Document:

Administration Agreement, dated June 26, 2009

 Exhibit 10.6 
  
  
 ADMINISTRATION AGREEMENT 
 AMONG 
 ALLIANCE LAUNDRY EQUIPMENT RECEIVABLES
TRUST 2009-A 
 AND 
 ALLIANCE
LAUNDRY SYSTEMS LLC 
 AND 
 THE
BANK OF NEW YORK MELLON 
 Dated as of June 26, 2009 
  
  

 ADMINISTRATION AGREEMENT, dated as of June 26, 2009 among ALLIANCE LAUNDRY EQUIPMENT RECEIVABLES
TRUST 2009-A, a Delaware statutory trust (the “Issuer”), ALLIANCE LAUNDRY SYSTEMS LLC, a Delaware limited liability company, as administrator (the “Administrator”), and THE BANK OF NEW YORK MELLON, a New York
banking corporation, not in its individual capacity but solely as Indenture Trustee (the “Indenture Trustee”). 
 W I T N E S
S E T H: 
 WHEREAS, the Issuer is issuing Notes pursuant to an Indenture, dated as of June 26, 2009 (as amended and supplemented from
time to time, the “Indenture”), between the Issuer and the Indenture Trustee; 
 WHEREAS, the Issuer has entered into (or
assumed) certain agreements in connection with the issuance of the Notes, including (i) the Pooling and Servicing Agreement and (ii) the Indenture; 
 WHEREAS, pursuant to the Basic Documents, the Issuer and Wilmington Trust Company, as Owner Trustee, are required to perform certain duties in connection with the Notes and the Trust Estate; 
 WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee referred to
in the preceding clause, and to provide such additional services consistent with the terms of this Agreement and the Basic Documents as the Issuer and the Owner Trustee may from time to time request; 
 WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner
Trustee on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the
parties agree as follows: 
 1. Certain Definitions. Capitalized terms used but not otherwise defined herein shall have the respective
meanings assigned them in Part I of Appendix A to the Pooling and Servicing Agreement of even date herewith among the Issuer, Alliance Laundry Equipment Receivables 2009 LLC, as Transferor, and Alliance Laundry Systems LLC, as Servicer and
Originator (as it may be amended, supplemented or modified from time to time, the “Pooling and Servicing Agreement”). All references herein to “the Agreement” or “this Agreement” are to this Administration
Agreement as it may be amended, supplemented or modified from time to time, the exhibits hereto and the capitalized terms used herein which are defined in such Appendix A, and all references herein to Sections and subsections are to Sections
and subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

 2. Duties of the Administrator. 
 (a) Duties with Respect to the Indenture. The Administrator agrees to perform all of its duties as Administrator and the duties of the Issuer and
the Owner Trustee under the Indenture and the Administrator shall consult with the Issuer and Owner Trustee in connection herewith. The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is
necessary to comply with the duties of the Issuer and the Owner Trustee under the Indenture. The Administrator shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate persons of all such
documents, reports, filings, instruments, certificates, notices and opinions as shall be the duty of the Issuer or the Owner Trustee, as applicable, to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the
Administrator shall take all appropriate action that it is the duty of the Issuer or the Owner Trustee to take pursuant to the Indenture including such of the foregoing as are required with respect to the following matters under the Indenture
(references are to sections of the Indenture): 
 (1) the preparation of or obtaining of the documents and instruments
required for authentication of the Notes and delivery of the same to the Indenture Trustee pursuant to Section 2.2; 
 (2) causing the Note Register to be kept and giving the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register pursuant to Section 2.4; 
 (3) the notification of Noteholders of the final principal payment on their Notes pursuant to Section 2.7(c); 
 (4) the preparation, obtaining or filing of the instruments, opinions and certificates and other documents required for the release of
collateral pursuant to Section 2.9; 
 (5) the maintenance of an office in the Borough of Manhattan, the City of New
York, for registration of transfer or exchange of Notes pursuant to Section 3.2; 
 (6) the direction to the Indenture
Trustee to deposit monies with Paying Agents, if any, other than the Indenture Trustee pursuant to Section 3.3(b); 
 (7)
causing newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust pursuant to Section 3.3(b); 
 (8) the obtaining and preservation of the Issuer’s qualification to do business in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Trust Estate and each other instrument and agreement included in the Trust Estate pursuant to Section 3.4; 
 (9) the preparation of all supplements, amendments, financing statements, continuation statements, instruments of further assurance and
other instruments, in accordance with Section 3.5, necessary to protect the Trust Estate; 
  

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 (10) the delivery of the Opinion of Counsel on the Closing Date, in accordance with
Section 3.6(a), as to the Trust Estate, and the annual delivery of the Opinion of Counsel, the Officer’s Certificate and certain other statements, in accordance with Sections 3.6(b) and 3.9, as to compliance with the Indenture; 

(11) the identification to the Indenture Trustee in an Officer’s Certificate of a Person with whom the Issuer has contracted to
perform its duties under the Indenture pursuant to Section 3.7(b); 
 (12) the notification of the Indenture Trustee, the
Administrative Agent and the Rating Agencies of a Servicer Default and, if such Servicer Default arises from the failure of the Servicer to perform any of its duties under the Pooling and Servicing Agreement, the taking of all reasonable steps
available to remedy such failure pursuant to Section 3.7(d); 
 (13) the preparation and obtaining of documents and
instruments required for the release of the Issuer from its obligations under the Indenture pursuant to Section 3.11(b); 
 (14) the delivery of notice to the Indenture Trustee, the Administrative Agent and the Rating Agencies, of each Default, Event of Default, Rapid Amortization Event, Servicer Default and default by the Transferor and ALS of their respective
obligations under the Pooling and Servicing Agreement and the Purchase Agreement pursuant to Section 3.19; 
 (15) the
compliance with any written directive of the Indenture Trustee with respect to the sale of the Trust Estate in a commercially reasonable manner if an Event of Default shall have occurred and be continuing pursuant to Section 5.4; 
 (16) the preparation and delivery of notice to Noteholders of the removal of the Indenture Trustee and the appointment of a successor
Indenture Trustee pursuant to Section 6.8; 
 (17) the preparation of any written instruments required to confirm more
fully the authority of any co-trustee or separate trustee and any written instruments necessary in connection with the resignation or removal of any co-trustee or separate trustee pursuant to Sections 6.8 and 6.10; 
 (18) the furnishing of the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is
not the Note Registrar pursuant to Section 7.1; 
 (19) the preparation of an Issuer Request and Officer’s
Certificate and the obtaining of an Opinion of Counsel and Independent Certificates, if necessary, for the release of the Trust Estate pursuant to Sections 8.4 and 8.5; 
 (20) the preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to the execution of amendments or waivers and,
if applicable, the mailing to the Noteholders of notices with respect to such amendments or waivers pursuant to Sections 9.1, 9.2 and 9.3; 
  

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 (21) the execution and delivery of new Notes conforming to any amendment pursuant to
Section 9.6; 
 (22) the notification of Noteholders and the Rating Agencies of redemption of the Notes or the duty to
cause the Indenture Trustee to provide such notification pursuant to Sections 10.1 and 10.2; 
 (23) the monitoring of
the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s Certificate and the obtaining of the Opinion of Counsel and the Independent Certificate, if necessary, relating thereto
pursuant to Section 11.1; 
 (24) the preparation of all Officer’s Certificates and Opinions of Counsel with respect
to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture pursuant to Section 12.1(a); 
 (25) the preparation and delivery of Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the release of property from the lien of the Indenture pursuant to Section 12.1(b); 
 (26) the notice or other communication to the Noteholders, the Administrative Agent and the Rating Agencies, as applicable, upon the
failure of the Indenture Trustee to give such notice or other communication pursuant to Section 12.4; 
 (27) the
preparation and delivery to Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and notice provisions pursuant to Section 12.6; and 
 (28) the recording of the Indenture, if applicable, pursuant to Section 12.15. 
 (b) Indemnity. In addition, the Administrator will indemnify the Owner Trustee and its agents for, and hold them harmless against, any losses,
liability or expense incurred without gross negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by the Trust Agreement, including the reasonable costs and
expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the Trust Agreement. 
 (c) Additional Duties. 
 (1) In addition to the duties of the Administrator set forth above, the Administrator shall perform such calculations and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate
Persons of all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to 

  

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the Basic Documents, and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer or the Owner Trustee to take
pursuant to the Basic Documents. Subject to Section 7 of this Agreement, and in accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance of such other activities in connection
with the Trust Estate (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator. 
 (2) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Administrator shall be responsible for promptly
notifying the Owner Trustee if any withholding tax is imposed on the Trust’s payments to a Registered Owner as contemplated in Section 5.1(d) of the Trust Agreement. Any such notice shall specify the amount of any withholding tax required
to be withheld by the Owner Trustee pursuant to such provision. 
 (3) Notwithstanding anything in this Agreement or the Basic
Documents to the contrary, the Administrator shall be responsible for performance of the duties of the Owner Trustee set forth in the Trust Agreement with respect to, among other things, tax return preparation, accounting and reports to the
beneficial owners and notices to the Rating Agencies, the Administrative Agent, the Noteholders and the Indenture Trustee. 
 (4) The Administrator may satisfy any obligations it may have with respect to clauses (2) and (3) above by retaining, at the expense of the Administrator, a firm of independent public accountants acceptable to the Owner Trustee
which shall perform the obligations of the Administrator thereunder. If a withholding tax specified in the previous clause (2) is due, such accountants or the Administrator shall provide the Owner Trustee with a letter specifying which
withholding tax specified in the preceding clause (2) is then required and specifying the procedures to be followed to comply with the Code thirty days before such tax is to be withheld. Such accountants or the Administrator shall update such
letter if and to the extent it shall no longer be accurate. 
 (5) The Administrator shall perform the duties of the
Administrator specified in Section 6.10 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the
Trust Agreement. 
 (6) In carrying out the foregoing duties or any of its other obligations under this Agreement, the
Administrator may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and
shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from Persons that are not Affiliates of the Administrator. 
 (7) The Administrator hereby agrees to execute on behalf of the Issuer all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Basic Documents. 
  

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 (8) Notwithstanding anything in this Agreement or the Basic Documents to the contrary,
the Administrator shall be responsible for performance of the duties of the Trust set forth in Section 2.3(iii) of the Trust Agreement and compliance by the Trust of the provisions of Section 2.4 of the Trust Agreement. 
 (d) Non-Ministerial Matters. 
 (i)
With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the Administrator shall have notified
the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include: 
 (1) the amendment of or any supplement to the Indenture; 
 (2) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the
Issuer; 
 (3) the amendment, change or modification of any of the Basic Documents; 
 (4) the appointment of successor Note Registrars, successor Paying Agents and successor Indenture Trustees pursuant to the Indenture or
the appointment of successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations under the Indenture; and 
 (5) the removal of the Indenture Trustee. 
 (ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (x) make any payments to the Noteholders under the Basic Documents, (y) sell the
Trust Estate pursuant to Section 5.4 of the Indenture or (z) take any other action that the Issuer directs the Administrator not to take on its behalf. 
 3. Successor Servicer and Administrator. The Issuer shall undertake, as promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 9.02 of the Pooling and Servicing Agreement, to cause the other parties thereto to enforce the provisions of Sections 9.02, 9.03 and 9.04 of the Pooling and Servicing Agreement with respect to the appointment of a successor Servicer.
Such successor Servicer shall, upon compliance with Sections 10(e)(ii) and (iii) of this Agreement, become the successor Administrator hereunder. 
 4. Records. The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the
Issuer, the Administrative Agent, the Owner Trustee and the Seller at any time during normal business hours. 
  

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 5. Compensation. As compensation for the performance of the Administrator’s obligations under
this Agreement and as reimbursement for its expenses related thereto, the Servicer shall pay the Administrator a monthly fee in the amount of $1,500. 
 6. Additional Information To Be Furnished to the Issuer. The Administrator shall furnish to the Administrative Agent and the Issuer from time to time such additional information regarding the Trust Estate as
the Issuer and the Administrative Agent shall reasonably request. 
 7. Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by the Issuer, the Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 
 8. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and either of the Issuer or the Owner Trustee
as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of
them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
 9. Other Activities of
Administrator. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an administrator for any other person or entity even though such
person or entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee. 
 10. Term
of Agreement; Resignation and Removal of Administrator. 
 (a) This Agreement shall continue in force until the dissolution of the
Issuer, upon which event this Agreement shall automatically terminate. 
 (b) Subject to Section 10(e), the Administrator may resign its
duties hereunder by providing the Issuer with at least sixty (60) days’ prior written notice. 
 (c) Subject to Section 10(e),
the Issuer, with the consent of the Administrative Agent, may remove the Administrator without cause by providing the Administrator with at least sixty (60) days’ prior written notice. 
 (d) Subject to Section 10(e), at the sole option of the Issuer, with the consent of the Administrative Agent, the Administrator may be removed
immediately upon written notice of termination from the Issuer to the Administrator if any of the following events shall occur: 
 (1) the Administrator shall default in the performance of any of its duties under this Agreement and, after notice from the Issuer of such default, shall not cure such default within ten (10) days (or, if such default cannot be cured
in such time, shall not give within ten (10) days such assurance of cure as shall be reasonably satisfactory to the Issuer); 
  

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 (2) a court having jurisdiction in the premises shall enter a decree or order for relief,
and such decree or order shall not have been vacated within sixty (60) days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect or appoint a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs; or 
 (3) the Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Administrator
or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts
as they become due. 
 The Administrator agrees that if any of the events specified in clauses (2) or (3) of this
Section 10(d) shall occur, it shall give written notice thereof to the Issuer, the Administrative Agent and the Indenture Trustee within seven (7) days after the happening of such event. 
 (e) No resignation or removal of the Administrator pursuant to this Section 10 shall be effective until (i) a successor Administrator
acceptable to the Administrative Agent shall have been appointed by the Issuer (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder,
and (iii) prior written notice shall have been provided to the Rating Agencies. 
 11. Action upon Termination, Resignation or
Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 10(a) or the resignation or removal of the Administrator pursuant to Section 10(b) or (c), respectively, the Administrator shall be entitled
to be paid by the Servicer all fees and reimbursable expenses accruing to it to the effective date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to Section 10(a) deliver to the
Issuer all property and documents of or relating to the Trust Estate then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 10(b) or (c), respectively, the Administrator
shall cooperate with the Issuer and take all reasonable steps requested by the Indenture Trustee to assist the Issuer in making an orderly transfer of the duties of the Administrator. 
 12. Notices. All demands, notices and communications upon or to the Issuer, the Administrative Agent, either Trustee, the Administrator or the
Rating Agencies under this Agreement shall be delivered to such addresses as specified in Appendix B to the Pooling and Servicing Agreement. 
  

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 13. Amendments. 
 (a) This Agreement may be amended from time to time with prior notice to the Rating Agencies by a written amendment duly executed and delivered by the Issuer, the Administrator and the Indenture Trustee, with the
written consent of the Owner Trustee and the Administrative Agent, for any of the following purposes: 
 (1) to add provisions
hereof for the benefit of the Noteholders or to surrender any right or power herein conferred upon the Administrator; 
 (2)
to cure any ambiguity or to correct or supplement any provision herein which may be inconsistent with any other provision herein or in any other Basic Document; 
 (3) to evidence and provide for the appointment of a successor Administrator hereunder and to add to or change any of the provisions of
this Agreement as shall be necessary to facilitate such succession; and 
 (4) to add any provisions to, or change in any
manner or eliminate any of the provisions of, this Agreement, or modify in any manner the rights of the Noteholders; provided, however, that such amendment under this Section 13(a)(4) shall not, as evidenced by an Opinion of
Counsel, materially and adversely affect in any material respect the interest of any Noteholder or the Administrative Agent. 
 Prior to the
execution of any amendment pursuant to this Section 13(a), the Administrator shall furnish written notification of the substance of such amendment to each of the Rating Agencies. 
 (b) In addition to the foregoing, this Agreement may also be amended by the Issuer, the Administrator and the Indenture Trustee with prior notice to the
Rating Agencies and with the written consent of the Owner Trustee and the Required Noteholders, for the purpose of adding any provisions to, changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner
the rights of Noteholders; provided, however, that no amendment may be made to this Agreement which would be prohibited under the proviso of Section 9.2 of the Indenture if such amendment were to be made to the Indenture unless
the consent that would have been required as described therein, if such amendment were to be made to the Indenture, shall have been obtained; 
 (c) Notwithstanding Sections 13(a) and (b), the Administrator may not amend this Agreement without the permission of the Seller, which permission shall not be unreasonably withheld. 
 14. Successors and Assigns. This Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing
by the Issuer, the Administrative Agent and the Owner Trustee and prior written notice is provided to the Rating 

  

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Agencies. An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the
Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer, the Administrative Agent or the Owner Trustee to a corporation or other organization that is a
successor (by merger, consolidation or purchase of assets) to the Administrator, provided that such successor organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which such corporation or
other organization agrees to be bound hereunder by the terms of such assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

 15. GOVERNING LAW. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of New York. 
 16. Headings. The section headings hereof have
been inserted for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 17. Separate
Counterparts. This Agreement may be executed by the parties in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 18. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for
any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or the rights of the holders thereof. 
 19. Not Applicable to Alliance Laundry
Systems in Other Capacities. Nothing in this Agreement shall affect any obligation ALS may have in any other capacity. 
 20.
Third-Party Beneficiary. Each of the Seller, only to the extent provided in Section 13(c), and the Owner Trustee is a third-party beneficiary to this Agreement and is entitled to the rights and benefits hereunder and may enforce the
provisions hereof as if it were a party hereto. The Administrative Agent and its successors and assigns shall be third party beneficiaries to the provisions of this Agreement, as it may be supplemented or amended, and shall be entitled to rely upon
and directly to enforce the provisions of this Agreement. 
 21. Merger and Integration. Except as specifically stated otherwise
herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived, or
supplemented except as provided herein. 
  

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 22. No Petition Covenant. The Administrator, by entering into this Agreement, along with the
Indenture Trustee pursuant to the Indenture, hereby covenant and agree that they shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer pursuant to Section 11.1 of the
Indenture, acquiesce, petition or otherwise invoke or cause the Seller or the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller or the Issuer under any federal or
state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or the Issuer or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Seller or the Issuer. 
 23. Limitation of Liability of Owner Trustee; No Recourse as to Owner
Trustee. It is expressly understood and agreed by the parties hereto that (a) this Administration Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the
exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and
agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall
Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this
Administration Agreement or any other related documents. 
 24. Limitation of Liability of Indenture Trustee; No Recourse as to Indenture
Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by The Bank of New York Mellon, not individually or personally but solely as indenture trustee under the Indenture and
the Basic Documents, in the exercise of the powers and authority conferred and vested in it and (b) nothing herein contained shall be construed as creating any liability on The Bank of New York Mellon, individually or personally, to perform any
covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto. 
 25. Limitation on Payments. All parties hereto agree that all payments to be made by the Issuer hereunder shall only be made to the extent funds
are available to make such payments in accordance with the priority of payments specified in Section 8.2 of the Indenture. Any amounts which the Issuer does not pay pursuant to the preceding sentence shall not constitute a claim (as
defined in Section 101 of the Bankruptcy Code) against or corporate obligation of the Issuer for any such insufficiency unless and until such amount becomes available pursuant to the preceding sentence. 
  

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 [Remainder of page intentionally left blank] 
  

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

			
	ALLIANCE LAUNDRY EQUIPMENT RECEIVABLES TRUST 2009-A
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON, as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ALLIANCE LAUNDRY SYSTEMS LLC, as Administrator and as Servicer
		
	By:	 	  

	Name:	 	Bruce P. Rounds
	Title:	 	Vice President, Chief Financial Officer

 [Administration Agreement]Limited Liability Company Agreement, dated June 19, 2009

 Exhibit 10.7 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 ALLIANCE LAUNDRY EQUIPMENT RECEIVABLES 2009 LLC 
 DATED AS OF JUNE 19, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I GENERAL PROVISIONS; CAPITAL CONTRIBUTIONS	  	1
			
	 Section 1.1.
	  	Formation	  	1
	 Section 1.2.
	  	Name	  	1
	 Section 1.3.
	  	Purpose	  	1
	 Section 1.4.
	  	Powers	  	2
	 Section 1.5.
	  	Limitations on the Company’s Powers	  	2
	 Section 1.6.
	  	Members	  	4
	 Section 1.7.
	  	Special Member	  	5
	 Section 1.8.
	  	Registered Office; Registered Agent; Place of Business	  	5
	 Section 1.9.
	  	Capital Contributions	  	5
	 Section 1.10.
	  	Term	  	6
	 Section 1.11.
	  	Limited Liability	  	6
	 Section 1.12.
	  	No State-Law Partnership	  	6
	 Section 1.13.
	  	Return of Contributions	  	7
		
	ARTICLE II CAPITAL ACCOUNTS	  	7
			
	 Section 2.1.
	  	Capital Accounts	  	7
	 Section 2.2.
	  	Computation of Amounts	  	7
	 Section 2.3.
	  	Distribution in Kind	  	7
		
	ARTICLE III DISTRIBUTIONS AND ALLOCATIONS	  	8
			
	 Section 3.1.
	  	Distributions	  	8
	 Section 3.2.
	  	Allocation of Profits and Losses	  	8
		
	ARTICLE IV MANAGEMENT AND MEMBER RIGHTS	  	8
			
	 Section 4.1.
	  	Management Authority	  	8
	 Section 4.2.
	  	Independent Managers	  	9
	 Section 4.3.
	  	Officers	  	10
	 Section 4.4.
	  	Indemnification	  	12
		
	ARTICLE V MEMBERS	  	13
			
	 Section 5.1.
	  	Transfer of Company Interest	  	13
	 Section 5.2.
	  	Member Rights: Meetings	  	14
	 Section 5.3.
	  	Additional Members	  	15
	 Section 5.4.
	  	Resignation of a Member	  	15
	 Section 5.5.
	  	Termination of a Member	  	15
	 Section 5.6.
	  	Outside Businesses	  	15
	 Section 5.7.
	  	Waiver of Rejection Right	  	15

  

 -i- 

					
	ARTICLE VI DURATION	  	16
			
	 Section 6.1.
	  	Duration	  	16
	 Section 6.2.
	  	Winding Up	  	16
	 Section 6.3.
	  	Termination	  	17
		
	ARTICLE VII VALUATION	  	17
			
	 Section 7.1.
	  	Valuation	  	17
		
	ARTICLE VIII BOOKS OF ACCOUNT: MEETINGS	  	17
			
	 Section 8.1.
	  	Books	  	17
	 Section 8.2.
	  	Fiscal Year	  	17
	 Section 8.3.
	  	Tax Allocation and Reports	  	17
	 Section 8.4.
	  	U.S. Tax Classification Election	  	18
		
	ARTICLE IX MISCELLANEOUS	  	18
			
	 Section 9.1.
	  	Amendments	  	18
	 Section 9.2.
	  	Successors	  	19
	 Section 9.3.
	  	Governing Law; Severability	  	19
	 Section 9.4.
	  	Notices	  	19
	 Section 9.5.
	  	Complete Agreement: Headings, Counterparts	  	19
	 Section 9.6.
	  	Partition	  	19
	 Section 9.7.
	  	Benefits of Agreement: Third-Party Rights	  	19
	 Section 9.8.
	  	Binding Agreement	  	20
	 Section 9.9.
	  	No Strict Construction	  	20
	 Section 9.10.
	  	Effectiveness	  	20
	 Section 9.11.
	  	Limitation on Payments	  	20

  

 -ii- 

 THIS LIMITED LIABILITY COMPANY AGREEMENT, dated as of June 19, 2009 (this
“Agreement”), is adopted, executed and agreed to, for good and valuable consideration, by the sole Initial Member and the person specified in accordance with Section 1.7 who shall initially be Douglas K. Johnson, upon the
occurrence of events specified herein, as Special Member. Capitalized terms used herein are defined in Appendix A attached hereto; capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms
in Appendix A to the Pooling and Servicing Agreement. 
 ARTICLE I 
 GENERAL PROVISIONS; CAPITAL CONTRIBUTIONS 
 Section 1.1. Formation. The
formation of Alliance Laundry Equipment Receivables 2009 LLC (the “Company”) pursuant to and in accordance with the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (the
“Act”), occurred on June 12, 2009. Bruce P. Rounds, has been designated as an authorized person, within the meaning of the Act, and has executed, delivered and filed the certificate of formation of the Company (which
certificate of formation as amended from time to time is referred to as the “Certificate of Formation”). Upon the Initial Member’s (i) execution of this Agreement or a counterpart hereof and (ii) the making of the
capital contribution required by Section 1.9, such Initial Member shall be admitted to the Company as its sole initial member. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of
Formation of the Company as provided in the Act. 
 Section 1.2. Name. The name of the Company formed hereby is “Alliance
Laundry Equipment Receivables 2009 LLC” or such other name or names as the Board of Managers may from time to time designate. 
 Section 1.3. Purpose. 
 (a) The purposes of the Company are to engage in the following activities: 
 (i) to acquire from time to time any right, title and interest in and to trade receivables and equipment loans related to commercial
laundry equipment, monies due thereunder and proceeds related thereto, security interests in the equipment financed thereby and other assets, insurance policies related thereto and other related assets (collectively, “Receivables”)
pursuant to the Basic Documents; 
 (ii) to acquire, own, hold, service, sell, assign, pledge, invest, lend and otherwise deal
with the Receivables, related insurance policies, cash, marketable securities and any proceeds or further rights associated with any of the foregoing pursuant to the Basic Documents; 
 (iii) to transfer the Receivables to Alliance Laundry Equipment Receivables Trust 2009-A (the “Trust”); 

 (iv) to hold and enjoy all of the rights and privileges of the ownership of all of the
beneficial interests in the Trust; 
 (v) to perform its obligations under the Basic Documents; and 
 (vi) to engage in any activity and to exercise any powers permitted to limited liability companies under the laws of the State of Delaware
that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the foregoing, including the entering into referral, management, servicing and administration agreements. 
 (b) The Company, by or through any of its officers on behalf of the Company, may enter into and perform its obligations under the Basic Documents and all
documents, agreements or certificates contemplated thereby or related thereto, all without any further act, vote or approval of any Member or any of its Managers or officers notwithstanding any other provision of this Agreement, the Act or
applicable law, rule or regulation. The foregoing authorization shall not be deemed a restriction on the powers of any officer to enter into other agreements on behalf of the Company to carry out the purposes set out in this Section 1.3.

 Section 1.4. Powers. Subject to Section 1.5, the Company shall (i) have and exercise all powers necessary,
convenient or incidental to accomplish its purposes as set forth in Section 1.3 and (ii) have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act. 
 Section 1.5. Limitations on the Company’s Powers. 
 (a) This Section 1.5 is being adopted in order to comply with certain provisions required in order to qualify the Company as a “special purpose” entity. The Company shall not engage in any business or
activity other than as set forth in Section 1.3 hereof. 
 (b) The Company shall not incur (i) any indebtedness, whether or not
contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) or bankers’ acceptances, (ii) any obligations constituting
capitalized lease obligations or the deferred purchase price of property or (iii) any obligations to guarantee or secure with a lien upon property of the Company (other than a lien created in connection with a sale of property) any such
indebtedness or obligations of another person, other than Permitted Indebtedness. 
 (c) The Company shall not, so long as any Permitted
Indebtedness (other than indebtedness to the Initial Member) is outstanding, amend, alter, change or repeal the definition of “Independent Manager” or Sections 1.3, 1.4, 1.5, 1.7, 4.1, 4.2, 4.3, 5.1, 5.3, 5.4, 5.5, 6.1, 6.2, 6.3, 9.1 or
9.7 or Schedule 1 of this Agreement without the unanimous written consent of the Board of Managers (including each of the Independent Managers) and prior written notice to the Rating Agencies and consent of the Required Noteholders with
respect thereto; provided, however, that subject to this Section 1.5, the Members shall have the right to amend, alter, change or repeal any provisions contained in this Agreement in accordance with Section 9.1. 

 

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 (d) Notwithstanding any other provision of this Agreement and any provision of law that otherwise so
empowers the Company, the Members or the Board of Managers, or any other person or entity, the Company shall not be authorized or empowered, nor shall the Members, the Board of Managers nor any other person or entity, permit the Company, without the
prior unanimous written consent of the Board of Managers (including each of the Independent Managers), to take any Material Action; provided, however, that the Board may not vote on, or authorize the taking of, any Material Action,
unless there are at least two Independent Managers appointed pursuant to, and in compliance with, Section 4.2, and then serving in such capacity, and any taking or purported taking of any Material Action that is not in strict compliance with
this Section 1.5(d) shall be void and of no effect; and provided, further, that, so long as any Permitted Indebtedness (other than indebtedness to the Initial Member) is outstanding, the Company shall provide the Rating Agencies,
the Administrative Agent and the Indenture Trustee with prior written notice of any Material Action. 
 (e) The Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise
if the Board of Managers (including the Independent Managers) shall determine that the preservation thereof is no longer desirable for the conduct of its business and that the loss thereof is not disadvantageous in any material respect to the
holders of the Permitted Indebtedness and the Company shall deliver to the Indenture Trustee and the Administrative Agent an Officer’s Certificate to that effect. The Company shall also: 
 (i) maintain its own separate books and records and bank accounts including preparation of separate financial statements; 
 (ii) at all times hold itself out to the public as a legal entity separate from and not a division of the Members and any other Person;

 (iii) ensure that its Board of Managers is composed differently from that of its Members or Affiliates of its Members;

 (iv) file its own tax returns, if any, as may be required under applicable law, to the extent (a) not part of a
consolidated group filing a consolidated return or returns or (b) not treated as a division for tax purposes of another taxpayer or otherwise disregarded for tax purposes, and pay any taxes so required to be paid under applicable law;

 (v) except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person including
without limitations, any Members and any direct or ultimate parent of any Member and hold all of its assets in its own name; 
 (vi) conduct its business in its own name; 
 (vii) pay its own liabilities only out of its own funds; 
  

 -3- 

 (viii) maintain an arm’s length relationship with its Affiliates and its Members;

 (ix) pay the salaries of its own employees and maintain a sufficient number of employees in light of its contemplated
business operations, if any; 
 (x) not hold out its credit or assets as being available to satisfy the obligations of others
nor guarantee or become obligated for the debts of any other entity (except as contemplated by the Basic Documents); 
 (xi)
allocate fairly and reasonably any overhead for shared office space; 
 (xii) use separate stationery, invoices and checks;

 (xiii) not pledge its assets for the benefit of any other Person, except as contemplated by the Basic Documents;

 (xiv) correct any known misunderstanding regarding its separate identity; 
 (xv) maintain adequate capital in light of its contemplated business purposes transactions and liabilities; 
 (xvi) cause the Board of Managers to meet at least annually or act pursuant to written consent and keep minutes of such meetings and
actions and observe all other Delaware limited liability company formalities; 
 (xvii) not acquire any obligations or
securities or other ownership interests of a Member or any Affiliate (except as contemplated by the Basic Documents); and 
 (xviii) cause the Managers, officers, agents and other representatives of the Company to act at all times with respect to the Company consistently and in furtherance of the foregoing and in the best interest of the Company. 
 Failure of the Company, or any Member, Manager or officer on behalf of the Company to comply with any of the covenants set forth in this Section 1.5 shall not
affect the status of the Company as a separate legal entity or the limited liability of the Member. 
 Section 1.6. Members. The
name and the mailing address of the Initial Member is set forth on Schedule 1 attached hereto. The Board of Managers shall amend from time to time Schedule 1 to reflect any future addition, resignation, withdrawal or termination of Members. Subject
to Section 1.5, Members may also act by written consent. 
  

 -4- 

 Section 1.7. Special Member. Upon the occurrence of any event that causes a Member to cease
to be a Member of the Company (other than (i) upon the assignment by a Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to Section 5.1 or (ii) the resignation of a
Member and the admission of an additional Member of the Company pursuant to Section 5.4), one person acting as an Independent Manager, who shall be specified from time to time by resolution of the Board of Managers and shall have executed a
signature page to this Agreement and who shall initially be Douglas K. Johnson, shall, without any action of any Person and simultaneously with the Initial Member ceasing to be a member of the Company, automatically be admitted to the Company as a
Special Member and shall continue the Company without dissolution. No Special Member may resign from the Company or transfer its rights as Special Member unless: (i) a successor Special Member has been admitted to the Company as Special Member
by executing a counterpart to this Agreement and (ii) such successor has also accepted its appointment as Independent Manager pursuant to Section 4.2; provided, however, the Special Member shall automatically cease to be a
member of the Company upon the admission to the Company of a substitute Member. Each Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions
of Company assets. Pursuant to Section 18-301 of the Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company. A Special Member, in
its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, the merger, consolidation or conversion of the Company. In order to
implement the admission to the Company of each Special Member, each Person acting as an Independent Manager and who is designated to be a Special Member in accordance with this Section 1.7, shall execute a counterpart to this Agreement. Prior
to its admission to the Company as a Special Member, each person acting as an Independent Manager shall not be a member of the Company. 
 Section 1.8. Registered Office; Registered Agent; Place of Business. The registered office of the Company required by the Act to be maintained in the State of Delaware shall be the office of the initial registered agent named in
the Certificate of Formation or such other office (which need not be a place of business of the Company) as the Board of Managers may designate from time to time in the manner provided by law. The registered agent of the Company in the State of
Delaware shall be the initial registered agent, at the registered address named in the Certificate of Formation, or such other person or persons as the Board of Managers may designate from time to time in the manner provided by law. The Company will
maintain a chief executive office and principal place of business at such place or places inside or outside the State of Delaware as the Board of Managers may designate from time to time. 
 Section 1.9. Capital Contributions. 
 (a) The Initial Member shall, promptly following the execution of this Agreement, contribute to the capital of the Company the amount set forth on Schedule 1. The Initial Member is not required to make any additional capital
contribution to the Company. However, the Initial Member may make additional capital contributions to the Company at any time at the sole discretion of such Initial Member. All such contributions shall take the form of (i) the Initial
Member’s right, title and interest in and to Authorized Assets or (ii) a cash transfer. 

  

 -5- 

 
The Persons hereafter admitted as Members of the Company shall make such contributions of cash (or promissory obligations), property or services to the
Company as shall be determined by the Board of Managers at the time of each such admission. The Persons hereafter admitted as Members of the Company shall not be required to make any additional capital contribution to the Company. However, each such
Person may make additional capital contributions to the Company at any time upon the written consent of the Board of Managers. All such additional contributions shall take the form of a cash transfer or a deed cash transfer unless otherwise approved
by the Board of Managers at the time of each such contribution. The Board of Managers shall amend Schedule 1 from time to time to reflect any capital contribution made by any Member. The provisions of this Agreement, including this
Section 1.9, are intended solely to benefit the Member and, to the fullest extent permitted by law, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor of the Company shall be a third party
beneficiary of this Agreement) and no Member or Special Member shall have any duty or obligation to any creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement. 
 (b) No Member shall have any responsibility to restore any negative balance in such Member’s Capital Account or to contribute to or in respect of
liabilities or obligations of the Company, whether arising in tort, contract or otherwise, or return distributions made by the Company except as required by the Act or other applicable law. The failure of the Company to observe any formalities or
requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Members for liabilities of the Company. 
 (c) No interest shall be paid by the Company on capital contributions or on balances in Capital Accounts. 
 (d) A Member shall not be entitled to withdraw any part of its Capital Account or to receive any distributions from the Company except as provided in
Articles III and VI; nor shall a Member be entitled to make any capital contribution to the Company other than as expressly provided herein. 
 Section 1.10. Term. The Company’s term shall continue until the Company is dissolved in accordance with Article VI of this Agreement. 
 Section 1.11. Limited Liability. To the fullest extent permitted by law, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts,
obligations and liabilities solely of the Company, and no Member, Special Member, Manager or any officer of the Company shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member,
Special Member, Manager or officer of the Company. 
 Section 1.12. No State-Law Partnership. The Member(s) intend that the
Company not be a partnership (including, without limitation, a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member, for any purposes, and neither this Agreement nor any other document entered
into by the Company or any Member shall be construed to suggest otherwise. 
  

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 Section 1.13. Return of Contributions. The contributions of the Members are to be returned to
the Members only upon the termination and liquidation of the Company in accordance with Article VI of this Agreement but contributions may be returned prior to such time with the consent of the Independent Managers. 
 ARTICLE II 
 CAPITAL ACCOUNTS 
 Section 2.1. Capital Accounts. A “Capital Account” will be established for each Member on the books of the Company and will be
adjusted as follows: 
 (a) Such Member’s contributions to the capital of the Company will be credited to such Member’s Capital
Account when received by the Company. 
 (b) At the end of each fiscal year of the Company and upon dissolution and winding up of the Company
pursuant to Article VI, Profits for such period allocated to such Member pursuant to Section 3.2 shall be credited and Losses for such period allocated to such Member pursuant to Section 3.2 shall be debited, as the case may be, to such
Member’s Capital Account. 
 (c) Any amounts distributed to such Member will be debited against such Member’s Capital Account.

 (d) Such Member’s Capital Account will otherwise be adjusted in accordance with Treas. Reg. § 1. 704-1(b)(2)(iv). 
 Section 2.2. Computation of Amounts. For purposes of computing the amount of any item of income, gain, loss, deduction or expense to be
reflected in Capital Accounts, the determination, recognition and classification of each such item shall be the same as its determination, recognition and classification for federal income tax purposes; provided, that: 
 (a) any income that is exempt from federal income tax shall be added to such taxable income or losses and any expenditures of the Company described in
Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) of the Code expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), shall be subtracted from such taxable income or losses; 
 (b) if the Book Value of any Company property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) (in connection with a
distribution of such property) or (f) (in connection with a revaluation of Capital Accounts), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property; and 
 (c) if property that is reflected on the books of the Company has a Book Value that differs from the adjusted tax basis of such property, depreciation,
amortization and gain or loss with respect to such property shall be determined by reference to such Book Value. 
 Section 2.3.
Distribution in Kind. If property is to be distributed in kind to the Members pursuant to this Agreement, (i) the value of such property shall first be adjusted pursuant to Section 2.2(b) to its value (as determined pursuant to
Article VII as of the date of 

  

 -7- 

 
such distribution), (ii) the Capital Accounts of the Members shall be adjusted immediately prior to the distribution as if such property were sold at
its value (as so determined) and (iii) the value of such property (as so determined) received by each Member shall be debited against such Member’s respective Capital Account at the time of distribution. 
 ARTICLE III 
 DISTRIBUTIONS AND ALLOCATIONS

 Section 3.1. Distributions. Distributions of cash or other assets (except Authorized Assets) of the Company shall be made at
such times and in such amounts as the Board of Managers may determine. Unless the Board of Managers determines otherwise, distributions shall be made to Members pro rata based on the Percentage Interests held by each Member. Notwithstanding any
provision to the contrary contained in this Agreement, the Company shall not, and shall not be required to, make a distribution to any Member on account of such Member’s interest in the Company if such distribution would violate
Section 18-607 of the Act or other applicable law or any Basic Document. 
 Section 3.2. Allocation of Profits and Losses.
Except as may be required by the Code, each item of income, gain, loss, deduction or expense to the Company shall be allocated among the Members in proportion to the Percentage Interests held by each Member. 
 ARTICLE IV 
 MANAGEMENT AND MEMBER RIGHTS

 Section 4.1. Management Authority. 
 (a) Subject to Section 1.5, the business and affairs of the Company shall be managed by or under the direction of a board of one or more Managers (the “Board of Managers”). Subject to
Section 1.5, the Members may determine at anytime in their sole and absolute discretion the number of Managers to constitute the Board of Managers. The authorized number of Managers may be increased or decreased by the Members at any time in
their sole and absolute discretion, upon notice to all Managers, and subject in all cases to Section 1.5. The initial number of Managers shall be five, two of which shall be Independent Managers pursuant to Section 4.2. Each Manager
elected, designated or appointed shall hold office until a successor is elected and qualified or until such Manager’s earlier death, resignation or removal. Each Manager shall execute and deliver a counterpart of the Manager Agreement. Managers
need not be Members. Each Manager shall be a natural person. 
 (b) Subject to Section 1.5, the Board of Managers shall have the power
to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise. Subject to Sections 1.3(b) and 1.5, the Board of Managers has the authority to bind
the Company. Notwithstanding the last sentence of Sentence 18-402 of the Act, no Member, unless such Member is also a Manager and acts as its capacity as Manager, shall have any authority to act for or bind the Company but shall have only the right
to vote on or approve the actions herein specified to be voted on or approved by the Members or as otherwise specified in the Act. 
  

 -8- 

 (c) The Board of Managers may hold meetings, both regular and special, within or outside the State of
Delaware. Regular meetings of the Board of Managers may be held without notice at such time and at such place as shall from time to time be determined by the Board of Managers. Special meetings of the Board of Managers may be called by any one or
more of the Managers on not less than one (1) day’s (or such shorter period as shall be agreed to by such Manager) notice to each Manager by telephone, facsimile, mail, telegram or any other means of communication. 
 (d) At all meetings of the Board of Managers, a majority of the Managers shall constitute a quorum for the transaction of business and, except as
otherwise provided in any other provision of this Agreement, the act of a majority of the Managers present at any meeting at which there is a quorum shall be the act of the Board of Managers. If a quorum shall not be present at any meeting of the
Board of Managers, the Managers present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Any action required or permitted to be taken at any meeting of
the Board of Managers may be taken without a meeting if all members of the Board of Managers, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Managers. 

(e) Managers may participate in meetings of the Board of Managers, by means of telephone conference or similar communications equipment that allows
all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting and shall be counted for purposes of determining whether a quorum exists. If all the Members are
participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company. 
 (f) The Board of Managers shall have the authority to fix the compensation of Managers. The Managers may be paid their expenses, if any, of attendance at meetings of the Board of Managers, which may be a fixed sum for
attendance at each meeting of the Board of Managers or a stated salary as Manager. No such payment shall preclude any Manager from serving the Company in any other capacity and receiving compensation therefor. 
 (g) Subject to Section 4.2, unless otherwise restricted by law, any Manager or the entire Board of Managers, may be removed, with or without cause,
at any time by the Members, and, subject to Section 4.2, any vacancy caused by any such removal may be filled by action of the Members. 
 (h) Subject to Section 4.2, in exercising the rights and performing the duties of Managers under this Agreement, each Manager shall have a fiduciary duty of loyalty and care similar to that of a director of a business corporation
organized under the General Corporation Law of the State of Delaware. 
 Section 4.2. Independent Managers. 
 (a) The Company shall at all times have at least two (2) Independent Managers who will be appointed as Managers by the Members pursuant to, and in
compliance 

  

 -9- 

 
with this Section 4.2. The initial Independent Managers shall each execute and deliver an Independent Manager Agreement and a counterpart of the Manager
Agreement. To the fullest extent permitted by Section 18-1101(c) of the Act, the Independent Managers shall consider only the interests of the Company, including its respective creditors (including the Noteholders under the Basic Documents), in
acting or otherwise voting on any Material Action or the matters referred to in Section 1.5. No resignation or removal of an Independent Manager, and no appointment of a successor Independent Manager, shall be effective until the successor
Independent Manager shall have accepted his or her appointment by execution and delivery of an Independent Manager Agreement, a counterpart of the Manager Agreement and, if such person shall be designated as the Special Member, shall have executed a
counterpart of this Agreement. All right, power and authority of an Independent Manager shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement. Except as provided in the
third sentence of this Section 4.2, in exercising such Independent Manager’s rights and performing such Independent Manager’s duties under this Agreement, an Independent Manager shall have a fiduciary duty of care similar to that of a
director of a business corporation organized under the General Corporation Law of the State of Delaware. Notwithstanding the last sentence of Section 18-402 of the Act, except as expressly provided in this Agreement, the Independent Managers
shall not bind the Company. No Independent Manager shall at any time serve as trustee in bankruptcy for any Affiliate of the Company. 
 (b)
In the event of a vacancy in the position of Independent Manager, the Members shall, as soon as practicable, but with prior written notice to the Administrative Agent, appoint a successor Independent Manager. Any successor or additional Independent
Manager shall be reasonably acceptable to the Administrative Agent as evidenced in writing executed by the Administrative Agent. Any appointment of a successor or additional Independent Manager by the Members that is not in strict compliance with
this Section 4.2 shall be void and of no effect. Notwithstanding anything to the contrary set forth herein, the Company shall not take any Material Action until such successor Independent Manager is appointed. 
 (c) To the fullest extent permitted by law, so long as any Permitted Indebtedness is outstanding, the Independent Managers shall not acquiesce, petition,
or otherwise involve or cause the Company to order the winding up or liquidation of the affairs of the Company. 
 Section 4.3.
Officers. 
 (a) The officers of the Company shall consist of at least a President, a Secretary and a Treasurer. The officers of the
Company may also consist of a Chief Financial Officer and one or more Vice Presidents, Assistant Secretaries and Assistant Treasurers. Any number of offices may be held by the same person. The Board of Managers shall appoint a President, a Secretary
and a Treasurer. The Board of Managers may appoint such other officers and agents as it shall deem necessary or advisable who shall hold their offices for such terms and shall exercise such powers and perform such duties as specified in this
Agreement or as shall be determined from time to time by the Board of Managers. The salaries of all officers and agents of the Company shall be fixed by or in the manner prescribed by the Board of Managers. The officers of the Company shall hold
office until their successors are chosen and qualified. Any officer may be removed at any time, with or without cause, by the affirmative vote of a majority 

  

 -10- 

 
of the Board of Managers. Any vacancy occurring in any office of the Company shall be filled by the Board of Managers. The Board of Managers may delegate to
any such officer, person or entity such authority to act on behalf of the Company as the Board of Managers may from time to time deem appropriate in its sole discretion. 
 (b) President. The President shall preside at all meetings of the Members, if any, and the Board of Managers, shall be responsible for the general and active management of the business of the Company and shall
see that all orders and resolutions of the Board of Managers are carved into effect. The President shall execute all bonds, mortgages and other contracts, except: (i) where required or permitted by law or this Agreement to be otherwise signed
and executed; (ii) where signing and execution thereof shall be expressly delegated by the Board of Managers to some other officer or agent of the Company, including Section 4.1(b); and (iii) as otherwise permitted by
Section 4.3(g). 
 (c) Vice President. In the absence of the President or in the event of the President’s inability or
refusal to act, the Vice President, if any (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Managers, or in the absence of any designation, then in the order of their election), shall perform
the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents, if any, shall perform such other duties and have such other powers as the Board of Managers
may from time to time prescribe. 
 (d) Secretary and Assistant Secretary: The Secretary shall be responsible for filing legal
documents and maintaining records for the Company. The Secretary shall attend all meetings of the Board of Managers and all meetings of the Members, if any, and record all the proceedings of the meetings of the Company and of the Board of Managers
in a book to be kept for that purpose and shall perform like duties for the standing committees when required. The Secretary shall give, or cause to be given, notice of all meetings of the Members, if any, and special meetings of the Board of
Managers, and shall perform such other duties as may be prescribed by the Board of Managers or the President, under whose supervision the Secretary shall serve. The Assistant Secretary, if any, or if there be more than one, the Assistant Secretaries
in the order determined by the Board of Managers (or if there be no such determination, then in order of their election), shall, in the absence of the Secretary or in the event of the Secretary’s inability to act, perform the duties and
exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board of Managers may from time to time prescribe. 
 (e) Treasurer and Assistant Treasurer. The Treasurer shall have custody of the Company funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the
Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board of Managers. The Treasurer shall disburse the funds of the Company as may be ordered
by the Board of Managers, taking proper vouchers for such disbursements, and shall render to the President and to the Board of Managers, at its regular meetings or when the Board of Managers so requires, an account of all of the Treasurer’s
transactions and of the financial condition of the Company. The Assistant Treasurer, if any, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Managers (or if there 

  

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be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of the Treasurer’s inability to
act, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board of Managers may from time to time prescribe. 
 (f) Officers. The officers, to the extent of their powers set forth in this Agreement or otherwise vested in them by the Board of Managers not
inconsistent with this Agreement, shall have the power and authority, subject to Section 1.5, to bind the Company. 
 (g) When the
taking of such action has been authorized by the Board of Managers, any officer of the Company or any other person or entity specifically authorized by the Board of Managers may execute any contract or other agreement or document on behalf of the
Company and may execute and file on behalf of the Company with the Secretary of State of the State of Delaware any certificates of amendment to the Certificate of Formation, one or more restated certificates of formation and certificates of merger
or consolidation and, upon the dissolution and completion of winding up of the Company, at any time when there are no Members, or as otherwise provided in the Act, a certificate of cancellation canceling the Certificate of Formation. Except to the
extent otherwise provided herein, each officer shall have a fiduciary duty of loyalty and care similar to that of officers of business corporations organized under the General Corporation Law of the State of Delaware. 
 Section 4.4. Indemnification. Except as limited by law and subject to the provisions of this Section 4.4, each Person shall be entitled
to be indemnified and held harmless on an as incurred basis by the Company (but only after first making a claim for indemnification available from any other source and only to the extent indemnification is not provided by that source) to the fullest
extent permitted under the Act and other applicable law (including indemnification for negligence, gross negligence and breach of fiduciary duty to the extent so authorized), as amended from time to time (but, in the case of any such amendment, to
the fullest extent permitted by law, only to the extent that such amendment permits the Company to provide broader indemnification rights than such law permitted the Company to provide prior to such amendment), against all losses, liabilities and
expenses, including attorneys’ fees and expenses, arising from claims, actions and proceedings in which such Person may be involved, as a party or otherwise, by reason of such Person being or having been a Manager, Member, Special Member or
officer of the Company, or by reason of such Person serving at the request of the Company as a director, officer, member, manager, partner, employee or agent of another limited liability company or of a corporation, partnership, joint venture, trust
or other enterprise, including service with respect to an employee benefit plan whether or not such Person continues to be such or serve in such capacity at the time any such loss, liability or expense is paid or incurred. The rights of
indemnification provided in this Section 4.4 will be in addition to any rights to which such Person may otherwise be entitled by contract or as a matter of law and shall extend to such Person’s successors and assigns. In particular, and
without limitation of the foregoing, such Person shall be entitled to indemnification by the Company against expenses (as incurred), including attorneys’ fees and expenses, incurred by such person or entity upon the delivery by such Person to
the Company of a written undertaking (reasonably acceptable to the Board of Managers) to repay all amounts so advanced if it shall ultimately be determined that such person or entity is not entitled to be indemnified under this Section 4.4. The
Company may, to the extent authorized from time to time by the Board of Managers, and to the fullest extent permitted 

  

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by law, grant rights to indemnification and to advancement of expenses to any employee or agent of the Company to the fullest extent of the provisions of
this Section 4.4 with respect to the indemnification and advancement of expenses of the Managers, Members and officers of the Company; provided, however, indemnification of expenses to any employee or agent of the Company will be
subordinated to the full repayment of the Noteholders. 
 ARTICLE V 
 MEMBERS 
 Section 5.1. Transfer of Company Interest. 
 (a) Subject to Section 5.3, no Member shall sell, assign, transfer or otherwise dispose of, whether voluntarily or involuntarily or by operation of
law (a “Transfer”), all or any portion of such Member’s interest in the Company without the prior written consent of the Board of Managers, which consent may be given or withheld in its sole discretion; provided,
however, that the Initial Member may pledge or grant a security interest in its interest in the Company if such Person (and any of such Person’s successors and assigns) shall have agreed that it shall not: (i) file a petition in
bankruptcy against the Company or the Issuer until one (1) year and one (1) day after the Permitted Indebtedness shall have been paid in full, (ii) seek to substantively consolidate the Company or the Issuer in connection with a
bankruptcy of the Initial Member or any of its Affiliates, (iii) seek to realize on the assets of the Company or the Issuer, (iv) vote such interest in the Company with respect to any matters, without the consent of the Administrative
Agent (at the direction of the Required Noteholders) and (v) challenge or contest any actions by the Indenture Trustee or any of the Noteholders or the Agents (including any claims by any of the Administrative Agent, the Noteholders, the
Company, the Issuer or any of their respective assignees), or assert any claim against such parties in connection with the exercise by either the Indenture Trustee or any of the Noteholders or the Agents of any right or remedy available to it
pursuant to the terms of the Basic Documents, or the exercise of any remedies, or receipt of any proceeds from any assets of the Company following the occurrence of a Rapid Amortization Event or an Event of Default. 
 (b) Notwithstanding any other provision of this Agreement, any Transfer by the Members in contravention of any of the provisions of this Section 5.1
shall, to the fullest extent permitted by law, be void and ineffective, and shall not bind, or be recognized by, the Company. 
 (c) If and
to the extent any Transfer of an interest in the Company is made pursuant to and in accordance with the terms of this Agreement, this Agreement (including the Appendix, Schedule and Exhibits hereto) shall be amended by the Board of Managers to
reflect the Transfer of the Company interest to the transferee, to admit the transferee as a Member and to reflect the elimination of the transferring Member (or the reduction of such transferring Member’s interest in the Company) and (if and
to the extent then required by the Act) a certificate of amendment to the Certificate of Formation reflecting such admission and elimination (or reduction) shall be filed in accordance with the Act. The effectiveness of the Transfer of an interest
in the Company permitted hereunder and the admission of any substitute Member pursuant to Section 5.3 shall be deemed effective upon the later to occur of the time of Transfer of an interest in the Company to such transferee or the first date
that the Board of 

  

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Managers receives evidence of such Transfer, including the terms thereof; but in either case, the admission of the transferee as a member of the Company
shall be deemed effective immediately prior to the Member ceasing to be a member of the Company. If the transferring Member has transferred all of its interest in the Company pursuant to this Section 5.1, then, upon the later to occur of the
time of such Transfer or the first date that the Board of Managers receives evidence of such Transfer, including the terms thereof, the transferring Member shall cease to be a Member with respect to such interest; but in either case, the admission
of the transferee as a member of the Company shall be deemed effective immediately prior to the Member ceasing to be a member of the Company. 
 (d) Any person or entity who acquires in any manner whatsoever any interest in the Company, irrespective of whether such person or entity has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the
acceptance of the benefits of the acquisition thereof to have (i) made all of the capital contributions, (ii) received all of the distributions, and (iii) agreed to be subject to and bound by all of the terms and conditions of this
Agreement and the Basic Documents, that any predecessor in such interest in the Company made, received and was subject to or bound. 
 Section 5.2. Member Rights: Meetings. 
 (a) No Member, unless such Member is also a Manager and acts in its capacity as
Manager, shall have any right, power or duty, including the right to approve or vote on any matter, except as expressly required by the Act or other applicable law or as expressly provided for hereunder. 
 (b) Unless a greater vote is required by the Act or as expressly provided for hereunder, the affirmative vote of a Majority in Interest of the Members
entitled to vote shall be required to approve any proposed action. 
 (c) Meetings of the Members for the transaction of such business as may
properly come before such Members shall be held at such place, on such date and at such time as a Member or Members holding a Majority in Interest shall determine. Special meetings of Members for any proper purpose or purposes may be called at any
time by the Board of Managers or the Member or Members holding a Majority in Interest. The Company shall deliver oral or written notice (written notice may be delivered by mail) stating the date, time, place and purposes of any meeting to each
Member entitled to vote at the meeting. Such notice shall be given not less than four (4) and not more than sixty (60) days before the date of the meeting. 
 (d) Any action required or permitted to be taken at an annual or special meeting of the Members may be taken without a meeting, without prior notice, and without a vote, provided that written consents, setting forth
all proposed actions to be taken at such meeting, are signed by the Members holding at least the minimum Percentage Interest that would be necessary to authorize or take such action at a meeting at which all Members entitled to vote on such action
were present and voted. Every written consent shall bear the date and signature of each Member who signs such consent. Prompt notice of the taking of action without a meeting by less than unanimous written consent shall be given to all Members who
have not consented in writing to such action. 
  

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 Section 5.3. Additional Members. The Board of Managers shall have the sole right to admit
additional Members upon such terms and conditions and at such time or times as the Board of Managers shall in its sole discretion determine; provided, that, notwithstanding the foregoing, so long as any Permitted Indebtedness remains
outstanding, no additional Members may be admitted to the Company. In connection with any such admission, the Board of Managers shall amend Schedule 1 to reflect the name, address and capital contribution of the additional Member and the new
Percentage Interests of all Members. 
 Section 5.4. Resignation of a Member. So long as any Permitted Indebtedness (other than
indebtedness to the Initial Member) is outstanding, the Initial Member may not resign without prior written consent of the Indenture Trustee and the Required Noteholders. A Member (other than the Initial Member) may resign from the Company with the
written consent of the Board of Managers. In the event that there is only one Member, such Member shall not be permitted to resign pursuant to this Section 5.4 unless an additional member of the Company is admitted to the Company. Such
admission shall be deemed effective immediately prior to the resignation, and, immediately following such admission, the resigning Member shall cease to be a member of the Company. 
 Section 5.5. Termination of a Member. Notwithstanding the provisions of Section 5.4, a person or entity will no longer be a Member for
purposes of this Agreement upon an Event of Withdrawal. The Terminated Member, or its personal representative, as the case may be, shall only be entitled to continue to receive allocation of Profits and Losses and distributions of the Company,
including distributions pursuant to Article III hereof, as and when paid by the Company, to the same extent such Terminated Member was entitled to such distributions as a Member. Except as provided in Section 6.1, such Terminated Member’s
successors and assigns will not be entitled to participate in any Company decision or determination, and such Terminated Member’s successors and assigns will acquire only such Terminated Member’s right to receive allocation of Profits and
Losses and to share in Company distributions. 
 Section 5.6. Outside Businesses. Any Member or Special Member may engage in or
possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Company, and the Company and the Members shall have no rights by virtue of this Agreement in and
to such independent ventures or the income or gains derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Company, shall not be deemed wrongful or improper. No Member shall be obligated to present any
particular investment opportunity to the Company even if such opportunity is of a character that, if presented to the Company, could be taken by the Company, and any Member shall have the right to take for such Member’s own account
(individually or as a partner or fiduciary) or to recommend to others any such particular investment opportunity. 
 Section 5.7.
Waiver of Rejection Right. In the event of a Bankruptcy of the Member, the Member hereby agrees to waive any right to reject this Agreement under the federal bankruptcy laws. 
  

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 ARTICLE VI 
 DURATION 
 Section 6.1. Duration. Subject to the provisions of Section 6.2 of this
Agreement, the Company shall be dissolved and its affairs wound up and terminated upon the first to occur of the following: 
 (a) The
determination of the Board of Managers including the Independent Managers; 
 (b) The entry of a decree of judicial dissolution under
Section 18-802 of the Act; or 
 (c) The termination of the legal existence of the last remaining member of the Company or the
occurrence of any other event which terminates the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act. 
 Upon the occurrence of any event that causes the last remaining Member of the Company to cease to be a Member of the Company, to the fullest extent permitted by law, the
personal representative of such Member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such Member in the Company, agree in writing (i) to continue the Company and
(ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute Member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last
remaining Member of the Company in the Company. Notwithstanding the foregoing, so long as any Permitted Indebtedness (other than indebtedness to the Initial Member) is outstanding, to the fullest extent permitted law, the Company shall not be
dissolved without the prior consent of the Required Noteholders. 
 Except as otherwise set forth in this Article VI, the Members intend for the Company to
have perpetual existence. Notwithstanding any other provision of this Agreement, the Bankruptcy of any Member or Special Member shall not cause such Member or Special Member to cease to be a Member of the Company and upon the occurrence of such an
event, the business of the Company shall continue without dissolution. 
 Section 6.2. Winding Up. Upon dissolution of the
Company, the Company shall be liquidated in an orderly manner. The Board of Managers shall be the liquidator pursuant to this Agreement and shall proceed diligently to wind up the affairs of the Company and make final distributions as provided
herein and in the Act. The costs of liquidation shall be borne as the Company’s expense. The steps to be accomplished by the liquidator are as follows: 
 (a) First, the liquidator shall satisfy all of the Company’s debts and liabilities to creditors including all contingent, conditional or unmatured claims (whether by payment or the reasonable provision for
payment thereof) other than liabilities for distributions to members and former members under Sections 18-601 and 18-604 of the Act; 
  

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 (b) Second, the liquidator shall satisfy all of the Company’s debts and liabilities to Members
(whether by payment or the reasonable provision for payment thereof); 
 (c) Third, all remaining Authorized Assets shall be sold on terms
and conditions as favorable to the Company as are obtainable in the market; provided, that no Affiliate of the Company shall be entitled to acquire such Authorized Assets unless the purchase price to be paid by such Affiliate is at least as
high as the price specified in the highest bona fide bid for such Authorized Assets from a third party, provided, however, that Affiliates of the Company shall be entitled to acquire such Authorized Assets if (x) no bona fide bids
are received for such Authorized Assets (after reasonable efforts to obtain such bids) and (y) such acquisition is at a price at least equal to the fair value of such Authorized Assets, as established in written advice to the Company from a
Person, selected by the Independent Managers, engaged in the brokering or valuation of financial assets such as Authorized Assets; and 
 (d)
Fourth, all remaining assets shall be distributed to the Members in accordance with Section 3.1. 
 Section 6.3.
Termination. The Company shall terminate when all of the assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company, shall have been distributed to the Members in the manner provided for
in this Article VI, and the Certificate of Formation of the Company shall have been canceled in the manner required by the Act. 
 ARTICLE VII

 VALUATION 
 Section 7.1.
Valuation. For purposes of this Agreement, the value of any property contributed by or distributed to any Member shall be valued as determined by the Board of Managers. 
 ARTICLE VIII 
 BOOKS OF ACCOUNT: MEETINGS 
 Section 8.1. Books. The Board of Managers will maintain on behalf of the Company complete and accurate books of account of the Company’s
affairs at the Company’s principal office, which books will be open to inspection by any Member (or such Member’s authorized representative) at any time during ordinary business hours and shall be maintained in accordance with the Act.

 Section 8.2. Fiscal Year. The fiscal year of the Company shall end on December 31 of each year. 
 Section 8.3. Tax Allocation and Reports. If and for so long as the Company has more than one Member: 
 (a) The income, gains, losses, deductions and credits of the Company will be allocated, for federal, state and local income tax purposes, among the
Members in accordance with the allocation of such income, gains, losses, deductions and credits among the Members for computing their Capital Accounts, except as otherwise provided in the Code or other applicable law. 
  

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 (b) In accordance with Section 704(c) of the Code and the Treasury Regulations thereunder, income,
gain, loss, deduction and expense with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such
property to the Company for federal income tax purposes and its fair market value at the time of contribution. 
 (c) Within 75 days after
the end of each fiscal year, the Tax Matters Partner (as defined below) shall cause the Company to furnish each Member with a copy of the Company’s tax return and form K-1 for such fiscal year. 
 (d) The Company shall designate the Initial Member to act as the “Tax Matters Partner” (as defined in Section 6231(a)(7) of the Code) in
accordance with Sections 6221 through 6233 of the Code. 
 Section 8.4. U.S. Tax Classification Election. If and for so long as
the Company has only one Member, the Company shall make an election on IRS Form 8832 to be treated as a domestic entity with a single owner electing to be disregarded as a separate entity. 
 ARTICLE IX 
 MISCELLANEOUS 
 Section 9.1. Amendments. Subject to Section 1.5, this Agreement may be amended or modified from time to time only by a written
instrument adopted by the unanimous consent of its Board of Managers; provided, however, that any amendment or modification reducing disproportionately a Member’s Percentage Interest or other interest in the profits or losses or
in distributions or increasing such Member’s capital contribution shall be effective only with such Member’s consent. Notwithstanding anything to the contrary in this Agreement, so long as any Permitted Indebtedness (other than
indebtedness to the Initial Member) is outstanding, this Agreement may not be modified, altered, supplemented or amended without prior written consent of the Required Noteholders and prior written notice provided to the Rating Agencies with respect
thereto; provided, however, that any amendment, alteration, supplement or modification to this Agreement that creates a separate, non-voting membership interest in the Company (with no right to participate in the management of the
Company), which interest would give its holder the right to receive only allocations and distributions from the Company of amounts that are received by the Company at the times and in the amounts set forth in the Basic Documents and pledge or grant
to a pledge a security interest solely in such non-voting interest, shall be in form and substance reasonably satisfactory to the Administrative Agent; provided, further, that without limiting the generality of the foregoing, any
modification, alteration, supplement or amendment to Sections 1.5(d) or 4.2 of this Agreement (or any other modification, alteration, supplement or amendment to this Agreement that would have the effect of modifying, altering, supplementing or
amending the rights, duties or obligations of any Person under such Sections) shall be deemed to be material for purposes of this Section 9.1. 
  

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 Section 9.2. Successors. Except as otherwise provided herein, this Agreement will inure to
the benefit of and be binding upon the Members and their respective legal representatives, heirs, successors and permitted assigns. 
 Section 9.3. Governing Law; Severability. The Agreement will be construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws, and, to the maximum extent possible, in such
manner as to comply with the terms and conditions of the Act. If it is determined by a court of competent jurisdiction that any provision of this Agreement is invalid under applicable law, such provision will be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of this Agreement. 
 Section 9.4. Notices. All notices,
demands and other communications to be given and delivered under or by reason of provisions under this Agreement shall be in writing and shall be deemed to have been given when personally delivered, mailed by first class mail (postage prepaid and
return receipt requested), sent by telecopy or sent by reputable overnight courier service (charges prepaid) to the addresses or telecopy numbers set forth in Schedule 1 hereto or to such other addresses or telecopy numbers as have been supplied in
writing to the Company. 
 Section 9.5. Complete Agreement: Headings, Counterparts. This Agreement terminates and supersedes all
other agreements concerning the subject matter hereof previously entered into among any of the parties. Descriptive headings are for convenience only and will not control or affect the meaning or construction of any provision of this Agreement.
Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural, and pronouns stated in either the masculine, feminine or the neuter gender shall include the
masculine, the feminine and the neuter. This Agreement may be executed in any number of counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts together will constitute one agreement.

 Section 9.6. Partition. Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each
Member and Special Member hereby irrevocably waives any right or power that such Member might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the
Company, to compel any sale of all or any portion of the assets of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination
of the Company. No Member shall have any interest in any specific assets of the Company, and no Member shall have the status of a creditor with respect to any distribution pursuant to Section 3.1 hereof. The interest of the Members in the
Company is personal property. 
 Section 9.7. Benefits of Agreement: Third-Party Rights. The Indenture Trustee, the
Administrative Agent and their respective successors and assigns shall each be a third party beneficiary of this Agreement, as it may be supplemented or amended, and shall be entitled to rely upon and directly to enforce such provisions of this
Agreement. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of any Member or Special Member. Nothing in this Agreement shall be deemed to create any right in any
Person (except as otherwise provided in Section 4.4) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person. 
  

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 Section 9.8. Binding Agreement. Notwithstanding any other provision of this Agreement, each
Member agrees that this Agreement constitutes a legal, valid and binding agreement of the Member, and is enforceable against the Member by the Independent Managers, in accordance with its terms. 
 Section 9.9. No Strict Construction. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Persons (if more than one) then parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

 Section 9.10. Effectiveness. Pursuant to Section 18-201(d) of the Act, this Agreement shall be effective as of the date
first set forth above. 
 Section 9.11. Limitation on Payments. All parties hereto agree that all payments to be made by the
Company hereunder shall only be made to the extent funds are available to make such payments in accordance with the priority of payments specified in Section 8.2 of the Indenture. Any amounts which the Company does not pay pursuant to
the preceding sentence shall not constitute a claim (as defined in Section 101 of the Bankruptcy Code) against or corporate obligation of the Company for any such insufficiency unless and until such amount becomes available pursuant to the
preceding sentence. 
 [The remainder of this page is intentionally left blank.] 
  

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 IN WITNESS WHEREOF, the Initial Member hereto has caused this Agreement to be signed as of the date first
above written. 
  

			
	INITIAL MEMBER:
	
	ALLIANCE LAUNDRY SYSTEMS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 [ALER 2009 LLC Agreement] 

 IN WITNESS WHEREOF, the Special Member hereto has caused this Agreement to be signed as of the date first
above written. 
  

			
	SPECIAL MEMBER:
		
	Name:	 	  

		 	Douglas K. Johnson

 [ALER 2009 LLC Agreement] 

 APPENDIX A 
 DEFINITIONS 
 A. Capitalized terms used in the Agreement and not defined herein shall have the meanings assigned to such
terms in Appendix A to the Pooling and Servicing Agreement. When used in this Agreement, the following terms not otherwise defined herein have the following meanings: 
 “Act” has the meaning set forth in Section 1.1. 
 “Administrative Agent” shall have the meaning specified in the Note Purchase Agreement, dated as of the date hereof, by and among the Issuer, the Initial Member, the Company, the Note Purchasers (as
defined therein), the Agents (as defined therein) and Natixis Financial Products Inc., as administrative agent for the Note Purchasers. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such Person. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 
 “Assignee” means person or entity to whom any Company interest has been transferred in a Transfer described in Section 4.06, unless
and until such person or entity becomes a Member with respect to such Company interest. 
 “Authorized Assets” means the
Specified Assets (as defined in the Purchase Agreement). 
 “Bankruptcy” means, with respect to any Person, if such Person
(i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceeding,
(iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting
or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any
substantial part of its seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the
appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration
of any such stay, the appointment is not vacated. With respect to the Member, the foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections
18101(1) and 18-304 of the Act. 
 “Basic Documents” means the Certificate of Trust, the Trust Agreement, the Purchase
Agreement, the Pooling and Servicing Agreement, any Assignment, the Back-Up Servicer Agreement, the Note Purchase Agreement, the Custodial Agreement, the Administration 

 
Agreement, the Indenture, each of the Lockbox Agreements, each of the Independent Manager Agreements, each of the Independent Manager Services Agreements,
the Securities Account Control Agreement, the Applicable Margin Fee Letter and the other documents and certificates delivered in connection therewith. 
 “Book Value” means, with respect to any Company property, the Company’s adjusted basis for federal income tax purposes, except that the initial Book Value of any property contributed by a Member
to the Company shall be the value of such property on the date of such contribution, as agreed by the Board of Managers and the Member contributing the property, and the Book Value of any Company property shall be adjusted pursuant to Treasury
Regulation Section 1.7041(b)(2)(iv)(e) (in connection with a distribution of such property) or (f) (in connection with a revaluation of Capital Accounts). 
 “Board of Managers” has the meaning set forth in Section 4.1(a). 
 “Capital
Account” has the meaning set forth in Section 2.1. 
 “Certificate of Formation” has the meaning set forth in
Section 1.1. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations
promulgated thereunder. 
 “Company” has the meaning set forth in Section 1.1. 
 “Control” means the possession, directly or indirectly, or the power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or otherwise. “Controlling” and “Controlled” shall have correlative meanings. 
 “Event of Withdrawal” means the death or dissolution of a Member. 
 “Independent Manager” means a natural person who, for the five-year period prior to such person’s appointment as Independent
Manager (or independent director with respect to corporations) has not been, and during the continuation of such person’s service as Independent Manager such Independent Manager is not: (i) an employee, director, stockholder, manager,
partner or officer of the Company or any of its Affiliates (other than such person’s service as an Independent Manager of the Company or any of the Initial Member’s Affiliates); (ii) a customer, creditor or supplier of the Company or
any of its Affiliates; (iii) a beneficial owner at the time of such individual’s appointment as an Independent Manager, or at any time thereafter while serving as an Independent Manager, of more than 2% of the voting securities of the
Initial Member of any of its subsidiaries or affiliates; (iv) is not affiliated with a significant customer, supplier or creditor of the Initial Member or any of its affiliates or subsidiaries; (v) does not have any significant personal
service contracts with the Initial Member or any of its affiliates or subsidiaries; (vi) has prior experience as an independent director for a corporation whose charter documents require the unanimous consent of all independent directors
thereof before such corporation 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; (vii) has 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; or (viii) is not any member of the immediate family of a person described in (i) or (ii). An Independent Manager of the Company is hereby designated as a Manager of the Company within the meaning of Section 18-101(10)
of the Act. 
 “Independent Manager Agreement” means an agreement by and between the Company and an Independent Manager
relating to such Independent Manager’s position as Independent Manager. 
 “Independent Manager Services Agreement”
means an agreement by and between the Company and a Person relating to the identification of qualified individuals to serve as Independent Managers. 
 “Initial Member” means Alliance Laundry Systems LLC, a Delaware limited liability company, as the sole member of the Company. 
 “Lockbox Agreements” means any agreement relating to the provision of lockbox or other account services. 
 “Losses” for any period means all items of Company loss, deduction and expense for such period determined according to Section 2.2.

 “Majority in Interest” means a majority of Percentage Interests of all Members. 
 “Manager” means each Person identified as such on Schedule 1 as a manager, and any successor thereto. Each Manager is hereby
designated as a “manager” of the Company within the meaning of Section 18-101 (10) of the Act. 
 “Manager
Agreement” means the Manager Agreement in the form attached hereto as Exhibit A. 
 “Material Action” means
to consolidate or merge the Company with or into any Person, or sell all or substantially all of the assets of the Company, or to institute proceedings to have the Company or the Issuer be adjudicated bankrupt or insolvent, or consent to the
institution of bankruptcy or insolvency proceedings against the Company or the Issuer or file a petition seeking, or consent to, reorganization or relief with respect to the Company or the Issuer under any applicable federal or state law relating to
bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or the Issuer or a substantial part of its property, or make any assignment (or consent to the making of
any assignment) for the benefit of creditors of the Company or the Issuer, or admit in writing the Company’s or the Issuer’s inability to pay its debts generally as they become due, or, to the fullest extent permitted by law, take action
in furtherance of any such action, or dissolve or liquidate (or consent to the dissolution or liquidation of the Company or the Issuer) or except to the extent permitted by the Basic Documents, engage in any business activity not contemplated
hereby, sell all or substantially all of the assets of the Company or incur debt not contemplated by the Basic Documents. 

 “Member” means any of the parties identified on Schedule 1 as a member or
admitted as a member after the date of this Agreement in accordance with the terms hereof, in each case for so long as such person continues to be a member hereunder; provided, however, the term “Member” shall not include the
Special Members. 
 “Officer’s Certificate” means a certificate signed by any officer of the Company who is authorized
to act for the Company in matters relating to the Company. 
 “Percentage Interest” means, in respect of each Member, such
Member’s interest in the income, gains, losses, deductions and expenses of the Company as set forth on Schedule 1. 
 “Permitted Indebtedness” means the indebtedness for borrowed money of the Issuer, any indebtedness of the Company to the Initial Member in connection with the transfer of Receivables from the Initial Member to the Company,
and the other liabilities and obligations arising under the Basic Documents. 
 “Pooling and Servicing Agreement” means the
Pooling and Servicing Agreement dated as of June 26, 2009 among the Initial Member, the Company and Alliance Laundry Equipment Receivables Trust 2009-A. 
 “Profits” for any period means all items of Company income and gain for such period determined according to Section 2.2. 
 “Special Member” means, upon such Person’s admission to the Company as a member of the Company pursuant to Section 1.7, a
person acting as an Independent Manager, in such person’s capacity as a member of the Company. A Special Member shall have only the rights and duties expressly set forth in this Agreement. 
 “Terminated Member” means a person who has ceased to be a Member pursuant to Section 5.5. 
 “Transfer” has the meaning set forth in Section 5.1(a). 
  

	B.	Rules of Construction. Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms. The words “include” and
“including” shall be deemed to be followed by the phrase “without limitation.” The terms “herein,” “hereof’ and “hereunder” and other words of similar import refer to this Agreement as a whole and
not to any particular Section, paragraph or subdivision. The Section titles appear as a matter of convenience only and shall not affect the interpretation of this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not
attributed to a particular document shall be references to such parts of this Agreement. 

 SCHEDULE 1 
 MEMBER AND MANAGER INFORMATION 
  

							
	 MEMBER(S)
	  	CAPITAL
CONTRIBUTION	  	PERCENTAGE
INTEREST	 
	 Alliance Laundry Systems LLC
 Shepard Street
 P.O. Box 990
 Ripon, WI 54971
	  	$	1	  	100	% 

 Managers 
 Thomas F. L’Esperance 
 Bruce P. Rounds 
 Michael
D. Schoeb 
 Douglas K. Johnson (Independent Manager) 
 Evelyn
Echevarria (Independent Manager) 

 EXHIBIT A 
 FORM OF MANAGER AGREEMENT

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