Document:

EX-10.2

 Exhibit 10.2 

EXECUTION COPY 
  

 
  

TAXI MEDALLION LOAN TRUST III 

SECOND AMENDED AND RESTATED 

TRUST AGREEMENT 
 By and
between 
 MEDALLION FUNDING LLC, 

as Depositor 
 and 

U.S. BANK TRUST, N.A. 
 as
Owner Trustee and in its individual capacity 
 but only to the limited extent expressly set forth herein 

Dated December 12, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Capitalized Terms
	  	 	1	  
	 Section 1.02.
	 	 Other Terms
	  	 	5	  
	
	ARTICLE II	  
	
	ORGANIZATION	  
			
	 Section 2.01.
	 	 Name
	  	 	5	  
	 Section 2.02.
	 	 Office
	  	 	6	  
	 Section 2.03.
	 	 Purposes and Powers
	  	 	6	  
	 Section 2.04.
	 	 Management
	  	 	8	  
	 Section 2.05.
	 	 Appointment of the Owner Trustee
	  	 	14	  
	 Section 2.06.
	 	 Declaration of Trust
	  	 	14	  
	 Section 2.07.
	 	 Liabilities of Owners of the Trust
	  	 	14	  
	 Section 2.08.
	 	 Situs of Trust
	  	 	14	  
	 Section 2.09.
	 	 Contributions by Owners
	  	 	14	  
	
	ARTICLE III	  
	
	TAX STATUS OR CAPITAL ACCOUNTS AND ALLOCATIONS	  
			
	 Section 3.01.
	 	 Tax Status
	  	 	15	  
	 Section 3.02.
	 	 Capital Accounts
	  	 	15	  
	 Section 3.03.
	 	 Allocation of Net Profits and Net Loss
	  	 	16	  
	 Section 3.04.
	 	 Minimum Gain
	  	 	16	  
	 Section 3.05.
	 	 Partner Nonrecourse Deductions
	  	 	16	  
	 Section 3.06.
	 	 Nonrecourse Deductions
	  	 	17	  
	 Section 3.07.
	 	 Loss Allocation Limitation
	  	 	17	  
	 Section 3.08.
	 	 Federal Taxable Income and Loss
	  	 	17	  
	 Section 3.09.
	 	 Qualified Income Offset
	  	 	18	  
	 Section 3.10.
	 	 Curative Allocation
	  	 	18	  
	 Section 3.11.
	 	 Change of Trust Interest
	  	 	18	  
	
	ARTICLE IV	  
	
	TRUST CERTIFICATES AND TRANSFER OF OWNERSHIP INTERESTS	  
			
	 Section 4.01.
	 	 Initial Issuance of Trust Certificates
	  	 	18	  
	 Section 4.02.
	 	 Registration and Transfer of Trust Certificates
	  	 	19	  

  
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 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 4.03.
	 	 Limitations on Transfer of Trust Certificates
	  	 	20	  
	 Section 4.04.
	 	 Lost, Stolen, Mutilated or Destroyed Trust Certificates
	  	 	21	  
	 Section 4.05.
	 	 Pledge of Rights to Distributions
	  	 	21	  
	 Section 4.06.
	 	 Section 754 Election
	  	 	21	  
	
	ARTICLE V	  
	
	ACTIONS OF THE OWNER TRUSTEE SUBJECT TO POWER OF THE OWNERS	  
			
	 Section 5.01.
	 	 Action Upon Instructions
	  	 	21	  
	 Section 5.02.
	 	 Action by Owners with Respect to Certain Matters
	  	 	23	  
	 Section 5.03.
	 	 Majority Consent
	  	 	24	  
	 Section 5.04.
	 	 Tax Matters Partner
	  	 	24	  
	 Section 5.05.
	 	 Books and Records; Financial Reports
	  	 	25	  
	
	ARTICLE VI	  
	
	INVESTMENT AND APPLICATION OF TRUST FUNDS	  
			
	 Section 6.01.
	 	 Investment of Trust Funds
	  	 	26	  
	 Section 6.02.
	 	 Distributions
	  	 	26	  
	 Section 6.03.
	 	 Statements
	  	 	27	  
	 Section 6.04.
	 	 Method of Payment
	  	 	27	  
	 Section 6.05.
	 	 No Segregation of Moneys; No Interest
	  	 	27	  
	 Section 6.06.
	 	 Distributions Upon Termination of Trust
	  	 	28	  
	
	ARTICLE VII	  
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE DEPOSITOR	  
			
	 Section 7.01.
	 	 Title to Trust Property
	  	 	28	  
	 Section 7.02.
	 	 Binding Effect
	  	 	29	  
	 Section 7.03.
	 	 Trust Certificates
	  	 	29	  
	 Section 7.04.
	 	 Investment Company
	  	 	29	  
	 Section 7.05.
	 	 Bankruptcy Action
	  	 	29	  
	 Section 7.06.
	 	 Taxable as a Corporation
	  	 	29	  
	
	ARTICLE VIII	  
	
	REPRESENTATIONS AND WARRANTIES OF THE BANK	  
			
	 Section 8.01.
	 	 Good Standing
	  	 	30	  
	 Section 8.02.
	 	 Binding Effect
	  	 	30	  
	 Section 8.03.
	 	 Consents and Approvals
	  	 	30	  

  
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 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE IX	  
	
	AUTHORITY AND DUTIES OF OWNER TRUSTEE	  
			
	 Section 9.01.
	 	 General Authority
	  	 	30	  
	 Section 9.02.
	 	 General Duties
	  	 	31	  
	 Section 9.03.
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	31	  
	 Section 9.04.
	 	 No Action Except Under Specified Documents or Instructions
	  	 	31	  
	
	ARTICLE X	  
	
	CONCERNING THE OWNER TRUSTEE	  
			
	 Section 10.01.
	 	 Acceptance of Trusts and Duties
	  	 	31	  
	 Section 10.02.
	 	 Reliance
	  	 	32	  
	 Section 10.03.
	 	 Agents; Advice of Counsel
	  	 	33	  
	 Section 10.04.
	 	 Doing Business
	  	 	33	  
	 Section 10.05.
	 	 Not Acting in Individual Capacity
	  	 	33	  
	 Section 10.06.
	 	 U.S. Patriot Act
	  	 	33	  
	
	ARTICLE XI	  
	
	COMPENSATION OF OWNER TRUSTEE	  
			
	 Section 11.01.
	 	 Owner Trustee’s Fees and Expenses
	  	 	34	  
	 Section 11.02.
	 	 Indemnification
	  	 	34	  
	 Section 11.03.
	 	 Payments to the Owner Trustee or the Bank
	  	 	34	  
	
	ARTICLE XII	  
	
	TERMINATION OF TRUST AGREEMENT	  
			
	 Section 12.01.
	 	 Trust Termination
	  	 	35	  
	
	ARTICLE XIII	  
	
	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL TRUSTEES	  
			
	 Section 13.01.
	 	 Resignation of Owner Trustee; Appointment of Successor
	  	 	35	  
	 Section 13.02.
	 	 Appointment of Additional Trustees
	  	 	36	  

  
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 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE XIV	  
	
	MISCELLANEOUS	  
			
	 Section 14.01.
	 	 Amendments and Waivers
	  	 	38	  
	 Section 14.02.
	 	 No Legal Title to Trust Property in Owners
	  	 	38	  
	 Section 14.03.
	 	 Limitations on Rights of Others
	  	 	38	  
	 Section 14.04.
	 	 Notices
	  	 	39	  
	 Section 14.05.
	 	 Counterparts
	  	 	39	  
	 Section 14.06.
	 	 Binding Effect; Assignability
	  	 	40	  
	 Section 14.07.
	 	 Headings
	  	 	40	  
	 Section 14.08.
	 	 Governing Law; Jury Waiver
	  	 	40	  
	 Section 14.09.
	 	 Complete Agreement
	  	 	41	  
	 Section 14.10.
	 	 No Petition
	  	 	41	  
	 Section 14.11.
	 	 No Recourse
	  	 	41	  
	 Section 14.12.
	 	 No Waivers; Remedies
	  	 	41	  
	 Section 14.13.
	 	 Consent to Jurisdiction
	  	 	41	  

 Exhibits 
  

			
	EXHIBIT A:	  	FORM OF TRUST CERTIFICATE
	EXHIBIT B:	  	BYLAWS OF THE TRUST
	EXHIBIT C	  	FEE SCHEDULE
	EXHIBIT D	  	MANAGER NON-PETITION AGREEMENT
	EXHIBIT E	  	OFFICER NON-PETITION AGREEMENT

  
 -iv- 

 SECOND AMENDED AND RESTATED TRUST AGREEMENT, dated as of December 12, 2013 (the
“Trust Agreement”), by and between MEDALLION FUNDING LLC (successor by merger to Medallion Funding Corp.), a New York corporation (“Medallion Funding” or the “Depositor”) and U.S. BANK TRUST, N.A.,
a national banking association, in its individual capacity but only to the limited extent expressly set forth herein and as Owner Trustee of the trust known as TAXI MEDALLION LOAN TRUST III continued pursuant to Article II hereof (the
“Trust”). 
 A. The Depositor and the Owner Trustee entered into that certain trust agreement dated as of
November 13, 2008, and amended and restated as of December 12, 2008 (the “Original Trust Agreement”) and a certificate of trust was filed with the Office of the Secretary of State of the State of Delaware for purposes of
forming the Trust as a statutory trust under the Act; 
 B. The Depositor and the Owner Trustee desire to amend and restate in its entirety
the Original Trust Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Capitalized Terms. Capitalized terms used and not otherwise defined herein shall have the meanings provided to such
terms in the Loan Agreement. As used in this Agreement and its schedules and exhibits, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Act” means the Delaware Statutory Trust Act, 12 Del. C. § 3801, et. seq. 

“Agent” means DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, in
its capacity as “agent” under the Loan Agreement and its successors and assigns. 
 “Agreement” or “Trust
Agreement” means this Second Amended and Restated Trust Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time. 

“Bank” means U.S. Bank Trust, N.A., a national banking association, in its individual capacity and not as Owner Trustee. 

“Basic Documents” means the Loan Sale and Contribution Agreement; the Loan Agreement; the Servicing Agreement, dated as of
the date hereof, among the Trust, Medallion Funding and the Agent; the Custodial Agreement dated as of the date hereof by and among Wells Fargo Bank, National Association, as Custodian, the Trust, Medallion Funding and the Agent (the
“Custodial Agreement”); the Collection Account Control Agreement dated as of the date 

 
hereof by and among the Trust, the Agent and Citibank N.A., as Collection Account Bank; the Fee Letter dated as of the date hereof between the Agent and the Trust; the Shared Services Agreement
dated as of the date hereof between Medallion Funding and the Trust; the Services and Indemnity Agreement dated as of the date hereof among the Trust, Medallion Financial Corp., Global Securitization Services, LLC, and Kevin P. Burns, as Independent
Manager of the Trust; any bill of sale or other instrument of conveyance of assets in which the Agent has released all of its right, title and interest in accordance with the terms of the Loan Agreement; such other sale or transfer agreements as may
be required between the Trust and Medallion Funding in order to effectuate the orderly disposition of the Trust Property in connection with the termination of the Loan Agreement and the payment in full of all outstanding debt of the Trust; and any
other “Loan Documents” as defined in the Loan Agreement. 
 “Board of Managers” has the meaning ascribed in
Section 2.04 hereof. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial
banking institutions in the State of Delaware or New York are authorized or obligated by law to be closed. 
 “Capital
Account” of an Owner has the meaning ascribed in Section 3.02 hereof. 
 “Cause” means the conviction of, or
the entry of a guilty plea or nolo contendere by, the Independent Manager for a crime of dishonesty or moral turpitude or any action by the Independent Manager which constitutes gross negligence, bad faith or willful misconduct in the conduct of his
or her duties as a Manager of the Trust. 
 “Code” means the Internal Revenue Code of 1986, as it may be amended from time
to time, any successor statute thereto, and applicable final or temporary Department of the Treasury regulations issued pursuant thereto. 

“Covered Person” has the meaning ascribed in Section 2.4(d)(i) hereof. 

“Delaware Code” means the Delaware Code, as amended from time to time. 

“Designated Investments” means direct obligations of, or obligations fully and unconditionally guaranteed as to timely
payment of principal and interest by, the United States or any agency or instrumentality thereof, provided that such obligations are backed by the full faith and credit of the United States. 

“Distribution Date” means (i) the 15th Business Day of each
calendar month and (ii) from and after the occurrence of the Termination Date, each other Business Day specified by the Agent in a written notice to the Borrower. 

“Distribution Date Statement” has the meaning ascribed in Section 6.03 hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute. 

  
 2 

 “Fiscal Year” means the taxable year of the Trust for federal income tax
purposes, which shall be each period commencing on January 1 and ending on December 31, unless the Trust is required to adopt a different taxable year. 

“Gross Income” and “Gross Deduction” mean with respect to a Fiscal Year, items of Trust gross income and
gain or gross deduction and loss, respectively, for such Fiscal Year for federal income tax purposes determined subject to the adjustments (1), (2) and (3) described in the definition herein of “Net Profits” and “Net
Loss.” 
 “Independent Manager” means a natural person who (i) is not, and has not been during the preceding five
years, a stockholder, member, employee, partner, officer, director, manager or supplier of the Trust, the Depositor or any of their respective Affiliates, (ii) does not have, and has not during the preceding five years had, a personal
friendship or business or family relationship with any stockholder, member, employee, partner, officer, director, manager or supplier of the Depositor or any subsidiary or Affiliate of the Depositor (other than as an independent director or in a
similar capacity for the Trust or another Affiliate of the Depositor), and (iii) (a) has prior experience as an independent director or manager for an entity whose charter documents require the unanimous consent of all independent
directors or managers thereof before such entity could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable state or federal law relating to bankruptcy and
(b) is employed by, and has at least three years of employment experience with, Lord Securities Corporation, Global Securitization Services, LLC or Amacar, L.L.C. or a similar nationally recognized provider of advisory, management, or placement
services to issuers of securitization or structured finance instruments, agreements or securities, which in the ordinary course of its business provides Independent Managers for special-purpose financing entities such as the Trust, that is approved
by the Agent in writing. 
 “Indemnified Party” has the meaning ascribed in Section 11.02 hereof. 

“Loan Agreement” means that certain Loan and Security Agreement dated as of the date hereof among the Trust, Autobahn Funding
Company LLC, as Lender, and the Agent. 
 “Loan Sale and Contribution Agreement” means that certain Medallion Loan Sale and
Contribution Agreement, dated as of the date hereof, between Medallion Funding, as Seller, and the Trust, as purchaser, together with all instruments, documents and agreements executed in connection therewith, as such Loan Sale and Contribution
Agreement may from time to time be amended, supplemented, restated or otherwise modified from time to time with the prior written consent for the Agent. 

“Manager” means a member of the Board of Managers. 

“Net Profits” and “Net Loss” mean, respectively, for each Fiscal Year, an amount equal to the Trust’s
taxable income or loss, respectively, for federal income tax purposes for such Fiscal Year (determined without inclusion of Gross Income or Gross Deductions specially allocated pursuant to Sections 3.04, 3.05, 3.06, 3.08 and 3.09 hereof),
determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or

  
 3 

 
loss), with the following adjustments: (1) any income of the Trust that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Loss pursuant
hereto shall be included in income; (2) any expenditures of the Trust described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(i) and not otherwise taken into account in computing Net Profits or Net Loss pursuant hereto, shall be deducted from income; and (3) income, gain, loss and deduction of the
Trust shall be computed (i) as if the Trust had purchased any property contributed by an Owner to the Trust on the date of such contribution at a price equal to its fair market value at that date, and (ii) as if the Trust had sold any
property distributed to an Owner on the date of such distribution at a price equal to its fair market value on such date. 

“Non-Petition Agreement” means, with respect to any Manager or Officer of the Trust, an agreement substantially in the form
of Exhibit D or Exhibit E hereto, as applicable. 
 “Original Trust Agreement” shall have the meaning set forth in the
Recitals hereto. 
 “Owner” means the owner of a Trust Certificate. 

“Owner Trustee” means U.S. Bank Trust, N.A., a national banking association, not in its individual capacity but solely as
owner trustee under this Agreement, and any successor owner trustee hereunder. 
 “Ownership Interest” means the beneficial
interest in the Trust held by an Owner and represented by such Owner’s Trust Certificate. 
 “Ownership Percentage”
means for any Owner, the Ownership Interest in the Trust held by such Owner, expressed as a percentage of the aggregate Ownership Interest of all Owners. 

“Partner Nonrecourse Debt” means a nonrecourse liability of the Trust with respect to which an Owner bears the economic risk
of loss, as determined in accordance with Treasury Regulations Section 1.704-2(b)(4). 

“Partner Nonrecourse Deductions” means any deductions described in Treasury Regulations
Section 1.704-2(i)(2) and (j)(1)(i) that are attributable to Partner Nonrecourse Debt. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, limited liability
company, trust, unincorporated association, government (or any agency, instrumentality or political subdivision thereof) or any other entity of whatever nature. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute. 

“Service” means the Internal Revenue Service. 

“Tax Matters Partner” means the Owner designated as such by the Owners pursuant to Section 5.04 hereof. 

  
 4 

 “Transfer” means the sale, transfer or assignment of an Owner’s right,
title and interest in all or any portion of its Ownership Percentage in the Trust; “Transferee,” “Transferor,” and “Transferred” have meanings correlative thereto. 

“Treasury Regulations” means the regulations (including any temporary regulations) issued under the Code by the Department of
the Treasury, as they may be amended from time to time, or any applicable successor regulations. Any reference herein to any particular section of the Treasury Regulations shall be deemed to refer to the corresponding provision of any applicable
successor regulations. 
 “Trust” shall have the meaning set forth in the introductory paragraph to this Agreement. 

“Trust Certificate” means a certificate evidencing the Ownership Interest of an Owner substantially in the form of
Exhibit A hereto. 
 “Trust Property” means all right, title and interest of the Trust in and to (i) the
Medallion Loans and Related Assets (as defined in the Loan Sale and Contribution Agreement); (ii) any other property contributed to the Trust by or upon the order of the Depositor or the Owners from time to time; (iii) any property
acquired by the Trust at the direction of the Board of Managers; (iv) funds borrowed under the Loan Agreement as provided in the Basic Documents; and (v) all distributions, payments or proceeds thereon or therefrom, but does not include
any property that has been sold by the Trust both for Federal income tax purposes and under generally accepted accounting principles. 

Section 1.02. Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All
terms used in Article 9 of the Uniform Commercial Code in the State of New York, as in effect on the date hereof and not specifically defined herein, are used herein as defined in such Article 9. Unless otherwise expressly indicated, all references
herein to “Article,” “Section,” “Schedule” or “Exhibit” means articles and sections of, and schedules and exhibits to, this Agreement. Headings are for purposes of reference only and shall not otherwise affect
the meaning or interpretation of any provision hereof. Any definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Basic Document). Any reference to any law, rule or regulation shall be deemed to be a reference to such
law, rule or regulation as the same may be amended or re-enacted from time to time. Any reference to any Person shall include its successors and permitted assigns. The terms “include” or “including” mean “include without
limitation” or “including without limitation.” 
 ARTICLE II 

ORGANIZATION 

Section 2.01. Name. The Trust continued hereby shall be known as “Taxi Medallion Loan Trust III” in which name the Owner
Trustee or any manager or officer of the Trust may enter into contracts and other documents and conduct the activities contemplated hereby. 

  
 5 

 Section 2.02. Office. The office of the Trust shall be in care of the Owner Trustee,
addressed to U.S. Bank Trust, N.A., 300 Delaware Ave., 9th Floor, Wilmington, Delaware 19801, Attention: Corporate Trust Administration, or at such other address within or without the State of Delaware as the Owner Trustee may designate by written
notice to the Owners. 
 Section 2.03. Purposes and Powers. 

(a) The purpose of the Trust is to engage solely in the following activities, subject to any limitations contained in the Basic Documents:

 (i) to receive, acquire, own, hold, administer, service and enter into agreements for the servicing of, finance, manage,
sell, assign, pledge, collect amounts due on, lease, operate and otherwise deal with the Trust Property; 
 (ii) to
authorize, offer, sell, transfer or deliver, or participate in the authorization, offering, issuance, sale, transfer or delivery of Trust Certificates evidencing or secured by interests in the Trust Property; 

(iii) to borrow money from one or more lenders and to pledge, assign or otherwise convey as collateral and security therefore
all or any part of the Trust Property, including without limitation the borrowing and pledging contemplated under the Loan Agreement and the Custodial Agreement as provided in the Basic Documents. 

(iv) to negotiate, authorize, execute, deliver and perform, or accept by assignment, any agreement or instrument or document
relating to the activities set forth in paragraphs (i), (ii) and (iii) above, including, but not limited to, the Basic Documents, and any trust agreement, sale and servicing agreement, pooling and servicing agreement, indenture,
reimbursement agreement, credit support agreement, purchase agreement, indemnification agreement, placement agreement, certificate purchase agreement or underwriting agreement and related agreements, documents and certificates (including uniform
commercial code financing statements); and 
 (v) to do such other things and carry on any other activities which the Board
of Managers determines to be necessary, convenient or incidental to any of the foregoing purposes, and have and exercise all of the power and rights conferred upon statutory trusts formed pursuant to the Act in furtherance of the foregoing. 

(b) Notwithstanding any provision of this Agreement, the Trust shall be subject to the following restrictions: 

(i) other than as contemplated by the Basic Documents and related documentation, the Trust shall not incur, create or assume
any indebtedness; 

  
 6 

 (ii) the Trust shall not engage in any dissolution, liquidation, consolidation,
merger or, other than as permitted by the Basic Documents and related documentation, sale of assets; 
 (iii) the Trust shall
not engage in any business activity not permitted hereunder or in which it is not currently engaged other than as contemplated by the Basic Documents and related documentation; and 

(iv) the Trust shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any asset other than as
contemplated by the Basic Documents and related documentation. 
 (c) In furtherance of the foregoing limitations, the Trust shall: 

(i) maintain the Trust’s books and records separate from any other Person or entity; 

(ii) maintain the Trust’s bank accounts separate from any other Person or entity; 

(iii) not commingle the Trust’s assets with those of any other person or entity and maintain its assets and liabilities in
such a manner that it is not costly or difficult to segregate, ascertain or identify such assets and liabilities from those of any other Person or entity; 

(iv) conduct the Trust’s affairs in the name of the Trust; 

(v) other than as contemplated by the Basic Documents and related documentation, pay the Trust’s liabilities and expenses
only out of the Trust’s funds as the same become due and payable; 
 (vi) observe all formalities required under the
Act; 
 (vii) enter into transactions with Affiliates or the Depositor only if each such transaction is intrinsically fair,
commercially reasonable, and on the same terms as would be available in an arm’s length transaction with a person or entity that is not an Affiliate; 

(viii) not guarantee or become obligated for the debts of any other Person; 

(ix) not hold out the Trust’s credit as being available to satisfy the obligation of any other person or entity; 

(x) not acquire the obligations or securities of the Trust’s Affiliates, Owners or the Depositor; 

  
 7 

 (xi) other than as contemplated by the Basic Documents and related documentation,
not make loans to any other person or entity or buy or hold evidence of indebtedness issued by any other Person or entity; 

(xii) other than as contemplated by the Basic Documents and related documentation, not pledge the Trust’s assets for the
benefit of any other Person or make any loan or advance to any other Person; 
 (xiii) hold the Trust out as a separate
entity (except that the Trust may elect to be a disregarded entity for tax purposes) and conduct any business only in its own name; 

(xiv) correct any known misunderstanding regarding the Trust’s separate identity; 

(xv) not identify the Trust as a division of any other person or entity; 

(xvi) maintain appropriate minutes or other records of appropriate actions and shall maintain its office separate from the
offices of the Depositor, although it may lease space from the Depositor or any other Affiliate provided that it shall allocate fairly and reasonably any overhead for shared office space; 

(xvii) maintain separate financial statements showing the assets and liabilities of the Trust separate and apart from those of
any other person (except that the Trust also may be included in consolidated financial statements if such consolidated financial statements contain a note stating that the Trust is a separate entity); 

(xviii) pay the salaries of its own employees, if any, and maintain a sufficient number of employees in light of its
contemplated business operations; 
 (xix) use its own stationary, invoices and checks; and 

(xx) maintain adequate capital in light of its contemplated business operations. 

Section 2.04. Management. 

(a) Bylaws. The management of the Trust shall be governed by the Amended and Restated Bylaws of the Trust (the
“Bylaws”), a copy of which is attached hereto as Exhibit B. 
 (b) Board of Managers. 

(i) General. The management of the Trust shall be vested in a Board of Managers (the “Board of
Managers”). The total number of members of the Board of Managers shall initially be five, and hereafter shall be such number as shall be fixed from time to time by a written instrument signed by at least
two-thirds of the number of Managers; provided, however, that the number of Managers shall in no event be less than three nor more than twelve. The following shall be the initial Managers of the Trust until
their successors are elected and qualified: 
 Alvin Murstein 

  
 8 

 Andrew M. Murstein 

Michael J. Kowalsky 
 Brian
O’Leary and 
 Kevin P. Burns (Independent Manager) 

(ii) Independent Manager. At all times, one of the members of the Board of Managers shall be an Independent Manager. The
Trust shall not be permitted to take any action requiring the consent of the Independent Manager if at the time of taking such action there is no Independent Manager then serving on the Board of Managers. The Owners shall cause the Board of Managers
at all times to have at least one Independent Manager who, except as aforesaid, will be elected by the Owners pursuant to Article IV, Section 3 of the Bylaws. To the fullest extent permitted by the Act, and notwithstanding any duty
otherwise existing at law or in equity, the Independent Manager shall consider only the interests of the Trust, including its creditors, in acting or otherwise voting on the matters involving the Trust. Except for duties to the Trust as set forth in
the immediately preceding sentence (including duties to the Depositor and the Trust’s creditors solely to the extent of their respective economic interests in the Trust but excluding (i) all other interests of the Depositor, (ii) the
interests of other Affiliates of the Trust, and (iii) the interests of any group of Affiliates of which the Trust is a part), the Independent Manager shall not have any fiduciary duties to the Depositor, any Manager or any other Person bound by
this Agreement; provided, however, that the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. To the fullest extent permitted by law, an Independent Manager shall not be liable to the Trust,
the Depositor or any other Person bound by this Agreement for breach of contract or breach of duties (including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct. Notwithstanding anything to the
contrary contained herein, no election of a successor Independent Manager shall be effective until (a) the Agent is provided not less than five (5) days prior written notice of such election, such notice to contain a written certificate
from the Trust that the designated successor satisfies the criteria set forth in the definition herein of “Independent Manager” and (b) the successor Independent Manager shall have accepted his or her election by a written instrument.
In the event of a vacancy in the position of Independent Manager, the Owners shall, as soon as practicable, elect a successor Independent Manager in accordance with the terms of the immediately preceding sentence. All right, power and authority of
the Independent Manager shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in the certificate of trust or this Agreement. Except as provided in the second and third sentences of this
Section. 2.04(b)(ii), in exercising his/her rights and performing his/her duties under this Agreement, any Independent Manager shall have a fiduciary duty of loyalty and care 

  
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similar to that of a director of a business corporation organized under the General Corporation Law of the State of Delaware. No Independent Manager shall at any time serve as trustee or examiner
in the bankruptcy case for any Affiliate of the Trust. For the avoidance of doubt, no Independent Manager may be removed by the Owners except in accordance with Section 2.04(b)(iii). 

(iii) Term. Each Manager shall hold office during the continued term of the Trust, subject to this
Section 2.04(b), until she or he dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or if sooner, until the next meeting of Owners called for the purpose of electing Managers and
until the election and qualification of her or his successor. In the event that less than the majority of the Managers holding office have been elected by the Owners, the Managers then in office shall call an Owners’ meeting for the election of
Managers. The Managers named in Section 2.04(b)(i) hereof shall be deemed to have been elected by the Owners. Any Manager may resign at any time by written instrument signed by her or him and delivered to any Officer of the Trust or to the
secretary of any meeting of the Managers. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Manager resigning and
no Manager removed shall have any right to any compensation for any period following her or his resignation or removal, or any right to damages on account of such removal. The Owners may elect Managers at any meeting of Owners called by the Managers
for that purpose. Any Manager (other than the Independent Manager) may be removed at any meeting of Owners by a majority vote of the Owners. Any Manager (other than the Independent Manager) may be removed with or without cause at any time by written
instrument signed by at least two-thirds of the number of Managers prior to such removal, specifying the date when such removal shall become effective. So long as any Secured Obligation is outstanding, the
Independent Manager may not be removed, except (i) for Cause, (ii) in the event that the Independent Manager ceases to be employed by the service provider which is his or her employer on the date such Independent Manager is engaged by the
Trust, or (iii) with the written consent of the Agent. 
 (iv) Powers. Subject to the limitations set forth in
this Agreement, the Owners hereby grant the Board of Managers and the Officers (as defined herein) the exclusive authority to act on behalf of the Owners and the Trust in implementing the following activities: (1) acquiring, owning, holding,
and otherwise engaging in transactions with respect to the Trust Property (including borrowings secured by Trust Property) with a view toward the maximization of the value of and disposition of such Trust Property; (2) making such
representations and warranties on behalf of the Trust regarding the Trust Property and entering into such agreements on behalf of the Trust as are customary for transactions of the type set forth in clause (1); and (3) performing such
activities on behalf of the Trust that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith or that may be required in connection with the conservation of the assets and distributions to
the Owners; all on such terms and conditions as the Board of Managers deems desirable, and evidenced by such instruments, agreements, powers of attorney, or other documents as the Board of Managers may approve, as conclusively evidenced by the
execution thereof; provided, 

  
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however, that the Managers and Officers may not take any action(s) or instruct the Owner Trustee to take any action(s) that would cause the Trust (x) to become subject to registration
as a broker or dealer under Section 15(a) of the Exchange Act, (y) to become subject to compliance with Section 15(c)(3) of the Exchange Act or (z) to become a “taxable mortgage pool” within the meaning of Code
Section 7701(i). In connection therewith, the Managers shall not (1) hold the Trust out as being willing to buy and sell securities on a regular basis; (2) provide market quotes with respect to securities; (3) furnish advice to
third parties regarding the purchase, sale or value of securities; (4) extend or arrange for the extension of credit in connection with the purchase by others of securities; (5) maintain a dealer inventory of securities; or
(6) attempt to obtain customers. 
 (v) Actions and Meetings. Any meeting of the Board of Managers or action
taken by the Board of Managers shall be conducted in accordance with the Bylaws. Unless otherwise provided by this Agreement or the Bylaws, any action required or permitted to be taken at any meeting of the Board of Managers or of any committee
thereof may be taken without a meeting by unanimous written consent of the Managers or committee members (or by written consent of a majority of the Managers if the President of the Trust determines that such exceptional circumstances exist, and are
of such urgency, as to make unanimous written consent impossible or impractical, which determination shall be conclusive and binding on all Managers and not otherwise subject to challenge) and the writing or writings are filed with the minutes of
proceedings of the Board of Managers or committee. 
 Except as otherwise provided in this Agreement or the Bylaws, all powers to control
and manage the business and affairs of the Trust shall be exclusively vested in the Board of Managers and the Board of Managers may exercise all powers of the Trust and do all such lawful acts as are not by statute, the Trust Certificate or this
Agreement directed or required to be exercised or done by the Owners and in so doing, except as provided otherwise in this Agreement, shall have the right and authority to take all actions which the Board of Managers deems necessary, useful or
appropriate for the management and conduct of the business of the Trust. 
 (c) Officers. Except for the appointment of the
initial officers set forth below, the Trust shall have officers who are appointed by the Board of Managers. The officers of the Trust shall consist of a President, one or more Vice Presidents, a Secretary and a Treasurer (the
“Officers”). The initial Officers of the Trust shall be: 
  

			
	President:	    	Andrew M. Murstein
	Vice President:	    	Alvin Murstein
	Treasurer:	    	Larry D. Hall
	Secretary:	    	Michael J. Kowalsky
	Vice President:	    	Brian S. O’Leary
	Assistant Treasurer:	    	Michael J. Kowalsky
	Assistant Secretary:	    	Marie Russo

  
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 The powers and duties of each Officer shall be as follows: 

(i) The President. The President shall have, subject to the supervision, direction and control of the Board of Managers,
the general powers and duties of supervision, direction and management of the affairs and business of the Trust usually vested in the president of a corporation, including, without limitation, all powers necessary to direct and control the
organizational and reporting relationships within the Trust. The President or any other officer authorized by the President or the Board of Managers shall execute all contracts or agreements of the Trust. 

(ii) The Vice Presidents. Each Vice President shall have such powers and perform such duties as may from time to time be
assigned to him or her by the Board of Managers or the President. 
 (iii) The Secretary. The Secretary shall attend
meetings of the Board of Managers and meetings of the Owners and record all votes and minutes of all such proceedings in a book kept for such purpose. He or she shall have all such further powers and duties as generally are incident to the position
of a secretary of a corporation or as may from time to time be assigned to him or her by the Board of Managers or the President. 

(iv) The Treasurer. The Treasurer shall have custody of the Trust’s funds and securities and shall keep full and
accurate accounts of receipts and disbursements in books belonging to the Trust and shall deposit or cause to be deposited moneys or other valuable effects in the name and to the credit of the Trust in such depositories as may be designated by the
Board of Managers. The Treasurer shall also maintain adequate records of all assets, liabilities, and transactions of the Trust and shall see that adequate audits thereof are currently and regularly made. The Treasurer shall have such other powers
and perform such other duties that generally are incident to the position of a treasurer of a corporation or as may from time to time be assigned to him or her by the Board of Managers or the President. The Treasurer shall also have such powers and
perform such other duties as expressly set forth in this Agreement. 
 (d) Indemnification of the Managers and Officers; Advance
Payment of Indemnifiable Expenses. 
 (i) The Trust shall indemnify, save harmless, and pay all judgments and claims
against any Manager or Officer relating to any liability or damage incurred by reason of any act performed or omitted to be performed by any Manager or Officer, in their capacity as such, in connection with the business of the Trust
(“Covered Person”), including reasonable attorneys’ fees incurred by the Manager or Officer in connection with the defense of any action based on any such act or omission, which attorneys’ fees may be paid as incurred.
Unless otherwise provided in the Bylaws or herein, in the event of any action by any Owner against any Manager or Officer, in their capacity as such, including a derivative suit, the Trust shall indemnify, save harmless, and pay all expenses of such
Manager or Officer, including reasonable attorneys’ fees incurred in the defense of such action. Notwithstanding the provisions of the Bylaws or any provision herein, 

  
 12 

 
this Section shall be enforced only to the maximum extent permitted by law and no Manager or Officer shall be indemnified from any liability for the fraud, intentional misconduct, gross
negligence or a knowing violation of the law which was material to the cause of action. Each Officer and each Manager shall upon appointment to such position execute and deliver to the Trust a Non-Petition Agreement. 

(ii) To the maximum extent permitted by the Delaware Act and other applicable law, the Trust may advance to a Covered Person,
in connection with the preparation and presentation of a defense to any claim, action, suit, or proceeding, expenses for which the Covered Person would ultimately be entitled to indemnification; provided that the Trust has received an undertaking by
or on behalf of such Covered Person that such amount will be paid over by him to the Trust if it is ultimately determined that he is not entitled to indemnification for such expenses, and further provided that (i) such Covered Person shall have
provided appropriate security for such undertaking, (ii) the Trust is insured against losses arising out of any such advance payments, or (iii) either a majority of the Managers who are not interested persons of the Trust nor parties to
the matter, or independent legal counsel in a written opinion shall have determined, based upon a review of readily available facts (as opposed to a full trial-type inquiry) that there is reason to believe that such Covered Person will not be
disqualified from indemnification for such expenses. 
 (iii) Notwithstanding anything to the contrary herein or any other
documents governing the formation, management or operation of the Trust to the contrary, any indemnification shall be fully subordinated to any obligations respecting the Secured Obligations and shall not constitute a claim against the Trust in the
event that the cash flow of the Trust after payment of all obligations in accordance with the Loan Agreement is insufficient to pay such obligations. 

(e) Rights and Powers of the Owner. The Owner shall not have any right or power to take part in the management or control of the
Trust or its business and affairs or to act for or bind the Trust in any way. Notwithstanding the foregoing, the Owner has all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in
the Act. The Owner has no voting rights except with respect to those matters specifically set forth in this Agreement and, to the extent not inconsistent herewith, as required in the Act. 

(f) Owner Trustee. The Owner Trustee shall be a trustee under the Act for the sole and limited purpose of satisfying
Section 3807 thereof and shall otherwise have no right, power or duties in respect of the management of the Trust except as expressly set forth herein. 

(g) Bankruptcy or Similar Proceedings. Notwithstanding any other provision of this Agreement, for so long as any debt of the
Trust remains outstanding, no action may be taken by the Trust (whether by the Board of Managers, or otherwise) in connection with any of the following matters: 

(i) any Bankruptcy Action; 

  
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 (ii) the merger of the Trust with any other entity; 

(iii) the sale of all or substantially all of the Trust’s assets (other than by foreclosure on any Trust Property pledged
for any authorized borrowing by the Trust); or the amendment of this Agreement; or 
 (iv) the termination, revocation,
dissolution or liquidation, in whole or in part, of the Trust. 
 Section 2.05. Appointment of the Owner Trustee. The Depositor
hereby confirms the appointment under the Original Trust Agreement of the Bank as trustee of the Trust to have all the rights, powers and duties set forth herein and in the Act. The Bank confirms the receipt on the date of the Original Trust
Agreement in trust from the Depositor of $10, constituting the initial Trust Property. 
 Section 2.06. Declaration of Trust.
The Owner Trustee hereby declares that it will continue to hold the Trust Property in trust upon and subject to the conditions set forth herein for the use and benefit of the Owners. To the fullest extent permitted by law, no creditor of the Owner
Trustee, in its individual capacity, shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the Trust, except in accordance with the terms of this Trust Agreement. 

Section 2.07. Liabilities of Owners of the Trust. The liabilities and obligations of the Trust shall be limited to the Trust
Property; provided, however, that the Owners shall be jointly and severally liable for all liabilities and obligations of the Trust to the Owner Trustee and that such liabilities and obligations shall not be limited to Trust Property
and/or to the amount of distributions each Owner has received in respect of its Trust Certificate; provided further, however, that in any event an Owner shall be liable only for obligations of the Trust arising during the period of
time in which such Owner was registered as an Owner in accordance with Section 4.02 hereof. The Owners shall have rights of contribution from each other with respect to such liabilities and obligations for which the Owners are jointly and
severally liable, in proportion to their respective Ownership Percentages at the time the liabilities or obligations with respect to which contribution is sought arose. Such rights of contribution shall survive termination of this Agreement. 

Section 2.08. Situs of Trust. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Act
and that this Agreement constitute the governing instrument of the Trust. The Owner Trustee hereby confirms having filed on even date with the entering into of the Original Trust Agreement a certificate of trust relating to the Trust with the Office
of the Secretary of State of the State of Delaware. The Trust’s principal office shall be 437 Madison Avenue, New York, New York 10022, and any Manager or Officer may perform his or her duties in or outside of the State of Delaware. 

Section 2.09. Contributions by Owners. On even date with the entering into of the Original Trust Agreement, the Depositor made a
contribution to the Trust consisting of $10. 

  
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 ARTICLE III 

TAX STATUS OR CAPITAL ACCOUNTS AND ALLOCATIONS 

Section 3.01. Tax Status. For so long as there is only one Owner (holding 100% of the Trust Certificates representing the entire
beneficial interest of the Trust), then (i) the Trust shall be disregarded as a separate entity pursuant to Treasury Regulations Section 301.7701-2I(2), (ii) the Trust shall not have a separate
tax identification number, but rather the tax identification number of the Owner or a parent of the Owner shall be used with respect to its assets or transactions, (iii) all items of gross income, deduction, loss or credit for a Fiscal Year, or
applicable portion thereof, shall be allocated to such Owner and (iv) Sections 3.02 through 3.11, 4.06 and 5.04 hereof shall have no operative effect. 

However, in the event that there is more than one Owner, then (i) the Trust shall be treated and taxed as a partnership and the Owners
treated as partners in such partnership, for federal, state and local tax purposes (and each Owner and the Owner Trustee will act strictly in accordance therewith), (ii) the Trust shall apply for a separate tax identification number and
(iii) any Net Profit or Net Loss for a Fiscal Year or any applicable portion thereof shall be determined and allocated to the Owners according to Sections 3.02 through 3.11 hereof. 

Section 3.02. Capital Accounts. A separate capital account shall be established and maintained for each Owner (each, a
“Capital Account”). The Capital Account of each Owner: (a) shall be credited with (i) the amount of cash and the agreed upon fair market value of any property contributed by such Owner to the Trust (net of
liabilities secured by such contributed property that the Trust is considered to assume or take subject to under Section 752 of the Code), (ii) such Owner’s allocable share of any Net Profits and Gross Income, and (iii) such
Owner’s share of other items required to be credited thereto under Treasury Regulations Section 1.704-1(b)(2)(iv); and (b) shall be debited with (i) the amount of cash and the fair market
value of any property distributed to such Owner (net of liabilities secured by such distributed property that such Owner is considered to assume or take subject to Section 752 of the Code) under Section 6.02, (ii) such Owner’s
allocable share of any Net Loss, and items of Gross Deduction, and (iii) such Owner’s share of other items required to be debited thereto under Treasury Regulations Section 1.704-1(b)(2)(iv).
Any adjustments to the tax basis of Trust Property under Code Sections 732, 734 or 743 will be reflected as adjustments to the Capital Accounts of the Owner only in the manner and to the extent provided in Treasury Regulations Section 1.704-1(b)(2)(iv)(m). If any property of the Trust is to be distributed in kind, such property shall be distributed on the basis of its fair market value after the Owners’ Capital Accounts have
been adjusted to reflect the manner in which any unrealized gain and loss with respect to such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Owners if there were a taxable disposition of the
property for its fair market value in the manner provided in Treasury Regulations Section 1.704-1(b)(2)(iv)(e). 

In the event of (x) an additional capital contribution by an existing or an additional Owner of more than a de minimis amount which
results in a shift in Ownership Percentages, (y) the distribution by the Trust to an Owner of more than a de minimis amount of property or cash as consideration for an interest in the Trust, or (z) the liquidation of the Trust within
the meaning of Treasury Regulations Section 1.704 1(b)(2)(ii)(g), the book basis of the Trust 

  
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Property shall be adjusted to fair market value and the Capital Accounts of all the Owners shall be adjusted simultaneously to reflect the aggregate net adjustment to book basis as if the Trust
recognized gain and loss equal to the amount of such aggregate net adjustment; provided, however, that adjustments resulting from clauses (x) and (y) above shall be made only if and to the extent that the Board of Managers so
agree and shall have reasonably determined that such adjustments are necessary or appropriate to reflect the relative economic interests of the Owners. 

In the event that Trust Property is subject to Section 704 of the Code or is revalued on the books of the Trust in accordance with the
preceding paragraph pursuant to Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations, the Owners’ Capital Accounts shall be adjusted in accordance with
Section 1.704-1(b)(2)(iv)(g) of the Treasury Regulations for allocations to the Owners of depreciation, amortization and gain or loss, as computed for book purposes (and not tax purposes) with respect to
such property. 
 These provisions and other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Treasury Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such section of the Treasury Regulations. The Transferee of all or a portion of an
Owner’s Ownership Interest in the Trust shall succeed to that portion of the Owner’s Capital Account which is allocable to the portion of the Ownership Interest Transferred. 

Section 3.03. Allocation of Net Profits and Net Loss. Subject to Sections 3.04, 3.05, 3.06, 3.07, 3.08, 3.09 and 3.10 hereof,
Net Profits and Net Loss for a Fiscal Year shall be determined and allocated to the Owners as follows: 
 (a) Net
Profits. Net Profits for a Fiscal Year shall be allocated among the Owners in proportion to their respective Ownership Percentages. 

(b) Net Loss. Net Loss for a Fiscal Year shall be allocated among the Owners in proportion to their respective
Ownership Percentages. 
 Section 3.04. Minimum Gain. Notwithstanding anything to the contrary in this
Article III, if during any Fiscal Year of the Trust there is a net decrease in Trust minimum gain (as such term is defined by Treasury Regulations Sections 1.704-2(b)(2) and (d) with respect to
partnership minimum gain), then each Owner shall be allocated Gross Income for such Fiscal Year (and, if necessary, for subsequent Fiscal Years) in the manner provided in Treasury Regulations
Sections 1.704-2(f) and (j). Likewise, if there is a net decrease during any Fiscal Year in the minimum gain attributable to a Partner Nonrecourse Debt (as determined under Treasury Regulations Section 1.704-2(i)(3) with respect to partner nonrecourse debt), then any Owner with a share of the minimum gain attributable to such debt at the beginning of such Fiscal Year shall be allocated items of Gross
Income for such Fiscal Year (and, if necessary, for subsequent Fiscal Years) in the manner provided in Treasury Regulations Section 1.704-2(i)(4). This Section 3.04 is intended to comply with, and
shall be interpreted to be consistent with, the minimum gain chargeback requirements of Treasury Regulations Section 1.704-2. 

Section 3.05. Partner Nonrecourse Deductions. Gross Deductions which are Partner Nonrecourse Deductions for any Fiscal Year of the
Trust shall be allocated to the Owner that bears the economic risk of loss with respect to the loan to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations
Section 1.704-2(i). 

  
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 Section 3.06. Nonrecourse Deductions. Nonrecourse deductions for a Fiscal Year (as
defined in Treasury Regulations Sections 1.704-2I and (j)(ii)) shall be allocated among the Owners in proportion to their respective Ownership Percentages. 

Section 3.07. Loss Allocation Limitation. Notwithstanding any other provision in this Article III, unless otherwise agreed to
by such Owner, no Owner shall be allocated Net Losses or Gross Deductions in any taxable year which would cause or increase a Capital Account deficit (determined with the adjustments set forth in the last sentence of Section 3.09 hereof) for
such Owner as of the end of such taxable year and any such Net Losses and Gross Deductions shall instead be specially allocated to the other Owners in proportion to their respective Ownership Percentages to the extent such allocation does not cause
or increase such a deficit for such Owner. All Net Losses and Gross Deductions in excess of the limitation set forth in the preceding sentence shall be allocated to the Owners in proportion to their Ownership Percentages. If any Net Losses or Gross
Deductions are specially allocated pursuant to the first sentence of this Section 3.07, future allocations of Net Profits in the amount of such Net Losses and Gross Deductions otherwise allocable in accordance with Section 3.03(a) hereof
shall be allocated to the Owners to whom such Net Losses and Gross Deductions were specially allocated, as provided in Section 3.10 hereof. 

Section 3.08. Federal Taxable Income and Loss. 

(a) Allocation of Taxable Income. Except as otherwise provided in paragraph (b) of this Section 3.08,
taxable income, gain, loss or deduction of the Trust (as well as any credits and the basis of property to which such credits apply) as determined for federal income tax purposes shall be allocated in the same manner as the corresponding income,
gain, loss or deduction is allocated for purposes of adjusting Capital Accounts under this Article III. 

(b) Section 704(c) Allocation. Any item of income, gain, loss and deduction for federal income tax purposes
with respect to any Trust property that has been contributed by an Owner to the capital of the Trust and which is required to be allocated for federal income tax purposes under Section 704(c) of the Code so as to take into account the variation
between the adjusted tax basis of such property and its agreed upon fair market value at the time of its contribution shall be allocated to the Owners solely for federal income tax purposes in the manner so required. In the event of the occurrence
of any event described in clause (x), (y) or (z) of the second paragraph of Section 3.02 hereof, subsequent allocations of income, gain, loss and deduction with respect to such property shall take account of any variation between
the adjusted basis of such property to the Trust for federal income tax purposes and its fair market value immediately after the adjustment in the same manner as under Section 704(c) of the Code and the Treasury Regulations thereunder. Any
elections or other decisions relating to such allocations shall be made by the Board of Managers in a manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 3.08(b) are solely for
income tax purposes and shall not affect, or in any way be taken into account in computing, for book purposes, any Owner’s Capital Account pursuant to any provision of this Agreement. 

  
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 Section 3.09. Qualified Income Offset. In the event that at any time any Owner
receives any adjustments, allocations, or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(5) or (6) that create or increase a deficit balance in its Capital Account,
then the next allocation of Gross Income that would otherwise have been allocated to the other Owners shall be specially allocated to such Owner in an amount and in a manner sufficient to eliminate the deficit balance in such Capital Account created
by such adjustments, allocations, or distributions as quickly as possible. Solely for purposes of this Section 3.09 (and Section 3.07), in determining whether an Owner has a deficit Capital Account at any time, such Owner’s Capital
Account shall be (x) increased by that amount that such Owner is treated as being obligated to restore pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5)
(determined after taking into account thereunder any changes during such Fiscal Year in any Trust minimum gain and in minimum gain attributable to any Partner Nonrecourse Debt, as described in Section 3.04 hereof) and (y) decreased by the
items described in Treasury Regulations Sections 1.704 1(b)(2)(ii) (d), (5) and (6). 
 Section 3.10. Curative
Allocation. Any special allocations pursuant to Sections 3.07 and 3.09 hereof shall be taken into account in computing subsequent allocations pursuant to Article III, so that to the extent it is in accordance with the rules of the
Treasury Regulations under Section 704(b), the net adjustment to the Capital Account of each Owner from allocations of Net Profits, Net Losses, Gross Income and Gross Deductions allocated to each Owner pursuant to Article III shall be
equal to the net adjustment to such Capital Account from the allocations of Net Profits and Gross Income and Gross Deductions that would have been allocated to each Owner pursuant to the provisions of Article III if the adjustments,
allocations, or distributions and the resulting special allocations pursuant to such Sections had not occurred. 

Section 3.11. Change of Trust Interest. Subject to Section 706 of the Code and to any applicable Treasury Regulations, Net
Profits, Gross Income, Net Loss, Gross Deductions and items of income, gain, loss, deduction and credit for federal income tax purposes for a Fiscal Year that are attributable to any Ownership Interest that is Transferred or assigned during such
Fiscal Year shall be allocated between (i) the portion of the Fiscal Year during which the Ownership Interest in the Trust was held by the Transferor and (ii) the portion of the Fiscal Year during which the Ownership Interest was held by
the Transferee on the basis of an interim closing of the books method or any other method chosen by the Board of Managers and permitted under Section 706 of the Code. 

ARTICLE IV 
 TRUST
CERTIFICATES AND TRANSFER OF OWNERSHIP INTERESTS 
 Section 4.01. Initial Issuance of Trust Certificates. The Trust
Certificates shall be issued substantially in the form set forth in Exhibit A, in minimum denominations of a one percent interest in the Trust. The Trust Certificates shall be executed on behalf of the Trust by the Owner Trustee by manual or
facsimile signature of an authorized officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the
Owner Trustee, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior  

  
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to the authentication and delivery of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates. The Owner Trustee is hereby
authorized and directed to issue and deliver on behalf of the Trust to Medallion Funding, a Trust Certificate registered in the name of “Medallion Funding LLC” evidencing a 100% Ownership Percentage. 

Section 4.02. Registration and Transfer of Trust Certificates. 

(a) The Owner Trustee shall maintain at its office referred to in Section 2.02 hereof, or at the office of any agent appointed by it and
approved in writing by the Owners at the time of such appointment, a register showing a record of the initial issuance of Trust Certificates, a record of each Transfer of Trust Certificates including the time and date thereof, the names of the
Owners of the Trust Certificates and their respective Ownership Percentages. Prior to due presentment for registration of Transfer of any Trust Certificate, the Owner Trustee may treat the person in whose name any Trust Certificate is registered as
the owner of such Trust Certificate for the purpose of receiving payments on such Trust Certificate pursuant to Sections 6.02 and 6.06 hereof and for all other purposes whatsoever, whether or not the Owner Trustee shall have notice to the
contrary. (For purposes of this Agreement, due presentment of a Trust Certificate requires presentation of all documents and instruments required by this Agreement as a condition to the registration of the Transfer of the Ownership Percentage
evidenced by such Trust Certificate.) 
 No service charge shall be made to an Owner for any registration of Transfer of a Trust
Certificate, but the Owner Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of Transfer of a Trust Certificate and any reasonable expenses of the
Owner Trustee (including reasonable fees and expenses of counsel). 
 (b) Subject to the provisions of Section 4.03 hereof, the Owner
of any Trust Certificate may Transfer all or any portion of the Ownership Percentage evidenced by such Trust Certificate upon the surrender of such Trust Certificate to the Owner Trustee or its agent accompanied by the written consent required
pursuant to Section 4.03 hereof. Promptly upon the receipt of such documents, (i) the Owner Trustee shall cancel any Trust Certificate surrendered for Transfer; (ii) if applicable, the Owner Trustee shall issue to the Transferor a new
Trust Certificate representing an Ownership Percentage equal to the Ownership Percentage retained by the Transferor and dated the date of such Transfer; (iii) the Owner Trustee shall issue to each Transferee a new Trust Certificate representing
an Ownership Percentage equal to the Ownership Percentage that was Transferred to such Transferee and dated the date of such Transfer; and (iv) the Owner Trustee shall register the new Trust Certificates in the name of the Transferor (if
applicable) and each Transferee and record their respective Ownership Percentages existing after the Transfer in accordance with Section 4.02(a) hereof. Other than as provided in this paragraph (b), an Owner shall not have the right to
surrender its Trust Certificate in exchange for two or more Trust Certificates evidencing lesser Ownership Interests. 
 (c) Upon Transfer
of all of an Owner’s Ownership Interest, the Transferor shall be released from all of the duties, liabilities and obligations of an Owner under this Agreement arising from and after the time of such Transfer; provided, however,
that the Transferor shall 

  
 19 

 
remain obligated with respect to all duties, liabilities and obligations under this Agreement arising during the period commencing on the date such Owner became registered as an Owner in
accordance with this Section 4.02 and terminating at the time such Transfer becomes effective in accordance with this Section 4.02, and the Transferee shall assume in writing all duties, liabilities and obligations of an Owner under this
Agreement arising from and after the time of such Transfer (subject to any subsequent Transfers by it in accordance with the terms and conditions hereof). 

(d) Upon reasonable notice, each Owner shall have the right to inspect the register of Trust Certificates during business hours of the Owner
Trustee for the purpose, among other things, of communicating with the other Owners. 
 Section 4.03. Limitations on Transfer of
Trust Certificates. 
 (a) An Owner may Transfer all or a portion of its Ownership Interest only upon the approval of the Board of
Managers or pursuant to an agreement approved by the Board of Managers and, in either case, only in conformity with the Loan Agreement as long as any Secured Obligations remain unpaid under the Basic Documents. 

(b) No Transfer of a Trust Certificate will be made, and the Owner Trustee shall not be obligated to register any Transfer of a Trust
Certificate, unless such Transfer is made pursuant to an effective registration statement under the Securities Act and in compliance with each applicable state securities laws or is exempt from the registration requirements of the Securities Act and
such laws. Each Owner, by purchasing or otherwise acquiring ownership of a Trust Certificate, is deemed to have acknowledged and agreed that such Transfer complies with the registration provisions or exemptions from the Securities Act, applicable
state securities laws or the Investment Company Act of 1940, as amended. By its ownership of a Trust Certificate, and unless otherwise provided pursuant to an opinion of counsel to the Trust concluding that adverse consequences under the federal
securities laws would not result, each Owner will be deemed to have represented that it is an institutional Accredited Investor within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and a Qualified Purchaser
within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended. The Owner Trustee shall not be responsible for ascertaining whether any Transfer complies with this Agreement, the registration provisions or exemptions
from the Securities Act, applicable state securities laws or the Investment Company Act of 1940, as amended. 
 (c) Each Owner by purchase
of a Trust Certificate is deemed hereby to have acknowledged and agreed that such Owner is not an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”))
which is subject to the provisions of Title I of ERISA, a plan (as defined in Section 4975(e)(1) of the Code, other than a governmental or church plan described in Section 4975(g)(2) or (3) of the Code) which is subject to
Section 4975 of the Code, a no governmental plan subject to any federal, state or local law, which is, to a material respect, similar to the foregoing provisions of Title I of ERISA or Section 4975 of the Code (a “Similar
Law”), (each of the foregoing plans a “Plan”) or an entity whose underlying assets include “plan assets” by reason of a Plan’s investment in the entity. Each prospective purchaser of a Trust Certificate or
any interest therein, by purchasing a Trust Certificate or any interest therein, represents that it is not a Plan or an entity whose underlying assets include “plan assets” by reason of a Plan’s investment in the entity. 

  
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 The Owner Trustee shall not be required to register any Transfer of a Trust Certificate within
ten Business Days preceding any Distribution Date. 
 Section 4.04. Lost, Stolen, Mutilated or Destroyed Trust Certificates. If
(i) any mutilated Trust Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Trust Certificate has been destroyed, lost or stolen, and upon proof of ownership
satisfactory to the Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to hold it harmless, the Owner Trustee shall execute and deliver a new Trust Certificate representing the same Ownership Percentage
as the Trust Certificate so mutilated, destroyed, lost or stolen, bearing a different certificate number, with such notations, if any, as the Owner Trustee shall determine. 

Any duplicate Trust Certificate issued pursuant to this Section 4.04 shall constitute complete and indefeasible evidence of ownership of
such Trust Certificate, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time. 

Section 4.05. Pledge of Rights to Distributions. Subject to Section 4.03 hereof, an Owner may pledge, encumber or hypothecate
all or any part of its Trust Certificate and its rights to receive distributions hereunder. Any such pledge, encumbrance or hypothecation shall not constitute a Transfer of an Ownership Interest in the Trust. Unless the foreclosure of any such
pledge, encumbrance or hypothecation meets the requirements of Section 4.03 hereof and is registered in accordance with Section 4.02 hereof, such foreclosure shall not constitute a Transfer of an Ownership Interest in the Trust and the
holder of the related Trust Certificate following such foreclosure shall not be entitled to any rights as an Owner under this Agreement, other than the right to receive distributions under this Agreement as contemplated by the first sentence of this
Section. 
 Section 4.06. Section 754 Election. In the event a Transfer of a Trust Certificate occurs which
satisfies the provisions of Section 743 of the Code, the Trust shall, if requested to do so by the Transferee, and the Board of Managers deem doing so advisable, elect, pursuant to Section 754 of the Code, to adjust the basis of the Trust
Property to the extent allowed by such Section 743 and shall cause such adjustments to be made and maintained. Any additional accounting expenses incurred by the Trust in connection with making or maintaining such basis adjustment shall be
reimbursed to the Trust by the Transferee of such Trust Certificate who benefits from the making and maintenance of such basis adjustment. 

ARTICLE V 
 ACTIONS OF
THE OWNER TRUSTEE 
 SUBJECT TO POWER OF THE OWNERS 

Section 5.01. Action Upon Instructions. 

(a) Subject to the terms of this Agreement and in accordance with the terms of the Basic Documents, the Board of Managers may by written
instruction direct the Owner Trustee in 

  
 21 

 
the discharge of its limited duties specifically set forth herein or in the Act. Such direction may be exercised at any time by written instruction given by an Officer pursuant to this
Article V. Notwithstanding any instruction to the contrary by the Owners or the Board of Managers, in no event shall the Owner Trustee take any action which would have the effect of discharging the security interest created under the Loan
Agreement with respect to the Collateral as defined therein, except such action taken in accordance with the Loan Agreement. 
 (b)
The Owner Trustee shall take such action or actions as may be specified in any written direction delivered in accordance with Section 5.01(a) hereof; provided, however, that the Owner Trustee shall not be required to take any such
action if the Bank or Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action (A) is contrary to the terms hereof or of any document contemplated hereby to which the Owner Trustee is a party or is
otherwise contrary to law or (B) is likely to result in liability on the part of the Bank or Owner Trustee, unless the Owners shall have provided to the Bank indemnification or security reasonably satisfactory to the Bank or Owner Trustee
against all costs, expenses and liabilities arising from the Owner Trustee’s taking such action. 
 (c) Subject to
Section 7.05, the Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. None of the Owner Trustee, the Board of Managers, the Officers, the Depositor or the Owners shall have the
power to (i) commence any case, proceeding or other action on behalf of the Trust under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors, (ii) institute proceedings to
have the Trust declared or adjudicated a bankrupt or insolvent, (iii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iv) file a petition or consent to a petition seeking reorganization or relief on
behalf of the Trust under any applicable federal or state law relating to bankruptcy, (v) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial portion of
the assets of the Trust, (vi) make any assignment for the benefit of the Trust’s creditors, (vii) cause the Trust to admit in writing its inability to pay its debts generally as they become due, or (viii) take any action, or
cause the Trust to take any action, in furtherance of any of the foregoing (each a “Bankruptcy Action”); provided, however, if the foregoing limitation is finally determined by a court of competent jurisdiction not to be
enforceable under the Bankruptcy Code or applicable state law, then the Owner Trustee shall not be authorized to take the actions specified in the preceding clauses (i) through (viii), or any of them, unless the Owner Trustee receives, at the
sole expense of the Owners, (A) the unanimous written consent thereto of the Board of Managers (including the Independent Manager), who shall be required at such time to certify to the Owner Trustee that the Trust is then “insolvent”
within the meaning of Section 101(32) of the Bankruptcy Code, (B) the written confirmation by independent accountants to the Trust as to the “sum of the Trust’s debts”, (C) the written confirmation by an outside
valuation expert, having reasonable expertise in the valuation of assets, as to the value of “all of the Trust’s property, at a fair valuation” and (D) a written opinion by outside counsel to the Trust, having reasonable
expertise in practice under the Bankruptcy Code, as to the validity of any exclusions from such valuation that are asserted to be applicable pursuant to said Section 101(32) and stating that the conditions precedent set forth in
clauses (A) through (C) above have been satisfied. The Owner Trustee shall be fully protected in relying upon the documents referred to in the preceding clauses (A) through (D) and shall have no duty to verify or investigate the
conclusions stated therein. 

  
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 (d) Action by Owners with Respect to Bankruptcy. Subject to Section 7.05, the
Trust, the Board of Managers and the Owner Trustee shall not have the power to commence a voluntary Bankruptcy Action relating to the Trust unless the conditions specified in Section 5.01(c) are satisfied and the Trust is “insolvent”
within the meaning of Section 101(32) of the Bankruptcy Code and the Owner Trustee, the Board of Managers (including the Independent Manager) and each Owner unanimously vote in favor of such action. The Owner Trustee, by entering into this
Agreement, hereby covenants and agrees that it will not at any time institute against the Trust, or join in any institution against the Trust of, any Bankruptcy Action until the date that is one year and one day after the later of the date upon
which all Secured Obligations of the Trust under the Loan Agreement have been satisfied. 
 (e) Restrictions on
Owners’ Power. No Owner, Manager or Officer shall direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or
any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given. 

(f) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement that specifically calls for the
Owner Trustee to take any action, or such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or this Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action which the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Board of
Managers, requesting instructions as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with written instructions received from the Board of Managers through an Officer, the Owner Trustee
shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instructions within fifteen days of such notice (or within such shorter period of time as reasonably may be specified in such
notice) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement, as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action or
inaction. Upon reasonable request of any Owner, the Owner Trustee shall communicate with the other Owners, if any, concerning any instructions or actions sought by such Owner pursuant to this Section 5.01. 

(g) The Owner Trustee shall, subject to this Section 5.01 and Section 10.01 hereof, and solely in connection with the limited duties
that are specifically set forth herein as duties of the Owner Trustee, act in accordance with the written instructions given to it by the Board of Managers through an Officer, and to the extent the Owner Trustee acts in good faith in accordance with
such instructions, the Owner Trustee shall not be liable on account of such action to any Person. 
 Section 5.02. Action by Owners
with Respect to Certain Matters. In the event that there is more than one Owner and any adverse determination is made by the Service or by any court with respect to the classification of the Trust as a partnership for federal income tax
purposes, the Tax Matters Partner shall, by written notice to the Board of Managers, describe the circumstances and seek instructions as to the course of action to be followed. The Tax Matters 

  
 23 

 
Partner shall contest such adverse determination if so instructed by the Board of Managers and, to the extent the Tax Matters Partner acts in accordance with such instructions, the Tax Matters
Partner shall not be liable on account of such action to any Person. If the Board of Managers instructs the Tax Matters Partner to contest any such adverse determination, the costs thereof shall be borne by all Owners, in proportion to their
respective Ownership Percentages. If the Board of Managers decides not to contest any such adverse determination, but an Owner, acting in its individual capacity, instructs the Tax Matters Partner to contest any such adverse determination, all costs
thereof shall be borne by such Owner personally. 
 Section 5.03. Majority Consent. Except where a different
percentage or amount is specified herein, any action which requires the consent of, or permits the direction by, the Owners under this Agreement, must be approved or directed by a majority of the ownership percentage of the Owners. 

Section 5.04. Tax Matters Partner. The Tax Matters Partner (as defined in Section 6231 of the Code) of the Trust shall be
Medallion Funding or such other Person as the Board of Managers shall appoint, and notice of any such appointment shall be given in writing to the Owner Trustee and the Board of Managers. Each Owner shall give prompt notice to the other Owners upon
receipt of advice that the Service intends to examine or audit any income tax returns of the Trust. The Tax Matters Partner shall promptly notify the Board of Managers of the commencement of any administrative or judicial or similar proceedings
involving the tax treatment of items of Trust income, loss, deductions and credits, and shall further keep the Board of Managers fully informed of all material developments involved in such proceedings. 

Nothing in this Section 5.04 shall limit the ability of the Owners to take any action in their individual capacity relating to tax audit
matters that are left to the determination of an individual Owner under Sections 6222-6232 of the Code. 

The Tax Matters Partner, at the expense of the Trust, shall cause to be prepared by a preparer approved by the Board of Managers all Federal,
state and local income tax returns and other returns or statements required of the Trust by applicable law and upon the approval of such returns or statements by the Board of Managers, the Tax Matters Partner shall timely file such returns or
statements. The Tax Matters Partner shall not have any liability for acts of any agent in connection with such returns and statements. The Trust shall, in accordance with applicable federal or state laws or regulations, claim all deductions and make
such elections for Federal or state income tax purposes which the Board of Managers reasonably believes will produce the most favorable tax results for the Owners. In addition, the Tax Matters Partner shall be responsible for the maintenance of
Capital Accounts under Section 3.02. 
 The Tax Matters Partner shall (i) cause to be prepared and delivered to each Owner such
financial statements of the Trust, and other reports or information, as are necessary to enable each Owner to prepare such Owner’s state and federal income tax returns, (ii) until such time as the Tax Matters Partner has received the
written unanimous consent of the Board of Managers concerning any change in the tax classification of the Trust, file or cause to be filed tax returns as a partnership for federal, state and local income tax purposes, and (iii) cause to be
mailed to an Owner copies of any or all of such tax returns of the Trust when requested to do so by such Owner. 

  
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 The Tax Matters Partner shall not be required to take any action or incur any expenses for the
prosecution of any administrative or judicial remedies in its capacity as Tax Matters Partner unless the Tax Matters Partner is satisfied that the Trust will bear any and all such expenses. As long as the Tax Matters Partner is not grossly negligent
or does not act in bad faith, or if the Tax Matters Partner acts pursuant to instructions of or approved by the Board of Managers, the Trust shall indemnify and hold harmless the Tax Matters Partner from and against any and all liabilities incurred
by the Tax Matters Partner in connection with any activities or undertakings taken by it in its capacity as Tax Matters Partner. Any Owner that enters into a settlement or closing agreement with the Service or state or local tax authority in respect
of any Trust item shall notify the Tax Matters Partner of such agreement and its terms within ten days of the execution of such agreement. 

With respect to the making of distributions and other tax and accounting matters, the Owner Trustee shall be entitled to rely upon, and shall
have no liability for relying upon, the instructions of or information supplied by the Tax Matters Partner without any obligation to verify the information in such instructions. 

Section 5.05. Books and Records; Financial Reports. 

(a) At all times during the existence of the Trust, the Treasurer shall maintain, or cause to be maintained, full and true books of account,
which shall reflect all Trust transactions and be appropriate and adequate for the Trust’s business. Such books of account shall be maintained at the principal place of business of the Treasurer. 

(b) The Treasurer shall be entitled to full reimbursement for all reasonable costs and expenses, including, but not limited to, out-of-pocket expenses associated with maintenance of the books of account of the Trust. The amount of costs and expenses to be reimbursed pursuant to the preceding sentence
shall be estimated each year by the Treasurer and communicated by the Treasurer to the Board of Managers prior to the incurrence of such costs and expenses. So long as the Treasurer is not grossly negligent or does not act in bad faith, or if the
Treasurer acts pursuant to instructions of the Board of Managers, the Trust shall indemnify and hold harmless the Treasurer from and against any and all liabilities incurred by the Treasurer in connection with any activities or undertakings taken by
it in its capacity as Treasurer. 
 (c) The Treasurer shall deliver to Board of Managers, by the fifteenth day of the month immediately
succeeding the month being reported upon, a balance sheet as of the end of each month and related financial statements for the month then ended, all of which shall be prepared in accordance with such accounting principles as the Treasurer shall
determine are appropriately reflective of the transactions contemplated by this Agreement. If the Board of Managers so determines, the balance sheet as of the end of the Fiscal Year and related financial statements for the year then ended, shall be
examined and reported upon, with an opinion expressed by, an independent public accountant engaged by the Trust and approved by the Board of Managers. The Treasurer shall not have any liability for acts of the independent public accountant appointed
in accordance herewith in connection with such examination and report. 

  
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 ARTICLE VI 

INVESTMENT AND APPLICATION OF TRUST FUNDS 

Section 6.01. Investment of Trust Funds. Unless otherwise directed in writing by the Board of Managers, proceeds of the Trust
Property received by the Trust more than one day prior to a Distribution Date may be invested by the Treasurer at the written direction of the Board of Managers in investments purchased through and held by the Trust as instructed by the Board of
Managers, maturing not later than such Distribution Date. In the event that the Treasurer does not receive such direction by the close of business on the day preceding the day on which such proceeds are received by the Treasurer, the Treasurer may
invest such proceeds in Designated Investments purchased through and held by the Trust as instructed by the Board of Managers, maturing not later than the next succeeding Distribution Date. 

Section 6.02. Distributions. 

(a) Any portion of the Trust Property shall, subject to the terms and provisions of the Basic Documents, be distributed by the Treasurer as
follows: 
 (i) first, on each Distribution Date to pay reasonable and necessary operating expenses of the Trust,
including the payment of any amounts owing to the Owner Trustee under this Agreement; and 
 (ii) second, in such
amounts, from time to time, as shall be determined by the Board of Managers on each Distribution Date or any other date selected by the Board of Managers, to the Owners based on their respective Ownership Percentages as reflected in the register
maintained by the Owner Trustee pursuant to Section 4.02 hereof as of the close of business on the Business Day immediately preceding the Distribution Date or such other date; provided, however, if the Board of Managers through an
Officer has instructed the Treasurer to retain such funds, then the retained funds shall thereafter be applied according to the further written instructions of the Board of Managers. The Bank shall not be liable for any amounts payable pursuant to
this Section 6.02 and, except as specifically provided in Section 6.05 hereof and the third sentence of Section 10.01 hereof, is not subject to any liability under this Agreement. 

(b) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to an Owner, such tax shall reduce
the amount otherwise distributable to the Owner in accordance with this Section 6.02. The Treasurer is hereby authorized and directed to retain from amounts otherwise distributable to the Owners sufficient funds for the payment of any tax that
is legally owed by the Trust (but such authorization shall not prevent the Treasurer, at the direction of the Board of Managers, or the Tax Matters Partner from contesting any such tax in appropriate proceedings, and shall not prevent the Treasurer
from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to an Owner shall be treated as cash distributed to such Owner at the time it is withheld by
the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Owner), the Treasurer
may in its sole discretion withhold such 

  
 26 

 
amounts in accordance with this paragraph (b). In the event that an Owner wishes to apply for a refund of any such withholding tax, the Treasurer shall reasonably cooperate with such Owner in
making such claim so long as such Owner agrees to reimburse the Treasurer for any out-of-pocket expenses incurred. In the event that the Treasurer or the Trust is liable
for any failure to withhold in respect of a distribution to an Owner, then such Owner shall indemnify the Treasurer or the Trust for any amount (including penalties and interest) paid by the Treasurer or the Trust in respect of such liability. 

(c) Any Owner which is organized under the laws of a jurisdiction outside the United States shall, on or prior to the date such Owner becomes
an Owner, (i) so notify the Treasurer and (ii) either (A) provide the Treasurer with Internal Revenue Service Form 1001, 4224 or W-8, as appropriate, or (B) notify the Treasurer that
it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. 

Section 6.03. Statements. 

(a) Distribution Date Statements. With each distribution to an Owner pursuant to Section 6.02 hereof,
Treasurer shall deliver a statement to an Officer (a “Distribution Date Statement”) setting forth, for the period since the preceding Distribution Date (or since the execution and delivery of this
Agreement in the case of the first Distribution Date): 
 (i) the amounts received by the Trust with respect to
the Trust Property; 
 (ii) the amount of fees and expenses paid to the Owner Trustee since the preceding Distribution Date;
and 
 (iii) the amounts paid to Owners. 

(b) Officer Reports. An Officer shall deliver copies of all remittance reports to the Owners
and, if requested by an Owner, shall provide analysis and consolidation of such reports in such form as such Owner may request. 

Section 6.04. Method of Payment. All amounts payable to an Owner pursuant to this Agreement shall be paid by the Treasurer to such
Owner, as the Owner elects (and so instructs the Treasurer) from time to time, by check payable to such Owner in next day funds, mailed first class to the address of such Owner appearing on the register maintained pursuant to Section 4.02(a)
hereof, or by credit in immediately available funds to an account maintained by such Owner with the Treasurer or by wire transfer in immediately available funds to a banking institution with bank wire transfer facilities for the account of such
Owner. The Treasurer may require an Owner to pay any wire transfer fees incurred in connection with any wire transfer made to such Owner and may collect such fees by deducting them from the amount so transferred. 

Section 6.05. No Segregation of Moneys; No Interest. Moneys received by the Treasurer hereunder need not be
segregated in any manner except to the extent required by law or as otherwise provided herein and may be deposited under such general conditions as may be prescribed by law, and neither the Owner Trustee nor the Bank shall be liable for any interest
thereon (unless such funds are invested in interest-bearing investments of the Bank). 

  
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 Section 6.06. Distributions Upon Termination of Trust. Upon the dissolution, winding
up and termination of the Trust, the Trust Property or the cash proceeds therefrom shall be distributed by the Treasurer in the following order of priority: 

(a) First, to creditors, including the Agent and Owner Trustee, to the extent otherwise permitted by law, in satisfaction of
liabilities of the Trust (whether by payment or by making of reasonable provision for payment) in accordance with the Basic Documents other than liabilities for distributions to Owners on account of their respective interests in the Trust, and in
the setting up of such reserves as the Board of Managers may reasonably deem necessary or appropriate for any contingent, conditional or unmatured liabilities or obligations of the Trust, and when all such liabilities are satisfied, the balance of
such reserves, if any, shall be distributed as hereinafter provided; 
 (b) Second, to any Owners who are creditors; and 

(c) Third, to the Owners in accordance with and to the extent of their respective Capital Account balances after taking into
account the allocation of all Net Profits, Net Loss, Gross Income and Gross Deduction pursuant to this Agreement for the Fiscal Year in which the Trust is terminated; provided, however, that if at the time of termination there shall be
one Owner, then any amount remaining after Section 6.06(a) shall be distributed to such Owner. 
 (d) If, after giving effect to
the allocations of Net Profits, Net Loss, Gross Income, Gross Deduction or credit under Article III and all contributions and distributions for all taxable years, any Owner shall have a deficit balance in such Owner’s Capital Account, such
Owner shall have no obligation to restore such deficit balance, or to make any contribution to the capital of the Trust by reason thereof, and such deficit balance shall under no circumstances be considered a liability owed to the Trust. 

ARTICLE VII 

REPRESENTATIONS, WARRANTIES 

AND COVENANTS OF THE DEPOSITOR 

Section 7.01. Title to Trust Property. 

(a) The Depositor hereby represents and warrants to the Owner Trustee on behalf of the Trust that upon the transfer of the Trust Property
conveyed by such Depositor to the Trust, such Depositor will have conveyed to the Trust good title to such Trust Property, free and clear of any lien, encumbrance or defect created by and relating to the Depositor, except as may be disclosed in the
Loan Sale and Contribution Agreement. 
 (b) Subject to the Loan Agreement and the Custodial Agreement, legal title to all the Trust
Property shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Property to be vested in a trustee or trustees, in which case title shall be deemed
to be vested in the Owner Trustee and/or a separate trustee, as the case may be. 
 (c) The Owners shall not have legal title to any part of
the Trust Property. No transfer by operation of law or otherwise of any interest of the Owners shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of any part of the
Trust Property. 

  
 28 

 Section 7.02. Binding Effect. The Depositor hereby represents and warrants to the
Owner Trustee and the Bank that (i) the Depositor is a company organized under the laws of the State of New York, validly existing and in good standing under the laws of the State of New York, (ii) this Agreement has been duly and validly
authorized, executed and delivered by, and constitutes a valid and legally binding agreement of, such Depositor and is enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of
general applicability relating to or affecting creditors’ rights and to general equity principles and (iii) the consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not
(a) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the limited liability company agreement of the Depositor, or any indenture,
agreement or other instrument to which the Depositor is a party or by which it is bound, (b) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument
or (c) violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties resulting in a Material Adverse Effect on the Depositor; and (iv) there are no proceedings or investigations pending or, to the Depositor’s best knowledge, threatened
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (a) asserting the invalidity of this Agreement. 

Section 7.03. Trust Certificates. The Depositor hereby represents and warrants to the Owner Trustee that such Depositor is
acquiring its Trust Certificate under this Agreement for its own account as principal and not with a view to the distribution thereof in whole or in part. 

Section 7.04. Investment Company. The Depositor hereby represents and warrants to the Owner Trustee that the Trust will not be an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 Section 7.05.
Bankruptcy Action. Each of the Depositor, the Board of Managers, the Owners and the Owner Trustee hereby covenants that for so long as any Secured Obligations remain outstanding and the lien of the Loan Agreement has not been released, it shall
not instruct or authorize the Trust to take any Bankruptcy Action with respect to the Trust or to take any action that might cause the Trust to become insolvent. 

Section 7.06. Taxable as a Corporation. Each of the Depositor, the Board of Managers, the Owners, an Officer and the Owner Trustee
hereby covenants that for so long as any Secured Obligations remain outstanding and the lien of the Loan Agreement has not been released, it shall not take any action that would result in the Trust becoming taxable as a corporation for federal
income tax purposes. In no event will the Trust elect to be treated as an association taxable as a corporation. 

  
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 ARTICLE VIII 

REPRESENTATIONS AND WARRANTIES OF THE BANK 

Section 8.01. Good Standing. The Bank represents and warrants to the Depositor, for the benefit of the Owners, that the Bank is a
national banking association organized under the National Bank Act, as amended (12 U.S.C. § 21 et. seq.), validly existing and in good standing under the laws of all jurisdictions in which it conducts
business and has all powers and all material governmental licenses, authorizations, consents and approvals required under the National Bank Act and the laws of the jurisdictions in which it conducts its business, to carry on its trust business as
now conducted. 
 Section 8.02. Binding Effect. The Bank represents and warrants to the Depositor, for the benefit of the
Owners, that the execution, delivery and performance by the Bank of this Agreement and the issuance of the Trust Certificates by the Owner Trustee on behalf of the Trust pursuant to this Agreement are within the power of the Bank and have been duly
authorized by all necessary action on the part of the Bank (no action by its shareholders being required), and this Agreement constitutes the valid and legally binding agreement of the Bank, enforceable in accordance with its terms, subject, as to
enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and such actions do not and will not (i) violate or contravene any
judgment, injunction, order or decree binding on the Bank, (ii) violate, contravene or constitute a default under any provision of the articles of association or by-laws of the Bank or of any material
agreement or instrument binding on the Bank, or (iii) result in the creation or imposition of any lien attributable to the Bank on the Trust Property except as contemplated by this Agreement. 

Section 8.03. Consents and Approvals. The Bank represents and warrants to the Depositor, for the benefit of the Owners, that no
consent, approval, authorization, or order of, or filing with, any court or regulatory, supervisory or governmental agency or body is required under Delaware law or federal law governing the banking and trust powers of the Bank in connection with
the execution, delivery and performance by the Bank, in its individual capacity, of this Agreement other than the filing of the certificate of trust under the Act, which was previously filed on even date with the entering into of the Original Trust
Agreement. 
 ARTICLE IX 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 9.01. General Authority. 

(a) The Owner Trustee is authorized to take all actions required to be taken by it pursuant to the terms of this Agreement. The Owner Trustee
is further authorized to take such further actions as are permitted but not required under this Agreement as the Owners or the Board of Managers may direct in writing pursuant to Article V hereof. 

(b) The Owner Trustee is authorized and directed to execute and deliver and is authorized to perform on behalf of the Trust such agreements to
which the Trust is a party as 

  
 30 

 
shall be specified in writing by the Board of Managers through an Officer; provided, however, the Owner Trustee shall not be responsible or liable for monitoring or ensuring the
compliance of the Trust with its obligations, representations, warranties or agreements under the foregoing documents. In connection with the execution and delivery of such specified documents, the Owner Trustee is authorized to grant, upon the
written request of the Board of Managers through an Officer, a power of attorney to one or more individuals designated by the Board of Managers for such purpose. 

Section 9.02. General Duties. Subject to Section 5.01 hereof, it shall be the duty of the Owner Trustee to discharge (or
cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement, strictly in accordance with the provisions of this Agreement. 

Section 9.03. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any liability,
duty or obligation to manage, inspect, insure, make any payment with respect to, register, record, sell, dispose of, create, maintain or perfect title or a security interest in, or otherwise deal with the Trust Property, prepare, file or record any
document or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Trust is a party, except as expressly provided by the terms of this Agreement or in any written instruction
received by the Owner Trustee pursuant to Article V hereof; and no implied powers, duties or obligations shall be read into this Agreement against the Owner Trustee. The Bank nevertheless agrees that it will, at its own cost and expense,
promptly take all such action as may be necessary to discharge any liens on any part of the Trust Property which result from actions by, or claims against, the Bank that are not related to the ownership of the Trust Property or the transactions
contemplated hereby. 
 Section 9.04. No Action Except Under Specified Documents or Instructions. The Owner Trustee shall
not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Property except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, and (ii) in
accordance with the express terms hereof or with any written instruction delivered to the Owner Trustee pursuant to Article V hereof. 

ARTICLE X 
 CONCERNING
THE OWNER TRUSTEE 
 Section 10.01. Acceptance of Trusts and Duties. The Owner Trustee accepts the trust hereby created and
continued and agrees to perform its duties hereunder with respect to the same but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Property upon
written direction of the Board of Managers. The Bank shall not be answerable or accountable under any circumstances, except (i) for its own willful misconduct or gross negligence, (ii) in the case of the inaccuracy of any representation or
warranty contained in Article VIII hereof expressly made by the Bank, (iii) for liabilities arising from the failure by the Bank to perform obligations expressly undertaken by it pursuant to the last sentence of Section 9.03 hereof,
or (iv) for taxes, fees or other charges based on or measured by any fees, commissions or compensation received by the Owner Trustee in connection with any of the transactions contemplated by this Agreement. In particular, but not by way of
limitation: 
 (a) The Bank shall not be liable for any judgment made in good faith by a responsible officer of the Owner Trustee;

  
 31 

 (b) The Bank shall not be liable with respect to any action taken or omitted to be taken by the
Owner Trustee in good faith in accordance with the written instructions of the Owners, the Board of Managers or Officers rendered pursuant to this Agreement; 

(c) No provision of this Agreement shall require the Bank to expend or risk funds or otherwise incur any financial liability in the
performance of any of its or the Owner Trustee’s rights or powers hereunder, if the Bank shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or
provided to it; 
 (d) The Bank shall not be responsible for or in respect of the sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any Trust Property, and the Bank shall in no event assume or incur any liability, duty or obligation to the Depositor or to any Owner, other than as
expressly provided for herein; and 
 (e) The Bank shall not be liable for any representation, warranty, debt, agreement or other obligation
of the Trust. 
 (f) The Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement,
or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement, at the request, order or direction of the Depositor, any Owner, the Board of Managers or any Officer, unless the Owner Trustee has
been offered security or indemnity reasonably satisfactory to it against the cost, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in
this Agreement shall not be construed as a duty, and the Owner Trustee shall not be personally liable or accountable for the performance of any such act except as specifically provided in this Article X. 

(g) The Owner Trustee shall incur no liability if, by reason of any provision of any present or future law or regulation thereunder, or by any
force majeure event, including but not limited to natural disaster, war (declared or undeclared) or other circumstances beyond its reasonable control, the Owner Trustee shall be prevented or forbidden from doing or performing any act or thing which
the terms of this Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement. 

Section 10.02. Reliance. The Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Owner
Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any  

  
 32 

 
corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment
of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president and by the treasurer or an assistant treasurer or the secretary or an assistant
secretary of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

Section 10.03. Agents; Advice of Counsel. In the exercise of its duties hereunder, the Owner Trustee (i) may
act directly or, at the reasonable expense of the Trust, through agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the default or misconduct of such agents or attorneys if such
agents or attorneys shall have been selected by the Owner Trustee with reasonable care; and (ii) may, at the reasonable expense of the Trust, consult with counsel, accountants and other skilled persons to be selected with reasonable care and
employed by it, and the Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons. 

Section 10.04. Doing Business. Notwithstanding anything contained herein to the contrary, neither the Bank nor the
Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the
registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any
jurisdiction or any political subdivisions thereof in existence as of the date hereof other than the State of Delaware becoming payable by the Bank; or (iii) subject the Bank to personal jurisdiction in any jurisdiction other than the State of
Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Bank or the Owner Trustee, as the case may be, contemplated hereby. 

Section 10.05. Not Acting in Individual Capacity. Except as provided in this Article X, in accepting the trust hereby created
the Bank acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement shall look only to the Trust for payment or
satisfaction thereof. 
 Section 10.06. U.S. Patriot Act. In order to comply with the laws, rules,
regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (collectively, “Applicable Regulations”), the
Owner Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Owner Trustee. Accordingly, each of the parties agrees to provide to the Owner Trustee,
upon its request from time to time, such identifying information and documentation as may be necessary in order to enable the Owner Trustee to comply with such Applicable Regulations. It is expressly agreed that the Owner Trustee shall have no duty
to perform any services hereunder for, on behalf of or for the benefit of, any party not having furnished such information as the Owner Trustee, in its sole discretion, determines to be necessary to comply with the Applicable Regulations.

  
 33 

 ARTICLE XI 

COMPENSATION OF OWNER TRUSTEE 

Section 11.01. Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder
the fees set forth on the Fee Schedule attached hereto as Exhibit C, and the Owner Trustee shall be entitled to be reimbursed for its reasonable expenses hereunder, including, without limitation, the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. Such fees shall be paid by the Owners or in accordance with
Section 6.02(a) hereof. 
 Section 11.02. Indemnification. 

(a) The Owners shall indemnify, protect, save and hold the Owner Trustee its officers, directors, shareholders and employees (each, an
“Indemnified Person”) harmless against, any and all loss, liability, obligation, damage, claim, penalty, tax (excluding any taxes on the Owner Trustee on, or measured by, any compensation received by the Owner Trustee) or expense of
any kind or nature whatsoever arising out of or in connection with the creation, acceptance, operation or administration of this Trust, including the costs and expenses of defending itself against any claim or liability in connection with the
exercise or performance of any of its rights, powers or duties hereunder (each of the foregoing, a “Claim”); provided, however, the Owner shall not be required to indemnify, protect, save and hold any Indemnified Person harmless
from any Claim (or portion thereof) resulting from gross negligence or bad faith on its part. Upon the Owner Trustee becoming aware of the occurrence of an event that results in any loss, liability or expense to an Indemnified Person, the Owner
Trustee shall promptly send written notice thereof to the Managers. The indemnity contained in this Section 11.02 shall survive the termination of this Trust Agreement. 

(b) The indemnities set forth in this Section 11.02 shall be in addition to any other rights the Owner Trustee may have. The indemnities
and obligations contained herein shall survive the termination of the Trust, any disposition by the Owner Trustee of its interests in the Trust Property or any other event. 

Section 11.03. Payments to the Owner Trustee or the Bank. Any amounts paid to the Owner Trustee or the Bank pursuant to this
Article XI shall be deemed not to be a part of the Trust Property immediately after such payment. 

  
 34 

 ARTICLE XII 

TERMINATION OF TRUST AGREEMENT 

Section 12.01. Trust Termination. 

(a) The Trust shall wind up and dissolve and the Trust Property shall be distributed to the Owners in accordance with Section 6.06 hereof
upon the sale or other final disposition of the Trust Property pursuant to the written instruction of the Board of Managers and the final distribution of all moneys or other property or proceeds of the Trust. Upon the dissolution of the Trust and
the completion of the winding up of the Trust’s affairs, the Owner Trustee upon written instruction of the Board of Managers shall file a certificate of cancellation pursuant to Section 3810 of the Act. 

(b) The bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle such Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate nor (z) otherwise
affect the rights, obligations and liabilities of the parties hereto. 
 (c) Notwithstanding anything to the contrary in this Agreement,
this Agreement shall not terminate and cannot be revoked and the trust created hereby shall not wind up, dissolve, liquidate or terminate for so long as any Secured Obligations remain outstanding under the Loan Agreement and the lien of the Loan
Agreement has not been released. 
 (d) None of the Depositor or any Owner shall be entitled to revoke or terminate the Trust. 

ARTICLE XIII 
 SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL TRUSTEES 
 Section 13.01. Resignation of Owner Trustee; Appointment of Successor. 

(a) The Owner Trustee may resign at any time by giving at least 60 days’ prior written notice to the Board of Managers, such
resignation to be effective on the acceptance of appointment by a successor Owner Trustee under Section 13.01(b) hereof approved by the Board of Managers. In addition, the Board of Managers may at any time remove the Owner Trustee without cause
by an instrument in writing delivered to the Owner Trustee, such removal to be effective upon the acceptance of appointment by a successor Owner Trustee under Section 13.01(b) hereof approved by the Board of Managers. In case of the resignation
or removal of the Owner Trustee, the Board of Managers shall use its best efforts promptly to appoint a successor Owner Trustee by an instrument signed by the Board of Managers. If no successor Owner Trustee shall have been appointed within
60 days after the giving of written notice of such resignation or the delivery of the written instrument with respect to such removal, the Owner Trustee may, at the expense of the Owner(s), petition a court of competent jurisdiction for the
appointment of a successor Owner Trustee. 

  
 35 

 (b) Any successor Owner Trustee, however appointed, shall execute and deliver to the predecessor
Owner Trustee and Board of Managers an instrument accepting such appointment, and thereupon such successor Owner Trustee, without further act, shall become vested with all the estates, properties, rights, powers, duties and trusts of the predecessor
Owner Trustee in the trusts hereunder with like effect as if originally named the Owner Trustee herein; but nevertheless, upon the written request of such successor Owner Trustee, such predecessor Owner Trustee shall execute and deliver an
instrument transferring to such successor Owner Trustee, upon the trusts herein expressed, all the estates, properties, rights, powers, duties and trusts of such predecessor Owner Trustee, and such predecessor Owner Trustee shall duly assign,
transfer, deliver and pay over to such successor Owner Trustee all moneys or other property then held or subsequently received by such predecessor Owner Trustee upon the trusts herein expressed. 

(c) Notwithstanding anything herein to the contrary, the Owner Trustee shall at all times meet the requirements of Section 3807(a) of the
Act. The Owner Trustee shall at all times (i) be authorized to exercise corporate trust powers and (ii) have (or shall have a parent that has) a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or
examination by federal or state authorities. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 13.01(a); provided, however, that the Owner Trustee will not be required to resign of the written
consent of the Agent is obtained. 
 (d) Any entity into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any entity resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any entity to which substantially all the corporate trust business of the Owner Trustee may be transferred shall,
subject to the terms of Section 13.01(c) hereof, be the Owner Trustee under this Agreement without further action. 

Section 13.02. Appointment of Additional Trustees. 

(a) At any time or times for the purpose of meeting any legal requirements of any jurisdiction in which any of the Trust Property may at the
time be located, or if the Owner Trustee otherwise deems such appointment necessary for its own protection, the Board of Managers and the Owner Trustee shall have the power to appoint one or more individuals or corporations either to act as co-trustee, or co-trustees, jointly with the Owner Trustee of all or any part of the Trust Property or to act as separate trustee or separate trustees of all or any part of
the Trust Property and to vest in such Person or Persons, in such capacity, such title to the Trust Property or any part thereof, and such rights, powers, duties, trusts or obligations as the Owner Trustee may consider necessary or desirable,
subject to the other provisions of this Section 13.02. 

  
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 (b) Unless otherwise provided in the instrument appointing such
co-trustee or separate trustee, every co-trustee or separate trustee shall, to the extent permitted by law, be appointed subject to the following terms, namely: 

(i) All rights, powers, trusts, duties and obligations by this Agreement conferred upon the Owner Trustee in respect of the
custody, control or management of moneys, papers, securities and other personal property, shall be exercised solely by the Owner Trustee; 

(ii) All rights, powers, trusts, duties and obligations conferred or imposed upon the trustees shall be conferred or imposed
upon and exercised or performed by the Owner Trustee, or by the Owner Trustee and such co-trustee or co-trustees, or separate trustee or separate trustees jointly,
except to the extent that, under the law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such act or acts shall be
performed by such co-trustee or co-trustees or separate trustee or separate trustees; 

(iii) Any request in writing by the Owner Trustee to any co-trustee or separate trustee
to take or to refrain from taking any action hereunder shall be sufficient warrant for the taking, or the refraining from taking, of such action by such co-trustee or separate trustee; 

(iv) Any co-trustee or separate trustee to the extent permitted by law may delegate to
the Owner Trustee the exercise of any right, power, trust, duty or obligation, discretionary or otherwise; 
 (v) The Owner
Trustee at any time, by an instrument in writing and at the written direction of the Board of Managers, may accept the resignation of, or remove, any co-trustee or separate trustee appointed under this
Section 13.02. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section 13.02; 

(vi) No trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; 

(vii) Any demand, request, direction, appointment, removal, notice, consent, waiver or other action in writing executed by the
Board of Managers and delivered to the Owner Trustee shall be deemed to have been delivered to each such co-trustee or separate trustee; and 

(viii) Any moneys, papers, securities or other items of personal property received by any such
co-trustee or separate trustee hereunder shall forthwith, so far as may be permitted by law, be turned over to the Owner Trustee to be held pursuant to the terms hereof. 

(c) Upon the acceptance in writing of such appointment by any such co-trustee or separate trustee, it
or he shall be vested with the estate, right, title and interest in the Trust 

  
 37 

 
Property, or portion thereof, and with such rights, powers, duties, trusts or obligations, jointly or separately with the Owner Trustee, all as shall be specified in the instrument of
appointment, subject to all the terms hereof. A copy of every such written acceptance shall be filed with the Owner Trustee. 
 (d) In case
any co-trustee or separate trustee shall die, become incapable of acting, resign or be removed, the estate, right, title and interest in the Trust Property and all rights, powers, trusts, duties and
obligations of said co-trustee or separate trustee shall, so far as permitted by law, vest in and be exercised by the Owner Trustee unless and until a successor
co-trustee or separate trustee shall be appointed pursuant to this Section 13.02. 
 ARTICLE
XIV 
 MISCELLANEOUS 

Section 14.01. Amendments and Waivers. (a) This Agreement may be amended, and compliance with any provisions of this
Agreement may be waived, only by a written instrument signed by the Owner Trustee at the time of such amendment; provided, however, that if any such amendment or waiver would have a material adverse effect
on any Owner, such amendment or waiver will require the consent of any Owner so affected. Furthermore, if in the reasonable opinion of the Owner Trustee any instrument required to be executed adversely affects any right, duty or liability of, or
immunity or indemnity in favor of, the Owner Trustee under this Agreement or any of the documents contemplated hereby to which the Owner Trustee is a party, or would cause or result in any conflict with or breach of any terms, conditions or
provisions of, or default under, the charter documents or by laws of the Owner Trustee or any document contemplated hereby to which the Owner Trustee is a party, the Owner Trustee may in its sole discretion decline to execute such instrument.

 (b) Notwithstanding anything to the contrary in this Agreement, until the Final Payout Date, no waiver, amendment or modification of
any provision of this Agreement shall be effective without the written concurrence of the Agent. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

Section 14.02. No Legal Title to Trust Property in Owners. The Owners shall not have legal title to any part of the Trust Property
and shall only be entitled to receive distributions with respect to their Ownership Interest therein pursuant to Sections 6.02 and 6.06 hereof. No transfer, by operation of law or otherwise (other than as set forth in Article XII hereof),
of any right, title and interest of any Owner in and to its Ownership Interest in the Trust Property hereunder shall operate to terminate this Agreement or the Trust or entitle any transferee to an accounting or to the transfer to it of legal title
to any part of the Trust Property. 
 Section 14.03. Limitations on Rights of Others. Nothing in this Agreement, whether
express or implied, shall be construed to give to any Person other than the Bank, the Owner Trustee, the Depositor, the Owners and the Agent any legal or equitable right, remedy or claim in the Trust Property or under or in respect of this Agreement
or any covenants, conditions or provisions contained herein. 

  
 38 

 Section 14.04. Notices. All demands, notices and communications relating to this
Agreement shall be in writing and shall be deemed to have been duly given, by United States mail, facsimile transmission (followed by mail or overnight courier delivery) or by overnight courier, or, if by other means, when received by the other
party or parties at the address shown below, or such other address as may hereafter be furnished to the other party or parties by like notice. Any such demand, notice and communication shall be effective, upon receipt, or in the case of
(x) notice by mail, five days after being deposited in the United States mails, first-class postage prepaid, (y) notice by facsimile copy, when verbal communication of receipt is obtained or (z) in the case of personal delivery or
overnight mail, when delivered. 
 If to the Owner Trustee: 

U.S. Bank Trust, N.A. 
 300
Delaware Ave., 9th Floor 
 Wilmington, Delaware 19801 

Attention: Corporate Trust Administration 

Facsimile No.: (302) 576-3717] 

with a copy to (which shall not constitute notice): 

Potter Anderson & Corroon 

1313 N. Market Street 

P.O. Box 951 
 Wilmington, DE
19899-0951 
 Telephone No.: (302) 984-6114 

Facsimile No.: (302) 778-6114 

Email address: swaxman@potteranderson.com 

If to an Owner, addressed to such Owner at the address set forth for such Owner in the register maintained by the Owner Trustee. 

If to Medallion Funding LLC: 

Medallion Funding LLC 
 437
Madison Avenue 
 New York, New York 10022 

Attention: President 
 Telephone
No.: (212) 328-2100 
 Facsimile: (212) 328-2121

 Section 14.05. 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. Delivery of an executed counterpart of this Agreement by facsimile or portable document format (PDF) shall be
effective as delivery of a manually executed counterpart of this Agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

  
 39 

 Section 14.06. Binding Effect; Assignability. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the Owner Trustee, the Bank, the Depositor and each Owner and their respective successors and permitted assigns, and no other person except the Agent shall acquire or have any right under or
by virtue of this Agreement, all as herein provided. No party to this Agreement may assign its rights or delegate its obligations under this Agreement without the express written consent of the other parties hereto. Any request, notice, direction,
consent, waiver or other instrument or action by an Owner shall bind the successors and assigns of such Owner. 

Section 14.07. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 Section 14.08. Governing Law; Jury Waiver. 

(a) THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (EXCLUDING
CONFLICT OF LAW RULES), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE; PROVIDED, HOWEVER, THAT THERE SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS AGREEMENT ANY PROVISION OF THE LAWS (COMMON OR STATUTORY) OF THE STATE OF
DELAWARE PERTAINING TO TRUSTS THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH THE TERMS HEREOF, (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES,
(B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL
PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT
OR CONCENTRATION OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR
POWERS OF TRUSTEES THAT ARE INCONSISTENT WITH THE LIMITATIONS OR AUTHORITIES AND POWERS OF THE OWNER TRUSTEE HEREUNDER AS SET FORTH OR REFERENCED IN THIS AGREEMENT. SECTION 3540 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE TRUST. 

(b) EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. 

  
 40 

 Section 14.09. Complete Agreement. This Agreement completely amends and restates the
Original Trust Agreement in its entirety and constitutes the complete agreement between the parties with respect to the subject matter hereof and may not be modified except as provided herein. 

Section 14.10. No Petition. The Owner Trustee, by entering into this Agreement, each Owner, by having previously accepted or,
after the date hereof, by accepting a Trust Certificate and the Depositor by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Trust, or join in any institution against the Trust
of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or law. 

Section 14.11. No Recourse. Notwithstanding any provision hereof, at all times prior to the Final Payoff Date all obligations of
the Trust and any claims arising from this Agreement or any transactions contemplated by this Agreement shall be limited solely to the assets of the Trust and payable in accordance with the Basic Documents. If payments on any such claims from the
assets of the Trust are insufficient, following liquidation of all the assets, any claims of any Person arising from this Agreement and the obligations of the Trust to pay such deficiencies shall be extinguished and shall not thereafter revive.

 Section 14.12. No Waivers; Remedies. No failure on the part of any party to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 Section 14.13. Consent to Jurisdiction. EACH PARTY HERETO
(I) IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY DELAWARE STATE COURT OR FEDERAL COURT SITTING IN WILMINGTON, DELAWARE IN ANY ACTION ARISING OUT OF THIS AGREEMENT AND (II) WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT
AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL, AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE U.S. MAILS, POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT
THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT ANY PARTY’S RIGHT TO BRING ANY ACTION OR PROCEEDING IN THE COURTS OF ANY OTHER JURISDICTION. 

[SIGNATURES COMMENCE ON THE FOLLOWING PAGE] 

  
 41 

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

					
	U.S. BANK TRUST, N.A.,
	not in its individual capacity but only to the limited extent expressly set forth herein and as Owner Trustee
		
	By:	 	 /s/ Nicole Poole

		 	Name:	 	Nicole Poole
		 	Title:	 	Vice President
	
	MEDALLION FUNDING LLC
		
	By:	 	 /s/ Alvin Murstein

		 	Name:	 	Alvin Murstein
		 	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Michael J. Kowalsky

		 	Name:	 	Michael J. Kowalsky
		 	Title:	 	PresidentEX-10.1

 Exhibit 10.1 

THE GYMBOREE CORPORATION 

500 Howard Street 
 San Francisco,
California 94105 
 October 3, 2013 
 Dear
Kip: 
 The purpose of this letter agreement (the “Agreement”) is to set out the terms of your transition from your current role as
President of The Gymboree Corporation (the “Company”). You will cease to be the Company’s President effective as of December 31, 2013 (such date, the “First Transition Date”). The terms on which you will
continue to provide services to the Company following the First Transition Date, initially as an employee and then as an independent contractor, are as follows: 
  

	1.	Base Salary Through First Transition Date. Subject to your continued employment through the First Transition Date, you will continue to be paid your annual base salary at the rate in effect as of the date hereof
on the Company’s regular payroll schedule. 

  

	2.	Annual Bonus for 2013. You will be eligible to receive an annual cash bonus under the Company’s annual bonus program in respect of the Company’s 2013 fiscal year with a target amount equal to 100% of
your annual base salary as of the First Transition Date, subject to (i) your continued employment with the Company through the First Transition Date, and (ii) the Release (as defined below) becoming effective as described in
Section 12 below. Any annual bonus payable to you in respect of the Company’s 2013 fiscal year shall be paid to you at the time bonuses are paid to other executives of the Company and in all events prior to December 31, 2014. For the
avoidance of doubt, you will not be eligible for an annual bonus in respect of the Company’s 2014 fiscal year. 

  

	3.	Creative Advisor and Consulting Services. Subject to your remaining employed with the Company through the First Transition Date, beginning on January 1, 2014 and continuing through April 30, 2014 (such
date, the “Second Transition Date” and such period, the “Creative Advisor Term”), you will continue to be employed as a Creative Advisor to the Company. In that role you will perform such services as are requested
by the Company. Subject to your remaining employed with the Company through the Second Transition Date, beginning on May 1, 2014 and continuing through December 31, 2014 (the “Consulting Term”, and together with the
Creative Advisor Term, the “Term”) you will perform such consulting services as the Company reasonably requests, subject to the limitations set forth in Section 8 below (collectively, the “Consulting
Services”). You will determine the method, timing, and means of performing the Consulting Services, subject to the reasonable requests of the Company. You will devote such business time as is necessary or desirable to fully perform
hereunder. 

  

	4.	Status of Employee Benefits. Following the First Transition Date, you and your eligible dependents will remain eligible to participate in all employee benefit plans of the Company that are made available
generally to senior executive officers of the Company, subject to the terms of such plans; provided that you will not earn vacation or other similar benefits at any time after the First Transition Date. As of the Second Transition Date,
except for any right you may have to continue your participation and that of your eligible dependents in the Company’s group medical, dental, and vision plans under the federal law known as “COBRA”, your participation in all employee
benefit plans of the Company will end in accordance with the terms of those plans. To the extent you properly elect COBRA continuation coverage, beginning on May 1, 2014, the Company shall, to the extent permitted under applicable law,
reimburse you on a monthly basis for the full cost of the premiums due for such coverage for a period that ends on the earlier to occur of (i) expiration or early termination of COBRA continuation coverage in accordance with the requirements of
COBRA, and (ii) December 31, 2014. In the event the Company’s payment obligations end based on clause (ii) of the foregoing sentence, you shall be responsible for properly paying the full cost of the premiums due for any future
COBRA continuation coverage to which you are then entitled. 

  

	5.	 Repurchase of Units. Notwithstanding anything to the contrary in the Shareholders Agreement dated December 23, 2011 by and among, Gymboree
Holding, Ltd. (“Holding”), Giraffe Holding, Inc., you and certain other parties (the “Shareholders Agreement”), the parties hereto agree that Holding will repurchase the 100,008 shares of Class A common stock
of Holding, 11,112 shares of Class B common stock of Holding and 1,166 shares of Class C common stock of Holding currently held by you (or, if applicable, your Management Call Group (as defined in the

	 	
Shareholders Agreement)) within 30 days of the latest date set forth on the signature page hereto for an amount equal to the Fair Market Value (as defined in the Shareholders Agreement) of such
shares. Such repurchase shall be made in accordance with the procedures set forth in Section 5.2 of the Shareholders Agreement. 

  

	6.	Treatment of Stock Options. Notwithstanding anything to the contrary in the Giraffe Holding, Inc. 2010 Equity Incentive Plan (the “Equity Plan”) or any option agreement thereunder, for purposes
of the Equity Plan and all outstanding options issued to you thereunder (your “Options”), your “Employment” (as defined in the Equity Plan) will be deemed to terminate, and vesting shall cease with respect to your Options,
as of the First Transition Date. Except as set forth in the immediately preceding sentence, the terms applicable to your Options shall remain unchanged. 

  

	7.	Compensation for the Services. During the Term, as full compensation for all services performed by you for the Company and its affiliates, and subject to your performance hereunder (including, without limitation,
compliance the restrictive covenants described in Section 5 of the Prior Agreement (as defined below) as modified by Section 9 below) the Company will pay you compensation at an annual rate of $192,000 (the “Base
Compensation”). During the Creative Advisor Term, the Base Compensation shall be payable in accordance with the Company’s regular payroll schedule, subject to your continued service to the Company through the date of the payment. On
the Second Transition Date, you will receive pay for all work you performed for the Company through your final payroll period, to the extent not previously paid. During the Consulting Term, the Base Compensation shall be payable in equal monthly
installments, subject to your continued service to the Company through the date of the payment. 

  

	8.	Relationship of the Parties. It is expressly understood and agreed by you and the Company that, during the Consulting Term, you shall be an independent contractor in the performance of each and every part of this
Agreement and that nothing contained in this Agreement is intended, or shall be construed, to establish an employment, partnership or joint venture relationship between you and the Company or as constituting the exercise by the Company of control or
direction over the manner or method by which you perform the Consulting Services. You shall be an agent of the Company only to the extent necessary for you to perform the Consulting Services. Other than as set forth in the immediately preceding
sentence, you shall have no right, power or authority in any way to bind the Company or any of its affiliates to the fulfillment of any condition, contract or obligation or to create any liability binding on the Company. 

 

	9.	Restrictive Covenants. You hereby acknowledge and agree that you will remain subject to the restrictive covenants set forth in Section 5 of the letter agreement, dated as of October 31, 2012 between you
and the Company (the “Prior Agreement”) following the execution of this Agreement; provided that, the post-employment non-competition, non-solicitation and non-hire periods described in the Prior Agreement shall commence upon the date you
cease performing services hereunder (rather than upon your termination of employment with the Company) and shall end on the first anniversary of such date. You further acknowledge and agree that the Company’s obligation to pay the Base
Compensation pursuant to Section 7 above is expressly conditioned on your compliance with Section 5 of the Prior Agreement, as modified by this Section 9. 

 

	10.	Return of Documents and Other Property. You agree that upon the termination of your services to the Company, you will return to the Company any and all records, documents, materials and information (whether in
hardcopy, on electronic media or otherwise) related to the business (whether present or otherwise) of the Company and its affiliates, and all keys, access cards, credit cards, computer hardware and software, telephones and telephone-related
equipment, and all other property of the Company or its affiliates in your possession or control. 

  

	11.	Withholding. The payments made by the Company under this Agreement will be reduced by all taxes and other amounts required to be withheld by the Company under applicable law and all other lawful deductions
authorized by you. 

  

	12.	Release of Claims. As soon as reasonably practicable following the First Transition Date, you will sign a general release of claims (the “Release”) in the form attached hereto as Exhibit
A. You will be given 21 days to consider the Release and the Release will take effect on the eighth day following the date of your signing, provided you do not timely revoke it by providing written notice to the Company. The payment due under
Section 2 of this Agreement is expressly conditioned on the Release becoming effective within 60 days of the First Transition Date. 

  

	13.	Miscellaneous. 

  

	 	a.	 Merger Clause; Severability. This Agreement contains the entire agreement between you and the Company, and supersedes all prior and
contemporaneous communications, agreements and understandings, whether written or oral, with respect to your employment and the termination thereof, 

  
 49 

	 	
including, without limitation, the severance provisions contained in Section 4 of the Prior Agreement, and your consulting arrangement with the Company; provided that the Prior
Agreement, unless earlier terminated, shall remain in effect through the First Transition Date at which point it shall immediately terminate in full (other than Section 5 of the Prior Agreement, as modified by Section 9 above, which shall
survive the First Transition Date). In the event that your employment with the Company terminates prior to the First Transition Date, this Agreement shall terminate immediately and become null and void in all respects. This Agreement shall not be
construed strictly for or against you, the Company, Holding or any released party described in the Release. The provisions of this Agreement are severable, which means that if any provision is held to be invalid or unenforceable, it shall not affect
the validity or enforceability of any other provision. 

  

	 	b.	Amendment; Headings. This Agreement may not be modified or amended, and no breach will be deemed to be waived, unless agreed to in writing by you and the Company. The captions and headings in this Agreement are
for convenience only, and in no way define or describe the scope or content of any provision of this Agreement. 

  

	 	c.	Continued Performance. The obligations of the Company to make payments to you and to provide you with benefits under this Agreement are expressly conditioned upon your continued full performance of your
obligations under this Agreement. Nothing in this Agreement shall give you the right to continue as an employee or other service provider of the Company or any of its affiliates. 

 

	 	d.	Governing Law and Venue. This Agreement is governed by the laws of the state of Delaware. The parties agree that Delaware courts shall have exclusive jurisdiction and venue over any claim made by any of the
parties hereunder. The parties further agree that the Delaware courts have personal jurisdiction over the parties to this Agreement. 

[The remainder of this page is left intentionally blank.] 

  
 50 

 If the terms of this Agreement are acceptable to you, please promptly sign, date and return it to the General
Counsel of the Company. 
  

									
	The Gymboree Corporation	 		  	Gymboree Holding, Ltd.
					
	By:	 	 /s/ Mark Breitbard
	 		  	By:	 	 /s/ Mark Breitbard

	Mark Breitbard	 		  	Mark Breitbard
	Its: Chief Executive Officer	 		  	Its: Director
			
	Date: October 3, 2013	 		  	Date: October 3, 2013
				
	Giraffe Holding, Inc.	 		  		 	
					
	By:	 	 /s/ Mark Breitbard
	 		  		 	
	Mark Breitbard	 		  		 	
	Its: Chief Executive Officer	 		  		 	
				
	Date: October 3, 2013	 		  		 	
				
	Accepted and Agreed:	 		  		 	
				
	 /s/ Kip Garcia
	 		  		 	
	Kip Garcia	 		  		 	
				
	Date: October 3, 2013	 		  		 	

 Exhibit A 

Release of Claims 
 In exchange
for the opportunity to earn an annual bonus as set forth in Section 2 of the letter agreement between you, The Gymboree Corporation (the “Company”) and Gymboree Holding, Ltd., dated October 1, 2013 (the
“Agreement”), and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, on your own behalf and that of your heirs, executives, administrators, beneficiaries, personal representatives
and assigns, you, KIP GARCIA, agree that this release of claims (this “Release”) shall be in complete and final settlement of any and all causes of action, rights and claims, whether known or unknown, that you have had in the past,
now have, or might now have, in any way related to, connected with or arising out of your employment or its termination or relating to employment discrimination claims (including claims of race or sex discrimination and/or sexual harassment, and/or
age) and/or retaliation under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, 42 U.S.C. § 1981, the Age Discrimination in Employment Act, 29 U.S.C. § 626 (ADEA), the Genetic Information Nondiscrimination Act of
2008, and all employment discrimination claims arising under any similar state and local laws, disputed wages, or claims for any back wages or overtime, claims for benefits (including any and all of employee benefit, fringe benefit, stock benefit,
or severance-related programs, arrangements, and plans), claims for paid leave, and including claims under the Fair Labor Standards Act or the Equal Pay Act, the WARN Act, the Employee Retirement Income Security Act of 1974 (ERISA), and any similar
state and local laws, disability discrimination claims under the Americans with Disabilities Act, and applicable state and local laws, wrongful discharge and/or breach of contract claims, claims arising under the Family & Medical Leave Act,
tort claims, including invasion of privacy, defamation, fraud, and infliction of emotional distress and any similar state and local laws, and/or any other federal, state or local laws, regulations or other requirement, and you hereby release and
forever discharge the Company, its subsidiaries, affiliates and any direct or indirect parent (including but not limited to Giraffe Holding, Inc. and Gymboree Holding, Ltd.) or controlling companies and its subsidiaries and affiliates and all of
their past, present, and future officers, directors, trustees, shareholders, employees, employee benefit plans, agents, general and limited partners, members, managers, joint venturers, investors, representatives, successors and assigns, and all
others connected with any of them, both individually and in their official capacities, from any and all such causes of action, rights and claims. Further, you represent and warrant that you have not filed any such claim to date, nor have you
assigned any such claim to any other person or entity. 
 This Release creates legally binding obligations, and the Company therefore
advises you to consult an attorney before signing it. In signing this Release, you give the Company assurance that you have signed it voluntarily and with a full understanding of its terms; that you have had sufficient opportunity, before signing
this Release, to consider its terms and to consult with an attorney, if you wished to do so; and that, in signing this Agreement, you have not relied on any promises or representations, express or implied, from the Company or any of its affiliates.

 If the terms of this Release are acceptable to you, you must sign, date and return it to the
General Counsel of the Company within 21 days of the date you receive it. You may revoke this Release at any time during the seven-day period immediately following the date of your signing by written notice of such revocation to the
undersigned. If you do not revoke it, then, at the expiration of that seven-day period, this Release will take effect as a legally binding agreement between you and the Company on the basis set forth above. 

THIS RELEASE MUST BE SIGNED AND DELIVERED TO THE GENERAL COUNSEL OF THE GYMBOREE CORPORATION BY THE DEADLINE IN THE IMMEDIATELY PRECEDING
PARAGRAPH IN ORDER FOR YOU TO RECEIVE THE PAYMENT DESCRIBED IN SECTION 2 OF THE AGREEMENT. YOU MAY NOT SIGN THIS RELEASE BEFORE THE FIRST TRANSITION DATE (AS DEFINED IN THE AGREEMENT). 

Accepted and Agreed: 
  

			
	  

	 Kip Garcia

		
	 Date:

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