Document:

Note Purchase Agreement, dated as of December 16, 2009

 Exhibit 10.6 
 EXECUTION COPY 
 SALE TRANSACTION 
 NOTE PURCHASE AGREEMENT 
 AMONG 
 NAVISTAR FINANCIAL ASSET SALES CORP., 
 NAVISTAR FINANCIAL CORPORATION, 
 AND 
 WELLS FARGO EQUIPMENT FINANCE, INC. 
 DATED AS OF DECEMBER 16, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I.
	  	DEFINITIONS	  	1
	 Section 1.1.
	  	Definitions	  	1
			
	 ARTICLE II.
	  	PURCHASE ARRANGEMENTS	  	1
	 Section 2.1.
	  	Purchase of the Portfolio	  	1
	 Section 2.2.
	  	Purchase Price	  	2
	 Section 2.3.
	  	The Closing	  	2
	 Section 2.4.
	  	Guaranty	  	2
			
	 ARTICLE III.
	  	REPRESENTATIONS AND WARRANTIES	  	3
	 Section 3.1.
	  	Representations and Warranties of the Seller	  	3
	 Section 3.2.
	  	Representations and Warranties of NFC	  	5
	 Section 3.3.
	  	Representations and Warranties of the Purchaser	  	6
			
	 ARTICLE IV.
	  	CONDITIONS OF PURCHASES	  	7
	 Section 4.1.
	  	Conditions to Obligation of the Purchaser	  	7
	 Section 4.2.
	  	Conditions To Obligation of the Seller	  	8
			
	 ARTICLE V.
	  	PAYMENTS AND COLLECTIONS	  	8
	 Section 5.1.
	  	General Settlement Procedures	  	8
	 Section 5.2.
	  	UNL Reserve Account; Release of Designated Accounts and Portfolio	  	10
	 Section 5.3.
	  	Payment Rescission	  	10
	 Section 5.4.
	  	Deposits Net of Total Servicing Fee	  	10
	 Section 5.5.
	  	Navistar Purchase Obligations	  	10
	 Section 5.6.
	  	Payment Requirements	  	11
	 Section 5.7.
	  	Turbo Events	  	11
			
	 ARTICLE VI.
	  	COVENANTS	  	12
	 Section 6.1.
	  	Affirmative Covenants of the Seller Parties	  	12
	 Section 6.2.
	  	Protection of Title	  	15
	 Section 6.3.
	  	No Merger or Consolidation of, or Assumption of the Obligations of, NFASC; Amendment of Certificate of Incorporation	  	18
			
	 ARTICLE VII.
	  	MISCELLANEOUS	  	19
	 Section 7.1.
	  	Amendment	  	19
	 Section 7.2.
	  	Survival	  	19
	 Section 7.3.
	  	Notices	  	19
	 Section 7.4.
	  	Governing Law	  	19
	 Section 7.5.
	  	Waivers	  	19
	 Section 7.6.
	  	Confidential Information	  	19
	 Section 7.7.
	  	Headings	  	19
	 Section 7.8.
	  	Counterparts	  	19

  

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	 Section 7.9.
	  	Severability of Provisions	  	19
	 Section 7.10.
	  	Further Assurances	  	20
	 Section 7.11.
	  	No Third-Party Beneficiaries	  	20
	 Section 7.12.
	  	Merger and Integration	  	20
	 Section 7.13.
	  	Assignment	  	20
	 Section 7.14.
	  	CONSENT TO JURISDICTION	  	20
	 Section 7.15.
	  	WAIVER OF JURY TRIAL	  	20

 EXHIBITS 
  

			
	 Exhibit A
	  	Form of NPA Assignment (includes Exhibit I, Composite Schedule of Contracts)
		
	 Exhibit B
	  	Form of Release
		
	 Schedule A
	  	Places of Business of the Seller Parties; Locations of Records; Federal Employer Identification Number(s)
		
	 Annex A
	  	Form of Portfolio Agreements

  

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 NOTE PURCHASE AGREEMENT 
 This Note Purchase Agreement (this “Agreement”), dated as of December 16, 2009, is among NAVISTAR FINANCIAL ASSET
SALES CORP., a Delaware corporation (“NFASC” or the “Seller”), NAVISTAR FINANCIAL CORPORATION, a Delaware corporation (“NFC”), in its capacity as Servicer under the Servicing Agreement (the
“Servicer” and, together with the Seller, the “Seller Parties” and each a “Seller Party”), and WELLS FARGO EQUIPMENT FINANCE, INC. (the “the Purchaser”). 
 WHEREAS, the Seller, pursuant to that certain Note Sale Agreement, dated as of the date hereof, by and between the Seller and NFC, purchased
from NFC the Portfolio; and 
 WHEREAS, the Seller desires to sell the Portfolio to the Purchaser on the date of this Agreement,
and the Purchaser desires to acquire the Portfolio on the date of this Agreement, in each case subject to the terms of this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing, the other good and valuable consideration and the mutual terms and covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I. DEFINITIONS 
 Section 1.1.
Definitions. Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to “the Agreement” or “this
Agreement” are to this Note Purchase 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
Articles, Sections and subsections are to Articles, Sections or 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. 
 ARTICLE II. PURCHASE ARRANGEMENTS 
 Section 2.1. Purchase of the Portfolio. 
 (a) Subject to the provisions of
Article V and the satisfaction of the conditions specified in Article IV, Seller agrees to sell, transfer, assign and otherwise convey to Purchaser, and Purchaser agrees to purchase on the Closing Date pursuant to a written assignment
substantially in the form of Exhibit A (the “NPA Assignment”), all right, title and interest of Seller in, to and under the Contracts (as described in Exhibit I, the Composite Schedule of Contracts, to the NPA Assignment) and
the Related Security, including the other Portfolio Documents. 
 (b) It is the intention of the Seller and the Purchaser that
the transfer and assignment contemplated by this Section 2.1 shall constitute a sale of the Portfolio by the Seller to the Purchaser and the beneficial interest in and title to the assets conveyed pursuant to this Section 2.1
shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. Notwithstanding the foregoing, in the

 
event a court of competent jurisdiction determines that such transfer and assignment did not constitute such a sale or that such sale shall for any reason be ineffective or unenforceable or that
such beneficial interest is a part of the Seller’s estate (any of the foregoing, a “Recharacterization”), then (i) the Seller shall be deemed to have granted to the Purchaser a first priority perfected security interest in
all of the Seller’s right title and interest in, to and under the assets conveyed pursuant to this Section 2.1, and the Seller hereby grants such security interest and (ii) the assets conveyed pursuant to this
Section 2.1 shall be deemed to include all rights, powers and options (but none of the obligations, if any) of the Seller under any agreement or instrument included in the assets conveyed pursuant to this Section 2.1,
including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Contracts included in the assets conveyed pursuant to this Section 2.1 and all other
monies payable under the Portfolio Documents conveyed pursuant to this Section 2.1, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights, powers and options, to bring
Proceedings in the name of the Seller or otherwise and generally to do and receive anything that the Seller is or may be entitled to do or receive under or with respect to the assets conveyed pursuant to this Section 2.1. For purposes of
such grant, this Agreement shall constitute a security agreement under the UCC. In the case of any Recharacterization, each of the Seller and the Purchaser represents and warrants as to itself that each remittance of Collections by the Seller to the
Purchaser hereunder or in connection herewith will have been (i) in payment of a debt incurred by the Seller in the ordinary course of business or financial affairs of the Seller and the Purchaser and (ii) made in the ordinary course of
business or financial affairs of the Seller and the Purchaser. 
 Section 2.2. Purchase Price. The aggregate purchase
price for the Portfolio conveyed hereunder shall be $224,892,707.35 (the “WFEFI Purchase Price”), which is payable by wire transfer of immediately available funds to a bank account of the Seller designated in writing by the Seller
to the Purchaser. 
 Section 2.3. The Closing. The sale and purchase of the Portfolio shall take place at 10:00 AM,
Chicago, Illinois time, on the Closing Date, at the offices of Kirkland & Ellis LLP located at 300 N. LaSalle Street, Chicago, Illinois 60654, or at such other place, date and time mutually agreeable to NFASC and the Purchaser. 

Section 2.4. Guaranty. NFC hereby guaranties to Purchaser the prompt payment of all amounts payable by Seller pursuant to
this Agreement when due and the prompt performance by Seller of all of its covenants and agreements in this Agreement, it being understood that neither the Seller nor NFC shall be obligated to pay any amount due or payable under any Portfolio
Document or any loss or shortfall caused by the credit of the Portfolio Obligors (other than as a result of a purchase of a Defaulted Contract, an Administrative Contract or a Warranty Contract or a Monthly Advance) (collectively, the
“Guaranteed Obligations”). NFC’s guaranty is a continuing one and shall terminate only upon full payment of all sums due under this Agreement and the performance of all of the terms, covenants and conditions therein required to be
kept, observed or performed by Seller. NFC expressly waives the right to revoke or terminate its guaranty under this Agreement, including any statutory right of revocation under the laws of any state. NFC’s guaranty is a guaranty of prompt
payment and performance (and not merely a guaranty of collection). NFC waives any right to require Purchaser to: (a) proceed against Seller, any other guarantor or any other person directly or contingently liable for the payment of

  

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any of the Guaranteed Obligations; (b) proceed against or exhaust any security held from Seller, any other guarantor or any other person directly or contingently liable for the payment of
any of the Guaranteed Obligations; (c) pursue any other remedy in Purchaser’s power whatsoever; or (d) notify NFC of any adverse change in Seller’s financial condition or of any default by Seller in the payment of any sums
required to be paid pursuant to this Agreement or in the performance of any term, covenant or condition therein required to be kept, observed or performed by Seller. NFC waives any defense arising by reason of any disability or other defense of
Seller, any lack of authority of Seller with respect to this Agreement, the invalidity, illegality or lack of enforceability of this Agreement from any cause whatsoever, the failure of Purchaser to perfect or maintain perfection of any interest in
any collateral, or the cessation from any cause whatsoever of the liability of Seller, and any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge, release or defense of a guarantor or surety, or that might
otherwise limit recourse against NFC; provided, however, that NFC does not waive any defense arising from the due performance by Seller of the terms and conditions of this Agreement. Upon demand, NFC agrees to pay and perform the Guaranteed
Obligations regardless of any existing or future offset or claim which may be asserted by NFC. NFC’s guaranty and NFC’s payment obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any time
payment of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by Purchaser, all as though such payment had not been made. Purchaser’s good faith determination as to whether a payment must be restored or
returned shall be binding on NFC. Until the payment and performance in full of all of the Guaranteed Obligations, NFC waives and shall have no right of subrogation against Seller, and waives any right to enforce any remedy which Purchaser now has or
may hereafter have against Seller, and waives any benefit of, and any right to participate in, any security now or hereafter held by Purchaser. NFC waives all presentments, demands for performance, notices of non performance, protests, notices of
dishonor, and notices of acceptance of this Agreement. 
 ARTICLE III. REPRESENTATIONS AND WARRANTIES 
 Section 3.1. Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser that, as of the
Closing Date: 
 (a) Organization and Good Standing. The Seller has been duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant
times, and now has, power, authority and legal right to acquire, own and transfer the Portfolio Documents. 
 (b) Due
Qualification. The Seller is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its
business requires or shall require such qualification. 
 (c) Power and Authority. The Seller has the power and authority
to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Seller by all necessary corporate action. 
  

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 (d) Valid Sale; Binding Obligation. This Agreement, when duly executed and delivered,
shall constitute a legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms of this
Agreement shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or by-laws of the Seller, or any indenture,
agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien (other than a Permitted Lien) upon any of its properties pursuant to the terms of any
such indenture, agreement, mortgage, deed of trust or other instrument (other than this Agreement), or violate any law or, to the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 
 (f) No Proceedings. To the Seller’s knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Seller or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, or
(iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Seller. 
 (g) No Consent. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance
by the Seller of this Agreement or the consummation by the Seller of the transactions contemplated hereby except as expressly contemplated herein or therein. 
 (h) ERISA. No notice of a Lien arising under Title I or Title IV of ERISA has been filed under Section 6323 (a) of the Code (or any successor provision) against, or otherwise affecting
the assets of the Seller. 
 (i) Solvency. The Seller is, and after giving effect to the transactions contemplated to
occur on such date will be, solvent. 
 (j) Investment Company Act. The Seller is not, and is not controlled by, an
“investment company” within the meaning of, and is not required to register as an “investment company” under, the Investment Company Act. 
 (k) NFC Representations. The Seller has taken no action which would cause the representations and warranties of NFC pursuant to Sections 3.01 and 3.02 of the Note Sale Agreement to be
false in any material respect as of the date of this Agreement. 
  

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 Section 3.2. Representations and Warranties of NFC. NFC, in its individual capacity
and as the Servicer, hereby represents and warrants to the Seller and the Purchaser that as of the Closing Date: 
 (a)
Organization and Good Standing. NFC has been duly organized and is validly existing as a corporation, and in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as
such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has, power, authority and legal right to enter into this Agreement and the other Basic Documents to which it is a party and perform
it’s obligations hereunder and thereunder and to service the Portfolio as provided in this Agreement and the Servicing Agreement. 
 (b) Due Qualification. NFC is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the
conduct of its business (including the servicing of the Portfolio as required by this Agreement and the other Basic Documents to which it is a party) requires such qualification. 
 (c) Power and Authority. NFC has the power and authority to execute and deliver this Agreement and the other Basic Documents to which
it is a party and to perform its obligations hereunder and thereunder; and the execution, delivery and performance by NFC of this Agreement and the other Basic Documents to which it is a party have been duly authorized by all necessary corporate
action on the part of NFC. 
 (d) Binding Obligation. This Agreement and the other Basic Documents to which it is a party
each constitutes a legal, valid and binding obligation of NFC enforceable against NFC in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents to which it is a
party and the fulfillment of the terms of this Agreement and the other Basic Documents to which it is a party shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of
time) a default under, the certificate of incorporation or by-laws of NFC, or any indenture, agreement, mortgage, deed of trust or other instrument to which NFC is a party or by which it is bound, or result in the creation or imposition of any Lien
(other than a Permitted Lien) upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than this Agreement), or violate any law or, to NFC’s knowledge, any order, rule
or regulation applicable to NFC of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over NFC or any of its properties. 
 (f) No Proceedings. To NFC’s knowledge, there are no proceedings or investigations pending or threatened before any Governmental
Authority (i) asserting the invalidity of this Agreement or the other Basic Documents to which it is a party, (ii) seeking to prevent the

  

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consummation of any of the transactions contemplated by this Agreement or the other Basic Documents to which it is a party, or (iii) seeking any determination or ruling that would reasonably
be expected to have a Material Adverse Effect with respect to NFC. 
 (g) No Consent. No permit, consent, approval or
authorization of, or declaration to or filing with, any governmental authority is required in connection with the execution, delivery and performance by NFC of this Agreement or the other Basic Documents to which it is a party or the consummation by
NFC of the transactions contemplated hereby and thereby except as expressly contemplated herein or therein. 
 Section 3.3.
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to each of the Seller and NFC that, as of the Closing Date: 
 (a) Organization and Good Standing. The Purchaser has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction of formation, with power and
authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire and own the
Portfolio. 
 (b) Due Qualification. The purchaser is duly qualified to do business as a foreign corporation in good
standing, and has obtained all necessary licenses and approvals, in all jurisdiction in which the ownership of the Portfolio or the performance of its rights or obligations under the Basic Documents shall require such qualification. 
 (c) Power and Authority. The Purchaser has the power and authority to execute and deliver this Agreement and the other Basic
Documents to which it is a party and to carry out their respective terms; and the execution, delivery and performance of this Agreement and the other Basic Documents to which it is a party have been duly authorized by the Purchaser by all necessary
corporate action. 
 (d) Valid Sale; Binding Obligation. This Agreement and the other Basic Documents to which it is a
party, when duly executed and delivered, shall constitute a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with their respective terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at
law. 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the other Basic
Documents to which it is a party and the fulfillment of the terms of this Agreement and the other Basic Documents to which it is a party shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time) a default under, the certificate of incorporation or by-laws of the Purchaser, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Purchaser is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than this Agreement and the other Basic Documents to which it is a

  

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party), or violate any law or, to the Purchaser’s knowledge, any order, rule or regulation applicable to the Purchaser of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Purchaser or any of its properties. 
 (f) No
Proceedings. To the Purchaser’s knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over
the Purchaser or its properties (i) asserting the invalidity of this Agreement or any other Basic Documents to which it is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement and the
other Basic Documents to which it is a party, or (iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Purchaser. 
 (g) No Consent. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Purchaser of this Agreement and the other Basic Documents to which it is a party or the consummation by the Purchaser of the transactions contemplated hereby and thereby
except as expressly contemplated herein or therein. 
 ARTICLE IV. CONDITIONS OF PURCHASES 
 Section 4.1. Conditions to Obligation of the Purchaser. The obligation of the Purchaser to purchase the Portfolio hereunder on the
Closing Date is subject to the satisfaction of the following conditions: 
 (a) Representations and Warranties True. The
representations and warranties of the Seller, NFC and the Servicer hereunder and under the other Basic Documents shall be true and correct in all material respects as of the Closing Date (or if specified as applying to some other date, as of such
date), and the Seller, NFC and the Servicer shall have performed in all material respects all obligations to be performed by it hereunder, and under the other Basic Documents, on or prior to the Closing Date. 
 (b) Computer Files Marked. The Seller, NFC and the Servicer shall, at their own expense, on or prior to the Closing Date,
(i) indicate in their computer files created in connection with the Contracts that the Contracts have been sold to the Purchaser pursuant to this Agreement and (ii) deliver to the Purchaser the Composite Schedule of Contracts certified by
a Responsible Officer of NFC to be true, correct and complete. 
 (c) Possession of Chattel Paper; Data Tape. NFC shall
confirm in writing to Purchaser that (1) NFC (including in its capacity as servicer or custodian) has in its possession the sole chattel paper original of each Contract and (2) NFC has delivered a data tape to the Purchaser and Back-Up
Servicer containing the agreed upon information as of the Reporting Date with respect to the Portfolio. NFC shall deliver to Purchaser copies of all Form Portfolio Agreements certified by the NFC as true and correct copies thereof. 
  

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 (d) Documents to Be Delivered by the Seller. 
 (i) Evidence of UCC Filing. On or within 10 days after the Closing Date, the Seller shall record and file, at its own
expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, naming the Seller as seller, naming the Purchaser as purchaser, naming the Portfolio as collateral, meeting the requirements of the laws of each such
jurisdiction and in such manner as is necessary to perfect under the UCC the sale, transfer, assignment and conveyance of the Portfolio to the Purchaser to the extent constituting Code Collateral. The Seller shall deliver a file-stamped copy, or
other evidence satisfactory to the Purchaser of such filing, to the Purchaser on or promptly after receipt thereof. 
 (ii) Letter Agreement. Seller, NFC and Purchaser shall have each executed and delivered the Letter Agreement. 
 (iii) Other Documents. On the Closing Date, the Seller shall provide such other documents as the Purchaser may reasonably request. 
 (e) Other Transactions. The related transactions contemplated by the Note Sale Agreement, the Loan Agreement and the Credit Agreement
shall be consummated on or prior to the Closing Date to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 
 Section 4.2. Conditions To Obligation of the Seller. The obligation of the Seller to sell the Portfolio to the Purchaser hereunder on
the Closing Date is subject to the satisfaction of the following conditions: 
 (a) Representations and Warranties True.
The representations and warranties of the Purchaser hereunder shall be true and correct in all material respects as of the Closing Date, and the Purchaser shall have performed in all material respects all obligations to be performed by it hereunder
and under the other Basic Documents on or prior to the Closing Date. 
 (b) Purchase Price. On the Closing Date, the
Purchaser shall pay to the Seller the WFEFI Purchase Price payable on such date as provided in Section 2.2 of this Agreement. 
 ARTICLE V. PAYMENTS AND COLLECTIONS 
 Section 5.1. General Settlement
Procedures. 
 (a) If at any time the Seller or the Purchaser receives any Collections, unless a Servicer Termination Date
shall have occurred (in which case such Collections shall be paid to the Backup Servicer or such other Person as designated by the Purchaser), it shall promptly pay such Collections to the Servicer for deposit into the Collection Account and, at all
times prior to such payment, such Collections shall be held in trust for the benefit of the Purchaser. 
 (b) On or before each
Determination Date, the Servicer shall calculate the Available Amount, the Scheduled Payments for such Monthly Period and the remaining Scheduled Payments, the Monthly Advances, the Total Servicing Fee, the Yield, the Yield Supplement Amount, the
Paydown Amount, the Aggregate Contract Balance, the Contract Balance of each Contract, the Outstanding Purchased Amount, the aggregate Recognized Losses, the Warranty

  

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Payments, Administrative Purchase Payments, Defaulted Contract Payments and the Negative Carry Account Target Balance, and any other amounts required to determine the amounts to be deposited in
or paid from each of the Collection Account, the UNL Reserve Account and the Negative Carry Account on the related Settlement Date. On or before (but not more than two Business Days before) the Business Day preceding each Settlement Date, the
Servicer shall make or cause to be made the following withdrawals, deposits, transfers and distributions in the amounts set forth in the Servicer’s Certificate for such Settlement Date (all in immediately available funds): 
 (i) from the Servicer to the Collection Account, the amount of any unpaid Administrative Purchase Payments and Monthly
Advances for the related Monthly Period, 
 (ii) from the Collection Account to NFC, reimbursement for any
unreimbursed Excess Recognized Losses pursuant to Section 5.04(b) of the Note Sale Agreement for the related Monthly Period, 
 (iii) from NFC to the Collection Account, the amount of any unpaid Defaulted Contract Payments and the Warranty Payments for the related Monthly Period, 
 (iv) from the UNL Reserve Account to NFC, the amount reimbursable to NFC for the related Monthly Period pursuant to
Section 5.04(b) of the Note Sale Agreement, 
 (v) from the Negative Carry Account to the Collection
Account, the amount of any Yield Supplement Amount for the related Monthly Period, and 
 (vi) from NFC to the
Negative Carry Account, the amount of any Negative Carry Account Shortfall for the related Monthly Period after giving effect to any deposit to the Negative Carry Account pursuant to Section 5.1(c), 
 (vii) from the Negative Carry Account to NFC, the amount of any Negative Carry Account Excess for the related Monthly Period.

 (c) On each Settlement Date, the Servicer shall apply or cause to be applied the Available Amount for such Settlement Date
from amounts on deposit in the Collection Account (after the withdrawals, deposits and transfers specified in Section 5.1(b) have been made), as follows: 
 (i) first, to pay the Total Servicing Fee to the Servicer (including any successor Servicer) with respect to the related
Monthly Period, 
 (ii) second, to pay to the Purchaser an amount equal to the Yield for such Settlement Date,

 (iii) third, to pay to the Purchaser an amount equal to the Paydown Amount for such Settlement Date to be
applied to reduce the Outstanding Purchased Amount, 
 (iv) fourth, to reimburse NFC for any Outstanding Monthly
Advances; 
  

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 (v) fifth, if a Turbo Event has occurred, the remaining balance, if any, to
the Purchaser to be applied to the Outstanding Purchased Amount until the Outstanding Purchased Amount is reduced to zero, 
 (vi) sixth, if no Turbo Event has occurred, the remaining balance, if any, to the UNL Reserve Account, until the aggregate amount deposited in the UNL Reserve Account equals three (3.00) percent of
the WFEFI Purchase Price, 
 (vii) seventh, if no Turbo Event has occurred, the remaining balance, if any, to the
Negative Carry Account, until the amount then on deposit in the Negative Carry Account equals the then Negative Carry Account Target Balance, and 
 (viii) eighth, if no Turbo Event has occurred, the remaining balance, if any, to the Seller. 
 Section 5.2. UNL Reserve Account; Release of Designated Accounts and Portfolio. 
 (a) Amounts shall be deposited into the UNL Reserve Account as provided in Section 5.1(c)(vi) and elsewhere in this Agreement and withdrawn and applied as provided in Section 5.04(b) of the Note Sale Agreement and
elsewhere in this Agreement. 
 (b) On the date on which the Outstanding Purchased Amount has been indefeasibly reduced to zero
and all other amounts payable to Purchaser under any Basic Document have been indefeasibly paid in full and all obligations of Seller, NFC and Servicer to Purchaser have been performed, any funds remaining in the Designated Accounts shall be
withdrawn and distributed to the Seller and the remaining Portfolio and all Collections thereon shall be released to and become property of the Seller. 
 Section 5.3. Payment Rescission. No payment to the Purchaser shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is
rescinded by application of law or judicial authority, or must otherwise be returned or refunded for any reason. The Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly
pay to the Purchaser the full amount thereof, from the date of any such rescission, return or refunding. 
 Section 5.4.
Deposits Net of Total Servicing Fee. Any provision herein to the contrary notwithstanding, for so long as (i) NFC is the Servicer and (ii) no Servicer Default has occurred and is continuing, the deposits into the Collection Account
pursuant to Section 5.1(a) may be made net of the Total Servicing Fee to be distributed to the Servicer pursuant to Section 5.1(c)(i). Nonetheless, the Servicer shall account for the Total Servicing Fee in the Servicer’s
Certificate as if such amount had been deposited into the Collection Account and/or transferred separately. 
 Section 5.5.
Navistar Purchase Obligations. The Purchaser acknowledges and agrees that (a) the rights pursuant to the Navistar Purchase Obligations are personal to NFC, and (b) the Purchaser is not entitled to, and is not intended to be, a third
party beneficiary of, such rights, and (c) accordingly such rights are not exercisable by, enforceable by, or for the benefit of, or preserved for the benefit of, the Purchaser. 
  

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 Section 5.6. Payment Requirements. All amounts to be paid or deposited by the Seller,
NFC or the Servicer to the Purchaser pursuant to any provision of this Agreement or any other Basic Document shall be paid or deposited in immediately available funds in accordance with the terms hereof no later than 11:00 a.m. (Chicago time) on the
day when due; provided, however, that (i) with respect to any intrabank transfer from any Designated Account to the Purchaser or another Designated Account, it will be sufficient if the Servicer shall provide the Account Bank with
notice that such transfer should be made, no later than 12:30 p.m. (Chicago time) on the day when due, and (ii) with respect to any transfer into the Collection Account, it shall be sufficient if such transfer is received by the Account Bank at
any time on the day it is due, it being understood that if such transfer into the Collection Account is received by the Account Bank after its internal payment deadline, Investment Earnings may not be credited to the Collection Account for that
night for such late arriving funds. Amounts payable to the Purchaser shall be paid to the Purchaser by deposit into Account No. 10-313, Account Name: Wells Fargo Equipment Finance, Inc. at Wells Fargo Bank Minnesota, N.A., ABA #121000248,
Reference Navistar Financial Corporation Contract Nos.              and             , until otherwise notified by the Purchaser.

 Section 5.7. Turbo Trigger Events; Turbo Event. (a) The occurrence of any one or more of the following events
shall constitute a Turbo Trigger Event: 
 (i) the occurrence of a Servicer Default; 
 (ii) NFC is not in compliance with the financial covenants in Sections 8.01(a) of (b) of the Credit Agreement (such
provisions and related definitions all as in effect as of the Closing Date, without regard to any amendment, waiver, modification, deletion or other revision from time to time in the Credit Agreement after the Closing Date, none of which shall have
any force or effect on such sections for purposes of this Agreement); 
 (iii) after the initial deposit into the
UNL Reserve Account, the amount on deposit in the UNL Reserve Account shall be zero; 
 (iv) the average of the
Delinquency Percentage for the most recent Determination Date and the two (2) immediately preceding Determination Dates exceeds 4.00%; and 
 (v) a breach by the Servicer of Section 6.01 of the Servicing Agreement. 
 (b) Upon the written election of the Purchaser during the continuance of a Turbo Trigger Event (a “Turbo Event”): (i) NFC shall deposit into the Collection Account an amount equal to the excess, if any, of (A) the
Defaulted Contracts Cash Recourse Limit over (B) the aggregate amount of Recognized Losses through the date of such deposit, (ii) NFC shall no longer be required to repurchase Defaulted Contracts pursuant to Section 5.04 of the
Note Sale Agreement; (iii) no further funds will be required to be deposited into the UNL Reserve Account and (iv) on the following Settlement Date, all amounts deposited into the Collection Account pursuant to clause
(i) above, all amounts on deposit in the UNL Reserve Account and all amounts on deposit in the Negative Carry Reserve Account shall be deemed to be Available Amounts for such Settlement Date and the related Determination Date and used to
make payments pursuant to Section 5.1(c), including the repayment of the Outstanding Purchased Amount. 
  

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 ARTICLE VI. COVENANTS 
 Section 6.1. Affirmative Covenants of the Seller Parties. Until the date on which all the Aggregate Unpaids have been indefeasibly
paid in full and this Agreement terminates in accordance with its terms, each Seller Party hereby covenants, as to itself, as set forth below: 
 (a) Financial Reporting. The Servicer will maintain, for itself and each of its Subsidiaries, a system of accounting established and administered in accordance with generally accepted accounting
principles, and furnish to the Purchaser: 
 (i) Annual Reporting. Within 120 days after the close of its
fiscal year, the annual report for Servicer for such fiscal year on Form 10-K, in the form filed with the Securities and Exchange Commission, or if the Servicer shall not be required to file a Form 10-K, comparable audited financials statements of
the Servicer for such period. 
 (ii) Quarterly Reporting. Within 45 days after the close of the first
three (3) quarterly periods of its fiscal year, the quarterly reports for Servicer on Form 10-Q, in the form filed with the Securities and Exchange Commission, as at the close of each such period, or if the Servicer shall not be required to
file Form 10-Qs, comparable unaudited financial statements of the Servicer for such period. 
 For so long as NFC’s quarterly and annual
financial statements are publically available, NFC shall not be required to furnish copies of such financial statements to the Purchaser. 
 (b) Notices. Each Seller Party will notify the Purchaser in writing of any of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being
taken with respect thereto: 
 (i) Servicer Defaults. The occurrence of any Servicer Default, by a
statement of an Authorized Officer of such Seller Party. 
 (ii) Note Sale Agreement. Any request for
waivers, consents or modifications of the Note Sale Agreement. 
 (c) Compliance with Laws and Preservation of Corporate
Existence. Such Seller Party will comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject. Such Seller Party will preserve and maintain its
corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where its business is conducted, except where the
failure to so preserve and maintain or qualify would not have a Material Adverse Effect. 
 (d) Audits. Such Seller Party
will furnish to the Purchaser from time to time such information with respect to the Portfolio Documents as the Purchaser may reasonably request. Such Seller Party shall permit the Purchaser and its agents and representatives twice per calendar

  

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year, at their own expense (unless a Servicer Default has occurred and is continuing, in which case, as often as the Purchaser shall reasonably request) during normal business hours on 48 hours
prior notice: (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such Person relating to the Portfolio Documents and the Related Security, including, without limitation, the related
Contracts, and (ii) to visit the offices and properties of such Person for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to such Person’s financial condition or the Portfolio
Documents and the Related Security or any Person’s performance under any of the Basic Documents or any Person’s performance under the Contracts and, in each case, with the executive officers of the Seller or the Servicer. Nothing in this
Section 6.1(d) shall affect the obligations of the Servicer to observe any applicable law prohibiting the disclosure of information regarding the Portfolio Obligors, and the failure of the Servicer to provide access to information as a
result of this obligation shall not constitute a breach of this Section 6.1(d). 
 (e) Repurchase of Contracts
Upon Breach of Warranty. Upon discovery by the Seller or the Servicer of a breach of any of the representations and warranties in Sections 3.01 or 3.02 of the Note Sale Agreement that materially and adversely affects the interests
of the Purchaser in any Contract, the party discovering such breach shall give prompt written notice thereof to the other parties. As of the second Accounting Date following the date such notice of any such breach shall have been given, unless such
breach shall have been cured in all material respects, the NFC shall repurchase the interests of the Purchaser and the Seller in such Contract and the Related Security in accordance with Section 5.03 of the Note Sale Agreement.

 It is understood and agreed that the obligations of NFC to repurchase any Contract as to which a breach has occurred and is
continuing, shall, if such repurchase obligations are fulfilled, constitute liquidated damages for such breach; provided, that NFC’s obligations under Section 6.2(g) of this Agreement shall remain in full force and effect with respect to
such breach. The Servicer acknowledges its obligations to purchase Administrative Contracts from the Purchaser pursuant to Section 2.08 of the Servicing Agreement and NFC acknowledges its obligation to repurchase Warranty Contracts from
the Seller pursuant to Section 5.03 of the Note Sale Agreement. 
 From time to time, as reasonably requested by
NFC, Purchaser shall execute a release, substantially in the form of Exhibit B with respect to any Warranty Contracts, Administrative Purchase Contracts or Defaulted Contracts purchased or repurchased by NFC. 
 (f) Corporate Separateness. The Seller will maintain its corporate separateness and distinctiveness from NFC and all other Affiliates
through observation of the following covenants: 
 (i) The Seller shall at all times restrict its activities to
(i) providing financing facilities through the purchase of any installment sale contracts, loans, notes, leases, accounts or other rights to payment from retail customers in respect of Vehicles (including notes of dealers and other persons that
finance the acquisition by such dealer or other person of a Vehicle that is leased to a third person or persons) from NFC and (ii) conducting any ancillary business or activity as it deems necessary or appropriate to accomplish its primary
purpose. The Seller will not amend its certificate of incorporation (“Certificate of Incorporation”) in any manner which would affect such restrictions on the Seller’s activities. 
  

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 (ii) The Seller shall keep separate books and records such that its own
separate financial statements may be readily prepared and presented apart from any financial statements consolidated to include NFC or any subsidiary or affiliate of NFC other than the Seller. Any financial statements of NFC which are presented on a
consolidated basis to include the Seller shall contain notes clearly stating that the Contracts have been sold to a third party and are not assets of the consolidated group. 
 (iii) The Seller shall conduct its business solely in its individual corporate name and otherwise so as not to mislead others
with whom it deals regarding its independent identity and existence. 
 (iv) The Seller will cause to be elected
and compensate its Independent Directors as described below. 
 (v) Any allocations of direct, indirect or
overhead expenses for items shared between the Seller on the one hand and NFC on the other hand have been and will be made to the extent practical on the basis of actual use or value of services rendered and otherwise on a basis reasonably related
to actual use or the value of services rendered. 
 (vi) The Seller has paid and will pay its own operating
expenses and liabilities from its own funds, except NFC shall pay a portion of the expenses of the Seller incurred in connection with the transactions contemplated by the Basic Documents. Such payment by NFC shall be treated by NFC as a contribution
of capital from NFC to the Seller. 
 (vii) The Seller shall not commingle or pool its funds or other assets with
those of NFC or any other subsidiary or affiliate of NFC except as specifically provided in Basic Documents. The Seller shall not maintain joint bank accounts or other depository accounts to which NFC or any other Affiliate of NFC, other than NFC in
its capacity as Servicer, has independent access. 
 (viii) The Seller is not named, and has not entered any
agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy covering the property of NFC or of any other subsidiary or Affiliate of NFC. 
 (ix) Each officer and director of the Seller shall discharge his or her respective fiduciary duties and obligations in
accordance with all applicable laws. 
 (x) The Seller has, and shall continue at all times to have, at least one
Independent Director (as defined in the Seller’s Certificate of Incorporation as in effect on the date hereof) on its board of directors. 
 (g) Taxes. Such Seller Party shall file all tax returns and reports required by law to be filed by it and shall promptly pay all taxes and governmental charges at any time owing, except any such
taxes which are not yet delinquent or are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with generally accepted accounting principles shall have been set aside on its books.

  

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 (h) Transfers, Liens, Etc. Except for the Lien in favor of a the Purchaser created by
this Agreement, the Seller Parties shall not transfer, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Lien (other than Permitted Liens) upon or with respect to any Portfolio Document or Related
Security. 
 (i) Liens in Force. Except as contemplated in any Basic Document, the Seller Parties shall not release in
whole or in part any Financed Vehicle or related insurance contract rights from the security interest securing the Contracts. 
 (j) No Impairment. The Seller Parties shall do nothing to impair the rights of the Seller or the Purchaser in and to the Portfolio Documents. 
 (k) No Modifications. The Seller Parties shall not amend or otherwise modify any Contract other than a Permitted Modification. 
 (l) Note Sale Agreement. The Seller Parties shall not grant any waiver or consent under, amend or otherwise modify, or terminate the
Note Sale Agreement without the prior written consent of the Purchaser. 
 (m) Patriot Act. Purchaser hereby notifies
Seller and NFC that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56, signed into law October 26, 2001) (the “Act”) and Purchaser’s policies and practices, Purchaser is required to obtain, verify
and record certain information and documentation that identifies NFC and Seller, which will allow Purchaser to identify NFC and Seller in accordance with the Act. NFC and Seller shall (a) ensure that no Person who owns a controlling interest in
or otherwise controls NFC and Seller or any subsidiary of NFC and Seller is or shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by OFAC, the Department of the Treasury or included in any
Executive Orders, (b) not use or permit the use of the Proceeds of the WFEFI Purchase Price to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto, (c) comply, and cause
any of its subsidiaries to comply, with all applicable Bank Secrecy Act laws and regulations, as amended; (d) agrees to provide from time to time any information reasonably deemed necessary by Purchaser to comply with the Act, including,
without limitation, the name and address of NFC and Seller and other information that will allow Purchaser to identify NFC and Seller in accordance with the Act, and warrants that all such information provided will be true, correct and complete in
all material respects at the time provided. 
 Section 6.2. Protection of Title, (a) Filings. The Seller shall prepare
and file such financing statements and cause to be prepared and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser under
this Agreement in the Portfolio and in the proceeds thereof, and hereby authorizes the Purchaser to file any such financing statements or continuation statements relating to all or any part thereof to the extent constituting Code Collateral. The
Seller shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, promptly after receipt thereof. 
  

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 (b) Name Change. The Seller shall not change its name, identity or corporate
structure in any manner that would, could or might make any financing statement or continuation statement filed by the Seller in accordance with Section 6.2(a) seriously misleading within the meaning of Section 9-506 of the UCC,
unless it shall have given the Purchaser at least 10 days prior written notice thereof and shall file such financing statements or amendments as may be reasonably requested by the Purchaser. 
 (c) Jurisdiction of Formation; Maintenance of Offices. The Seller shall give the Purchaser at least 10 days prior written notice of
any change in its jurisdiction of formation and shall file such financing statements or amendments as may be reasonably requested by the Purchaser. 
 (d) Records. The Seller will cause the Servicer to maintain accounts and records as to each Contract accurately and in sufficient detail to permit (i) the reader thereof to know at any time
the status of such Contract, including payments and recoveries made and payments owing (and the nature of each) and extensions of any scheduled payments made not less than 45 days prior thereto, and (ii) reconciliation between payments or
recoveries on (or with respect to) each Contract and the amounts from time to time deposited in the Collection Account in respect of such Contract. 
 (e) Computer Records. The Seller will cause the Servicer to maintain its computer systems so that, from and after the time of the sale hereunder, the Servicer’s master computer records
(including any back-up archives) that refer to any Contracts indicate clearly that an interest in such Contracts has been sold to the Purchaser. Indication of the Purchaser’s ownership interest in a Contracts shall be deleted from or modified
on the Servicer’s computer systems when, and only when, such Contracts shall have been paid in full, repurchased by the Seller or NFC, purchased by the Servicer or the Outstanding Purchased Amount shall have been reduced to zero. 
 (f) Confirmation of Interest. If at any time the Seller proposes to sell, grant a security interest in, or otherwise transfer any
interest in a Vehicle loan to any prospective purchaser, lender or other transferee, the Seller shall give to such prospective purchaser, lender or other transferee computer tapes, records or print-outs (including any restored from back-up archives)
that, if they refer in any manner whatsoever to any Contract, indicate clearly that an interest in such Contract has been sold to the Purchaser unless such Contract has been paid in full, repurchased by the Seller or NFC, purchased by the Servicer
or the Outstanding Purchased Amount shall have been reduced to zero. 
 (g) NFC Indemnification. Without limiting any
other rights which Purchaser may have hereunder or under applicable law, NFC shall indemnify Purchaser and its respective officers, directors, agents and employees (each, a “Purchaser Indemnified Party”) from and against any and all
damages, losses, claims, taxes, liabilities, costs, expenses and other amounts payable, including reasonable attorneys’ fees and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded
against or incurred by any Purchaser

  

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Indemnified Party arising out of or as a result of (i) any material breach by NFC of any representation or warranty made by NFC in this Note Purchase Agreement or any other Basic Document to
which NFC is a party, (ii) any breach by NFC of any covenant made by NFC in this Note Purchase Agreement or any other Basic Document to which NFC is a party, (iii) any casualty or other loss to any Financed Vehicle, or any action,
proceeding or claim (actual or threatened) arising out of or related to any Portfolio Document or Financed Vehicle occurring prior to the Reporting Date, to the extent not covered by insurance maintained by the applicable Portfolio Obligor on the
related Portfolio Document (including any failure on the part of any Portfolio Obligor to maintain any property liability insurance) or to the extent proceeds under any such insurance policy is not available to Purchaser for any reason, or
(iv) any action, proceeding or claim (actual or threatened) related to this Note Purchase Agreement or any other Basic Document or to any Portfolio Document or Related Security arising from the negligence or willful misconduct of NFC occurring
prior to the Closing Date, including without limitation any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with any such action, proceeding or claim. The foregoing notwithstanding, NFC
shall not have any indemnification obligation under this Section 6.2(g) for Indemnified Amounts to the extent that such Indemnified Amounts resulted from gross negligence, willful misconduct, breach of the Basic Documents or violation of
law on the part of any Purchaser Indemnified Party. No claim may be made by any Purchaser Indemnified Party against NFC or its officers, directors, agents or employees for any special, indirect, consequential or punitive damages in respect of any
claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Note Purchase Agreement except if payable to a third-party by a Purchaser Indemnified Party in connection with a claim
arising under clauses (i), (ii), (iii) or (iv) above. NFC shall be solely responsible for, and shall indemnify, protect, defend, save and keep harmless, each Purchaser Indemnified Party from and against any and all Taxes, in each such
case, to the extent any of the same are attributable or otherwise assessed with respect to the period prior to the Closing Date, together with any assessments, penalties, fines, additions to tax or interest thereon, which at any time or from time to
time may be imposed on, or asserted against, the Portfolio Documents, Financed Vehicles and Related Security (or any part thereof or any interest therein) or any Purchaser Indemnified Party, by any federal, state, local or foreign government or
taxing authority in connection with or relating to the Portfolio Documents, Financed Vehicles and Related Security (or any part thereof or interest therein), or any of the transactions contemplated hereby and thereby; but only to the extent, if any,
that such Purchaser Indemnified Party is not otherwise indemnified with respect thereto under the Basic Documents. 
 (h)
Seller Indemnification. Without limiting any other rights which Purchaser may have hereunder or under applicable law, Seller shall indemnify each Purchaser Indemnified Party from and against any and all Indemnified Amounts awarded against or
incurred by any Purchaser Indemnified Party arising out of or as a result of (i) any material breach by Seller of any representation or warranty made by Seller in this Note Purchase Agreement or any other Basic Document to which Seller is a
party, (ii) any breach by Seller of any covenant made by Seller in this Note Purchase Agreement or any other Basic Document to which Seller is a party, or (iii) any action, proceeding or claim (actual or threatened) related to this Note
Purchase Agreement or any other Basic Document or to any Portfolio Document or Related Security arising from the negligence or willful misconduct of Seller occurring prior to the Closing Date, including without limitation any judgment, award,
settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with any such action, proceeding or claim. The foregoing

  

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notwithstanding, Seller shall not have any indemnification obligation under this Section 6.2(h) for Indemnified Amounts to the extent such Indemnified Amounts resulted from gross
negligence, willful misconduct, breach of the Basic Documents or violation of law on the part of any Purchaser Indemnified Party. No claim may be made by any Purchaser Indemnified Party against Seller or its officers, directors, agents or employees
for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Note Purchase Agreement except if payable
to a third-party by a Purchaser Indemnified Party in connection with a claim arising under clauses (i), (ii) or (iii) above. Seller shall be solely responsible for, and shall indemnify, protect, defend, save and keep harmless, each
Purchaser Indemnified Party, on an after-tax basis, from and against any and all Taxes (including, without limitation, any sales or transfer tax arising in connection with the sale and assignment of the Portfolio Documents and Related Security), in
each such case, to the extent any of the same are attributable or otherwise assessed with respect to the sale and assignment of the Portfolio Documents and Related Security and/or with respect to the period prior to the Closing Date, together with
any assessments, penalties, fines additions to tax or interest thereon, which at any time or from time to time may be imposed on, or asserted against, the Financed Vehicles (or any part thereof or any interest therein) or any Purchaser Indemnified
Party, by any federal, state, local or foreign government or taxing authority in connection with or relating to the Financed Vehicles (or any part thereof or interest therein), any Portfolio Document and Related Security, or any of the transactions
contemplated hereby and thereby; but only to the extent, if any, that such Purchaser Indemnified Party is not otherwise indemnified with respect thereto under the Basic Documents. 
 (i) Notice of Claim. Each of NFC, Seller and Purchaser agrees to notify the other party promptly after becoming aware of any Taxes or
claims covered by Sections 6.2(g) and (h), whether pending or threatened that is the subject of indemnification pursuant to such Sections; provided, however, that the failure by either such party to so notify the indemnifying
party will not in any manner affect such indemnifying party’s obligations under such Sections, except to the extent, if any, the indemnifying party shall have been materially and adversely prejudiced by such failure. The indemnities set forth
in this section shall survive the expiration or earlier termination of this Note Purchase Agreement. In no event shall any party be liable for any loss of use, revenue, anticipated profits or special, indirect, incidental or consequential damages
arising in any way out of or in connection with this Note Purchase Agreement and any other Basic Document, except to the extent that such damages are payable to a third party by the party seeking indemnification hereunder (and are therefore
out-of-pocket damages of the party seeking indemnification hereunder). 
 (j) Retitling of Financed Vehicles. Unless and
until the Servicer Termination Date has occurred, the Certificates of Title with respect to the Financed Vehicles shall not be amended or reissued to reflect the assignment of NFC’s or NFASC’s interests therein to WFEFI or any assignee
thereof. 
 Section 6.3. No Merger or Consolidation of, or Assumption of the Obligations of, NFASC; Amendment of Certificate
of Incorporation. 
 (a) Seller shall not merge or consolidate with any Person without the prior written consent of
Purchaser. 
  

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 (b) The Seller hereby agrees that during the term of this Agreement it shall not amend
Articles Third, Fourth, Fifth, Fourteenth and Sixteenth of its Certificate of Incorporation without obtaining the prior written consent of the Purchaser. 
 ARTICLE VII. MISCELLANEOUS 
 Section 7.1. Amendment. This
Agreement may be amended from time to time by a written amendment duly executed and delivered by the Seller, the Purchaser and the Servicer. 
 Section 7.2. Survival. The respective representations, warranties, obligations, liabilities, duties and indemnities of the parties contained in this Note Purchase Agreement and each other
Basic Document, and the other documents and agreements relating hereto or thereto shall survive the consummation of the transactions evidenced hereby, and shall survive any termination to the extent required for their full observance and
performance. 
 Section 7.3. Notices. All demands, notices and communications under this Agreement shall be
delivered as specified in Appendix B to the Note Purchase Agreement. 
 Section 7.4. 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. 
 Section 7.5. Waivers. No failure or delay on the part of the Purchaser in exercising any power, right or remedy under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. 
 Section 7.6. Confidential Information. The Purchaser agrees that it shall neither use nor disclose to any Person the names and
addresses of the Portfolio Obligors, except in connection with the exercise and enforcement of the Purchaser’s rights hereunder, under the Portfolio, under the Basic Documents to which it is a party or as required by law. 
 Section 7.7. Headings. The various headings in this Agreement are for purposes of reference only and shall not affect the
meaning or interpretation of any provision of this Agreement. 
 Section 7.8. Counterparts. This Agreement may be
executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 
 Section 7.9. 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 enforceable to the fullest extent permitted, and if not so permitted, 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 of any Basic Document or right of any party thereto. 
  

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 Section 7.10. Further Assurances. Each of the parties agree to do and perform,
from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the other more fully to effect the purposes of this Agreement, including the preparation of any financing statements or
continuation statements relating to the Purchased Interest for filing under the provisions of the UCC of any applicable jurisdiction. 
 Section 7.11. No Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns. Except as otherwise expressly provided in
this Agreement, no other Person shall have any right or obligation hereunder. 
 Section 7.12. 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. 
 Section 7.13.
Assignment. This Agreement may not be assigned by NFASC, NFC and Servicer without the prior written consent of the Purchaser. WFEFI may assign a portion of its rights and interests herein; provided, however, that so long as no Turbo
Event has occurred, neither Purchaser nor any of its assignees may assign any of their respective rights and interests herein to any Person that is a captive financing entity competing with NFC in the business of leasing or financing equipment
similar to the Financed Vehicles or to any lender that is a party to the Credit Agreement or, at any time, to any entity that NFC is prohibited from dealing with under applicable law without the prior written consent of NFC; and, provided
further, that WFEFI must retain at least 50.0% of the Outstanding Purchased Amount and related rights. 
 Section 7.14.
CONSENT TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY
OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. 
 Section 7.15. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT
OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY THE SELLER PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
 [SIGNATURE PAGES FOLLOW] 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered by their duly authorized officers as of the date hereof. 
  

			
	NAVISTAR FINANCIAL ASSET SALES CORP.
		
	By:	 	 /s/ William V. McMenamin

	Name:	 	 William V. McMenamin

	Title: 	 	 Vice President, Chief Financial Officer and

		 	 Treasurer

	
	NAVISTAR FINANCIAL CORPORATION
		
	By:	 	 /s/ William V. McMenamin

	Name:	 	 William V. McMenamin

	Title:	 	 Vice President, Chief Financial Officer and

		 	 Treasurer

	
	WELLS FARGO EQUIPMENT FINANCE, INC. 
		
	By:	 	 /s/ Lisa K. Lenton

	Name:	 	 Lisa K. Lenton

	Title:	 	 Senior Vice President

 EXHIBIT A 
 FORM OF NPA 
 As of December 16, 2009, for value
received, in accordance with the Note Purchase Agreement, dated as of December 16, 2009 (the “Note Purchase Agreement”; capitalized terms are used herein as defined in the Note Purchase Agreement), among NAVISTAR FINANCIAL
ASSET SALES CORP., a Delaware corporation (“NFASC”), NAVISTAR FINANCAL CORPORATION, a Delaware corporation (“NFC”), and WELLS FARGO EQUIPMENT FINANCE, INC., a Minnesota corporation (“WFEFI”),
subject to the conditions, limitations and provisions in the Note Purchase Agreement, NFASC does hereby sell, assign, transfer and otherwise convey unto WFEFI, all right, title and interest of NFASC in, to and under the Contracts(as reflected in the
attached Exhibit I, Composite Schedule of Contracts) and the Related Security, including the other Portfolio Documents. 
 The
foregoing sale does not constitute and is not intended to result in any assumption by WFEFI of any obligation of the undersigned to the Portfolio Obligors, Dealers, insurers or any other Person in connection with the Portfolio Documents, the
agreements with Dealers, any Insurance Policies or any agreement or instrument relating to any of them. 
 It is the intention
of NFASC and WFEFI that the transfers and assignments contemplated by this NPA Assignment shall constitute a sale from NFASC to WFEFI of the property described herein and in Section 2.01 of the Note Purchase Agreement and the beneficial
interest in title to such property shall not be part of NFASC’s estate in the event of the filing of a bankruptcy petition by or against NFASC under any bankruptcy law. Notwithstanding the foregoing, in the event a court of competent
jurisdiction determines that such transfer and assignment did not constitute such a sale or that such beneficial interest is a part of NAFSC’s estate, then NFASC shall be deemed to have granted to WFEFI a first priority perfected security
interest in all of NFASC’s right title and interest in, to and under the assets conveyed pursuant to this NPA Assignment, and NFASC hereby grants such security interest. For purposes of such grant, this NPA Assignment and the Note Purchase
Agreement shall constitute a security agreement under the UCC. 
 This NPA Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned contained in the Note Purchase Agreement and is to be governed by the Note Purchase Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Note Purchase Agreement. 
 * * * * * 

 IN WITNESS WHEREOF, the undersigned has caused this NPA Assignment to be duly executed as of
the day and year first above written. 
  

			
	 NAVISTAR FINANCIAL ASSET SALES CORP.

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	NAVISTAR FINANCIAL CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-1 

 EXHIBIT I 
 COMPOSITE SCHEDULE OF CONTRACTS 
  

 A-2 

 EXHIBIT B 
 FORM OF RELEASE 
 THIS RELEASE, dated as of
            , 201    , is made by Wells Fargo Equipment Finance, Inc., a Minnesota corporation (“Purchaser”), and relates to the interest of Purchaser in the
Contracts and Related Security purchased by Purchaser from Navistar Financial Asset Sales Corp. (“Seller”) pursuant to the Note Purchase Agreement, dated as of December 16, 2009 (as amended, supplemented, restated or otherwise
modified from time to time (the “Note Purchase Agreement”), between Purchaser and Seller. Capitalized terms used herein and not defined herein have the meanings assigned to such terms in the Note Purchase Agreement. Purchaser releases,
without representation, warranty or recourse, express or implied, all of its right, title and interest in, to and under the Contracts listed on Schedule I hereto and all Related Security related thereto. 
  

			
	WELLS FARGO EQUIPMENT FINANCE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-3 

 Schedule I to Release 
 [List of Contracts to be released] 
  

 A-4 

 SCHEDULE A 
 PLACES OF BUSINESS OF THE SELLER PARTIES; 
 LOCATIONS
OF RECORDS; 
 FEDERAL EMPLOYER IDENTIFICATION NUMBER(S) 
  

			
	Navistar Financial Corporation
		
	Place of Business:	  	 425 N. Martingale Road, Suite 1800
 Schaumburg, Illinois 60173

		
	Location of Records:	  	Same
		
	Jurisdiction of Formation:	  	Delaware
		
	F.E.I.N.:	  	36-2472404
		
	 Navistar Financial Asset
 Sales
Corp.
	  	
		
	Place of Business:	  	425 N. Martingale Road, Suite 1800 Schaumburg, Illinois 60173
		
	Location of Records:	  	Same
		
	F.E.I.N.:	  	27-1455713
		
	Jurisdiction of Formation:	  	Delaware

  

 A-5 

 EXECUTION COPY 
 SALE TRANSACTION 
 APPENDIX A 
 PART I - DEFINITIONS 
 All
terms used in this Appendix shall have the defined meanings set forth in this Part I when used in the Basic Documents, unless otherwise defined therein. 
 Account Bank: The Bank of New York Mellon, a New York banking corporation. 
 Account Control Agreement: shall mean that certain Account Control Agreement, dated as of December 16, 2009, among Servicer, the Seller, WFEFI and the Account Bank with respect to the Designated Accounts. 
 Accountants’ Report: As defined in Section 3.02 of the Servicing Agreement. 
 Accounting Date: With respect to a Monthly Period and the related Settlement Date, the last day of the related Monthly Period.

 Actual Payment: With respect to a Monthly Period, the related Settlement Date and a Contract, all Collections with
respect to such Contract from or for the account of all of the Portfolio Obligors during such Monthly Period (and, in the case of the first Settlement Date, all Collections with respect to such Contract from or for the account of all of the
Portfolio Obligors after the Cutoff Date but on or prior to the related Accounting Date) except for any Overdue Payments or Supplemental Servicing Fees. 
 Administrative Contract: As defined in Section 2.08 of the Servicing Agreement. 
 Administrative Purchase Payment: With respect to an Administrative Contract purchased as of any Accounting Date, a payment equal to the product of (a) the Contract Balance of such
Administrative Contract and (b) the Tranche A Purchase Percentage or the Tranche B Purchase Percentage, as applicable to such Contract, as of such Accounting Date.  
 Affiliate: With respect to any specified Person, any other Person controlling, controlled by or under common control with such
specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 Aggregate Contract Balance: As of any date, the sum of the Contract Balances of all outstanding Contracts as of such date. 
 Aggregate Starting Contract Balance: $246,787,512.71, which is the aggregate Contract Balance of all Contracts as of the Cutoff Date.

 Aggregate Unpaids: As of any date, an amount equal to the sum of all accrued and
unpaid Yield and the Outstanding Purchased Amount at such date. 
 Annual Percentage Rate or APR: With respect to
a Contract, the annual percentage rate specified in such Contract. 
 Authorized Officer: With respect to any Person, a
Vice President or more senior officer of such Person who is authorized to act for such Person with respect to such matters. 
 Available Amounts: With respect to any Monthly Period and the related Settlement Date, the aggregate of (a) all Collections (unless and until the Servicer Termination Date occurs, other than Supplemental Servicing Fees) for the
related Monthly Period, (b) Monthly Advances for the related Monthly Period, (c) Warranty Payments for the related Accounting Date, (d) Administrative Purchase Payments for the related Accounting Date, (e) Defaulted Contract
Payments for the related Accounting Date, (f) Optional Purchase Proceeds, (g) Investment Earnings with respect to the Designated Accounts that have been deposited into the Collection Account and (h) the Yield Supplement Amount for
such Monthly Period less (i) Excess Recognized Losses for such Settlement Date. 
 Backup Servicer: Portfolio
Financial Servicing Company. 
 Backup Servicing Agreement: The Backup Servicing Agreement among Servicer, WFEFI and the
Backup Servicer with respect to the Portfolio. 
 Basic Documents: The Note Sale Agreement, the NSA Assignment, the NPA
Assignment, the Note Purchase Agreement, the Servicing Agreement, the Letter Agreement, and the Composite Schedule of Contracts. 
 Basic Servicing Fee: As defined in Section 2.09 of the Servicing Agreement. 
 Business Day:
Any day other than a Saturday, a Sunday or any other day on which banking institutions in Minneapolis, Minnesota, New York, New York or Chicago, Illinois are authorized or required by law to close. 
 Certificate of Incorporation: As defined in Section 6.1(f) of the Note Purchase Agreement. 
 Certificate of Title: With respect to a Financed Vehicle, the certificate of title or other evidence of ownership of such Financed
Vehicle issued by a registrar of titles in the jurisdiction in which such Financed Vehicle is registered. 
 Change of
Control: The occurrence of one or more of the following events: (a) any Person or two or more Persons acting in concert (other than NIC or its Affiliates) shall have acquired legal and/or beneficial ownership (within the meaning of Rule
13d-3 of the Securities and Exchange Act of 1934 and the rules promulgated thereunder) of more than forty-nine percent (49%) of the outstanding shares of the voting Equity Interests of Borrower; (b) as of any date a majority of the board
of directors of Borrower consists (other than vacant seats) of individuals

  

 App. A-2 

 
who are not either (i) directors of Borrower as of the Closing Date, (ii) selected or nominated to become directors by the board of directors of Borrower of which a majority consisted
of individuals described in clause (i), or (iii) selected or nominated to become directors by the board of directors of Borrower of which a majority consisted of individuals described in clause (i) and individuals described in clause (ii);
or (c) all or substantially all of the assets of Borrower shall be sold to any Person (other than NIC or its Affiliates), whether in one transaction or a series of transactions. 
 Closing Date: December 16, 2009. 
 Code: The Internal Revenue Code of 1986, as amended, and Treasury Regulations promulgated thereunder. 
 Code Collateral: Any property a security interest in which may be perfected by filing under the applicable UCC. 
 Collection Account: The account designated as such, established and maintained pursuant to Section 2.02(a) of the Servicing Agreement. 
 Collections: All amounts received and identified from Portfolio Obligors or otherwise in respect of the Contracts during the related
Monthly Period, whether constituting principal or interest, prepayments, proceeds of sales of Financed Vehicles, benefits of any lease assignments, Insurance Proceeds, proceeds from Dealer Liability, proceeds from any Navistar Purchase Obligations,
proceeds from Guaranties or other Portfolio Documents, or otherwise, but excluding Supplemental Servicing Fees and amounts that are required to be refunded or paid to the Portfolio Obligor on in respect of such Contract, Warranty Payments,
Administrative Purchase Payments and Defaulted Contract Payments. 
 Composite Schedule of Contracts: As defined in
Section 3.02 of the Servicing Agreement. 
 Conflict Standard: To the extent commercially reasonable,
(i) the Servicer shall take such action with respect to the Portfolio as Servicer takes with respect to other similar equipment financed by the Servicer, (ii) with respect to any Portfolio Obligor of any Financed Vehicles, that the
Servicer shall take such action (and refrain from taking such action) as the Servicer takes with other borrowers in similar circumstances as such Portfolio Obligor, and (iii) the Servicer shall not discriminate against the Portfolio and the
Portfolio Obligors due to the sale of the Portfolio pursuant to the Note Purchase Agreement. 
 Contract: The related
contract(s), notes or other agreement(s) with the related Portfolio Obligor which collectively set forth the terms of the retail loan or other financing with respect to a Financed Vehicle, which contract, note or other agreement is listed on the
Composite Schedule of Contracts. In the event that a contract, note or other agreement relates to retail loan listed on the Composite Schedule of Contracts and retail loans or other financings not listed in the Composite Schedule of Contracts,
Contract shall include only such portion or rights under such contracts, notes or other agreements to the extent of such retail loan listed on the Composite Schedule of Contracts. 
  

 App. A-3 

 Contract Balance: As of an Accounting Date, (a) with respect to any Contract,
the Starting Contract Balance thereof minus the sum of the following amounts, in each case computed in accordance with the actuarial method: (i) that portion of all Scheduled Payments allocated to principal due after the Cutoff Date and on or
prior to the Accounting Date, (ii) that portion of all Warranty Payments, Defaulted Contract Payments, or Administrative Purchase Payments allocated to principal, (iii) that portion of all Prepayments allocated to principal, and
(iv) that portion of the following received and allocated to principal by the Servicer: benefits of any lease assignments, proceeds from any Insurance Policies, proceeds from any Dealer Liability, proceeds from any Navistar Purchase Obligations
and proceeds from any Guaranties. 
 Contract File: As defined in Section 4.01 of the Servicing Agreement.

 Credit Agreement: The Amended and Restated Credit Agreement, dated as of December 16, 2009, among NFC, JPMorgan
Chase Bank, N.A. as Administrative Agent, and the other parties thereto, as amended, supplemented, restated or otherwise modified from time to time. 
 Custodian: NFC, as Servicer, or another custodian named from time to time pursuant to the Servicing Agreement. 
 Cutoff Date: November 30, 2009. 
 Dealer: (i) a Person
with whom Navistar has a valid dealer sales/maintenance agreement to sell Navistar Vehicles, (ii) a Person with whom NFC has an agreement to extend new or used Vehicle floor plan financing terms, (iii) a Vehicle manufacturer with whom
Navistar has a valid agreement to sell Navistar Vehicles. 
 Dealer Liability: With respect to any Contract, all rights,
claims and actions of NFC against the Dealer which sold the Financed Vehicle(s) which gave rise to such Contract and any successor Dealer for recourse or reimbursement of any losses, costs or expenses arising as a result of a default by the
Portfolio Obligor on such Contract. 
 Defaulted Contract: A Contract (i) as to which the Servicer (a) has
reasonably determined, in accordance with its customary servicing procedures, that eventual payment of amounts owing on such Contract is unlikely or (b) has repossessed the Financed Vehicle or all Financed Vehicles securing the Contract,
(ii) as to which any related Scheduled Payment is at least 120 days overdue, or (iii) as to which the related Portfolio Obligor with respect to the related Contract has experienced an Insolvency Event. 
 Defaulted Contracts Cash Recourse Limit: $6,746,781.22, which is 3.0% of the WFEFI Purchase Price. 
 Defaulted Contract Payment: With respect to a Defaulted Contract as of an Accounting Date, a payment equal to the product of
(a) the Contract Balance of such Defaulted Contract and (b) the Tranche A Purchase Percentage or the Tranche B Purchase Percentage, as applicable to such Contract, as of such Accounting Date. 
  

 App. A-4 

 Defaulted Contract Repurchase Limit: $13,493,562.44, which is 6.0% of the WFEFI
Purchase Price. 
 Delinquency Percentage: With respect to a Determination Date and the related Settlement Date, the
aggregate Contract Balance of all outstanding Contracts which are 61 days or more past due as of the related Accounting Date, as determined in accordance with the Servicer’s normal practices subject to the Conflict Standard, expressed as a
percentage of the Aggregate Contract Balance of all Contracts on such Accounting Date. 
 Designated Accounts:
Collectively, the Collection Account, the UNL Reserve Account and the Negative Carry Account. 
 Determination Date: The
day that is four Business Days prior to the Settlement Date. 
 Discount Rate: For any Determination Date, the sum of the
Servicing Fee Rate and the WFEFI Purchase Rate for such Determination Date. 
 Eligible Contract: a transaction
consisting of a Contract and Related Security that as of the Reporting Date: is not more than thirty (30) days past due; has not been modified within the last twelve (12) months for credit reasons; the Portfolio Obligor thereunder is not a
federal, state or municipal entity; the Portfolio Obligor thereunder is not subject to an Insolvency Proceeding; NFC has not declared a default to exist thereunder; is not a Dealer capital loan; and does not relate to an automobile transaction.

 Eligible Investments: means any of the following: 
 (i) Negotiable instruments or securities represented by instruments in bearer or registered or in book-entry form which
evidence (a) obligations fully guaranteed by the United States of America; (b) time deposits in, or bankers acceptances issued by, any depositary institution or trust company incorporated under the laws of the United States of America or
any state thereof and subject to supervision and examination by Federal or state banking or depositary institution authorities; provided, however, that at the time of investment or contractual commitment to invest therein, the
certificates of deposit or short-term deposits, if any, or long-term unsecured debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution or trust company) of such
depositary institution or trust company shall have a credit rating from Moody’s and S&P of at least “P-l” and “A-1”, respectively, in the case of the certificates of deposit or short-term deposits, or a rating not lower
than one of the two highest investment categories granted by Moody’s and by S&P; (c) certificates of deposit having, at the time of investment or contractual commitment to invest therein, a rating from Moody’s and S&P of at
least “P-1” and “A-1”, respectively and a maturity of no more than thirty (30) days; or (d) investments in money market funds rated in the highest investment category or otherwise approved in writing by the applicable
rating agencies; 
 (ii) Demand deposits in any depositary institution or trust company referred to in (i)(b)
above; 
  

 App. A-5 

 (iii) Commercial paper (having original or remaining maturities of no more
than thirty (30) days) having, at the time of investment or contractual commitment to invest therein, a credit rating from Moody’s and S&P of at least “P- 1” and “A-1”, respectively; 
 (iv) Eurodollar time deposits having a credit rating from Moody’s and S&P of at least “P-1” and
“A-1”, respectively; 
 (v) Repurchase agreements involving any of the Eligible Investments described
in clauses (i)(a), (i)(c) and (iv) of this definition so long as the other party to the repurchase agreement has at the time of investment therein, a rating from Moody’s and S&P of at least “P-1” and
“A-1”, respectively; 
 (vi) Commercial paper master notes having, at the time of the investment or
contractual commitment to invest therein, a credit rating from Moody’s and S&P of at least “P-1” and “A-1”, respectively; and 
 (vii) Any other investment permitted by Purchaser. 
 Eligible Investments may be purchased by or
through the Account Bank and its Affiliates. The Account Bank and/or its Affiliates may act as sponsor, administrator or issuer, or act in a similar capacity with respect to the Eligible Investments and receive compensation for such services.

 Eligible Restructured Contract: Any Contract which (i) was amended or restructured for credit reasons at least 12
months prior to the Reporting Date, (ii) is not owed by a Portfolio Obligor that is the subject of a bankruptcy or insolvency proceeding and (iii) since its amendment or restructuring, has not been greater than 60 days past due (measured
from the date of any Scheduled Payment). 
 Enforcement Expenses: without duplication, all documented enforcement costs
and expenses (including, without limitation, court costs and attorneys’ fees and expenses) incurred by Purchaser in connection with the enforcement by the Purchaser of its right against the Servicer under the Servicing Agreement. 
 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
 Excess Recognized Loss: As defined in Section 5.04 of the Note Sale Agreement. 
 Exchange Act: The Securities Exchange Act of 1934, as amended. 
 Finance Charges: With respect to a Contract, any finance, interest, late payment charges or similar charges owing by a Portfolio
Obligor pursuant to such Contract. 
 Financed Vehicle: A Vehicle, together with any accessions thereto which were
financed with the proceeds of the related Contract, securing a Portfolio Obligor’s indebtedness under a Contract. A Contract may be secured by one or more Financed Vehicles. 
  

 App. A-6 

 Form Portfolio Agreement: Each of NFC’s standard form of lease and loan
agreements for use with NFC’s commercial customers substantially in the form attached to the Note Purchase Agreement as Annex A. 
 Full Prepayment: With respect to a Monthly Period, the related Settlement Date, that portion of an Actual Payment (other than the Scheduled Payment), which with respect to (i) any Contract, is
sufficient to prepay such Contract in full (after application of the Scheduled Payment), or (ii) a Contract secured by multiple Financed Vehicles, equals the unpaid principal amount of the Contract relating to any Financed Vehicle, as
determined by the Servicer in accordance with its customary servicing procedures and subject to the Conflict Standard. 
 Governmental Authority: Any nation or government, any state, province or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government. 
 Guaranty: With respect to any Contract, a personal or commercial guaranty of a Portfolio Obligor’s
performance with respect to such Contract. 
 Idealease Chattel Paper: Each lease agreement between an Idealease Dealer
and the retail user, in substantially the form included in the Form Portfolio Agreements, with respect to the related Financed Vehicle. 
 Indemnified Parties: As defined in Section 6.05 of the Servicing Agreement. 
 Insolvency Event: With respect to a specified Person, (i) the entry of a decree or order by a court, agency or supervisory authority having jurisdiction in the premises for the appointment of
a conservator, receiver or liquidator for such Person, in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of such Person’s affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive days; (ii) the consent by such Person to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings of or relating to such Person or of or relating to substantially all of such Person’s property, or (iii) such Person shall admit in writing its inability to pay its debts generally as they become due,
file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations. 
 Insurance Policy: With respect to any Contract and the related Financed Vehicle, an insurance policy covering physical damage, credit
life, credit disability, theft, mechanical breakdown or similar event to each Financed Vehicle securing such Contract. 
 Insurance Proceeds: Proceeds of any Insurance Policy with respect to any Contract and the related Financed Vehicle. 
 Intercompany Note: The Intercompany Advance Agreement and the related Revolving Note, dated as of the Closing Date, between NFC and NFASC, as amended, supplemented, restated or otherwise modified from time to time. 
  

 App. A-7 

 Investment Company Act: The Investment Company Act of 1940, as amended. 

Investment Earnings: Investment earnings on funds deposited in the Designated Accounts, net of losses and investment expenses,
during the applicable Monthly Period. 
 Letter Agreement: The letter agreement, dated as of the Closing Date, between
NFC and WFEFI, as amended, supplemented, restated or otherwise modified from time to time. 
 Lien: Any security
interest, lien, charge, pledge, equity or encumbrance of any kind other than liens for taxes not yet due and payable, mechanics’ liens, any liens that attach by operation of law, and any liens being contested by appropriate measures.

 Loan Agreement: The Loan and Security Agreement, dated as of the Closing Date, between NFC and WFEFI, as amended,
supplemented, restated or otherwise modified from time to time. 
 Make Whole Payment: As of any purchase date, an amount
equal to the present value of the aggregate Yield (calculated assuming the WFEFI Purchase Rate for each subsequent period is equal to (a) the WFEFI Purchase Rate as of such date minus (b) the effective yield to maturity of U.S. Treasury
notes with a maturity date closest to the date on which the Outstanding Purchased Amount would first fall below 10.0% of the Aggregate Starting Contract Balance assuming it is repaid in accordance with Section 5.1(c) of the Note Purchase
Agreement) that would accrue on the then Outstanding Purchased Amount (assuming it is repaid in accordance with Section 5.1(c) of the Note Purchase Agreement) from such date until the last day of the month in which the Servicer estimates the
Contract Balance of the Contracts will be 10.0% or less of the Aggregate Starting Contract Balance, discounted at a rate equal to the WFEFI Purchase Rate as of such date. 
 Material Adverse Effect: With respect to a Person, a material adverse effect on (a) the business, assets, operations, or financial condition of such Person and its subsidiaries (taken as a
whole), (b) such Person’s ability to pay or perform its obligations under the Basic Documents in accordance with the terms thereof, (c) the Portfolio (taken as a whole), or (d) WFEFI’s rights and remedies under and the Basic
Documents. 
 Monthly Advance: As defined in Section 2.13 of the Servicing Agreement. 
 Monthly Period: With respect to a Determination Date or Settlement Date, the calendar month preceding the month in which such
Determination Date or Settlement Date occurs except that the Monthly Period relating to the first Determination Date or Settlement Date shall be the period from the Cutoff Date to the last day of the calendar month immediately preceding the first
Determination Date or Settlement Date. 
 Moody’s: Moody’s Investors Service, Inc. or its successor.

 Navistar: Navistar, Inc. (f/k/a International Truck and Engine Corporation), a Delaware corporation, and its
successors and assigns. 
  

 App. A-8 

 Navistar Purchase Obligations: Certain obligations of Navistar, subject to
limitations, to purchase Financed Vehicles securing Contracts pursuant to Article VI and other provisions of the Amended and Restated Master Intercompany Agreement by and between NFC and Navistar dated as of April 1, 2007, as such Master
Intercompany Agreement may be amended, supplemented, restated or otherwise modified. 
 Navistar Vehicle: Any Vehicle
produced by or for Navistar or its Subsidiaries or sold by Navistar or its Subsidiaries to Dealers, including any body parts or accessions attached thereto. 
 Negative Carry Account: The account designated as such, established and maintained pursuant to Section 2.02(a) of the Servicing Agreement. 
 Negative Carry Account Excess: With respect to any Determination Date, the excess, if any, of (x) the amount on deposit in the
Negative Carry Account as of such Determination Date over (y) the Negative Carry Account Target Balance as of such Determination Date. 
 Negative Carry Account Shortfall: With respect to any Determination Date, the excess, if any, of (x) the Negative Carry Account Target Balance as of such Determination Date over (y) the
amount on deposit in the Negative Carry Account as of such Determination Date. 
 Negative Carry Account Target Balance:
As calculated on any Determination Date, if the weighted average coupon rate of the Contracts as of the first day of the Monthly Period related to such Determination Date is less than the Discount Rate for such Determination Date, then the Negative
Carry Account Target Balance will equal the excess of (i) the calculated monthly payment using the Aggregate Contract Balance as of the first day of such Monthly Period, the Discount Rate for such Determination Date, the weighted average
remaining maturity of the Contracts as of the first day of such Monthly Period, and the aggregate outstanding balloon/residual amount of the Contracts as of such Monthly Period, over (ii) the calculated monthly payment using the Aggregate
Contract Balance as of the first day of such Monthly Period, the weighted average coupon rate of the Contracts as of the first day of such Monthly Period, the weighted average remaining maturity of the Contracts as of the first day of such Monthly
Period, and the aggregate outstanding balloon/residual amount of the Contracts as of the first day of such Monthly Period, multiplied by the weighted average remaining maturity of the Contracts as of the first day of such Monthly Period .

 NFASC: Navistar Financial Asset Sales Corp., a Delaware corporation, and its successors and permitted assigns.

 NFC: Navistar Financial Corporation, a Delaware corporation, and its successors and permitted assigns. 
 NIC: Navistar International Corporation, a Delaware corporation, and its successors and assigns. 
 Note Purchase Agreement: The Note Purchase Agreement, dated as of the Closing Date, among Seller, Servicer and Purchaser, as
amended, supplemented, restated or otherwise modified from time to time.  
  

 App. A-9 

 Note Sale Agreement: The Note Sale Agreement, dated as of the Closing Date, between
NFC and Seller, as amended, supplemented, restated or otherwise modified from time to time. 
 Notice of Assignment: The
Notice of Assignment, substantially in the form of Exhibit B to the Note Sale Agreement. 
 NPA Assignment: As defined in
Section 2.01(a) of the Note Purchase Agreement. 
 NSA Assignment: As defined in Section 2.01 of
the Note Sale Agreement. 
 Opinion of Counsel: A written opinion of counsel, who may, except as otherwise expressly
provided, be an employee of the Seller or the Servicer. 
 Optional Purchase Proceeds: As defined in
Section 2.16 of the Servicing Agreement. 
 Outstanding Monthly Advances: As of any date, the sum of all
Monthly Advances made as of or prior to such date minus all payments with respect thereto as of or prior to such date pursuant to Section 5.1(c)(iv) of the Note Purchase Agreement as reducing Outstanding Monthly Advances. 
 Outstanding Purchased Amount: With respect to the Portfolio, at any time, (A) the WFEFI Purchase Price minus (B) the
amounts applied pursuant to clauses (iii) and (v) of Section 5.1(c) of the Note Purchase Agreement to reduce the Outstanding Purchased Amount in accordance with the terms and conditions of the Note Purchase Agreement; provided
that such Outstanding Purchased Amount shall be restored (in accordance with Section 5.3 of the Note Purchase Agreement) in the amount of any payments so received and applied if at any time the distribution of such payments are
rescinded, returned or refunded for any reason. 
 Overdue Payment: With respect to a Monthly Period, the related
Settlement Date and to a Contract, the amount of any due but unpaid Scheduled Payment. 
 Partial Prepayment: With
respect to a Settlement Date and to any Contract, the portion of an Actual Payment in excess of the Scheduled Payment which equals one or more future Scheduled Payments but does not constitute a Full Prepayment and results in a Rebate in accordance
with the Servicer’s customary procedures subject to the Conflict Standard. 
 Paydown Amount: With respect to any
Settlement Date and the related Determination Date, an amount equal to the excess, if any, of (a) Outstanding Purchased Amount as of such date (prior to giving effect to any payments to be made with respect thereto on such date) over
(b) the sum of (i) the product of (A) the Tranche A Purchase Rate and (B) the Tranche A Aggregate Contract Balance as of the last day of the related Monthly Period and (ii) the product of (A) the Tranche B Purchase Rate
and (B) the Tranche B Aggregate Contract Balance as of the last day of the related Monthly Period. 
 Permitted
Liens: With respect to any Contract and Related Security, including the other Portfolio Documents, the interests of the parties under the Basic Documents, the applicable Portfolio Obligor under the Portfolio Documents and, with respect to any
Portfolio Document or

  

 App. A-10 

 
Related Security that relates to a retail loan or other financing that is not a Contract, the interest of others in such Portfolio Document or Related Security to the extent related to such other
retail loans or financing. 
 Permitted Modification: A modification in accordance with the Servicer’s customary
practices subject to the Conflict Standard that does not change the amount of any Scheduled Payment applicable to the Contract Balance, the total number of Scheduled Payments or the month in which any Scheduled Payment is to occur, except that on
one occurrence with respect to each Contract up to three Scheduled Payments may be extended. 
 Person: Any legal person,
including any individual, corporation, partnership, limited liability company, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature. 
 Portfolio: Collectively, the Contracts and the Related Security, including the other Portfolio Documents. 
 Portfolio Documents: The Contracts and any other documents, instruments and agreements entered into or provided by a Portfolio
Obligor in connection with the Contracts and the related Financed Vehicles and the transactions contemplated thereby. In the event that any such document relates to a retail loan or other financing that is not a Contract, Portfolio Documents shall
include only such portion or rights under such documents to the extent related to such Contract, it being understood that Portfolio Documents shall not include such portion or rights under such document to the extent related to such other retail
loan or other financing and shall not include any interest in any collateral securing the Contract or the Portfolio Documents other than the Financed Vehicles related to such Contract. 
 Portfolio Obligor: the purchaser or any co-purchaser of the related Financed Vehicle or Financed Vehicles or any other Person,
including the maker of a Guaranty, who owes payments under such Portfolio Document (whether as a principal or as a surety). 
 Prepayment: With respect to a Settlement Date and to a Contract, the portion of an Actual Payment in excess of the Scheduled Payment. 
 Proceeding: Any suit in equity, action at law or other judicial or administrative proceeding. 
 Purchase Price: $246,787,512.71, which is the Aggregate Starting Contract Balance. 
 Purchased Percentage: With respect to any Monthly Period and the related Determination Date and Settlement Date, the weighted average of the Tranche A Purchased Percentage (weighted in accordance with the Tranche A Aggregate Contract
Balance as of the first day of such Monthly Period) and the Tranche B Purchased Percentage (weighted in accordance with the Tranche B Aggregate Contract Balance as of the first day of such Monthly Period). 
  

 App. A-11 

 Purchaser: Wells Fargo Equipment Finance, Inc., a Minnesota corporation, and its
successors and assigns. 
 Rebate: With respect to a given date and to a Contract, the rebate under such Contract that is
or would be payable to the Portfolio Obligor for unearned finance charges or any other charges that are or would be subject to a rebate to the Portfolio Obligor upon the payment of a Partial Prepayment or a Full Prepayment. 
 Recognized Losses: With respect to any Defaulted Contract repurchased by NFC pursuant to Section 5.04 of the Note Sale
Agreement, the excess, if any, of (a) the amount of the Defaulted Contracts Payment made by NFC in connection with such Defaulted Contract over (b) an amount equal to the estimated fair market value (as defined in the next sentence)
of such Financed Vehicle. For purposes of the previous sentence, the “fair market value” of a Financed Vehicle shall be (A) with respect to Navistar Vehicles that were new when originally financed under a Contract, 100% of the
wholesale value as published in the most recent ATD/NADA Official Commercial Truck Guide, (B) with respect to any other Vehicle, 79% of the wholesale value as published in the most recent ATD/NADA Official Commercial Truck Guide, and
(C) if no ATD/NADA value is available for a Vehicle as equipped, (i) NFC will determine the fair market value of such Vehicle in accordance with the Conflict Standard and its customary policies and procedures utilizing other industry and
internal data taking into account the location and condition of the Vehicle as of such date, (ii) if the Purchaser disagrees with such determination pursuant to clause (C), the Purchaser shall, within ten (10) Business Days of receipt of
NFC’s fair market value determination provide NFC with written notice of such objection and the Purchaser’s estimate of fair market value of such Vehicle, (iii) NFC and the Purchaser shall cooperate with each other to resolve such
objection and (iv) if NFC and the Purchaser cannot resolve such objection within ten (10) Business Days of NFC’s receipt of the Purchaser’s objection, the parties shall appoint an independent third-party appraiser to determine
the fair market value of such Vehicle, which determination shall be binding on NFC and the Purchaser. Fair market value shall be determined within 90 days after the Accounting Date as of which the related Defaulted Contract is repurchased by NFC.
Once the Recognized Loss with respect to a Defaulted Contract has been established pursuant to the foregoing, it shall not be changed. 
 Recharacterization: When used in the Note Purchase Agreement, as defined in Section 2.1 of the Note Purchase Agreement and, when used in the Note Sale Agreement, as defined in Section 2.01 of the Note Sale Agreement.

 Records: With respect to any Contract and Related Security therefor, including the other Portfolio Documents, and the
related Portfolio Obligor, all Contracts, other Portfolio Documents and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property
and rights) relating to such Contract and Related Security therefor and the related Portfolio Obligor. 
 Related
Security: With respect to a Contract, the right, title and interest of NFC, Seller and WFEFI, as the context may require, in and to the following assets: 
  

	 	(a)	all amounts due on and under such Contract after the Cutoff Date and the fully executed original of such Contract; 

  

 App. A-12 

	 	(b)	the security interests in the Financed Vehicles granted by Portfolio Obligors pursuant to such Contract and, to the extent permitted by law, in any accessions thereto
which are financed by such Contract, and, where permitted by law, the original Certificate of Title and otherwise such documents, if any, that NFC keeps on file in accordance with its customary procedures and subject to the Conflict Standard
indicating that the related Financed Vehicle is owned by the Portfolio Obligor and subject to a security interest in favor of NFC; 

  

	 	(c)	any proceeds from any Insurance Policies with respect to such Contract and the related Financed Vehicle and any documents evidencing or related to such Insurance
Policies; 

  

	 	(d)	any proceeds from Dealer Liability with respect to such Contract, and proceeds from any Guaranties with respect to such Contract; 

  

	 	(e)	the benefit of any lease assignments with respect to the Financed Vehicles; and 

  

	 	(f)	any proceeds of the property described in clauses (a) through (e) above. 

 Reporting Date: October 31, 2009. 
 Repurchase Event: A Repurchase Event described in Section 5.03 of the Note Sale Agreement. 
 Responsible Officer: With respect to any Person, the President, any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer or assistant officer of such Person
customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject. 
 Scheduled Payment: With respect to any Contract, a payment which (i) is
in the amount required under the terms of such Contract in effect as of the Cutoff Date except, in the case of any Contract secured by more than one Financed Vehicle, including any changes in the terms of such Contract resulting from a Full
Prepayment with respect to any Financed Vehicle related thereto, and (ii) is payable by the Portfolio Obligor of such Contract. When Scheduled Payment is used with reference to a Settlement Date after the Closing Date, it means the payment
which as of the Cutoff Date is due in the related Monthly Period; provided, however, that in the case of the first Settlement Date, the Scheduled Payment shall include all such payments due from the Portfolio Obligor after the Cutoff
Date. 
  

 App. A-13 

 Seller: Navistar Financial Asset Sales Corp., a Delaware corporation, and its
successors and permitted assigns. 
 Seller Parties: Has the meaning set forth in the preamble to the Note Purchase
Agreement. 
 Servicer: NFC, or its successor in interest pursuant to Section 7.03 of the Servicing
Agreement. 
 Servicer Default: Any of the events specified in Section 7.01 of the Servicing Agreement;
provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. 
 Servicer’s Certificate: A certificate, in substantially the form of Exhibit A to the Servicing Agreement, completed by and executed on behalf of the Servicer, in accordance with Section 2.15 of the Servicing
Agreement. 
 Servicer Termination Date: As defined in Section 7.02 of the Servicing Agreement. 

Servicing Agreement: The Servicing Agreement, dated as of the Closing Date, by and between Purchaser and the Servicer, as amended,
modified and supplemented from time to time. 
 Servicing Fee Rate: 1.00% per annum. 
 Settlement Date: With respect to a Monthly Period, the 18th day of the next succeeding calendar month or, if such 18th day is not a
Business Day, the next succeeding Business Day, commencing January 19, 2010. 
 Settlement Period: With respect to
any Settlement Date, the period from and including the preceding Settlement Date (or in the case of the first Settlement Date, the Closing Date) to but excluding the referent Settlement Date. 
 S&P: Standard & Poor’s Ratings Services, or its successor. 
 Starting Contract Balance: With respect to a Contract, the aggregate principal amount advanced under such Contract toward the
purchase price of the Financed Vehicle or Financed Vehicles, including insurance premiums, service and warranty contracts, federal excise and sales taxes and other items customarily financed as part of a Contract and related costs, less payments
received from the Portfolio Obligor on or prior to the Cutoff Date with respect to such Contract allocable on the basis of the actuarial method to principal. 
 Subsidiary: As to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership
interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is
otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 
  

 App. A-14 

 Supplemental Servicing Fee: As defined in Section 2.09 of the Servicing
Agreement. 
 Taxes: All taxes, fees, levies, imposts, duties, charges, assessments and withholdings, of any kind or
nature whatsoever. 
 Total Servicing Fee: As defined in Section 2.09 of the Servicing Agreement. 

Tranche A Contract: Any Contract listed on the Composite Schedule of Contracts as a Tranche A Contract. 
 Tranche A Aggregate Contract Balance: As of any date, the sum of the Contract Balances of all Tranche A Contracts. 
 Tranche A Aggregate Starting Contract Balance: $191,108,594.55, which is the aggregate Contract Balance of all Tranche A Contracts as
of the Cutoff Date. 
 Tranche A Purchased Percentage: 90.0%. 
 Tranche A Purchase Rate: 5.86% per annum. 
 Tranche B Contract: Any Contract listed on the Composite Schedule of Contracts as a Tranche B Contract. 
 Tranche B Aggregate Contract Balance: As of any date, the sum of the Contract Balances of all Tranche B Contracts. 
 Tranche B Aggregate Starting Contract Balance: $55,678,918.16, which is the aggregate Contract Balance of all Tranche B Contracts as of the Cutoff Date. 
 Tranche B Purchased Percentage: 95.0%. 
 Tranche B Purchase Rate: 5.07% per annum. 
 Treasury
Regulations: The regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations
or other successor Treasury Regulations. 
 Turbo Event: The occurrence of the election of WFEFI in accordance with
Section 5.7(b) of the Note Purchase Agreement. 
 Turbo Trigger Event: The occurrence of any of the events
specified as such in Section 5.7(a) of the Note Purchase Agreement. 
 UCC: The Uniform Commercial Code, as
in effect in the relevant jurisdiction. 
 UNL Reserve Account: The account designated as such, established and
maintained pursuant to Section 2.02(a) of the Servicing Agreement. 
  

 App. A-15 

 Vehicle: A new or used truck, truck chassis, bus, van or trailer. 
 Warranty Payment: With respect to a Warranty Contract as of an Accounting Date, a payment equal to the product of (a) the
Contract Balance of such Warranty Contract and (b) the Tranche A Purchase Percentage or the Tranche B Purchase Percentage, as applicable to such Contract, as of such Accounting Date. 
 Warranty Purchaser: NFC pursuant to Section 5.03 of the Note Sale Agreement. 
 Warranty Contract: A Contract which the Warranty Purchaser has become obligated to repurchase pursuant to Section 5.03 of
the Note Sale Agreement. 
 WFEFI: Wells Fargo Equipment Finance, Inc., a Minnesota corporation. 
 WFEFI Purchase Price: $224,892,707.35, which is the sum of (a) the product of (i) the Tranche A Aggregate Starting Contract
Balance and (ii) the Tranche A Purchased Percentage and (b) the product of (i) the Tranche B Aggregate Starting Contract Balance and (ii) the Tranche B Purchased Percentage. 
 WFEFI Purchase Rate: With respect to any Monthly Period and the related Determination Date and Settlement Date, the weighted average
of the Tranche A Purchase Rate (weighted in accordance with the Tranche A Aggregate Contract Balance as of the first day of such Monthly Period) and the Tranche B Purchase Rate (weighted in accordance with the Tranche B Aggregate Contract Balance as
of the first day of such Monthly Period). 
 Yield: With respect to any Settlement Date, the sum of (a) the sum of
yield accrued on the Outstanding Purchased Amount during the related Settlement Period at a rate equal to the WFEFI Purchase Rate calculated on the basis of a 360-day year consisting of 12 months of 30 days each (provided that the Yield for the
first Settlement Date shall be for the period from the Closing Date until the first Settlement Date) plus (b) any unpaid Yield from any prior Settlement Date. 
 Yield Supplement Amount: With respect to any Determination Date and the related Monthly Period, the product of (a) 1/12, (b) the Aggregate Contract Balance as of the first day of the
related Monthly Period and (c) the excess, if any, of (i) the Discount Rate for such Determination Date over (ii) the weighted average coupon rate of the Contracts as of the first day of the related Monthly Period. 
  

 App. A-16 

 APPENDIX A 
 PART II - RULES OF CONSTRUCTION 
 (A) Accounting
Terms. As used in this Appendix or the Basic Documents, accounting terms which are not defined, and accounting terms partly defined, herein or therein shall have the respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this Appendix or the Basic Documents are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Appendix or
the Basic Documents will control. 
 (B) “Hereof,” etc. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Appendix or any Basic Document will refer to this Appendix or such Basic Document as a whole and not to any particular provision of this Appendix or such Basic Document; and
Section, Schedule and Exhibit references contained in this Appendix or any Basic Document are references to Sections, Schedules and Exhibits in or to this Appendix or such Basic Document unless otherwise specified. The word “or” is not
exclusive. 
 (C) Use of “related”. as used in this Appendix and the Basic Documents, with respect to any
Settlement Date, the “related Determination Date” and the “related Monthly Period” will mean the Determination Date and the Monthly Period, respectively, immediately preceding such Settlement Date. 
 (D) Number and Gender. Each defined term used in this Appendix or the Basic Documents has a comparable meaning when used in its
plural or singular form. Each gender-specific term used in this Appendix or the Basic Documents has a comparable meaning whether used in a masculine, feminine or gender-neutral form. 
 (E) Including. Whenever the term “including” (whether or not that term is followed by the phrase “but not limited
to” or “without limitation” or words of similar effect) is used in this Appendix or the Basic Documents in connection with a listing of items within a particular classification, that listing will be interpreted to be illustrative only
and will not be interpreted as a limitation on, or exclusive listing of, the items within that classification. 
  

 App. A-17 

 APPENDIX B 
 NOTICE ADDRESSES AND PROCEDURES 
 All requests,
demands, directions, consents, waivers, notices, authorizations and communications provided or permitted under any Basic Document to be made upon, given or furnished to or filed with the Servicer, Purchaser and Seller shall be in writing, personally
delivered, sent by facsimile with a copy to follow via first class mail, overnight mail or mailed by certified mail-return receipt requested, and shall be deemed to have been duly given upon receipt: 
  

	 	1.	in the case of Seller, at the following address: 

 Navistar Financial Asset Sales Corp. 
 425 N. Martingale Road 
 Suite 1800, Attention: General Counsel 
 Schaumburg, IL 60173 
 Telecopy: (630) 753-4410 
 with a copy to: 
 Navistar Financial Corporation 
 425 N. Martingale Road 
 Suite 1800, Attention: General Counsel 
 Schaumburg, IL 60173 
 Telecopy: (630) 753-4410 
  

	 	2.	in the case of the NFC and Servicer, at the following address: 

 Navistar Financial Corporation 
 425 N. Martingale Road 
 Suite 1800, Attention: General Counsel 
 Schaumburg, IL 60173 
 Telecopy: (630) 753-4410 
  

	 	3.	in the case of Purchaser, to: 

 Wells Fargo Equipment Finance, Inc. 
 733 Marquette Avenue 
 Minneapolis, Minnesota 55402 
 Attn: Lease Portfolio Administrator 
 Telecopy: (866) 687-5578 
  

 App. B-1 

 with a copy to 
 Ethan J. Blank, Esq. 
 Ober, Kaler, Grimes & Shriver, P.C. 
 120 East Baltimore Street 
 Baltimore, Maryland 21202 
 Telecopy: (410) 547-0699 
  

 App. B-2Servicing Agreement, dated as of December 16, 2009

 Exhibit 10.7 
 EXECUTION COPY 
 SALE TRANSACTION 
 SERVICING AGREEMENT 
 BETWEEN 
 WELLS FARGO EQUIPMENT FINANCE, INC. 
 AND 
 NAVISTAR FINANCIAL CORPORATION 

DATED AS OF DECEMBER 16, 2009 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS; SERVICING SUPPLEMENT
	  	1
	 SECTION 1.01
	  	Certain Defined Terms	  	1
		
	 ARTICLE II ADMINISTRATION AND SERVICING OF PORTFOLIO
	  	1
	 SECTION 2.01
	  	Duties of the Servicer	  	1
	 SECTION 2.02
	  	Establishment of Accounts	  	3
	 SECTION 2.03
	  	Collection of Portfolio Payments	  	3
	 SECTION 2.04
	  	Realization Upon Defaulted Contracts	  	4
	 SECTION 2.05
	  	Maintenance of Insurance Policies	  	4
	 SECTION 2.06
	  	Maintenance of Security Interests in Vehicles	  	4
	 SECTION 2.07
	  	Covenants of the Servicer	  	5
	 SECTION 2.08
	  	Purchase of Contracts Upon Breach of Covenant	  	5
	 SECTION 2.09
	  	Servicing Fee	  	6
	 SECTION 2.10
	  	Servicer Expenses	  	6
	 SECTION 2.11
	  	Receipt of Payments; Deposits to Collection Account	  	6
	 SECTION 2.12
	  	Application of Collections	  	6
	 SECTION 2.13
	  	Monthly Advances	  	7
	 SECTION 2.14
	  	Additional Deposits	  	7
	 SECTION 2.15
	  	Servicer’s Certificate	  	7
	 SECTION 2.16
	  	Optional Purchase of Portfolio	  	8
		
	 ARTICLE III ACCESS; MAINTENANCE OF SYSTEMS AND RECORDS
	  	8
	 SECTION 3.01
	  	Access to Certain Documentation and Information Regarding Portfolio	  	8
	 SECTION 3.02
	  	Maintenance of Composite Schedule of Contracts	  	8
	 SECTION 3.03
	  	Amendments to Composite Schedule of Contracts	  	9
	 SECTION 3.04
	  	Maintenance of Systems and Portfolio Documents List	  	9
		
	 ARTICLE IV THE CUSTODIAN
	  	10
	 SECTION 4.01
	  	Custody of Portfolio Document Files	  	10
	 SECTION 4.02
	  	Duties of Servicer as Custodian	  	10
	 SECTION 4.03
	  	Custodian’s Indemnification	  	11
	 SECTION 4.04
	  	Effective Period and Termination	  	11
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE SERVICER
	  	11
	 SECTION 5.01
	  	Representations and Warranties of the Servicer	  	11
		
	 ARTICLE VI THE SERVICER
	  	12
	 SECTION 6.01
	  	No Merger or Consolidation of, or Assumption of the Obligations of the Servicer	  	12
	 SECTION 6.02
	  	Limitation on Liability of Servicer and Others	  	13
	 SECTION 6.03
	  	Delegation of Duties	  	13
	 SECTION 6.04
	  	Servicer not to Resign	  	13

  

 i 

					
	 SECTION 6.05
	  	Servicer Indemnification	  	13
	 SECTION 6.06
	  	Backup Servicer	  	14
	 SECTION 6.07
	  	Interest on Late Payments	  	14
		
	 ARTICLE VII DEFAULT
	  	15
	 SECTION 7.01
	  	Servicer Defaults	  	15
	 SECTION 7.02
	  	Consequences of a Servicer Default	  	15
	 SECTION 7.03
	  	Appointment of Successor	  	16
	 SECTION 7.04
	  	Repayment of Advances	  	17
	 SECTION 7.05
	  	Waiver of Past Defaults	  	17
		
	 ARTICLE VIII MISCELLANEOUS
	  	17
	 SECTION 8.01
	  	Amendment	  	17
	 SECTION 8.02
	  	Termination	  	17
	 SECTION 8.03
	  	Notices	  	18
	 SECTION 8.04
	  	Governing Law	  	18
	 SECTION 8.05
	  	Severability	  	18
	 SECTION 8.06
	  	Assignment	  	18
	 SECTION 8.07
	  	Successors and Assigns	  	18
	 SECTION 8.08
	  	Counterparts	  	18
	 SECTION 8.09
	  	Headings	  	18
	 SECTION 8.10
	  	No Petition Covenants	  	18
	 SECTION 8.11
	  	CONSENT TO JURISDICTION	  	18
	 SECTION 8.12
	  	WAIVER OF JURY TRIAL	  	19

  

 ii 

 SERVICING AGREEMENT 
 SERVICING AGREEMENT, dated as of December 16, 2009 (as it may be further amended, supplemented or modified in accordance with the terms
hereof, this “Agreement”), between NAVISTAR FINANCIAL CORPORATION, a Delaware corporation (hereinafter, together with its successors and assigns, “NFC” or, in its capacity as servicer hereunder, the
“Servicer”), and WELLS FARGO EQUIPMENT FINANCE, INC., a Minnesota corporation (“WFEFI”). 
 R E C I T A L S: 
 WHEREAS, Navistar Financial Asset Sales
Corp., a Delaware corporation (“NFASC”) and NFC are parties to the Note Sale Agreement, pursuant to which NFASC will purchase the Portfolio from NFC; 
 WHEREAS, NFC and WFEFI are parties to the Note Purchase Agreement, pursuant to which the Seller will sell the Portfolio to WFEFI; and 
 WHEREAS, the parties desire to enter into this Agreement to provide, among other things, for the terms and conditions under which Servicer
shall perform the servicing obligations set forth herein relating to the Portfolio, including the Financed Vehicles, for and in consideration of the fees and other benefits set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, the other good and valuable consideration and the mutual terms and covenants contained
herein, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS; SERVICING SUPPLEMENT 
 SECTION 1.01
Certain Defined Terms. Capitalized terms used in the above recitals and in this Agreement shall have the respective meanings assigned them in Appendix A to the Note Purchase Agreement dated as of the date hereof among NFASC, WFEFI and
NFASC, unless otherwise defined herein. The rules of construction set forth in Part II of Appendix A to the Note Purchase Agreement shall be applicable to this Agreement. 
 ARTICLE II 
 ADMINISTRATION AND SERVICING OF
PORTFOLIO 
 SECTION 2.01 Duties of the Servicer. WFEFI hereby appoints the Servicer and authorizes the Servicer to
act as agent for WFEFI with respect to servicing the Portfolio and in such capacity, subject to the Conflict Standard, the terms and conditions under which the Servicer shall manage, service, administer, enforce and make collections on the
Portfolio. The

  

 1 

 
Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Portfolio set forth herein. The Servicer’s duties with respect to
the Portfolio shall include collection and posting of all payments, responding to inquiries of Portfolio Obligors with respect to the Contracts and Financed Vehicles, investigating delinquencies, sending payment coupons to Portfolio Obligors,
reporting tax information to Portfolio Obligors, monitoring and inspecting the condition of the collateral securing the Contracts, accounting for collections with respect thereto and performing the other duties specified herein. Subject to the
provisions of Section 2.07 and the Conflict Standard, the Servicer shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such
managing, servicing, administration, enforcement and collection that it may deem necessary or desirable. 
 Without limiting the
generality of the foregoing, upon any Portfolio Obligor’s full performance and irrevocable payment in full of such Portfolio Obligor’s obligations under the applicable Contract(s), or, subject to the Conflict Standard, upon settlement or
other discounted full payment of the applicable Contract(s), which settlement or discount shall not reduce the payment obligation to WFEFI pursuant to Section 5.1(c) of the Note Purchase Agreement with respect to such Contracts as
otherwise expressly provided for in this Agreement, the Servicer is hereby authorized and empowered by WFEFI pursuant to this Section 2.01 to execute and deliver any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge, and all other comparable instruments, with respect to the applicable Portfolio Documents and the related Financed Vehicles. Subject to the Conflict Standard, the Servicer is hereby authorized to commence in the name of
WFEFI or, to the extent necessary, in its own name, a legal proceeding to enforce a Defaulted Contract as contemplated by Section 2.04, and to commence or participate in any legal proceeding (including a bankruptcy proceeding) relating
to or involving a Portfolio Document (including a Defaulted Contract). If the Servicer commences or participates in any such legal proceeding in its own name, WFEFI shall thereupon be deemed to have automatically assigned such Portfolio Document to
the Servicer solely for purposes of commencing and participating in any such proceeding as a party or claimant, and the Servicer is hereby authorized and empowered by WFEFI, to execute and deliver in the Servicer’s name any notices, demands,
claims, complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. If in any proceeding it is held that the Servicer may not enforce a Portfolio Document in the Servicer’s name on the ground that
it is not a real party in interest or a holder entitled to enforce such Portfolio Document, the Servicer shall at the Servicer’s expense enforce such Portfolio Document in WFEFI’s name. WFEFI, upon the written request of the Servicer,
shall furnish the Servicer with any powers of attorney and other documents and take any other steps which the Servicer may reasonably deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under
this Agreement and the other Basic Documents. The Servicer shall have no responsibility, shall not be in default and shall incur no liability for any act or failure to act of WFEFI in accordance with the previous sentence. Except to the extent
required by the preceding three sentences, the authority and rights granted to the Servicer in this Section 2.01 shall be nonexclusive and shall not be construed to be in derogation of any equivalent authority and rights of WFEFI;
provided, however, so long as the Servicer Termination Date has not occurred, WFEFI shall not perform any servicing functions to the extent such servicing functions have been delegated to the Servicer pursuant to this Agreement with respect
to the Portfolio. 
  

 2 

 SECTION 2.02 Establishment of Accounts. 
 (a) The Servicer, for the benefit of WFEFI, shall cause the Account Bank to establish and maintain three (3) accounts (the Collection
Account, the Negative Carry Account and the UNL Reserve Account) in the name of NFASC. The Account Bank, Servicer and WFEFI shall enter into the Account Control Agreement, which shall provide, among other things, that the funds deposited in the
Designated Accounts are held for the benefit of WFEFI. 
 (b) (i) Each of the Designated Accounts shall be initially established
with the Account Bank and shall be maintained with the Account Bank. All amounts held in such accounts (including amounts, if any, which the Servicer is required to remit to the Collection Account pursuant to Section 2.11) shall, to the
extent permitted by applicable laws, rules and regulations, be invested, at the written direction of the Servicer, by such bank or trust company in Eligible Investments. Investment Earnings on funds deposited in the Designated Accounts shall be
deposited into the Collection Account for distribution in accordance with Section 5.1(c) of the Note Purchase Agreement. 
 (ii) The Servicer shall have the power, revocable by WFEFI upon the occurrence of the Servicer Termination Date, to instruct the Account Bank to make withdrawals and payments from the Designated Accounts
for the purpose of permitting the Servicer or the Seller to carry out its respective duties hereunder or under the Note Purchase Agreement. 
 (iii) WFEFI shall possess a first priority security interest in and to all funds on deposit from time to time in the Designated Accounts and in all proceeds thereof (including Investment Earnings). The
Designated Accounts shall be under the sole dominion and control of Servicer unless and until the Servicer Termination Date occurs, whereupon WFEFI may, at its sole discretion and election, instruct the Account Bank to no longer accept instruction
from the Servicer but to only accept instruction from WFEFI or WFEFI’s designee. 
 (iv) The Servicer shall
not direct the Account Bank to make any investment of any funds or to sell any investment held in any of the Designated Accounts unless WFEFI’s security interest granted and perfected in such account shall continue to be perfected in such
investment or the proceeds of such sale, in either case, without any further action by any Person. 
 SECTION 2.03 Collection
of Portfolio Payments. Subject to the Conflict Standard, the Servicer shall make commercially reasonable efforts to collect all payments called for under the terms and provisions of the Portfolio Documents as and when the same shall become due.
Except as provided in Section 2.07(c), the Servicer is hereby authorized to grant extensions, rebates or adjustments on a Contract without the prior written consent of WFEFI and to rewrite, in the ordinary course of its business, a
Contract to reflect the Full Prepayment of a Contract with respect to any related Financed Vehicle without the prior consent of WFEFI; provided, that the terms of such Contract shall remain unchanged with respect to any other Financed Vehicle
that is the subject of such Contract. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other fees that may be collected in

  

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the ordinary course of servicing such Contract. Subject to Section 2.12 of this Agreement and the Conflict Standard, the Servicer shall administer the allocation of payments on or
with respect to Contracts between principal and interest in accordance with the applicable terms of the Portfolio Documents and otherwise using customary servicing procedures it follows with respect to all comparable Vehicle loans that it services
for itself or others. 
 SECTION 2.04 Realization Upon Defaulted Contracts. 
 (a) The Servicer shall use commercially reasonable efforts, subject to the Conflict Standard, to repossess or otherwise comparably convert
the ownership or otherwise take possession of each Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Contract secured by or relating to each such Financed Vehicle. Subject
to the Conflict Standard, the Servicer is authorized to follow such practices, policies and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of Vehicle loans that it services for itself or
others, which practices, policies and procedures may include reasonable efforts to realize upon or obtain benefits of any lease assignments, proceeds from any Dealer Liability, proceeds from any Insurance Policies and proceeds from any Guaranties,
in each case with respect to the Portfolio, selling the related Financed Vehicle or Financed Vehicles at public or private sale or sales and other actions by the Servicer in order to realize upon any Portfolio Document or Financed Vehicle. The
foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or refurbishment of such Financed Vehicle unless it shall determine
in its discretion (subject to the Conflict Standard) that such repair or refurbishment shall increase the proceeds of liquidation of the such Financed Vehicle by an amount greater than or equal to the amount of such expenses. 
 (b) The Servicer shall pay all costs, expenses and liabilities incurred by it in connection with any action taken in respect of a Financed
Vehicle; provided, however, that it shall be entitled to reimbursement of such costs and expenses to the extent they constitute expenses recoverable under an applicable Insurance Policy or from a Portfolio Obligor and are so recovered.

 SECTION 2.05 Maintenance of Insurance Policies. 
 (a) The Servicer shall, in accordance with the Conflict Standard and its customary servicing procedures, require that each Portfolio Obligor
under a Contract shall have obtained physical damage insurance covering each Financed Vehicle as of the execution of the related Contract, unless the Servicer has in accordance with its customary procedures permitted a Portfolio Obligor to
self-insure the Financed Vehicle or Financed Vehicles securing such Contract. The Servicer shall, in accordance with the Conflict Standard and its customary servicing procedures, monitor such physical damage insurance with respect to each Financed
Vehicle that secures or is related to each Contract. 
 SECTION 2.06 Maintenance of Security Interests in Vehicles. The
Servicer shall, in accordance with the Conflict Standard and at its own expense, take such steps as are necessary to maintain perfection of the first priority security interest of the Purchaser created by a Contract

  

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in the related Financed Vehicle or Financed Vehicles. WFEFI hereby authorizes the Servicer to re-perfect such security interests as necessary because of the relocation, re-registration or
re-titling of a Financed Vehicle or for any other reason; provided, however, that, unless and until the Servicer Termination Date has occurred, the Certificates of Title with respect to the Financed Vehicles shall not be amended or re-issued
to reflect the assignment of NFC’s or NFASC’s interests therein to WFEFI or any assignee thereof. 
 SECTION 2.07
Covenants of the Servicer. The Servicer hereby makes the following covenants on which WFEFI is relying in acquiring the Portfolio: 
 (a) Except as expressly permitted by this Agreement, the Servicer shall not release any Financed Vehicle from the security interest securing the related Contract. 
 (b) The Servicer shall do nothing to impair the rights of WFEFI in and to such Contract and the related Financed Vehicles. 
 (c) Except for Permitted Modifications, the Servicer shall not amend or otherwise modify any Contract without the prior written consent of
WFEFI. 
 (d) Other than solely for the purpose of collecting or enforcing the Contracts for the benefit of WFEFI, (i) the
Servicer shall not at any time have or in any way attempt to assert any interest in any Contracts or Related Security or records related to the Contracts and (ii) the entire legal and equitable interest of WFEFI in such Contract and the Related
Security shall at all times be vested in WFEFI. 
 (e) Pursuant to any agreement between the Servicer and a Backup Servicer for
backup servicing, the Servicer shall (i) deliver to the Backup Servicer any materials required under such agreement, (ii) enforce material rights under such backup servicing agreement, (iii) report to WFEFI any defaults by either
party under such backup servicing agreement and, (iv) within 90 days of receiving a written instruction from WFEFI, replace such Backup Servicer if such Backup Servicer materially defaults in its performance under the backup servicing
agreement. 
 SECTION 2.08 Purchase of Contracts Upon Breach of Covenant. 
 (a) Upon discovery by the Servicer or WFEFI of a breach of any of the covenants set forth in Sections 2.06 and 2.07 with
respect to any Portfolio Document or Financed Vehicle, the party discovering such breach shall give prompt written notice thereof to the other party. As of the second Accounting Date following notice to or discovery by the Servicer of a breach of
any covenant of the Servicer that materially and adversely affects any Portfolio Document or Financed Vehicle, unless such breach is cured in all material respects, the Servicer shall, with respect to the applicable Contract (each, an
“Administrative Contract”) purchase such Administrative Contract from WFEFI at a price equal to the Administrative Purchase Payment by depositing such amount into the Collection Account. The Servicer shall pay the Administrative
Purchase Payment as described in Section 2.14. 
 It is understood and agreed that the obligation of the Servicer to
purchase any Contract with respect to which such a breach has occurred and is continuing shall, if such obligation is

  

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fulfilled, constitute liquidated damages for such breach; provided, that Servicer’s obligations under Section 6.05 of this Agreement shall remain in full force and effect
with respect to such breach. 
 (b) Upon receipt of the Administrative Purchase Payment with respect to a Contract which is an
Administrative Contract, WFEFI shall assign, without recourse, representation or warranty, to the Servicer (and shall take such other actions as the Servicer may reasonably request in writing to perfect or confirm such assignment) all of
WFEFI’s right, title and interest in, to and under (i) such Administrative Contract and all monies due thereon on or after the first day of the Monthly Period in which such Accounting Date occurs and (ii) all Related Security with
respect to such Administrative Contract, such assignment being an assignment outright and not for security. Upon the assignment of such Administrative Contract described in the preceding sentence, the Servicer shall own such Administrative Contract,
and all such Related Security, free of any further obligations to WFEFI with respect thereto (other than Servicer’s obligations under Section 6.05 of this Agreement. 
 SECTION 2.09 Servicing Fee. In consideration for its services hereunder and as compensation for expenses paid as contemplated by
Section 2.10, the Servicer shall be entitled to receive on each Settlement Date a servicing fee (the “Basic Servicing Fee”) for the related Monthly Period equal to one-twelfth of the Servicing Fee Rate multiplied by the
Aggregate Contract Balance as of the last day of the preceding Monthly Period. On each Settlement Date, the Servicer will be paid the Basic Servicing Fee and any reimbursable expenses set forth herein and any unpaid Basic Servicing Fees, and
reimbursable expenses from all prior Settlement Dates (collectively, the “Total Servicing Fee”) pursuant to Section 5.1(c) of the Note Purchase Agreement to the extent of funds available therefor. In addition, the
Servicer will be entitled to receive any late fees, prepayment charges or certain similar fees and charges collected (the “Supplemental Servicing Fee”). Unless and until the Servicer Termination Date has occurred, the Servicer shall
retain all Supplemental Servicing Fees and shall not be obligated to deposit them into the Collection Account and may withdraw from the Collection Account and retain any amounts constituting Supplemental Servicing Fees deposited into the Collection
Account. 
 SECTION 2.10 Servicer Expenses. The Servicer shall be required to pay all expenses incurred by it in
connection with its activities hereunder other than pursuant to Section 2.04(b). 
 SECTION 2.11 Receipt of
Payments; Deposits to Collection Account. The Servicer shall instruct each Portfolio Obligor to make all payments under the applicable Portfolio Documents to a lockbox or similar account maintained by the Servicer. The Servicer shall remit to
the Account Bank for deposit to the Collection Account all Collections it receives within two Business Days after receipt and identification thereof. The Servicer shall not, without prior written notice to WFEFI, change the location of or add any
lockbox or similar account to which the Servicer directs Portfolio Obligor payments; provided, that any such changes to any lockbox or similar account shall not be subject to any Lien other than the Liens existing on the Closing Date with respect to
the then existing lockbox and similar accounts. 
 SECTION 2.12 Application of Collections. For the purposes of this
Agreement, all Collections with respect to each Contract, including the Related Security and the other Portfolio Documents, shall be applied subject to the Conflict Standard, in accordance with the Servicer’s customary policies and procedures,
as follows: 
 (a) All Collections with respect to a Contract (excluding Supplemental Servicing Fees) shall be applied
(i) first to the unpaid Scheduled Payments on such Contract through the Monthly Period in which such collection is received in the order in which they were due, and (ii) second, the remainder shall constitute, with respect to
such Contract, a Full Prepayment or Partial Prepayment; and 
  

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 (b) Servicer shall apply a Partial Prepayment made on a Contract to reduce the final
Scheduled Payment under such Contract and will thereafter, to the extent the Partial Prepayment exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the penultimate Scheduled Payment. The
Rebate related to such Partial Prepayment will reduce the final Scheduled Payment and will thereafter, to the extent the Rebate exceeds the final Scheduled Payment, reduce Scheduled Payments in reverse chronological order beginning with the
penultimate Scheduled Payment. 
 SECTION 2.13 Monthly Advances. Unless a Turbo Event shall have occurred, subject to the
limits set forth in this Section 2.13, on or before each Determination Date, if the Available Amounts to be applied on the related Settlement Date would otherwise be insufficient to satisfy all of the payments required to be made
pursuant to clauses (i)—(iii) of Section 5.1(c) of the Note Purchase Agreement, then the Servicer shall advance any such shortfall by making a deposit of an amount equal to such shortfall into the Collection Account (such
amount, a “Monthly Advance”). The Servicer shall be obligated to make a Monthly Advance only to the extent that the aggregate amount of all Monthly Advances (after giving effect to such Monthly Advance) would not exceed the excess,
if any, of the Defaulted Contracts Repurchase Limit over the aggregate amount of Recognized Losses as of such date. The Servicer shall be reimbursed for unreimbursed Outstanding Monthly Advances in accordance with Section 5.1(c)(iv) of the Note
Purchase Agreement. 
 SECTION 2.14 Additional Deposits. On or prior to the Business Day preceding each Settlement Date,
the Servicer shall deposit in the Collection Account the aggregate Monthly Advances (if any) for such Determination Date pursuant to Section 2.13. On or prior to the Business Day preceding each Settlement Date, the Servicer and NFC shall
deposit in the Collection Account the aggregate Administrative Purchase Payments, Defaulted Contract Payments and Warranty Payments with respect to Administrative Contracts, Defaulted Contracts and Warranty Contracts, respectively, if any, with
respect to the related Monthly Period. All such deposits shall be made in immediately available funds. 
 SECTION 2.15
Servicer’s Certificate. Not later than 10:00 a.m. (Chicago, Illinois time) on each Determination Date, the Servicer shall deliver to WFEFI and the Backup Servicer a Servicer’s Certificate in substantially the form to be mutually
agreed by the parties, executed by an Authorized Officer of the Servicer, with respect to the immediately preceding Monthly Period containing all information necessary for making the calculations, withdrawals, deposits, transfers and distributions
required by Section 5.1 of the Note Purchase Agreement, Contract aging and, provided such request shall not result in an undue burden on the Servicer, such other information as WFEFI may reasonably request. Contracts to be purchased by
the Servicer under

  

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Section 2.08 hereof, or by NFC pursuant to Section 5.03 or 5.04 of the Note Sale Agreement, shall be identified by Contract number (in each case, as set forth in
the Composite Schedule of Contracts). 
 SECTION 2.16 Optional Purchase of Portfolio. At any time after (a) WFEFI
shall have delivered to the Servicer a notice of termination pursuant to Section 7.02 of this Agreement until the Servicer Termination Date, (b) if a Turbo Event occurs or (c) the last day of any Monthly Period as of which the
Aggregate Contract Balance of the Contracts is 10.0% or less of the Aggregate Starting Contract Balance, the Servicer shall have the option to purchase all of the Contracts and Related Security from WFEFI. To exercise such option, the Servicer
shall, (i) on or prior to the Servicer Termination Date in connection with the exercise of the option as a result of an event described in clause (a) above, (ii) on or prior to the thirtieth day following a Turbo Event, and
(iii) at any time following the events described in clause (c) above but on thirty (30) days prior written notice to WFEFI, deposit in the Collection Account an amount equal to the Outstanding Purchased Amount as of the preceding
Settlement Date, together with accrued and unpaid Yield from such Settlement Date until the date of payment and, in connection with the exercise of the option as a result of an event described in clauses (a) and (b) above, the Make Whole
Payment (the “Optional Purchase Proceeds”). Upon receipt of the Optional Purchase Proceeds, WFEFI shall transfer, without recourse, representation or warranty, all of WFEFI’s right, title and interest in and to the Contracts
and Related Security, including the other Portfolio Documents, whereupon the Servicer shall become the owner of all such right, title and interest in and to such Contracts and the Related Security, including the other Portfolio Documents.

 ARTICLE III 
 ACCESS; MAINTENANCE OF SYSTEMS AND RECORDS 
 SECTION 3.01 Access to
Certain Documentation and Information Regarding Portfolio. Without duplication of the access rights provided by NFC pursuant to Section 6.1(d) of the Note Purchase Agreement, the Servicer shall provide WFEFI with access twice per calendar
year at WFEFI’s expense (unless a Servicer Default shall have occurred and is continuing, in which case, as often as may be reasonable (in light of the circumstances) and at the expense of the Servicer) to the Servicer’s records regarding
the Portfolio. In each case, such access shall be afforded without charge but only upon reasonable (in light of the circumstances) prior notice and during normal business hours at offices of the Servicer designated by the Servicer. Nothing in this
Section 3.03 shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding Portfolio Obligors, and the failure of the Servicer to provide access as provided in this
Section 3.03 as a result of such obligation shall not constitute a breach of this Section 3.03. 
 SECTION 3.02 Maintenance of Composite Schedule of Contracts. The Servicer shall maintain at all times a composite schedule (the “Composite Schedule of Contracts”) which shall list all Contracts. The Composite
Schedule of Contracts shall be updated to reflect all Full Prepayments and sales of Contracts as a result of a Contract becoming a Warranty Contract, a Defaulted Contract or an Administrative Contract. The Servicer shall deliver to WFEFI and Backup
Servicer an updated Composite Schedule of Contracts upon the purchase of any Warranty Contract, Defaulted Contract or an Administrative Contract and as otherwise reasonably requested by WFEFI and/or Backup Servicer. 
  

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 SECTION 3.03 Amendments to Composite Schedule of Contracts. If the Servicer, during a
Monthly Period, assigns to a Contract an account number that differs from the account number previously identifying such Contract on the Composite Schedule of Contracts, the Servicer shall amend the Composite Schedule of Contracts to report the
newly assigned account number and provide such revised Composite Schedule of Contracts to WFEFI and Backup Servicer. Each Composite Schedule of Contracts delivered pursuant to Section 3.04 shall list all new account numbers assigned to
Contracts and shall show by cross reference the prior account numbers identifying such Contracts on the previously distributed Composite Schedule of Contracts. 
 SECTION 3.04 Maintenance of Systems and Contracts List. 
 (a) The Servicer
shall maintain accounts and records as to each Contract accurately and in sufficient detail to permit (i) the reader thereof to know the status of such Contract, including payments and recoveries made and payments owing (and the nature of each)
and extensions of any scheduled payments made not less than 45 days prior thereto, and (ii) reconciliation between payments or recoveries on (or with respect to) each Contract and the amounts from time to time deposited in the Collection
Account with respect to such Contract. 
 (b) The Servicer shall maintain its computer systems so that the Servicer’s
master computer records (including any backup archives) that refer to any Contract shall indicate clearly that the Contract is owned by WFEFI. Indication of WFEFI’s ownership interest in a Contract shall not be deleted from or modified on the
Servicer’s computer systems until, and only when, the Contract shall have either been paid in full, repurchased by NFC, purchased by the Servicer or the Outstanding Purchased Amount shall have been reduced to zero. 
 (c) If at any time the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest in Vehicle loans to
any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee, computer tapes, records or printouts (including any of those restored from backup archives) that, if they refer
in any manner whatsoever to any Contract, indicate clearly that such Contract has been sold and is owned by WFEFI unless such Contract has been paid in full, repurchased by NFC, purchased by the Servicer or the Outstanding Purchased Amount shall
have been reduced to zero. 
 (d) The Servicer shall file such financing statements and cause to be executed and filed such
continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect WFEFI’s interest in the Contracts and Related Security, including the other Portfolio Documents, under
the Note Purchase Agreement to the extent constituting Code Collateral. The Servicer shall deliver (or cause to be delivered) to WFEFI file-stamped copies of, or filing receipts for, any document filed as provided above, promptly upon receipt
thereof. 
  

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 ARTICLE IV 
 THE CUSTODIAN 
 SECTION 4.01 Custody of Contract
Files. To assure uniform quality in servicing the Portfolio and to reduce administrative costs, WFEFI hereby appoints the Servicer, and the Servicer hereby accepts such appointment, to act as agent of WFEFI as custodian to maintain custody of
the following documents or instruments with respect to such Contract and related Financed Vehicles (as to each Contract and related Financed Vehicles, the “Contract File”), which will be hereby constructively delivered to WFEFI:

 (a) the fully executed original of the Contract; 
 (b) documents evidencing or related to any related Insurance Policy; 
 (c) where permitted by law, the original Certificate of Title (when received) and otherwise such documents, if any, that NFC keeps on file
in accordance with the Conflict Standard and its customary procedures indicating that the Financed Vehicle is owned by the applicable Portfolio Obligor and subject to the interest of NFC as first lienholder or secured party (which has been assigned
to WFEFI pursuant to the Note Purchase Agreement, which assignment need not be noted on such certificate or document); and 
 (d) any and all other documents that NFC keeps on file in accordance with its customary procedures relating to the individual Contract, Portfolio Obligor or Financed Vehicle. 
 SECTION 4.02 Duties of Servicer as Custodian. 
 (a) The Servicer shall hold each Contract File for WFEFI’s benefit and maintain accurate and complete accounts, records and computer systems pertaining to each Contract File, in such a manner as to
permit the verification of the accuracy of the Servicer’s inventory and record keeping. In performing its duties as custodian the Servicer shall act with reasonable care, subject to the Conflict Standard. The Servicer shall conduct, or cause to
be conducted, periodic physical inspections of the Contract Files held by it under this Agreement, and of the related accounts, records and computer systems. The Servicer shall promptly report to WFEFI any failure on its part to hold the Contract
Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. 
 (b) The Servicer shall maintain each Contract File at its principal office at 425 N. Martingale Road, Suite 1800, Schaumburg, Illinois 60173, or at such other office of the Servicer as shall from time to
time be identified to WFEFI and the Backup Servicer upon 10 days’ prior written notice. Subject to the limitations set forth in Section 3.03 hereof and otherwise in the Basic Documents, the Servicer shall permit WFEFI and the Backup
Servicer or their duly authorized representatives, attorneys or auditors to inspect the Contract Files and the related accounts, records and computer systems maintained by the Servicer pursuant hereto at such times as such party may reasonably
request. If the Servicer employs a third party as Servicer’s agent in performing Servicer’s obligations as custodian under Article IV of this Agreement, Servicer, such Person and WFEFI shall enter into an agreement wherein, among other
things, such Person agrees to perform the obligations of the “custodian” under this Agreement and the other Basic Documents and acknowledges WFEFI’s ownership of the Contracts and the Related Security, including the other Portfolio
Documents. 
  

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 SECTION 4.03 Custodian’s Indemnification. The Servicer as custodian shall
indemnify WFEFI and the Backup Servicer and each of their respective officers, directors and agents for any and all liabilities, obligations, losses, compensatory damages, payments, costs or expenses of any kind whatsoever that may be imposed on,
incurred by or asserted against WFEFI and the Backup Servicer or any of their respective officers, directors and agents as the result of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of
the Contract Files; provided, however, that the Servicer shall not be liable to WFEFI or the Backup Servicer for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of such Person. 

SECTION 4.04 Effective Period and Termination. The Servicer’s appointment as Custodian with respect to each Contract File
hereunder shall become effective as of the Closing Date and shall continue in full force and effect until terminated pursuant to this Section 4.04. If the Servicer shall resign as Servicer in accordance with the provisions of this
Agreement or if all of the rights and obligations of any Servicer shall have been terminated under Article VII, the appointment of Servicer as custodian shall be terminated and the Servicer shall deliver custody of the Contract Files to the
Backup Servicer or at WFEFI’s direction. Upon the (i) repurchase of a Warranty Contract or a Defaulted Contract by NFC pursuant to the Note Sale Agreement or (ii) purchase of an Administrative Contract by the Servicer pursuant to
Section 2.08(a) of this Agreement, the Servicer shall deliver the related Contract File to or at the direction of such Person. Upon delivery of such Contract File pursuant to this Section 4.04, the Servicer’s obligations
with respect to such Contract File shall terminate. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 OF THE SERVICER 

 SECTION 5.01 Representations and Warranties of the Servicer. The Servicer hereby represents and warrants to WFEFI that
as of the Closing Date: 
 (a) Organization and Good Standing. The Servicer has been duly organized and is validly
existing as a corporation, and in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and
had at all relevant times, and now has, power, authority and legal right to service the Portfolio as provided in this Agreement. 
 (b) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property
or the conduct of its business (including the servicing of the Portfolio as required by this Agreement) requires or shall require such qualification. 
 (c) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder and the execution, delivery and performance by the
Servicer of this Agreement has been duly authorized by all necessary corporate action on the part of the Servicer. 
  

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 (d) Binding Obligation. This Agreement has been duly executed and delivered by the
Servicer. This Agreement constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization or
other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms of this
Agreement shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the certificate of incorporation or by-laws of the Servicer, or any indenture,
agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument (other than this Agreement), or violate any law or, to the Servicer’s knowledge, any order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties. 
 (f) No Proceedings. To the Servicer’s knowledge, there are no proceedings or investigations pending or threatened before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this Agreement, or (iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Servicer. 
 (g) No Consent. Except as expressly contemplated by the Basic Documents, no consent, permit, approval or authorization of, or
declaration to or filing with, or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the execution, delivery, performance, validity or enforceability by or against the Servicer of this
Agreement. 
 ARTICLE VI 
 THE SERVICER 
 SECTION 6.01 No Merger or Consolidation of, or Assumption
of the Obligations of, the Servicer. The Servicer covenants and agrees that it shall not, without the prior written consent of WFEFI, which shall not be unreasonably withheld, conditioned or delayed, enter into any merger (other than a merger in
which the Servicer is the surviving entity or no Change of Control results therefrom) or consolidation with, or sell or transfer all or substantially all of its assets to any entity, provided that the successor entity assumes all of the
Servicer’s obligations hereunder by operation of law, or if not by operation of law, then pursuant to an agreement in form and substance reasonably acceptable to WFEFI, and immediately after such merger the successor entity is no less
creditworthy (as reasonably determined by the WFEFI) than the Servicer was immediately prior to such merger, consolidatioin or acquisition. Notwithstanding any other provision of this Agreement or the other Basic Documents to the contrary, in the
event that the Servicer shall enter into any such merger, consolidation or sale in violation of this Section 6.01, such action shall not result in a default or a Servicer Default under this Agreement or any other Basic Document and the sole
remedy of WFEFI with respect thereto shall be to declare a Turbo Event to have occurred. 
  

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 SECTION 6.02 Limitation on Liability of Servicer and Others. 
 (a) Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer shall be under any liability to WFEFI,
except as specifically provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or the Note Purchase Agreement or for errors in judgment; provided, however, that this
provision shall not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of the Servicer’s duties or by reason of reckless
disregard of obligations and duties under this Agreement or the Note Purchase Agreement. The Servicer and any director, officer or employee or agent of the Servicer may rely in good faith on the advice of counsel or on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
 (b) Except as
provided in this Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its duties to service the Portfolio in accordance with this Agreement and that in its opinion may
involve it in any expense or liability. 
 SECTION 6.03 Delegation of Duties. So long as NFC (or an Affiliate of NIC)
acts as Servicer, the Servicer may, at any time without notice or consent, delegate any duties under this Agreement to any Affiliate or any Subsidiary of NIC. Subject to the Conflict Standard, the Servicer may at any time perform specific duties as
Servicer through subservicers who are in the business of servicing Vehicle loans; provided, however, that (i) no such delegation shall relieve the Servicer of its responsibility with respect to such duties and (ii) the Servicer shall give
prior written notice to WFEFI prior to such delegation and, with respect to any such delegation of titling and insurance duties, the Servicer shall cause such subservicer to provide WFEFI with reasonable access to the records of such subservicer
such that WFEFI may make a reasonable evaluation of such delegate’s performance of such duties. 
 SECTION 6.04 Servicer
not to Resign. Subject to the provisions of Section 7.02, the Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer except upon determination that the performance of its duties under
this Agreement is no longer permissible under applicable law. Any such determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to WFEFI. No such resignation shall become effective
until WFEFI or a successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 7.03. 
 SECTION 6.05 Servicer Indemnification. 
 (a) The Servicer shall be liable
in accordance with this Agreement only to the extent of the obligations in this Agreement specifically undertaken by the Servicer. Such obligations shall include the following: 
 (i) The Servicer shall defend, indemnify and hold harmless WFEFI and NFASC and, from and after the Servicer Termination Date,
any successor Servicer (collectively, the “Indemnified Parties”) from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from the use, ownership or operation by the Servicer
or any Affiliate thereof of any Financed Vehicle; and 
  

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 (ii) The Servicer shall indemnify, defend and hold harmless the Indemnified
Parties from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon such Person through the negligence, willful
misfeasance or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement; 
 (b) Indemnification under this Section 6.05 shall survive the termination of this Agreement and shall include without limitation
reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Section 6.05 and the recipient thereafter collects any of such amounts from others, the recipient shall
promptly repay such amounts collected to the Servicer, without interest. 
 SECTION 6.06 Backup Servicer. NFC shall,
within thirty (30) days of the Closing Date, enter into a written agreement with the Backup Servicer, in form and substance reasonably acceptable to Purchaser, for provision by NFC to the Backup Servicer of a monthly data tape or other
electronic data file compiling data for the related Monthly Period relating to the Portfolio. NFC shall provide a copy of such agreement to the Purchaser. Purchaser shall be an express third party beneficiary of such written agreement. NFC and
Backup Servicer shall acknowledge and agree in writing that no amendment, waiver or other modification of such agreement shall be made or effective unless Purchaser is a party to such amendment, waiver or modification. Upon execution, NFC agrees to
keep the agreement with the Backup Servicer or a replacement approved by the Purchaser in full force and effect at all times so long as any Obligations are outstanding. Upon the request of the Purchaser after either (x) a Servicer Default or
(y) NFC is not in compliance with the financial covenants in Sections 8.01(a) or (b) of the Credit Agreement (such provisions and related definitions all as in effect as of the Closing Date, without regard to any amendment, waiver,
modification, deletion or other revision from time to time in the Credit Agreement after the Closing Date, none of which shall have any force or effect on such sections for purposes of this Agreement), Purchaser and NFC shall each reasonably
cooperate to enter into an amendment to the Backup Servicing Agreement within thirty (30) days of such event, to expand the Backup Servicer’s role on terms and conditions reasonably acceptable to Purchaser, NFC and Backup Servicer;
provided, that NFC’s maximum responsibility for costs and expenses of the Backup Servicer in connection with such backup servicing arrangements shall not exceed $2,000 per month in the aggregate with respect to both this Agreement and the
transactions contemplated by the Loan Agreement; and, provided, further, that NFC’s obligations to provide data or other information to the Backup Servicer pursuant to a revised Backup Servicing Agreement shall not create an undue burden on
NFC. 
 SECTION 6.07 Interest on Late Payments. In the event the Servicer shall fail to make any payment to WFEFI
required to be made by it pursuant to this Agreement, the Servicer shall owe to WFEFI interest for such failure from the date such payment was due up to but excluding the date on which such payment is made to WFEFI at the WFEFI Purchase Rate for
such period on such unpaid amount, which shall be payable by Servicer to WFEFI on demand. 
  

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 ARTICLE VII 
 DEFAULT 
 SECTION 7.01 Servicer Defaults. Each
of the following shall constitute a “Servicer Default”: 
 (a) any failure by the Servicer to deliver to the Account
Bank for deposit in any of the Designated Accounts any required payment or to direct the Account Bank to make any required distributions therefrom, in each case which failure continues unremedied for three Business Days after the earlier of
(i) written notice is received by the Servicer from WFEFI or (ii) the actual knowledge of an officer of the Servicer of such failure; 
 (b) any material failure by the Servicer duly to observe or perform any other material covenant or agreement of the Servicer set forth in this Agreement or any other Basic Documents which continues
unremedied for 30 days after the earlier of (A) the giving of written notice of such failure to the Servicer by WFEFI or (B) the actual knowledge of an officer of the Servicer of such failure; 
 (c) any material representation, warranty or certification made by the Servicer pursuant to this Agreement or any other Basic Documents
shall prove to have been incorrect in any material respect when made, and if the consequences of such representation, warranty or certification being incorrect shall be susceptible of remedy in all material respects, such consequences shall not be
remedied in all material respects within 30 days after the giving of written notice of such failure to the Servicer or the actual knowledge of an officer of the Servicer of such failure; 
 (d) any event or condition occurs that results in any indebtedness of NFC in excess of $10 million becoming due prior to its scheduled
maturity; provided that this paragraph (d) shall not apply to any such secured indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such indebtedness; 
 (e) NFC shall fail to make a payment (whether of principal or interest and regardless of amount) in respect of any indebtedness of NFC in
excess of $10 million, when and as the same shall become due and payable and such failure shall continue beyond the period of grace, if any, provided in the instrument or agreement under which such indebtedness was created; 
 (f) a Change of Control occurs; and 
 (g) the occurrence of an Insolvency Event with respect to the Servicer. 
 SECTION
7.02 Consequences of a Servicer Default. If a Servicer Default shall occur and be continuing, WFEFI may, in addition to other rights and remedies available in a court of law or equity for damages, injunctive relief and specific performance,
upon 15 days’ prior written notice (other than a Servicer Default under clause (d) of Section 7.01, in which case the termination provided for in this sentence shall be automatic), terminate all the rights and

  

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obligations of the Servicer hereunder, whereupon WFEFI’s written designee will succeed to all the responsibilities, duties and liabilities of the Servicer under this Agreement. On the 15
th day after receipt of a notice of termination or such
later date as shall be specified in such notice but not more than the 90th day after receipt of such notice (the “Servicer Termination Date”), all authority and power of the Servicer under this Agreement, whether with respect to the Portfolio or otherwise,
shall pass to and be vested in such other Person as WFEFI may designate in writing pursuant to Section 7.03. Upon the Servicer Termination Date, the Servicer’s appointment as custodian shall be terminated and, upon instruction from
WFEFI, the Servicer shall release any Contract File to WFEFI, or its respective agent or assignee (including to the successor Servicer), as the case may be, at such place or places as WFEFI may designate, as soon as practicable but in any event no
longer than thirty (30) days after such notice. The Servicer shall be deemed to have received proper instructions with respect to the Contract Files upon its receipt of written instructions signed by an officer of WFEFI. Upon the Servicer
Termination Date, WFEFI is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary
or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Portfolio Documents and related documents, or otherwise. The appointment in the previous sentence is coupled with an
interest and irrevocable. The predecessor Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and rights of the Servicer under this Agreement, including the transfer to either WFEFI or the
successor Servicer for administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or that shall have been deposited by the Servicer in the Collection Account or thereafter received that shall at any time be
held with respect to the Portfolio by the Servicer. The Servicer shall be liable for all Enforcement Expenses. No remedy referred to in this Section 7.02 is intended to be exclusive, but each shall be cumulative, and shall be in addition
to any other remedy referred to above or otherwise available at law or in equity, and may be exercised concurrently or separately from time to time. WFEFI’s failure to exercise, or delay in the exercise of, the rights granted hereunder upon any
Servicer Default shall not constitute a waiver of any such right upon the continuation or recurrence of any such Servicer Default. During the continuance of a Servicer Default, WFEFI may (a) take or release other security; (b) release any
party primarily or secondarily liable for the Servicer’s obligations; (c) grant extensions, renewals or indulgences with respect to the Servicer’s obligations; and (d) apply any other security therefor held by it to the
satisfaction of the Servicer’s obligations without prejudice to any of its rights hereunder. 
 SECTION 7.03 Appointment
of Successor. On and after the Servicer Termination Date, WFEFI or the successor Servicer if one shall have been appointed shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the
transactions set forth or provided for in this Agreement, and shall be subject to all of the responsibilities, restrictions, duties and liabilities relating thereto placed on the Servicer by the terms and provisions of this Agreement including for
the avoidance of doubt, the indemnification obligations set forth in Section 6.05; provided, however, that the predecessor Servicer shall remain liable for, and WFEFI and the successor Servicer (if any) shall have no
liability for, any indemnification obligations of the predecessor Servicer arising as a result of acts, omissions or occurrences during the period in which the predecessor Servicer was the Servicer. As compensation therefor, WFEFI or the successor
Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been

  

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entitled to under this Agreement if no such notice of termination had been given including, but not limited to, the Total Servicing Fee and Supplemental Servicing Fees. In connection with such
appointment and assumption, WFEFI may make such arrangements for the compensation of such successor out of payments on Portfolio as it and such successor shall agree; provided, however, that without the prior written consent of NFC no
such compensation shall be in excess of (on a monthly basis) 1/12th of 1.5% multiplied by the Aggregate Contract Balance as of the last day of the preceding Monthly Period. WFEFI and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. Upon termination of the Servicer and after appointment of a successor Servicer, the Servicer shall reasonably cooperate with such successor Servicer to notify all Portfolio Obligors
to cease remitting payments to bank accounts and lock boxes controlled by the Servicer and to instead remit payment directly to any bank accounts and lock boxes designated by such successor Servicer. If at any time on or after the date on which the
Servicer is terminated the Servicer receives any payment from any Portfolio Obligor, then the Servicer shall receive such payment in trust for WFEFI, and promptly forward the amount of such payment, along with copies of any remittances or other
documentation accompanying such payment, to the successor Servicer. After removal of NFC as servicer, WFEFI or the successor Servicer shall deliver to NFC copies of the Servicer’s Report (or such similar report of the successor Servicer) and,
provided such request shall not result in an undue burden on the successor Servicer, such other information as NFC may reasonably request. 
 SECTION 7.04 Repayment of Advances. If a successor Servicer shall be appointed, the predecessor Servicer shall be entitled to receive, to the extent of available funds, reimbursement for
Outstanding Monthly Advances pursuant to Section 5.1(c) of the Note Purchase Agreement in the manner specified in Section 2.12 with respect to all Monthly Advances made by such predecessor Servicer. For the avoidance of
doubt, a successor Servicer shall have no right to the Outstanding Monthly Advances made by the previous Servicer. 
 SECTION
7.05 Waiver of Past Defaults. WFEFI may in its sole discretion waive any default by the Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default and for so long as such waiver is in
force and effect, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any
right consequent thereon. 
 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.01 Amendment. This Agreement may be
amended from time to time by a written amendment duly executed and delivered by the parties hereto. 
 SECTION 8.02
Termination. Except as set forth in Section 6.05 of this Agreement, the respective obligations and responsibilities of the parties hereto pursuant to this Agreement shall terminate upon the earlier of (a) repayment of the
Outstanding Purchased Amount and (b) maturity, repurchase or other liquidation of the last Contract and Related Security with respect thereto, including the other Portfolio Documents, and the disposition of any amounts received upon liquidation
of any such remaining Contracts and Related Security, including the other Portfolio Documents. 
  

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 SECTION 8.03 Notices. All notices, requests and demands to the Servicer and WFEFI
under this Agreement shall be delivered as specified in Appendix B to the Note Sale Agreement. 
 SECTION 8.04
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. 
 SECTION 8.05 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 8.06 Assignment. Except to the extent permitted by Article VI
or as required by Article VII, the Servicer may not assign its rights or delegate its obligations hereunder. 
 SECTION
8.07 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns. Except as otherwise provided in Section 6.03 or in this
Article VIII, no other Person shall have any right or obligation hereunder. 
 SECTION 8.08 Counterparts. This
Agreement may be executed by the parties hereto 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. 
 SECTION 8.09 Headings. The various headings in this Agreement are included for convenience only and shall not affect the meaning or
interpretation of any provision of this Agreement. 
 SECTION 8.10 No Petition Covenants. Notwithstanding any prior
termination of this Agreement, the Servicer shall not, prior to the date which is one year and one day after the payment in full of all outstanding obligations of the Seller under the Note Purchase Agreement, acquiesce, petition or otherwise invoke
or cause the Seller to invoke or join any other Person in instituting the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller any bankruptcy, reorganization, arrangement, insolvency,
liquidation proceeding, or similar law of the United States or any state of the United States. 
 SECTION 8.11 CONSENT TO
JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS

  

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AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. 
 SECTION 8.12 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY THE SELLER PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER. 
 *    *    *    *    *

 [SIGNATURE PAGE FOLLOWS] 
  

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

			
	NAVISTAR FINANCIAL CORPORATION
		
	By:	 	 /s/ William V. McMenamin

	Name:	 	William V. McMenamin
	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	WELLS FARGO EQUIPMENT FINANCE, INC.
		
	By:	 	 /s/ Lisa K. Lenton

	Name:	 	Lisa K. Lenton
	Title:	 	Senior Vice President

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