          
the Administrative Agent may (or, at the direction of the Majority Lenders shall) replace the Person then acting as Servicer; and

 

 

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(vi)         
the Administrative Agent may collect any amounts due from an Originator under the Purchase and Sale Agreement or the Performance
Guarantor under the Performance Guaranty.

 

For
the avoidance of doubt, the foregoing rights and remedies of the Administrative Agent upon an Event of Default are in addition
to and not exclusive of the rights and remedies contained herein and under the other Transaction Documents.

 

(b)         
The Borrower hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative
Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Borrower, which
appointment is coupled with an interest, to take any and all steps in the name of the Borrower and on behalf of the Borrower necessary
or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of
an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the
name of the Borrower on checks and other instruments representing Collections and enforcing such Collateral. Notwithstanding anything
to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding
sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid,
nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

(c)         
The Servicer hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative
Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Servicer, which
appointment is coupled with an interest, to take any and all steps in the name of the Servicer and on behalf of the Servicer necessary
or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during the continuation of
an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral, including endorsing the
name of the Servicer on checks and other instruments representing Collections and enforcing such Collateral. Notwithstanding anything
to the contrary contained in this subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding
sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove to be inadequate or invalid,
nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

SECTION
9.05. Responsibilities of the Borrower.

 

(a)         
Anything herein to the contrary notwithstanding, the Borrower shall: pay when due any taxes, including any sales taxes payable
in connection with the Pool Receivables and their creation and satisfaction. None of the Credit Parties shall have any obligation
or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Borrower,
the Servicer or any Originator thereunder.

 

(b)        
BrightView hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder, it shall act (if the then-current
Servicer so requests) as the data-processing agent of the Servicer and, in such capacity, BrightView shall conduct the data-processing
functions of the administration of the Receivables and the Collections thereon in substantially the same way that BrightView conducted
such data-processing functions while it acted as the Servicer. In connection with any such processing functions, the Borrower shall
pay to BrightView its reasonable out-of-pocket costs and expenses from the Borrower’s own funds (subject to the priority
of payments set forth in Section 4.01).

 

 

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SECTION
9.06. Servicing Fee.

 

(a)           
Subject to clause (b) below, the Borrower shall pay the Servicer a fee (the “Servicing Fee”) equal to
1.00% per annum (the “Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool Receivables.
Accrued Servicing Fees shall be payable from Collections to the extent of available funds in accordance with Section 4.01.

 

(b)           
If the Servicer ceases to be BrightView or an Affiliate thereof, the Servicing Fee shall be the greater of: (i) the amount calculated
pursuant to clause (a) above and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of the
aggregate reasonable costs and expenses incurred by such successor Servicer in connection with the performance of its obligations
as Servicer hereunder.

 

ARTICLE
X

EVENTS OF DEFAULT

 

SECTION
10.01. Events of Default. If any of the following events (each an “Event of Default”) shall occur:

 

(a)           
(i) the Borrower, any Originator, the Performance Guarantor or the Servicer shall fail to perform or observe any term, covenant
or agreement under this Agreement or any other Transaction Document (other than any such failure which would constitute an Event
of Default under clause (ii) or (iii) of this paragraph (a)), and such failure, solely to the extent capable
of cure, shall continue for five (5) Business Days, (ii) the Borrower, any Originator, the Performance Guarantor or the Servicer
shall fail to make when due any payment (including reimbursement with respect to amounts drawn under Letters of Credit) or deposit
to be made by it under this Agreement or any other Transaction Document and such failure shall continue unremedied for two (2)
Business Days or (iii) BrightView shall resign as Servicer, and no successor Servicer reasonably satisfactory to the Administrative
Agent shall have been appointed;

 

(b)           
any representation or warranty made or deemed made by the Borrower, any Originator, the Performance Guarantor or the Servicer (or
any of their respective officers) under or in connection with this Agreement or any other Transaction Document or any information
or report delivered by the Borrower, any Originator, the Performance Guarantor or the Servicer pursuant to this Agreement or any
other Transaction Document, shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered;

 

(c)           
the Borrower or the Servicer shall fail to deliver a Monthly Report or Interim Report pursuant to this Agreement, and such failure
shall remain unremedied for two (2) Business Days;

 

 

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(d)           
this Agreement or any security interest granted pursuant to this Agreement or any other Transaction Document shall for any reason
cease to create, or for any reason cease to be, a valid and enforceable first priority perfected security interest in favor of
the Administrative Agent with respect to the Collateral, free and clear of any Adverse Claim;

 

(e)           
the Borrower, any Originator, the Performance Guarantor or the Servicer 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 any Insolvency Proceeding shall be instituted by or against the Borrower, any Originator, the Performance Guarantor
or the Servicer and, in the case of any such proceeding instituted against any Originator, the Performance Guarantor or the Servicer
(but not instituted by such Person), either such proceeding is not controverted within thirty (30) days after commencement of such
proceeding or shall remain undismissed or unstayed for a period of sixty (60) consecutive days, or any of the actions sought in
such proceeding (including 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 Borrower, any Originator, the Performance
Guarantor or the Servicer shall take any corporate or organizational action to authorize any of the actions set forth above in
this paragraph;

 

(f)            
(i) the average for three consecutive Fiscal Months of: (A) the Default Ratio shall exceed 4.0%, (B) the Delinquency Ratio shall
exceed 13.0% or (C) the Dilution Ratio shall exceed 6.258.00%
or (ii) the Days’ Sales Outstanding shall exceed 60 days;

 

(g)           
a Change in Control shall occur;

 

(h)           
a Borrowing Base Deficit shall occur, and shall not have been cured within two (2) Business Days;

 

(i)            
(i) the Borrower shall fail to pay any principal of or premium or interest on any of its Debt when the same becomes due and payable
(whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after
the applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument relating to such Debt (whether
or not such failure shall have been waived under the related agreement); (ii) any Originator, the Performance Guarantor or the
Servicer, or any of their respective Subsidiaries, individually or in the aggregate, shall fail to pay any principal of or premium
or interest on (x) any Debt under the Credit Agreement or (y) any of its other Debt that is outstanding in a principal amount of
at least the greater of (I) $45,000,000 and (II) 15% of the Consolidated EBITDA of Holdings for the most recently ended Test Period
(calculated on a Pro Forma Basis), in the aggregate when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified
in the Credit Agreement or such agreement, mortgage, indenture or instrument relating to such Debt (whether or not such failure
shall have been waived under the related agreement); (iii) any other event shall occur or condition shall exist under the Credit
Agreement or any other agreement, mortgage, indenture or instrument relating to any such Debt (as referred to in clause (i)
or (ii) of this paragraph and shall continue after the applicable grace period (not to exceed 30 days), if any, specified
in the Credit Agreement or such other agreement, mortgage, indenture or instrument (whether or not such failure shall have been
waived under the related agreement), if the effect of such event or condition is to give the applicable debtholders the right (whether
acted upon or not) to accelerate the maturity of such Debt (as referred to in clause (i) or (ii) of this paragraph)
or to terminate the commitment of any lender thereunder, or (iv) any such Debt (as referred to in clause (i) or (ii)
of this paragraph) shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required
prepayment), redeemed, purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to
be made or the commitment of any lender thereunder terminated, in each case before the stated maturity thereof;

 

 

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(j)            
any “Event of Default” (as defined in the Credit Agreement) shall occur under the Credit Agreement (for the avoidance
of doubt, this clause (j) shall not be construed to limit the preceding clause (i));

 

(k)           
the Performance Guarantor shall fail to perform any of its obligations under the Performance Guaranty and such failure shall continue
unremedied for two (2) Business Days;

 

(l)            
the Borrower shall fail (x) at any time (other than for ten (10) Business Days following notice of the death or resignation of
any Independent Director) to have an Independent Director who satisfies each requirement and qualification specified in Section
8.03(c) of this Agreement for Independent Directors, on the Borrower’s board of directors or (y) to timely notify the
Administrative Agent of any replacement or appointment of any director that is to serve as an Independent Director on the Borrower’s
board of directors as required pursuant to Section 8.03(c) of this Agreement;

 

(m)          
[reserved];

 

(n)           
either (i) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets
of the Borrower, any Originator or the Parent or (ii) the PBGC shall, or shall indicate its intention to, file notice of a lien
pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower, the Servicer, any Originator or the Parent;

 

(o)           
(i) the occurrence of a Reportable Event; (ii) the adoption of an amendment to a Pension Plan that would require the provision
of security pursuant to Section 401(a)(29) of the Code; (iii) the existence with respect to any Multiemployer Plan of an “accumulated
funding deficiency” (as defined in Section 431 of the Code or Section 304 of ERISA), whether or not waived; (iv) the failure
to satisfy the minimum funding standard under Section 412 of the Code with respect to any Pension Plan (v) the incurrence of any
liability under Title IV of ERISA with respect to the termination of any Pension Plan or the withdrawal or partial withdrawal of
any of the Borrower, any Originator, the Servicer, the Parent or any of their respective ERISA Affiliates from any Multiemployer
Plan; (vi) the receipt by any of the Borrower, any Originator, the Servicer, the Parent or any of their respective ERISA Affiliates
from the PBGC or any plan administrator of any notice relating to the intention to terminate any Pension Plan or Multiemployer
Plan or to appoint a trustee to administer any Pension Plan or Multiemployer Plan; (vii) the receipt by the Borrower, any Originator,
the Servicer, the Parent or any of their respective ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability
or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA; (viii)
the occurrence of a prohibited transaction with respect to any of the Borrower, any Originator, the Servicer, the Parent or any
of their respective ERISA Affiliates (pursuant to Section 4975 of the Code); (ix) the occurrence or existence of any other similar
event or condition with respect to a Pension Plan or a Multiemployer Plan, with respect to each of clause (i) through (ix),
either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or a Borrower Material
Adverse Effect;

 

 

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(p)           
a Material Adverse Effect shall occur and remain unremedied for ten (10) Business Days or a Borrower Material Adverse Effect shall
occur;

 

(q)           
a Purchase and Sale Termination Event shall occur under the Purchase and Sale Agreement;

 

(r)            
the Borrower shall (x) be required to register as an “investment company” within the meaning of the Investment Company
Act or (y) become a “covered fund” within the meaning of the Volcker Rule;

 

(s)           
any material provision of this Agreement or any other Transaction Document shall cease to be in full force and effect or any of
the Borrower, any Originator, the Performance Guarantor or the Servicer (or any of their respective Affiliates) shall so state
in writing;

 

(t)            
one or more judgments or decrees shall be entered against the Borrower, any Originator, the Performance Guarantor or the Servicer,
or any Affiliate of any of the foregoing involving in the aggregate a liability (not paid or to the extent not covered by a reputable
and solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated,
discharged or stayed or bonded pending appeal for any period of thirty (30) consecutive days, and the aggregate amount of all such
judgments equals or exceeds the greater of (I) $45,000,000 and (II) 15% of the Consolidated EBITDA of Holdings for the most recently
ended Test Period (calculated on a Pro Forma Basis) (or solely with respect to the Borrower, $15,325); or

 

(u)           
a Financial Covenant Event shall occur; then, and in any such event, the Administrative Agent may (or, at the direction of the
Majority Lenders shall) by notice to the Borrower (x) declare the Termination Date to have occurred (in which case the Termination
Date shall be deemed to have occurred), (y) declare the Final Maturity Date to have occurred (in which case the Final Maturity
Date shall be deemed to have occurred) and (z) declare the Aggregate Capital and all other Borrower Obligations to be immediately
due and payable (in which case the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable);
provided that, automatically upon the occurrence of any event (without any requirement for the giving of notice) described
in subsection (e) of this Section 10.01 with respect to the Borrower, the Termination Date shall occur and the Aggregate
Capital and all other Borrower Obligations shall be immediately due and payable. Upon any such declaration or designation or upon
such automatic termination, the Administrative Agent and the other Secured Parties shall have, in addition to the rights and remedies
which they may have under this Agreement and the other Transaction Documents, all other rights and remedies provided after default
under the UCC and under other Applicable Law, which rights and remedies shall be cumulative. Any proceeds from liquidation of the
Collateral shall be applied in the order of priority set forth in Section 4.01.

 

 

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ARTICLE
XI

THE ADMINISTRATIVE AGENT

 

SECTION
11.01. Authorization and Action. Each Credit Party hereby appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent by
the terms hereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties
other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into
any Transaction Document, or otherwise exist, against the Administrative Agent. The Administrative Agent does not assume, nor shall
it be deemed to have assumed, any obligation to, or relationship of trust or agency with, the Borrower or any Affiliate thereof
or any Credit Party except for any obligations expressly set forth herein. Notwithstanding any provision of this Agreement or any
other Transaction Document, in no event shall the Administrative Agent ever be required to take any action which exposes the Administrative
Agent to personal liability or which is contrary to any provision of any Transaction Document or Applicable Law.

 

SECTION
11.02. Administrative Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers,
agents or employees shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or
in connection with this Agreement (including, without limitation, the Administrative Agent’s servicing, administering or
collecting Pool Receivables in the event it replaces the Servicer in such capacity pursuant to Section 9.01), in the absence
of its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Administrative
Agent: (a) may consult with legal counsel (including counsel for any Credit Party or the Servicer), independent certified public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith
by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Credit
Party (whether written or oral) and shall not be responsible to any Credit Party for any statements, warranties or representations
(whether written or oral) made by any other party in or in connection with this Agreement; (c) shall not have any duty to ascertain
or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of
any Credit Party or to inspect the property (including the books and records) of any Credit Party; (d) shall not be responsible
to any Credit Party for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement
or any other instrument or document furnished pursuant hereto; and (e) shall be entitled to rely, and shall be fully protected
in so relying, upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may
be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.

 

SECTION
11.03. Administrative Agent and Affiliates. With respect to any Credit Extension or interests therein owned by any Credit
Party that is also the Administrative Agent, such Credit Party shall have the same rights and powers under this Agreement as any
other Credit Party and may exercise the same as though it were not the Administrative Agent. The Administrative Agent and any of
its Affiliates may generally engage in any kind of business with the Borrower or any Affiliate thereof and any Person who may do
business with or own securities of the Borrower or any Affiliate thereof, all as if the Administrative Agent were not the Administrative
Agent hereunder and without any duty to account therefor to any other Secured Party.

 

 

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SECTION
11.04. Indemnification of Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent
not reimbursed by the Borrower or any Affiliate thereof), ratably according to the respective Percentage of such Lender, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way
relating to or arising out of this Agreement or any other Transaction Document or any action taken or omitted by the Administrative
Agent under this Agreement or any other Transaction Document; provided that no Lender shall be liable for any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from the Administrative Agent’s gross negligence or willful misconduct.

 

SECTION
11.05. Delegation of Duties. The Administrative Agent may execute any of its duties through agents or attorneys-in-fact
and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not
be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

 

SECTION
11.06. Action or Inaction by Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing
or refusing to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Lenders
and assurance of its indemnification by the Lenders, as it deems appropriate. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a
request or at the direction of the Lenders and such request or direction and any action taken or failure to act pursuant thereto
shall be binding upon all Credit Parties. The Credit Parties and the Administrative Agent agree that unless any action to be taken
by the Administrative Agent under a Transaction Document (i) specifically requires the advice or concurrence of all Lenders or
(ii) may be taken by the Administrative Agent alone or without any advice or concurrence of any Lender, then the Administrative
Agent may take action based upon the advice or concurrence of the Majority Lenders.

 

SECTION
11.07. Notice of Events of Default; Action by Administrative Agent. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of any Unmatured Event of Default or Event of Default unless the Administrative Agent has
received notice from any Credit Party or the Borrower stating that an Unmatured Event of Default or Event of Default has occurred
hereunder and describing such Unmatured Event of Default or Event of Default. If the Administrative Agent receives such a notice,
it shall promptly give notice thereof to each Lender, whereupon each Lender shall promptly give notice thereof to its respective
LC Participant(s). The Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
concerning an Unmatured Event of Default or Event of Default or any other matter hereunder as the Administrative Agent deems advisable
and in the best interests of the Secured Parties.

 

 

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SECTION
11.08. Non-Reliance on Administrative Agent and Other Parties. Each Credit Party expressly acknowledges that neither the
Administrative Agent nor any of its directors, officers, agents or employees has made any representations or warranties to it and
that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower or any Affiliate thereof,
shall be deemed to constitute any representation or warranty by the Administrative Agent. Each Credit Party represents and warrants
to the Administrative Agent that, independently and without reliance upon the Administrative Agent or any other Credit Party and
based on such documents and information as it has deemed appropriate, it has made and will continue to make its own appraisal of
and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the
Borrower, each Originator, the Performance Guarantor or the Servicer and the Pool Receivables and its own decision to enter into
this Agreement and to take, or omit, action under any Transaction Document. Except for items expressly required to be delivered
under any Transaction Document by the Administrative Agent to any Credit Party, the Administrative Agent shall not have any duty
or responsibility to provide any Credit Party with any information concerning the Borrower, any Originator, the Performance Guarantor
or the Servicer that comes into the possession of the Administrative Agent or any of its directors, officers, agents, employees,
attorneys-in-fact or Affiliates.

 

SECTION
11.09. Successor Administrative Agent.

 

(a)           
The Administrative Agent may, upon at least thirty (30) days’ notice to the Borrower, the Servicer and each Lender, resign
as Administrative Agent. Except as provided below, such resignation shall not become effective until a successor Administrative
Agent is appointed by the Majority Lenders as a successor Administrative Agent and has accepted such appointment. If no successor
Administrative Agent shall have been so appointed by the Majority Lenders, within thirty (30) days after the departing Administrative
Agent’s giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, appoint
a successor Administrative Agent as successor Administrative Agent. If no successor Administrative Agent shall have been so appointed
by the Majority Lenders within sixty (60) days after the departing Administrative Agent’s giving of notice of resignation,
the departing Administrative Agent may, on behalf of the Secured Parties, petition a court of competent jurisdiction to appoint
a successor Administrative Agent.

 

(b)           
Upon such acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative
Agent shall succeed to and become vested with all the rights and duties of the resigning Administrative Agent, and the resigning
Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents. After any resigning Administrative
Agent’s resignation hereunder, the provisions of this Article XI and Article XII shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Administrative Agent.

 

SECTION
11.10. Structuring Agent. Each of the parties hereto hereby acknowledges and agrees that the Structuring Agent shall not
have any right, power, obligation, liability, responsibility or duty under this Agreement, other than the Structuring Agent’s
right to receive fees pursuant to Section 2.03. Each Credit Party acknowledges that it has not relied, and will not rely,
on the Structuring Agent in deciding to enter into this Agreement and to take, or omit to take, any action under any Transaction
Document.

 

 

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ARTICLE
XII

INDEMNIFICATION

 

SECTION
12.01. Indemnities by the Borrower.

 

(a)         
Without limiting any other rights that the Administrative Agent, the Credit Parties, the Affected Persons and their respective
assigns, officers, directors, agents and employees (each, a “Borrower Indemnified Party”) may have hereunder
or under Applicable Law, the Borrower hereby agrees to indemnify each Borrower Indemnified Party from and against any and all claims,
losses and liabilities (including Attorney Costs) (all of the foregoing being collectively referred to as “Borrower Indemnified
Amounts”) arising out of or resulting from this Agreement or any other Transaction Document or the use of proceeds of
the Credit Extensions or the security interest in respect of any Pool Receivable or any other Collateral; excluding, however,
(a) any portion of Borrower Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction
holds that such portion of such Borrower Indemnified Amounts resulted from the bad faith, gross negligence or willful misconduct
by the Borrower Indemnified Party seeking indemnification and (b) Taxes other than as described in clause (xiv) below or
Taxes that represent losses, claims or damages arising from any non-Tax claim. Without limiting or being limited by the foregoing,
the Borrower shall pay on demand (it being understood that if any portion of such payment obligation is made from Collections,
such payment will be made at the time and in the order of priority set forth in Section 4.01), to each Borrower Indemnified
Party any and all amounts necessary to indemnify such Borrower Indemnified Party from and against any and all Borrower Indemnified
Amounts relating to or resulting from any of the following (but excluding Borrower Indemnified Amounts and Taxes described in clause
(b) above):

 

(i)           
any Pool Receivable which the Borrower or the Servicer includes as an Eligible Receivable as part of the Net Receivables Pool Balance
but which is not an Eligible Receivable at such time;

 

(ii)          
any representation, warranty or statement made or deemed made by the Borrower (or any of its respective officers) under or in connection
with this Agreement, any of the other Transaction Documents, any Monthly Report, any Interim Report or any other information or
report delivered by or on behalf of the Borrower pursuant hereto which shall have been untrue or incorrect when made or deemed
made;

 

(iii)         
the failure by the Borrower to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the
failure of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iv)         
the failure to vest in the Administrative Agent a first priority perfected security interest in all or any portion of the Collateral,
in each case free and clear of any Lien;

 

(v)          
the failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements
or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to
any Pool Receivable and the other Collateral and Collections in respect thereof, whether at the time of any Credit Extension or
at any subsequent time;

 

 

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(vi)         
any dispute, claim or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Pool Receivable (including,
without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from or relating to collection
activities with respect to such Pool Receivable;

 

(vii)        
any failure of the Borrower to perform any of its duties or obligations in accordance with the provisions hereof and of each other
Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard
to each Pool Receivable;

 

(viii)       
any products liability, environmental or other claim arising out of or in connection with any Pool Receivable or other merchandise,
goods or services which are the subject of or related to any Pool Receivable;

 

(ix)          
the commingling of Collections of Pool Receivables at any time with other funds;

 

(x)           
any investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document
or the use of proceeds of any Credit Extensions or in respect of any Pool Receivable or other Collateral or any related Contract;

 

(xi)          
any failure of the Borrower to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction
Document;

 

(xii)         
any setoff with respect to any Pool Receivable;

 

(xiii)       
any claim brought by any Person other than a Borrower Indemnified Party arising from any activity by the Borrower or any Affiliate
of the Borrower in servicing, administering or collecting any Pool Receivable;

 

(xiv)       
the failure by the Borrower to pay when due any taxes, including, without limitation, sales, excise or personal property taxes;

 

(xv)         
any failure of a Collection Account Bank to comply with the terms of the applicable Account Control Agreement, the termination
by a Collection Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by
the Administrative Agent to a Collection Account Bank under any Account Control Agreement;

 

(xvi)        
[reserved];

 

 

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(xvii)      
any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any
Pool Receivable (including, without limitation, a defense based on such Pool Receivable or the related Contract not being a legal,
valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim in each case
resulting from the sale of goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish
any such goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed
indebtedness;

 

(xviii)     
any action taken by the Administrative Agent as attorney-in-fact for the Borrower, any Originator or the Servicer pursuant to this
Agreement or any other Transaction Document;

 

(xix)        
the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness;

 

(xx)         
the use of proceeds of any Credit Extension or the usage of any Letter of Credit; or

 

(xxi)        
any reduction in Capital as a result of the distribution of Collections if all or a portion of such distributions shall thereafter
be rescinded or otherwise must be returned for any reason.

 

(b)        
Notwithstanding anything to the contrary in this Agreement, solely for purposes of the Borrower’s indemnification obligations
in clauses (ii), (iii), (vii) and (xi) of this Article XII, any representation, warranty or
covenant qualified by the occurrence or non-occurrence of a material adverse effect or similar concepts of materiality shall be
deemed to be not so qualified.

 

(c)         
If for any reason the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 12.01(a))
to any Borrower Indemnified Party or insufficient to hold it harmless, then the Borrower shall contribute to such Borrower Indemnified
Party the amount paid or payable by such Borrower Indemnified Party as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect the relative economic interests of the Borrower and its Affiliates on the one hand and
such Borrower Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of
the Borrower and its Affiliates and such Borrower Indemnified Party with respect to such loss, claim, damage or liability and any
other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Borrower under this Section
shall be in addition to (but without duplication of) any liability which the Borrower may otherwise have, shall extend upon the
same terms and conditions to each Borrower Indemnified Party, and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Borrower and the Borrower Indemnified Parties.

 

(d)         
Any indemnification or contribution under this Section shall survive the termination of this Agreement.

 

 

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SECTION
12.02. Indemnification by the Servicer.

 

(a)         
The Servicer hereby agrees to indemnify and hold harmless the Borrower, the Administrative Agent, the Credit Parties, the Affected
Persons and their respective assigns, officers, directors, agents and employees (each, a “Servicer Indemnified Party”),
from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts, omissions or alleged
acts or omissions arising out of activities of the Servicer pursuant to this Agreement or any other Transaction Document, including
any judgment, award, settlement, Attorney Costs and other costs or expenses incurred in connection with the defense of any actual
or threatened action, proceeding or claim (all of the foregoing being collectively referred to as, “Servicer Indemnified
Amounts”); excluding (i) any portion of Servicer Indemnified Amounts to the extent a final non-appealable judgment of
a court of competent jurisdiction holds that such portion of such Servicer Indemnified Amounts resulted from the bad faith, gross
negligence or willful misconduct by the Servicer Indemnified Party seeking indemnification, (ii) Taxes other than Taxes that represent
losses, claims or damages arising from any non-Tax claim and (iii) Servicer Indemnified Amounts to the extent the same includes
losses in respect of Pool Receivables that are uncollectible solely on account of the insolvency, bankruptcy, lack of creditworthiness
or other financial inability to pay of the related Obligor. Without limiting or being limited by the foregoing, the Servicer shall
pay on demand, to each Servicer Indemnified Party any and all amounts necessary to indemnify such Servicer Indemnified Party from
and against any and all Servicer Indemnified Amounts relating to or resulting from any of the following (but excluding Servicer
Indemnified Amounts described in clauses (i), (ii) and (iii) above):

 

(i)           
any representation, warranty or statement made or deemed made by the Servicer (or any of its respective officers) under or in connection
with this Agreement, any of the other Transaction Documents, any Monthly Report, any Interim Report or any other written information
or written report delivered by or on behalf of the Servicer pursuant hereto which shall have been untrue or incorrect when made
or deemed made;

 

(ii)          
the failure by the Servicer to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the
failure of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iii)         
the commingling of Collections of Pool Receivables at any time with other funds;

 

(iv)         
any failure of a Collection Account Bank to comply with the terms of the applicable Account Control Agreement, the termination
by a Collection Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by
the Administrative Agent to a Collection Account Bank under any Account Control Agreement;

 

(v)          
[reserved];

 

(vi)         
the failure or delay to provide any Obligor with an invoice or other evidence of indebtedness; or

 

 

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(vii)        
any failure of the Servicer to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction
Document.

 

(b)         
If for any reason the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 12.02(a))
to any Servicer Indemnified Party or insufficient to hold it harmless, then the Servicer shall contribute to the amount paid or
payable by such Servicer Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate
to reflect the relative economic interests of the Servicer and its Affiliates on the one hand and such Servicer Indemnified Party
on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Servicer and its Affiliates
and such Servicer Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.
The reimbursement, indemnity and contribution obligations of the Servicer under this Section shall be in addition to (but without
duplication of) any liability which the Servicer may otherwise have, shall extend upon the same terms and conditions to Servicer
Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives
of the Servicer and the Servicer Indemnified Parties.

 

(c)         
Any indemnification or contribution under this Section shall survive the termination of this Agreement.

 

ARTICLE
XIII

MISCELLANEOUS

 

SECTION
13.01. Amendments, Etc.

 

(a)         
No failure on the part of any Credit Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. No amendment or waiver of any provision of this Agreement or consent to any departure by any of the
Borrower or any Affiliate thereof shall be effective unless in a writing signed by the Administrative Agent and the Majority Lenders
(and, in the case of any amendment, also signed by the Borrower), and then such amendment, waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided, however, that (A) no amendment,
waiver or consent shall, unless in writing and signed by the Servicer, affect the rights or duties of the Servicer under this Agreement;
(B) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent and each Lender:

 

(i)            change
(directly or indirectly) the definitions of, Borrowing Base Deficit, Defaulted Receivable, Delinquent Receivable, Eligible Receivable,
Facility Limit, Final Maturity Date, Net Receivables Pool Balance or Total Reserves contained in this Agreement, or increase the
then existing Concentration Percentage for any Obligor or change the calculation of the Borrowing Base;

 

(ii)          
reduce the amount of Capital or Interest that is payable on account of any Loan or with respect to any other Credit Extension or
delay any scheduled date for payment thereof;

 

 

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(iii)         
change any Event of Default;

 

(iv)         
release all or a material portion of the Collateral from the Administrative Agent’s security interest created hereunder;

 

(v)          
release the Performance Guarantor from any of its obligations under the Performance Guaranty or terminate the Performance Guaranty;

 

(vi)         
change any of the provisions of this Section 13.01 or the definition of “Majority Lenders”; or

 

(vii)        
change the order of priority in which Collections are applied pursuant to Section 4.01.

 

Notwithstanding
the foregoing, (A) no amendment, waiver or consent shall increase any Lender’s or LC Participant’s Commitment hereunder
without the consent of such Lender or LC Participant, as applicable and (B) no amendment, waiver or consent shall reduce any Fees
payable by the Borrower to any Lender or delay the dates on which any such Fees are payable, in either case, without the consent
of such Lender and (C) no consent with respect to any amendment, waiver or other modification of this Agreement shall be required
of any Defaulting Lender, except in accordance with the terms set forth in Section 2.06(b). For the avoidance of doubt and
notwithstanding the foregoing, the definition of “Financial Covenant Event” and Section 10.01(u) may be modified
by the Administrative Agent from time to time in accordance with the terms set forth in the definition of “Financial Covenant
Event”.

 

SECTION
13.02. Notices, Etc. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing
(which shall include facsimile communication) and faxed or delivered, to each party hereto, at its address set forth under its
name on Schedule III hereto or at such other address as shall be designated by such party in a written notice to the other
parties hereto. Notices and communications by facsimile shall be effective when sent (and shall be followed by hard copy sent by
regular mail), and notices and communications sent by other means shall be effective when received.

 

SECTION
13.03. Assignability; Addition of Lenders.

 

(a)         
Assignment by Lenders. Each Lender may assign to any Eligible Assignee all or a portion of its rights and obligations under
this Agreement (including, without limitation, all or a portion of its Commitment and any Loan or interests therein owned by it);
provided, however that

 

(i)           
except for an assignment by a Lender to either an Affiliate of such Lender or any other Lender, each such assignment shall require
the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed); provided,
however, that such consent shall not be required if an Event of Default or an Unmatured Event of Default has occurred and
is continuing;

 

(ii)         
each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement;

 

 

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(iii)         
the amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance Agreement
with respect to such assignment) shall in no event be less than the lesser of (x) $5,000,000 and (y) all of the assigning Lender’s
Commitment; and

 

(iv)         
the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in
the Register, an Assignment and Acceptance Agreement.

 

Upon
such execution, delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance
Agreement, (x) the assignee thereunder shall be a party to this Agreement, and to the extent that rights and obligations under
this Agreement have been assigned to it pursuant to such Assignment and Acceptance Agreement, have the rights and obligations of
a Lender hereunder and (y) the assigning Lender shall, to the extent that rights and obligations have been assigned by it pursuant
to such Assignment and Acceptance Agreement, relinquish such rights and be released from such obligations under this Agreement
(and, in the case of an Assignment and Acceptance Agreement covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

 

(b)          
Register. The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at its address
referred to on Schedule III of this Agreement (or such other address of the Administrative Agent notified by the Administrative
Agent to the other parties hereto) a copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register
for the recordation of the names and addresses of the Lenders, the Commitment of each Lender and the aggregate outstanding Capital
(and stated interest) of the Loans of each Lender from time to time (the “Register”). The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent,
the Lenders, and the other Credit Parties may treat each Person whose name is recorded in the Register as a Lender under this Agreement
for all purposes of this Agreement. The Register shall be available for inspection by the Borrower, the Servicer, the LC Bank and
any Lender at any reasonable time and from time to time upon reasonable prior notice.

 

(c)          
Procedure. Upon its receipt of an Assignment and Acceptance Agreement executed and delivered by an assigning Lender and
an Eligible Assignee or assignee Lender, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been duly
completed, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and
(iii) give prompt notice thereof to the Borrower and the Servicer.

 

(d)          
Participations. Each Lender may sell participations to one or more Eligible Assignees (each, a “Participant”)
in or to all or a portion of its rights and/or obligations under this Agreement (including, without limitation, all or a portion
of its Commitment and the interests in the Loans owned by it); provided, however, that

 

(i)           
such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrower hereunder)
shall remain unchanged, and

 

 

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(ii)          
such Lender shall remain solely responsible to the other parties to this Agreement for the performance of such obligations.

 

The
Administrative Agent, the Lenders, the LC Bank, the LC Participants, the Borrower and the Servicer shall have the right to continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.

 

(e)         
   Participant Register. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters
of Credit or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to
establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the
United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(f)            
Assignments by Administrative Agent. This Agreement and the rights and obligations of the Administrative Agent herein shall
be assignable by the Administrative Agent and its successors and assigns; provided that in the case of an assignment to
a Person that is not an Affiliate of the Administrative Agent, so long as no Event of Default or Unmatured Event of Default has
occurred and is continuing, such assignment shall require the Borrower’s consent (not to be unreasonably withheld, conditioned
or delayed).

 

(g)            Assignments
by the Borrower or the Servicer. Neither the Borrower nor, except as provided in Section 9.01, the Servicer may assign
any of its respective rights or obligations hereunder or any interest herein without the prior written consent of the Administrative
Agent, the LC Bank and each Lender (such consent to be provided or withheld in the sole discretion of such Person).

 

(h)            Pledge
to a Federal Reserve Bank. Notwithstanding anything to the contrary set forth herein, (i) any Lender or any of its respective
Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement
(including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to secure its obligations
to a Federal Reserve Bank or other central bank having jurisdiction over such Lender, without notice to or the consent of the Borrower,
the Servicer, any Affiliate thereof or any Credit Party; provided, however, that that no such pledge shall relieve
such assignor of its obligations under this Agreement.

 

 

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(i)            
Pledge to a Security Trustee. Notwithstanding anything to the contrary set forth herein, (i) any Lender or any of their
respective Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under
this Agreement (including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to
a security trustee in connection with the funding by such Person of Loans, without notice to or the consent of the Borrower, the
Servicer, any Affiliate thereof or any Credit Party; provided, however, that that no such pledge shall relieve such
assignor of its obligations under this Agreement.

 

SECTION
13.04. Costs and Expenses. In addition to the rights of indemnification granted under Section 12.01 hereof, the Borrower
agrees to pay on demand all reasonable out-of-pocket costs and expenses in connection with the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Transaction Documents (together with all amendments, restatements,
supplements, consents and waivers, if any, from time to time hereto and thereto), including, without limitation, (i) the reasonable
Attorney Costs for the Administrative Agent and the other Credit Parties and any of their respective Affiliates with respect thereto
and with respect to advising the Administrative Agent and the other Credit Parties and their respective Affiliates as to their
rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable accountants’, auditors’
and consultants’ fees and expenses for the Administrative Agent and the other Credit Parties and any of their respective
Affiliates incurred in connection with the administration and maintenance of this Agreement or advising the Administrative Agent
or any other Credit Party as to their rights and remedies under this Agreement or as to any actual or reasonably claimed breach
of this Agreement or any other Transaction Document. In addition, the Borrower agrees to pay on demand all reasonable out-of-pocket
costs and expenses (including reasonable Attorney Costs), of the Administrative Agent and the other Credit Parties and their respective
Affiliates, incurred in connection with the enforcement of any of their respective rights or remedies under the provisions of this
Agreement and the other Transaction Documents.

 

SECTION
13.05. No Proceedings; Limitation on Payments.

 

(a)           
Each of the Servicer and each Lender and each assignee of a Loan or any interest therein, hereby covenants and agrees that it will
not institute against, or join any other Person in instituting against, the Borrower any Insolvency Proceeding until one year and
one day after the Final Payout Date; provided, that the Administrative Agent may take any such action in its sole discretion
following the occurrence of an Event of Default.

 

(b)          
The provisions of this Section 13.05 shall survive any termination of this Agreement.

 

 

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SECTION
13.06. Confidentiality.

 

(a)           
Each of the Borrower and the Servicer covenants and agrees to hold in confidence, and not disclose to any Person, the terms of
this Agreement or the Fee Letter (including any fees payable in connection with this Agreement, the Fee Letter or any other Transaction
Document or the identity of the Administrative Agent or any other Credit Party), except as the Administrative Agent and each Lender
may have consented to in writing prior to any proposed disclosure; provided, however, that it may disclose such information
(i) to its Advisors, Representatives, the Initial Investors and the Permitted Holders, (ii) to the extent such information has
become available to the public other than as a result of a disclosure by or through the Borrower, the Servicer or their Advisors
and Representatives or (iii) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory
proceeding or (B) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause
(iii) above, the Borrower and the Servicer will use reasonable efforts to maintain confidentiality and will (unless otherwise
prohibited by Applicable Law) notify the Administrative Agent and the affected Credit Party of its intention to make any such disclosure
prior to making such disclosure. Each of the Borrower and the Servicer agrees to be responsible for any breach of this Section
by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential
nature of such information and shall agree to comply with this Section. Notwithstanding the foregoing, it is expressly agreed that
each of the Borrower, the Servicer and their respective Affiliates may publish a press release or otherwise publicly announce the
existence and principal amount of the Commitments under this Agreement and the transactions contemplated hereby; provided
that the Administrative Agent shall be provided a reasonable opportunity to review such press release or other public announcement
prior to its release and provide comment thereon; and provided, further, that no such press release shall name or
otherwise identify the Administrative Agent, any other Credit Party or any of their respective Affiliates without such Person’s
prior written consent (such consent not to be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, the
Borrower consents to the publication by the Administrative Agent or any other Credit Party of a tombstone or similar advertising
material relating to the financing transactions contemplated by this Agreement.

 

(b)           
Each of the Administrative Agent and each other Credit Party, severally and with respect to itself only, agrees to hold in confidence,
and not disclose to any Person, any confidential and proprietary information concerning the Borrower, the Servicer and their respective
Affiliates and their businesses or the terms of this Agreement (including any fees payable in connection with this Agreement or
the other Transaction Documents), except as the Borrower or the Servicer may have consented to in writing prior to any proposed
disclosure; provided, however, that it may disclose such information (i) to its Advisors and Representatives, (ii)
to its assignees and Participants and potential assignees and Participants and their respective counsel if they agree in writing
to hold it confidential, (iii) to the extent such information has become available to the public other than as a result of a disclosure
by or through it or its Representatives or Advisors, (iv) at the request of a bank examiner or other regulatory authority or in
connection with an examination of any of the Administrative Agent or any Lender or their respective Affiliates or (v) to the extent
it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by any Governmental
Authority to disclose such information; provided, that, in the case of clause (vi) above, the Administrative Agent
and each Lender will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law)
notify the Borrower and the Servicer of its making any such disclosure as promptly as reasonably practicable thereafter. Each of
the Administrative Agent and each Lender, severally and with respect to itself only, agrees to be responsible for any breach of
this Section by its Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the
confidential nature of such information and shall agree to comply with this Section.

 

 

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(c)           
As used in this Section, (i) “Advisors” means, with respect to any Person, such Person’s accountants,
attorneys and other confidential advisors and (ii) “Representatives” means, with respect to any Person, such
Person’s Affiliates, Subsidiaries, directors, managers, officers, employees, members, investors, financing sources, insurers,
professional advisors, representatives and agents; provided that such Persons shall not be deemed to Representatives of
a Person unless (and solely to the extent that) confidential information is furnished to such Person.

 

(d)           
Notwithstanding the foregoing, to the extent not inconsistent with applicable securities laws, each party hereto (and each of its
employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment
and tax structure (as defined in Section 1.6011-4 of the Treasury Regulations) of the transactions contemplated by the Transaction
Documents and all materials of any kind (including opinions or other tax analyses) that are provided to such Person relating to
such tax treatment and tax structure.

 

SECTION
13.07. GOVERNING LAW. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION,
THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN THE COLLATERAL IS GOVERNED BY THE
LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).

 

SECTION
13.08. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of
an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed
counterpart. The words “execution”, “executed”,
 “signed”, “signature”, and words of like import in this Agreement and the other Transaction Documents shall
be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act.

 

SECTION
13.09. Integration; Binding Effect; Survival of Termination. This Agreement and the other Transaction Documents contain
the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and
shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior
oral or written understandings. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms and shall remain in full force and effect until the Final Payout Date; provided, however,
that the provisions of Sections 3.08, 3.09, 3.10, 3.11, 5.01, 5.02, 5.03, 11.04,
11.06, 12.01, 12.02, 13.04, 13.05, 13.06, 13.09, 13.11 and 13.13
shall survive any termination of this Agreement.

 

 

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SECTION
13.10. CONSENT TO JURISDICTION. (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND
THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION,
IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS
IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND
DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, MAY BE HEARD AND DETERMINED,
IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS SECTION
13.10 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST
THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. EACH OF THE BORROWER AND
THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO
THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

(b)           
EACH OF THE BORROWER AND THE SERVICER CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING
OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 13.02. NOTHING IN THIS SECTION 13.10 SHALL AFFECT
THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

SECTION
13.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY
JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE)
IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.

 

SECTION
13.12. Ratable Payments. If any Credit Party, whether by setoff or otherwise, has payment made to it with respect to any
Borrower Obligations in a greater proportion than that received by any other Credit Party entitled to receive a ratable share of
such Borrower Obligations, such Credit Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a
portion of such Borrower Obligations held by the other Credit Parties so that after such purchase each Credit Party will hold its
ratable proportion of such Borrower Obligations; provided that if all or any portion of such excess amount is thereafter
recovered from such Credit Party, such purchase shall be rescinded and the purchase price restored to the extent of such recovery,
but without interest.

 

 

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SECTION
13.13. Limitation of Liability.

 

(a)           
No claim may be made by the Borrower or any Affiliate thereof or any other Person against any Credit Party or their respective
Affiliates, members, directors, officers, employees, incorporators, attorneys or agents for any special, indirect, consequential
or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to
the transactions contemplated by this Agreement or any other Transaction Document, or any act, omission or event occurring in connection
herewith or therewith; and each of the Borrower and the Servicer hereby waives, releases, and agrees not to sue upon any claim
for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. None of the Credit Parties
and their respective Affiliates shall have any liability to the Borrower or any Affiliate thereof or any other Person asserting
claims on behalf of or in right of the Borrower or any Affiliate thereof in connection with or as a result of this Agreement or
any other Transaction Document or the transactions contemplated hereby or thereby, except to the extent that any losses, claims,
damages, liabilities or expenses incurred by the Borrower or any Affiliate thereof result from the breach of contract, gross negligence
or willful misconduct of such Credit Party in performing its duties and obligations hereunder and under the other Transaction Documents
to which it is a party.

 

(b)           
The obligations of the Administrative Agent and each of the other Credit Parties under this Agreement and each of the Transaction
Documents are solely the corporate obligations of such Person. No recourse shall be had for any obligation or claim arising out
of or based upon this Agreement or any other Transaction Document against any member, director, officer, employee or incorporator
of any such Person.

 

SECTION
13.14. Intent of the Parties. The Borrower has structured this Agreement with the intention that the Loans and the obligations
of the Borrower hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt
(the “Intended Tax Treatment”). The Borrower, the Servicer, the Administrative Agent and the other Credit Parties
agree to file no tax return, or take any action, inconsistent with the Intended Tax Treatment unless required by law. Each assignee
and each Participant acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees
to comply with the immediately preceding sentence.

 

SECTION
13.15. USA Patriot Act. Each of the Administrative Agent and each of the other Credit Parties hereby notifies the Borrower
and the Servicer that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October
26, 2001) (the “PATRIOT Act”), the Administrative Agent and the other Credit Parties may be required to obtain,
verify and record information that identifies the Borrower, the Originators, the Servicer and the Performance Guarantor, which
information includes the name, address, tax identification number and other information regarding the Borrower, the Originators,
the Servicer and the Performance Guarantor that will allow the Administrative Agent and the other Credit Parties to identify the
Borrower, the Originators, the Servicer and the Performance Guarantor in accordance with the PATRIOT Act. This notice is given
in accordance with the requirements of the PATRIOT Act. Each of the Borrower and the Servicer agrees to provide the Administrative
Agent and each other Credit Parties, from time to time, with all documentation and other information required by bank regulatory
authorities under “know your customer” and anti-money laundering rules and regulations, including, without limitation,
the PATRIOT Act.

 

 

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SECTION
13.16. Right of Setoff. Each Credit Party is hereby authorized (in addition to any other rights it may have), at any time
during the continuance of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other
notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including
by any branches or agencies of such Credit Party) to, or for the account of, the Borrower or the Servicer against amounts owing
by the Borrower or the Servicer hereunder (even if contingent or unmatured); provided that such Credit Party shall notify
the Borrower or the Servicer, as applicable, promptly following such setoff.

 

SECTION
13.17. Severability. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

SECTION
13.18. Mutual Negotiations. This Agreement and the other Transaction Documents are the product of mutual negotiations by
the parties thereto and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction
Document or any provision hereof or thereof or to have provided the same. Accordingly, in the event of any inconsistency or ambiguity
of any provision of this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted
against any party because of such party’s involvement in the drafting thereof.

 

SECTION
13.19. Captions and Cross References. The various captions (including the table of contents) in this Agreement are provided
solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless
otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section Schedule or Exhibit to
this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause
are to such subsection, clause or subclause of such Section, subsection or clause.

 

[Signature
Pages Follow]

 

 

     114

     

     

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.

 

	 	
        BRIGHTVIEW
        FUNDING LLC,

        as
        the Borrower

        
	 
	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	
        BRIGHTVIEW LANDSCAPES,
        LLC,

        as the Servicer

        
	 
	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

    
	 	S-1	Receivables Financing Agreement

     

     

	 	PNC BANK, NATIONAL ASSOCIATION,
 as Administrative Agent
	 
	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	
        PNC BANK, NATIONAL ASSOCIATION,

        as a Lender

        

         
	 
	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,
 as LC Bank and as an LC Participant	 
	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	
        PNC CAPITAL MARKETS LLC,

        as Structuring Agent

         
	 
	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

    
	 	S-2	Receivables Financing Agreement

     

     

EXHIBIT
A

Form of [Loan Request] [LC Request]

[Letterhead
of Borrower]

 

[Date]

[Administrative Agent]

 

[Lenders]

 

	 	Re:	[Loan Request] [LC Request]

 

Ladies and Gentlemen:

 

Reference
is hereby made to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used in this [Loan Request] [LC Request] and not otherwise defined
herein shall have the meanings assigned thereto in the Agreement.

 

[This
letter constitutes a Loan Request pursuant to Section 2.02(a) of the Agreement. The Borrower hereby request a Loan in the
amount of [$_______] to be made on [_____, 20__]. The proceeds of such Loan should be deposited to [Account number], at [Name,
Address and ABA Number of Bank]. After giving effect to such Loan, the Aggregate Capital will be [$_______].]

 

[This
letter constitutes an LC Request pursuant to Section 3.02(a) of the Agreement. The Borrower hereby request that the LC Bank
issue a Letter of Credit with a face amount of $[_______] on [_____, 20__]. After giving effect to such issuance, the LC Participation
Amount will be $[_______].]

 

The
Borrower hereby represents and warrants as of the date hereof, and after giving effect to such Credit Extension, as follows:

 

(i)             
the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement
are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date
unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct
in all material respects on and as of such earlier date;

 

 

    Exhibit A-1

     

     

(ii)           no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default
would result from such Credit Extension;

 

(iii)         no Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension;

 

(iv)         
the Aggregate Capital plus the LC Participation Amount will not exceed the Facility Limit;

 

(v)           the
LC Participation Amount will not exceed the LC Limit;

 

(vi)         the Termination Date has not occurred; and

 

(vii)       
the Aggregate Capital plus the Adjusted LC Participation Amount exceeds the Minimum Funding Threshold.

 

 

    Exhibit A-2

     

     

IN
WITNESS WHEREOF, the undersigned has executed this letter by its duly authorized officer as of the date first above written.

 

 

	 	Very truly yours,
	 	 	 
	 	BRIGHTVIEW FUNDING LLC
	 	 	 
	 	 	 
	 	By: 	 
	 	Name:
	 	Title:

 

 

    Exhibit A-3

     

     

EXHIBIT
B

Form of Reduction Notice

 

[Letterhead
of Borrower]

 

[Date]

 

[Administrative
Agent]

 

[Lenders]

 

	 	Re:	Reduction Notice

 

Ladies
and Gentlemen:

 

Reference
is hereby made to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC, as borrower
(the “Borrower”), BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”),
and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time to time, the “Agreement”).
Capitalized terms used in this Reduction Notice and not otherwise defined herein shall have the meanings assigned thereto in the
Agreement.

 

This
letter constitutes a Reduction Notice pursuant to Section 2.02(d) of the Agreement. The Borrower hereby notifies the Administrative
Agent and the Lenders that it shall prepay the outstanding Capital of the Lenders in the amount of [$_______] to be made
on [_____, 20120__].
After giving effect to such prepayment, the Aggregate Capital will be [$_______].

 

The
Borrower hereby represents and warrants as of the date hereof, and after giving effect to such reduction, as follows:

 

(i)            the
representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement
are true and correct in all material respects on and as of the date of such prepayment as though made on and as of such date unless
such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all
material respects on and as of such earlier date;

 

(ii)           no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default
would result from such prepayment;

 

(iii)         
no Borrowing Base Deficit exists or would exist after giving effect to such prepayment;

 

(iv)         
the Termination Date has not occurred; and

 

 

    Exhibit B-1

     

     

(v)           the
Aggregate Capital plus the Adjusted LC Participation Amount exceeds the Minimum Funding Threshold.

 

 

    Exhibit B-2

     

     

In
Witness Whereof, the undersigned has executed this letter by its duly authorized officer as of the date first above written.

 

 

	 	Very truly yours,
	 	 	 
	 	BRIGHTVIEW FUNDING LLC
	 	 	 
	 	By: 	 
	 	 Name:
	 	 Title:

  

 

 

    Exhibit B-3

     

     

EXHIBIT
C

Form of Assignment and Acceptance Agreement

 

Dated
as of ___________, 20__

 

Section 1.

 

	Commitment assigned:	$[_____]
	Assignor’s remaining Commitment:	$[_____]
	Capital allocable to Commitment assigned:	$[_____]
	Assignor’s remaining Capital:	$[_____]
	Interest (if any) allocable to Capital assigned:	$[_____]
	Interest (if any) allocable to Assignor’s remaining Capital:	$[_____]

 

Section 2.

 

Effective
Date of this Assignment and Acceptance Agreement: [__________]

 

Upon
execution and delivery of this Assignment and Acceptance Agreement by the assignee and the assignor and the satisfaction of the
other conditions to assignment specified in Section 13.03(b) of the Agreement (as defined below), from and after the effective
date specified above, the assignee shall become a party to, and, to the extent of the rights and obligations thereunder being assigned
to it pursuant to this Assignment and Acceptance Agreement, shall have the rights and obligations of a Lender under that certain
Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC, as Borrower, BrightView Landscapes, LLC,
as Servicer, the Lenders party thereto, the Lenders party thereto, the LC Participants party thereto, PNC Bank, National Association,
as Administrative Agent and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise
modified from time to time, the “Agreement”).

 

(Signature
Pages Follow)

 

 

    Exhibit C-1

     

     

 

	ASSIGNOR: 	[_________]	 
	 	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title	 

 

 

	ASSIGNEE:	[_________]	 
	 	 	 	 
	 	By: 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	[Address]	 

 

 

Accepted as of date first
above

written:

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

	By: 	 	 
	Name:	 
	Title:	 

___________________________________,

    as
Borrower

 

 

	By: 	 	 
	Name:	 
	Title:	 

 

 

    Exhibit C-2

     

     

EXHIBIT
D

Form of Letter of Credit Application

 

(Attached)

 

 

    Exhibit D-1

     

     

EXHIBIT
E

Credit and Collection Policy

 

(Attached)

 

 

    Exhibit E-1

     

     

EXHIBIT
F

Form
of Monthly Report

 

(Attached)

 

 

    Exhibit F-1

     

     

EXHIBIT
G

Form
of Compliance Certificate

 

To:
PNC Bank, National Association, as Administrative Agent

 

This
Compliance Certificate is furnished pursuant to that certain Receivables Financing Agreement, dated as of April 28, 2017 among
BrightView Funding LLC (the “Borrower”), BrightView Landscapes, LLC, as Servicer (the “Servicer”),
the Lenders party thereto, the LC Participants party thereto, PNC Bank, National Association, as Administrative Agent (in such
capacity, the “Administrative Agent”) and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent
(as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

THE
UNDERSIGNED HEREBY CERTIFIES THAT:

 

1.          I
am the duly elected ________________of the Servicer.

 

2.          I
have reviewed the terms of the Agreement and each of the other Transaction Documents and I have made, or have caused to be made
under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period covered
by the attached financial statements.

 

3.          The
examinations described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition
or event which constitutes an Event of Default or an Unmatured Event of Default, as each such term is defined under the Agreement,
during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate[,
except as set forth in paragraph 5 below].

 

4.          Schedule
I attached hereto sets forth financial statements of the Performance Guarantor and its Subsidiaries for the period referenced
on such Schedule I.

 

[5.
        Described below are the exceptions, if any, to paragraph 3 above by listing, in detail,
the nature of the condition or event, the period during which it has existed and the action which Borrower has taken, is taking,
or proposes to take with respect to each such condition or event:]

 

 

    Exhibit G-1

     

     

The
foregoing certifications are made and delivered this ______ day of ___________________, 20___.

 

[_________]

 

 

	By:	 	 

	Name:	 	 

	Title:	 	 

 

 

    Exhibit G-2

     

     

SCHEDULE
I TO COMPLIANCE CERTIFICATE

 

A.
        Schedule of Compliance as of ___________________, 20__ with Section 8.02(a) of
the Agreement. Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto
in the Agreement.

 

This
schedule relates to the month ended: __________________.

 

B.         The
following financial statements of the Performance Guarantor and its Subsidiaries for the period ending on ______________, 20__,
are attached hereto:

 

 

    Exhibit G-3

     

     

EXHIBIT
H

Closing Memorandum

 

(Attached)

 

 

    Exhibit H-1

     

     

EXHIBIT
I

Form of Interim Report

 

 

    Exhibit I-1

     

     

EXHIBIT
J

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For
Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant
to the provisions of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form
W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

 

	[NAME OF LENDER]	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[
]

 

 

    Exhibit J-1

     

     

FORM
OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For
Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant
to the provisions of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning
of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The
undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form
W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments.

 

 

	[NAME OF LENDER]	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[
]

 

 

    Exhibit J-2

     

     

FORM
OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For
Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant
to the provisions of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The
undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an
IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

 

	[NAME OF LENDER]	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[
]

 

 

    Exhibit J-3

     

     

FORM
OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For
Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to that certain Receivables Financing Agreement, dated as of April 28, 2017 among BrightView Funding LLC (the “Borrower”),
BrightView Landscapes, LLC, as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party
thereto, PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”)
and as the LC Bank, and PNC Capital Markets LLC, as Structuring Agent (as amended, supplemented or otherwise modified from time
to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Agreement.

 

Pursuant
to the provisions of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner
of the Loan(s) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole
beneficial owners of such Loan(s), (iii) with respect to the extension of credit pursuant to the Agreement or any other Transaction
Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan
agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section
871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms
from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E
or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

 

	[NAME OF LENDER]	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Date:
________ __, 20[ ]

 

 

    Exhibit J-4

     

     

SCHEDULE
I

Commitments

 

	Party	Capacity	Commitment
	PNC	Lender	
        Prior
        to the Facility Limit Increase Date:

        $200,000,000235,000,000

         

        On
        and after the Facility Limit Increase Date:

        $250,000,000

         

	PNC	LC Participant	$50,000,00075,000,000
	PNC	LC Bank	N/A

 

 

    Schedule I-1

     

     

SCHEDULE
III

Notice Addresses

 

	 	(A)	in the case of the Borrower, at the following address:

 

BrightView Funding LLC

401 Plymouth980 Jolly
Road, Suite 500

Plymouth
Meeting, PA 19462Blue Bell, PA 19422

Telephone: 484-567-7215

Attention: Katriona Knaus

 

with a copy to:

 

BrightView Landscapes,
LLC

401 Plymouth980 Jolly
Road, Suite 500

Plymouth
Meeting, PA 19462Blue Bell, PA 19422

Telephone: 484-567-7220

Attention: Jonathan Gottsegen

 

	 	(B)	in the case of the Servicer, at the following address:

 

BrightView
Landscapes, LLC

401 Plymouth980 Jolly
Road, Suite 500

Plymouth
Meeting, PA 19462Blue Bell, PA 19422

Telephone:
484-567-7220

Attention: Jonathan Gottsegen

 

	 	(C)	in the case of the Administrative Agent, at the following address:

 

PNC Bank, National Association

The
Tower at PNC Plaza

300 Fifth Avenue,
11th Floor

Pittsburgh, PA 15222

Attention:
Brian Stanley

Telephone: (412) 768-30902001

Facsimile: (412) 762-9184803-7142

Attention:
Robyn Reeher

 

Email:
brian.stanley@pnc.com

ABFAdmin@pnc.com

 

 

    Schedule III-1

     

     

	 	(D)	in the case of the LC Bank, at the following address:

 

PNC Bank, National Association

The
Tower at PNC Plaza

300 Fifth Avenue,
11th Floor

Pittsburgh, PA 15222

Attention:
Brian Stanley

Telephone: (412) 768-30902001

Facsimile: (412) 762-9184803-7142

Attention:
Robyn Reeher

 

Email:
brian.stanley@pnc.com

ABFAdmin@pnc.com

 

(E)          in
the case of any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at
such other address as shall be designated by such Person in a written notice to the other parties to this Agreement.

  

    Schedule III-2Exhibit 4.1

 

	NUMBER	UNITS
	U-	 

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP 90118T 205

 

TWELVE SEAS INVESTMENT COMPANY II 

 

UNITS CONSISTING OF ONE SHARE OF CLASS A
COMMON STOCK AND ONE HALF OF ONE WARRANT,

EACH WHOLE WARRANT ENTITLING THE HOLDER
TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS CERTIFIES THAT                     
is the owner of          Units.

 

Each Unit (“Unit”)
consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”),
of Twelve Seas Investment Company II , a Delaware corporation (the “Company”), and one half of one redeemable
warrant (the “Warrant”). Only whole Warrants are exercisable. Each whole Warrant entitles the holder
to purchase one (1) share (subject to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Each
Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more
businesses (each a “Business Combination”), and (ii) twelve (12) months from the closing of
the Company’s initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date
that is five (5) years after the date on which the Company completes its initial Business Combination, or earlier upon redemption
or liquidation (the “Expiration Date”). The Common Stock and Warrants comprising the Units represented
by this certificate are not transferable separately prior to           
, 2021, unless Mizuho Securities USA LLC elects to allow separate trading earlier, subject to the Company’s filing of a Current
Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s
receipt of the gross proceeds of the Company’s initial public offering and issuing a press release announcing when separate
trading will begin. No fractional Warrants will be issued upon separation of the Units. The terms of the Warrants are governed
by a Warrant Agreement, dated as of              , 2021 (the “Warrant
Agreement”), between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are
subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents
to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street,
30th Floor, New York, New York 10004, and are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and registered by the Registrar of the Company.

 

This certificate shall be governed by and
construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile signature of a duly
authorized signatory of the Company.

  

	 	 	 	 	 
	Authorized Signatory	 	 	 	Transfer Agent

 

     

     

    

 

Twelve Seas Investment Company II 

 

The Company will furnish without charge
to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations: 

 

	TEN COM     —    as tenants in common	 	UNIF GIFT MIN ACT	 	—	 	 	 	Custodian	 	 
	TEN ENT       —    as tenants by the entireties	 	 	 	 	 	    (Cust)    	 	 	 	      (Minor)      
	 	 	 	 
	JT TEN          —     as joint tenants with right of survivorship and not as tenants in common	 	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,                     
hereby sell, assign and transfer unto                     

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE)

 

Units represented by the within Certificate,
and do hereby irrevocably constitute and appoint

 

Attorney to transfer the said Units on the books of
the within named Company with full power of substitution in the premises.

 

Dated

 

	 	 
	 	 
	 	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	
        Signature(s) Guaranteed:

         

	 
	 
	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE).

 

As more fully described, and subject
to the terms and conditions described in, the Company’s final prospectus for its initial public offering dated                   ,
2021, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust
account established in connection with the Company’s initial public offering only in the event that (i) the Company
redeems the shares of Common Stock sold in the Company’s initial public offering and liquidates because it does not consummate
an initial business combination by the date set forth in the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time (such date being referred to herein as the “Last Date”), (ii) the
Company redeems the shares of Common Stock sold in its initial public offering properly submitted in connection with a stockholder
vote to amend the Company’s Amended and Restated Certificate of Incorporation to modify the substance or timing of the Company’s
obligation to redeem 100% of the Common Stock if it does not consummate an initial business combination by the Last Date or with
respect to any other provisions relating to stockholders’ rights or pre-initial business combination activity, or (iii) if
the holder(s) seek(s) to redeem for cash his, her or its respective shares of Common Stock in connection with a tender
offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the proposed initial business combination)
setting forth the details of a proposed initial business combination. In no other circumstances shall the holder(s) have any
right or interest of any kind in or to the trust account.

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