Document:

EX-10.1

 Exhibit 10.1 

THIRD OMNIBUS AMENDMENT 

This Third Omnibus Amendment, dated as of February 6, 2018 (the “Effective Date”) (this “Omnibus Amendment
3”), among Conn’s Receivables Warehouse, LLC, a limited liability company created under the laws of the State of Delaware (the “Issuer”), Conn Appliances, Inc., a Texas corporation, as servicer, (in such capacity, the
“Servicer”) and as sponsor (in such capacity, the “Sponsor”), Wells Fargo Bank, National Association, a national banking association, not in its individual capacity but solely as indenture trustee (the
“Indenture Trustee”), Credit Suisse AG, New York Branch, as administrative agent (the “Administrative Agent”), Conn’s Receivables Warehouse Trust, a Delaware statutory trust, as receivables trust (the
“Receivables Trust”), Conn Appliances Receivables Funding, LLC, as depositor (the “Depositor”), Credit Suisse AG, Cayman Islands Branch, as primary note purchaser (the “Primary Note Purchaser”) and
Conn Credit I, LP, as original seller. 
 WITNESSETH THAT: 

WHEREAS, the applicable parties hereto previously executed and delivered (1) a certain indenture dated as of February 24,
2017 (as amended by the Omnibus Amendment (the “Omnibus Amendment 1”), dated as of August 8, 2017, and Omnibus Amendment 2 (the “Omnibus Amendment 2”, and collectively with the Omnibus Amendment 1, the
“Prior Omnibus Amendments”), dated as of October 27, 2017, and as further amended, supplemented or modified, the “Indenture”) by and among the Issuer, the Servicer, the Indenture Trustee, the Receivables Trust
and the Administrative Agent, providing for the issuance of asset backed notes (the “Notes”); (2) a certain servicing agreement dated as of February 24, 2017 (as amended by the Prior Omnibus Amendments, and as further
amended, supplemented or modified, the “Servicing Agreement”) by and among the Issuer, the Receivables Trust, the Servicer and the Indenture Trustee, (3) a certain note purchase agreement dated as of February 24, 2017 (as
amended by the Prior Omnibus Amendments, and as further amended, supplemented or modified, the “Note Purchase Agreement”), by and among the Issuer, the Depositor, the Servicer, the Sponsor, the Primary Note Purchaser, the conduits
from time to time party thereto and the Administrative Agent, and (4) a certain second receivables purchase agreement dated as of February 24, 2017 (as amended by the Prior Omnibus Amendments, and as further amended, supplemented or
modified, the “Second Receivables Purchase Agreement” and together with the Indenture, the Servicing Agreement, and the Note Purchase Agreement, the “Outstanding Documents”) by and among the Issuer, the Depositor
and the Receivables Trust;  
 WHEREAS, the Depositor intends to purchase certain Receivables from Conn’s Receivables
2016-B Trust in connection with the redemption of the asset-backed notes secured thereby (the “Redemption”) and to transfer such Receivables to the Receivables Trust (the “Collateral Purchase”) on February 15,
2018; 
 WHEREAS, in connection with the foregoing, the Issuer intends to (i) request a Note Balance Increase pursuant to
Section 2.08(a)(i) of the Indenture and (ii) order the Indenture Trustee to authenticate and deliver a new Note to reflect such Note Balance Increase; 

 WHEREAS, Section 9.01(a) of the Indenture provides that the Indenture may be amended
from time to time by the Issuer, the Servicer and the Indenture Trustee, when authorized by an Issuer Order, with the consent of the Administrative Agent (which consent shall be deemed to be given on behalf of all the Noteholders) and with prior
notice to the Rating Agency (if any Rating Agency then provides a rating on the Notes, as evidenced by an Officer’s Certificate delivered by the Issuer to the Indenture Trustee), for the purpose of adding any provisions to, changing in any
manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Noteholders under the Indenture; 

WHEREAS, as of the Effective Date, no Rating Agency provides a rating on the Notes; 

WHEREAS, subject to certain conditions provided therein, Section 7.01(a) of the Servicing Agreement provides that the Servicing
Agreement may be amended, supplemented, modified or waived in writing from time to time by the Issuer, the Indenture Trustee, the Receivables Trust and the Servicer with the consent of the Administrative Agent and the Required Noteholders for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Servicing Agreement or modifying in any manner the rights of Noteholders; 

WHEREAS, Section 5.12, Section 7.12 and Section 9.08 of the Note Purchase Agreement provides that the
express written consent of the Administrative Agent and the Required Noteholder must be provided to the Issuer, the Depositor and the Servicer, respectively, in order to amend the Transaction Documents; 

WHEREAS, Section 7.12 of the Note Purchase Agreement provides that the Depositor shall not amend or modify any Transaction
Document or waive any term thereof without the express written consent of the Administrative Agent and the Required Noteholders; 
 WHEREAS,
Section 9.08 of the Note Purchase Agreement provides that the Servicer shall not amend or modify any Transaction Document or waive any term thereof without the express written consent of the Administrative Agent and the Required
Noteholders; 
 WHEREAS, Section 8.1 of the Second Receivables Purchase Agreement provides that the Second Receivables Purchase
Agreement may be amended from time to time with the consent of each Required Noteholder and the Administrative Agent; 
 WHEREAS, the
Additional Cut-Off Date shall be January 31, 2018; 
 WHEREAS, each party hereto desires to amend the Outstanding Documents as set
forth herein (the Outstanding Documents as amended hereby are sometimes referred to herein as the “Amended Documents”); 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 

  
 2 

 ARTICLE I 

OMNIBUS 3 AMENDMENTS 

Section 1.01. Effect of Amendments 

(a) All amendments made to the Indenture, the Servicing Agreement, the Note Purchase Agreement, and the Second Receivables Purchase Agreement
(x) shall be reflected in Annex A, Annex B, Annex C, and Annex D, respectively, in each case, with text marked in underline indicating additions to such Agreement and with text marked in
strikethrough indicating deletions to such agreement, and (y) to the extent not reflected in accordance with clause (x), are otherwise set forth in Section 1.01(b) below. All amendments to the Outstanding
Documents effected pursuant to this Omnibus Amendment 3 shall be effective from the date hereof until the first date after the Note Balance Increase Date contemplated hereunder on which all principal of and Yield on the Note issued on such Note
Balance Increase Date have been paid in full, after which the terms of the Amended Documents shall revert to the terms in place immediately prior to entering into this Omnibus Amendment 3, except for the following amendments, which shall remain
effective indefinitely until further amended or otherwise modified: 
 (i) amendment of the definitions of “ABL
Agreement” and “Note” in, and addition of the definition of “Rule 15Ga-1 Information” to, Schedule II, Part A of the Servicing Agreement. 

(ii) amendment of Section 11.20 of the Indenture and other similar sections in the other Outstanding Documents related to
effectiveness date thereof; 
 (iii) amendment to the initial sentence of the Note Purchase Agreement to define
“Agreement”; and 
 (iv) each amendment described in, or effectuated by, Section 1.01(b). 

(b) Global Amendment. All references in the Outstanding Documents and any related documents to “Conn Credit I, L.P.”,
“Conn Credit I L.P.”, “Conn Credit I, LP”, “Conn Credit I LP”, “Conn’s Credit I, L.P.”, “Conn’s Credit I, LP” or any similar name variation, as the case may be, are hereby amended to state,
and shall be deemed to have at all times been references to, “Conn Credit I, LP” for all intents and purposes. 
 (c) Consent
and Notice Requirements. 
 (i) All consent and notice requirements to the amendments of the Outstanding Documents
hereunder, pursuant to Section 3.11 of the Indenture or otherwise, are hereby waived by the Administrative Agent and the Primary Note Purchaser. 

(ii) All notice requirements set forth in Section 2.08(a) (with respect to the Note Balance Increase Notice) of the
Indenture are hereby waived by the Administrative Agent (and the Administrative Agent directs the Indenture Trustee to waive any such requirements) and deemed satisfied for the 2018 Warehouse Funding. 

  
 3 

 (d) Opinion Requirements. The Administrative Agent, in its capacity as the sole
Noteholder, hereby directs the Indenture Trustee to execute this Omnibus Amendment 3 without requiring that an opinion of counsel be delivered to it under Section 9.02 of the Indenture. The Administrative Agent hereby waives the
requirement under Section 9.01(a) of the Indenture that the Issuer deliver to the Administrative Agent and the Indenture Trustee a Tax Opinion in connection with this Omnibus Amendment 3. 

(e) Final Repayment Date. The Primary Note Purchaser hereby agrees that in accordance with the final repayment of the Note, whether in
accordance with a securitization or otherwise, it shall surrender the Note to the Indenture Trustee for cancellation in accordance with Section 10.02 of the Indenture; provided, that the parties hereby agree that the Note issued
on the Note Initial Increase Date, to the extent surrendered to the Indenture Trustee for cancellation in connection with the decrease of the Note Balance to zero in December 2017, was not intended to be cancelled and shall be deemed
“mutilated” within the meaning of, and replaced in accordance with, Section 2.05 of the Indenture; provided, further, that any payment of the Note shall not be considered a “final repayment” of the Note
for purposes of this Section unless and until the Indenture Trustee receives written notice thereof in accordance with Section 10.02 of the Indenture. 

ARTICLE II 
 MISCELLANEOUS
PROVISIONS 
 Section 2.01. Capitalized Terms. For all purposes of this Omnibus Amendment 3, except as otherwise stated herein,
terms used in capitalized form in this Omnibus Amendment 3 shall have the meanings specified in Schedule II to the Servicing Agreement, as amended hereby, or, if not defined therein, in the applicable Amended Document. 

Section 2.02. Continuing Effect. Except as expressly provided for in Section 1.01 of this Omnibus Amendment 3, each of
the Outstanding Documents shall remain in full force and effect in accordance with their respective terms. 
 Section 2.03.
References to Amended Documents. From and after the Effective Date set forth above, all references to any Outstanding Document in the Transaction Documents or any other document executed or delivered in connection therewith shall be deemed a
reference to such Outstanding Document as amended hereby, unless the context expressly requires otherwise, for so long as the amendments effected by this Omnibus Amendment 3 remain effective pursuant to Section 1.01. This Omnibus Amendment 3
shall amend the Outstanding Documents as provided herein but will not have the effect of causing a novation, refinancing or other repayment of any outstanding obligations of Depositor, Issuer or Receivables Trust under the Outstanding Documents that
may exist on the date hereof immediately prior to giving effect to this Omnibus Amendment 3 (the “Original Obligations”) or a termination or extinguishment of any of the liens securing any of the Original Obligations, which Original
Obligations shall remain outstanding pursuant to the terms of the Amended Documents and which liens shall remain attached, enforceable and perfected securing such Original Obligations and all additional obligations arising under the Amended
Documents. 

  
 4 

 Section 2.04. Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Omnibus Amendment 3 shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms
of this Omnibus Amendment 3, and shall in no way affect the validity or enforceability of the other provisions of this Omnibus Amendment 3 or of the Notes or the rights of the Holders thereof. 

Section 2.05. Counterparts and Imaged Copies. This Omnibus Amendment 3 may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute one and the same instrument. The parties hereto intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures
and be binding on the parties hereto. 
 Section 2.06. Binding Nature of this Omnibus Amendment 3; Assignment. This Omnibus
Amendment 3 shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns and all current and future Holders. 

Section 2.07. Headings Not to Affect Interpretation. The headings contained in this Omnibus Amendment 3 are for convenience of
reference only, and they shall not be used in the interpretation hereof. 
 Section 2.08. Effectiveness. This Omnibus Amendment
3 shall become effective as of the date hereof. 
 Section 2.09. Wells Fargo Bank, National Association, Limitation of
Liability. The Indenture Trustee shall be entitled to all rights, powers, protections, privileges, indemnities and immunities conferred on it by the terms of the Indenture as if specifically set forth herein, and shall not be liable for any loss
arising in connection with the exercise of any such rights, powers, protections, privileges, indemnities and immunities. 

Section 2.10. Wilmington Trust, National Association, Limitation of Liability. It is expressly understood and agreed by the
parties hereto that (a) this Omnibus Amendment 3 is executed and delivered by Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as receivables trust trustee of the Receivables Trust, in the
exercise of the powers and authority conferred and vested in it, (b) each of the representations, warranties, undertakings and agreements herein made on the part of the Receivables Trust is made and intended not as personal representations,
warranties, undertakings and agreements by WTNA but is made and intended for the purpose of binding only the Receivables Trust, (c) nothing herein contained shall be construed as creating any liability on WTNA, individually or personally, to
perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) WTNA has made no investigation
as to the accuracy or completeness of any representations or warranties made by the Receivables Trust in this Omnibus Amendment 3 and (e) under no circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of
the Receivables Trust or be liable for the performance, breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Receivables Trust under this Omnibus Amendment 3 or any other related documents, as to all of
which recourse shall be had solely to the assets of the Receivables Trust. 

  
 5 

 Section 2.11. Recitals, etc. The recitals contained herein and in the Notes, except
with respect to the Indenture Trustee and its certificate of authentication, shall not be taken as the statements of the Indenture Trustee, and the Indenture Trustee does not assume any responsibility for their correctness. The Indenture Trustee
does not make any representation as to the validity or sufficiency of this Omnibus Amendment 3, the Notes, the Amended Documents or any related document or as to the perfection or priority of any security interest herein or therein. The Indenture
Trustee shall not be accountable for the use or application by the Issuer of the proceeds from the Notes. 
 Section 2.12. Governing
Law; Jurisdiction; Jury Trial. 
 (a) THIS OMNIBUS AMENDMENT 3 SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

(b) EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS OMNIBUS AMENDMENT 3, ANY OTHER AMENDED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY
SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST ANY OTHER PARTY HERETO OR ANY OF THEIR PROPERTY IN THE
COURTS OF OTHER JURISDICTIONS. 
 (c) EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, OR RELATING TO AN INCIDENT TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS OMNIBUS AMENDMENT 3 OR THE OTHER AMENDED DOCUMENTS. 

[Signature Page Follows] 

  
 6 

 IN WITNESS WHEREOF, the Issuer, the Servicer, the Sponsor, the Depositor, Conn Credit I, LP, the
Indenture Trustee, the Receivables Trust, the Administrative Agent and the Primary Note Purchaser have caused this Omnibus Amendment 3 to be duly executed by their respective officers thereunto duly authorized, all as of the date first above
written. 
  

			
	CONN’S RECEIVABLES WAREHOUSE, LLC, as Issuer
		
	By:	 	 /s/ Lee A. Wright

		 	Name: Lee A. Wright
		 	Title: President
	
	CONN APPLIANCES, INC., as Sponsor and as Servicer
		
	By:	 	 /s/ Lee A. Wright

		 	Name: Lee A. Wright
		 	Title: EVP & CFO
	
	CONN APPLIANCES RECEIVABLES FUNDING, LLC, as Depositor
		
	By:	 	 /s/ Lee A. Wright

		 	Name: Lee A. Wright
		 	Title: President
	
	CONN CREDIT I, LP, as original seller
		
	By:	 	 /s/ Lee A. Wright

		 	Name: Lee A. Wright
		 	Title: President

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By:	 	 /s/ Kristen L. Puttin

		 	Name: Kristen L. Puttin
		 	Title: Vice President

 
			
	CONN’S RECEIVABLES WAREHOUSE TRUST, as Receivables Trust
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Receivables Trust Trustee
		
	By:	 	 /s/ Patrick A. Kanar

		 	Name: Patrick A. Kanar
		 	Title: Banking Officer

 
			
	CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative Agent
		
	By:	 	 /s/ Erin McCutcheon

		 	Name: Erin McCutcheon
		 	Title: Director
		
	By:	 	 /s/ Patrick Duggan

		 	Name: Patrick Duggan
		 	Title: Vice President
	
	CREDIT SUISSE AG, NEW YORK BRANCH, as sole Noteholder
		
	By:	 	 /s/ Erin McCutcheon

		 	Name: Erin McCutcheon
		 	Title: Director
		
	By:	 	 /s/ Patrick Duggan

		 	Name: Patrick Duggan
		 	Title: Vice President

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Primary Note Purchaser
		
	By:	 	 /s/ Erin McCutcheon

		 	Name: Erin McCutcheon
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Patrick Duggan

		 	Name: Patrick Duggan
		 	Title: Authorized Signatory

  

					
	Address for Notices:
	
	c/o Credit Suisse AG, New York Branch
	Securitized Products Finance
	Eleven Madison Avenue, 3rd Floor
	New York, New York 10010
	Attention:	 	Conduit and Warehouse Financing
	Telephone:	 	212-538-2007
	Email:	 	list.afconduitreports@credit-suisse.com
		 	 abcp.monitoring@credit-suisse.com

jonathan.fisher@credit-suisse.com

patrick.hart@creditsuisse.com

erin.mccutcheon@credit-suisse.com

	
	Payment Instructions:
		
	Bank Name:	 	Bank of New York, NY
	Acct Name:	 	Alpine Securitization LTD
	ABA #:	 	021-000-018
	Acct #:	 	890-13-34871
	Attn:	 	Ken Aiani (212) 325-0432
		 	Cesar Beltran (631) 930-7221
	Ref:	 	Conn’s

 Annex A 

INDENTURE 
 Dated as of
February 24, 2017 
  
  

CONN’S RECEIVABLES WAREHOUSE, LLC 

Class A Notes 
  

 
 among 

CONN’S RECEIVABLES WAREHOUSE, LLC, 

as Issuer, 
 CONN APPLIANCES,
INC., 
 as Servicer 

CONN’S RECEIVABLES WAREHOUSE TRUST, 

as Receivables Trust 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION, 
 as Indenture Trustee 

and 
 CREDIT SUISSE AG, NEW
YORK BRANCH, 
 as the Administrative Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 
	Definitions	 
			
	 SECTION 1.01
	 	Defined Terms	  	 	3	 
	 SECTION 1.02
	 	Rules of Construction	  	 	3	 
	
	ARTICLE II	 
	The Notes	 
			
	 SECTION 2.01
	 	Form Generally	  	 	4	 
	 SECTION 2.02
	 	Denominations	  	 	4	 
	 SECTION 2.03
	 	Execution, Authentication and Delivery	  	 	5	 
	 SECTION 2.04
	 	Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Note Registrar	  	 	5	 
	 SECTION 2.05
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	9	 
	 SECTION 2.06
	 	Persons Deemed Owners	  	 	10	 
	 SECTION 2.07
	 	Cancellation	  	 	10	 
	 SECTION 2.08
	 	Note Principal Amount Increases; Decreases	  	 	10	 
	
	ARTICLE III	 
	Representations and Covenants of Issuer	 
			
	 SECTION 3.01
	 	Payment of Principal and Interest	  	 	13	 
	 SECTION 3.02
	 	Maintenance of Office or Agency	  	 	13	 
	 SECTION 3.03
	 	Money for Note Payments to Be Held in Trust	  	 	13	 
	 SECTION 3.04
	 	Existence	  	 	14	 
	 SECTION 3.05
	 	Protection of Trust	  	 	14	 
	 SECTION 3.06
	 	[Reserved]	  	 	15	 
	 SECTION 3.07
	 	Performance of Obligations; Servicing of Receivables	  	 	15	 
	 SECTION 3.08
	 	Negative Covenants	  	 	16	 
	 SECTION 3.09
	 	Statements as to Compliance	  	 	16	 
	 SECTION 3.10
	 	Issuer’s Name, Location, etc.	  	 	17	 
	 SECTION 3.11
	 	Amendments	  	 	17	 
	 SECTION 3.12
	 	No Borrowing	  	 	18	 
	 SECTION 3.13
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	18	 
	 SECTION 3.14
	 	Tax Treatment	  	 	18	 
	 SECTION 3.15
	 	Notice of Servicer Default or Events of Default	  	 	19	 
	 SECTION 3.16
	 	No Other Business	  	 	19	 
	 SECTION 3.17
	 	Further Instruments and Acts	  	 	19	 
	 SECTION 3.18
	 	Maintenance of Separate Existence	  	 	19	 
	 SECTION 3.19
	 	Perfection Representations, Warranties and Covenants	  	 	19	 
	 SECTION 3.20
	 	Other Representations of the Issuer	  	 	19	 
	 SECTION 3.21
	 	Compliance with Laws	  	 	20	 
	 SECTION 3.22
	 	Restricted Payments	  	 	20	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE IV	 
	Satisfaction and Discharge	 
			
	 SECTION 4.01
	 	Satisfaction and Discharge	  	 	20	 
	
	ARTICLE V	 
	Defaults and Remedies	 
	 SECTION 5.01
	 	[Reserved]	  	 	21	 
	 SECTION 5.02
	 	Events of Default	  	 	21	 
	 SECTION 5.03
	 	Acceleration of Maturity; Rescission and Annulment	  	 	23	 
	 SECTION 5.04
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	24	 
	 SECTION 5.05
	 	Remedies; Priorities	  	 	26	 
	 SECTION 5.06
	 	Optional Preservation of the Trust Estate	  	 	27	 
	 SECTION 5.07
	 	Limitation on Suits	  	 	28	 
	 SECTION 5.08
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	29	 
	 SECTION 5.09
	 	Restoration of Rights and Remedies	  	 	29	 
	 SECTION 5.10
	 	Rights and Remedies Cumulative	  	 	29	 
	 SECTION 5.11
	 	Delay or Omission Not Waiver	  	 	30	 
	 SECTION 5.12
	 	Control by Noteholders	  	 	30	 
	 SECTION 5.13
	 	Waiver of Past Defaults	  	 	30	 
	 SECTION 5.14
	 	Undertaking for Costs	  	 	31	 
	 SECTION 5.15
	 	Waiver of Stay or Extension Laws	  	 	31	 
	 SECTION 5.16
	 	Action on Notes	  	 	31	 
	 SECTION 5.17
	 	Sale of Receivables	  	 	31	 
	 SECTION 5.18
	 	Performance and Enforcement of Certain Obligations	  	 	32	 
	
	ARTICLE VI	 
	The Indenture Trustee	 
			
	 SECTION 6.01
	 	Duties of the Indenture Trustee	  	 	33	 
	 SECTION 6.02
	 	Notice of Event of Default	  	 	37	 
	 SECTION 6.03
	 	Certain Matters Affecting the Indenture Trustee	  	 	37	 
	 SECTION 6.04
	 	Not Responsible for Recitals or Issuance of Notes	  	 	42	 
	 SECTION 6.05
	 	Indenture Trustee May Hold Notes	  	 	42	 
	 SECTION 6.06
	 	Money Held in Trust	  	 	42	 
	 SECTION 6.07
	 	Compensation, Reimbursement and Indemnification	  	 	42	 
	 SECTION 6.08
	 	Replacement of Indenture Trustee	  	 	43	 
	 SECTION 6.09
	 	Successor Indenture Trustee by Merger	  	 	45	 
	 SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	45	 
	 SECTION 6.11
	 	Eligibility; Disqualification	  	 	47	 
	 SECTION 6.12
	 	Representations and Warranties of the Indenture Trustee	  	 	47	 
	 SECTION 6.13
	 	Execution of Transaction Document	  	 	48	 
	 SECTION 6.14
	 	[Reserved]	  	 	48	 
	 SECTION 6.15
	 	Rule 15Ga-1 Compliance	  	 	48	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE VII	 
	Noteholders’ List and Reports	 
			
	 SECTION 7.01
	 	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	49	 
	 SECTION 7.02
	 	Preservation of Information; Communications to Noteholders	  	 	49	 
	
	ARTICLE VIII	 
	Allocation and Application of Collections	 
			
	 SECTION 8.01
	 	Collection of Money	  	 	49	 
	 SECTION 8.02
	 	Establishment of the Note Accounts	  	 	50	 
	 SECTION 8.03
	 	Collections and Allocations	  	 	51	 
	 SECTION 8.04
	 	Rights of Noteholders	  	 	52	 
	 SECTION 8.05
	 	Release of Trust Estate	  	 	52	 
	 SECTION 8.06
	 	Application of Available Funds	  	 	53	 
	 SECTION 8.07
	 	Optional Redemption of the Notes	  	 	54	 
	 SECTION 8.08
	 	Determination of Monthly Interest	  	 	56	 
	 SECTION 8.09
	 	Distributions and Payments to Noteholders	  	 	56	 
	 SECTION 8.10
	 	Reports and Statements to Noteholders	  	 	57	 
	
	ARTICLE IX	 
	Supplemental Indentures	 
	 SECTION 9.01
	 	Supplemental Indentures	  	 	58	 
	 SECTION 9.02
	 	Execution of Supplemental Indentures	  	 	59	 
	 SECTION 9.03
	 	Effect of Supplemental Indenture	  	 	59	 
	 SECTION 9.04
	 	Reference in Notes to Supplemental Indentures	  	 	59	 
	 SECTION 9.05
	 	Modification of Obligations of Receivables Trust Trustee	  	 	60	 
	
	ARTICLE X	 
	Termination	 
			
	 SECTION 10.01
	 	Termination of Indenture	  	 	60	 
	 SECTION 10.02
	 	Final Distribution	  	 	60	 
	
	ARTICLE XI	 
	Miscellaneous	 
			
	 SECTION 11.01
	 	Compliance Certificates	  	 	61	 
	 SECTION 11.02
	 	Form of Documents Delivered to Indenture Trustee	  	 	61	 
	 SECTION 11.03
	 	Acts of Noteholders	  	 	62	 
	 SECTION 11.04
	 	Notices, Etc.	  	 	63	 
	 SECTION 11.05
	 	Notices to Noteholders; Waiver	  	 	63	 
	 SECTION 11.06
	 	Effect of Headings and Table of Contents	  	 	64	 
	 SECTION 11.07
	 	Successors and Assigns	  	 	64	 
	 SECTION 11.08
	 	Severability	  	 	64	 
	 SECTION 11.09
	 	Benefits of Indenture	  	 	64	 
	 SECTION 11.10
	 	Legal Holidays	  	 	64	 
	 SECTION 11.11
	 	Governing Law; Jurisdiction; Jury Trial	  	 	64	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 11.12
	 	Counterparts	  	 	66	 
	 SECTION 11.13
	 	Recording of Indenture	  	 	66	 
	 SECTION 11.14
	 	[Reserved]	  	 	66	 
	 SECTION 11.15
	 	Trust Obligation	  	 	66	 
	 SECTION 11.16
	 	Limitation of Liability of Receivables Trust Trustee	  	 	66	 
	 SECTION 11.17
	 	No Bankruptcy Petition; Disclaimer and Subordination	  	 	67	 
	 SECTION 11.18
	 	Tax Matters; Administration of Transfer Restrictions	  	 	67	 
	 SECTION 11.19
	 	Limited Recourse	  	 	68	 
	 SECTION 11.20
	 	Effectiveness of this Indenture	  	 	69	 
	 SECTION 11.21
	 	Patriot Act	  	 	69	 

 EXHIBITS & SCHEDULES 
  

			
		
	Exhibit A	  	Form of Notes
		
	Exhibit B	  	[Reserved]
		
	Exhibit C	  	[Reserved]
		
	Exhibit D	  	Rule 15Ga-1 Information
		
	Schedule I	  	Perfection Representations, Warranties and Covenants

  
 iv 

 This INDENTURE, dated as of February 24, 2017 (herein, as amended, modified or supplemented
from time to time as permitted hereby, called this “Indenture”), among CONN’S RECEIVABLES WAREHOUSE, LLC, a limited liability company created under the laws of the State of Delaware (the “Issuer”), CONN
APPLIANCES, INC., a Texas corporation, as servicer, (in such capacity, the “Servicer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as indenture trustee (the
“Indenture Trustee”), solely with respect to Section 5.07, CREDIT SUISSE AG, NEW YORK BRANCH, as administrative agent (the “Administrative Agent”), and, solely with respect to the Granting Clauses below,
CONN’S RECEIVABLES WAREHOUSE TRUST, a Delaware statutory trust, as receivables trust (the “Receivables Trust”). 

PRELIMINARY STATEMENT 
 The
Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of asset backed notes (the “Notes”) as provided in this Indenture. 

The Issuer, through this Indenture, has provided security for such obligations to the extent and as provided herein. All covenants and
agreements made by the Issuer herein are for the benefit and security of the Indenture Trustee and the Noteholders. 
 The Issuer is
entering into this Indenture, and the Indenture Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. All things necessary have been done to make the Notes,
when executed from time to time hereafter, by the Issuer and when authenticated and delivered from time to time hereafter, by the Indenture Trustee hereunder, and when duly issued from time to time hereafter, by the Issuer, the valid obligations of
the Issuer, and to make this Indenture a valid agreement of the Issuer, in accordance with their and its terms. 
 The Issuer is the holder
of 100% of the beneficial interests in the Receivables Trust, which ownership is evidenced by the Receivables Trust Certificate. 
 The
Depositor has entered into the Second Receivables Purchase Agreement pursuant to which the Depositor will convey to the Receivables Trust all of its right, title and interest in, to and under the Receivables. 

The Servicer has agreed to service the Receivables and make collections thereon. 

GRANTING CLAUSES 
 To secure the
Issuer Obligations, the Issuer hereby Grants to the Indenture Trustee on the Note Initial Increase Date, for the benefit of the Indenture Trustee, the Administrative Agent, the Noteholders and any other Person to which any Issuer Obligations are
payable (collectively, the “Secured Parties”), all of the Issuer’s right, title and interest, whether now owned or existing or hereafter arising or acquired, in, to and under the following: 

 

	 	(i)	the Receivables Trust Certificate; 

	 	(ii)	all Collections received in respect of the Receivables and distributions in respect of the Receivables Trust Certificate after the Cut-Off Date; 

 

	 	(iii)	all Related Security; 

  

	 	(iv)	the Note Accounts and all Eligible Investments and all money, investment property, instruments and other property from time to time on deposit in or credited to the Note Accounts, together with all earnings, dividends,
distributions, income, issues and profits relating thereto; 

  

	 	(v)	all certificates and instruments, if any, representing or evidencing any or all of the Note Accounts or the funds on deposit therein from time to time; 

 

	 	(vi)	all rights, remedies, powers, privileges and claims of the Issuer under or with respect to the Transaction Documents (whether arising pursuant to the terms of any such Transaction Document or otherwise available to the
Issuer at law or in equity), including, without limitation, the rights of the Issuer to enforce any Transaction Document, and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with
respect to any Transaction Document to the same extent as the Issuer could but for the assignment and security interest granted hereunder; 

  

	 	(vii)	all rights, remedies, powers, privileges and claims of the Issuer under or with respect to any Interest Rate Hedge Agreement (whether arising pursuant to the terms of such Interest Rate Hedge Agreement or otherwise
available to the Issuer at law or in equity), including, without limitation, the rights of the Issuer to enforce such Interest Rate Hedge Agreement, and to give or withhold any and all consents, requests, notices, directions, approvals, extensions
or waivers under or with respect to such Interest Rate Hedge Agreement to the same extent as the Issuer could but for the assignment and security interest granted hereunder; 

 

	 	(viii)	all proceeds of any credit insurance policies or collateral protection insurance policies relating to any Receivables, to the extent of the Seller’s interest therein; 

 

	 	(ix)	all accounts, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and supporting obligations, consisting of,
arising from, purporting to secure, or relating to, any of the foregoing; and 

  

	 	(x)	 all present and future claims, demands, causes and choses in action and all payments on or under and all proceeds
of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of all of the foregoing and the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, 

  
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insurance proceeds, investment property, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or
part of or are included in the proceeds of any of the foregoing proceeds of the foregoing (collectively, the “Trust Estate”). 

The Receivables Trust hereby grants to the Indenture Trustee on the Note Initial Increase Date, for the benefit of the Indenture Trustee, the
Noteholders, and any other Secured Party, to secure the Issuer Obligations, a continuing Lien on all of the Receivables Trust’s right, title and interest in, to and under the Receivables Trust Estate, whether now owned or existing or hereafter
arising or acquired. 
 The foregoing Grants are made in trust to secure the payment of principal of and interest on, and any other amounts
owing in respect of, the Issuer Obligations, equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 

The Indenture Trustee, for the benefit of the Secured Parties, hereby acknowledges such Grants, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and the Lien on the Trust Estate conveyed by the Issuer pursuant to the Grant and the Lien on the Receivables Trust Estate conveyed by the Receivables Trust pursuant to the Grant, declares that it
shall maintain such right, title and interest, upon the trust set forth, for the benefit of all Secured Parties, and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 

ARTICLE I 
 Definitions

 SECTION 1.01 Defined Terms. 

Capitalized terms in this Indenture that are not otherwise defined herein shall have the respective meanings assigned to them in Schedule II
(the “Definitions Schedule”) to the Servicing Agreement dated as of the Closing Date among Conn Appliances, Inc., as Servicer, the Receivables Trust, the Indenture Trustee and the Issuer. 

SECTION 1.02 Rules of Construction. 

(a) All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. 
 (b) Where the character or amount of any asset or liability or item of income or expense
is required to be determined, or any accounting computation is required to be made, for the purpose of this Indenture, such determination or calculation shall be made in accordance with GAAP. When used herein, the term “financial
statement” shall include the notes and schedules thereto. All accounting determinations and computations hereunder or under any other Transaction Documents shall be made without duplication. 

  
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 (c) The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture; and Section, subsection, Schedule and Exhibit references contained in this Indenture are references to
Sections, subsections, Schedules and Exhibits in or to this Indenture unless otherwise specified. 
 (d) In this Indenture,
unless the context otherwise requires: 
 (i) “or” is not exclusive; 

(ii) the singular includes the plural and vice versa; 

(iii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors
and assigns are permitted by this Indenture, and reference to any Person in a particular capacity only refers to such Person in such capacity; 

(iv) reference to any gender includes the other gender; 

(v) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or
in part, and in effect from time to time; 
 (vi) unless otherwise specified in this Indenture, reference to any agreement,
document or instrument shall be to such agreement, document or instrument as amended, restated, supplemented or otherwise modified from time to time; 

(vii) “including” (and with correlative meaning “include”) means “including without limitation”;
and 
 (viii) with respect to the determination of any period of time, “from” means “from and including”
and “to” means “to but excluding”. 
 ARTICLE II 

The Notes 
 SECTION
2.01 Form Generally. 
 The Administrative Agent shall be deemed to be the “Holder” for purposes of this
Indenture, unless and until the Note Initial Increase Date. The Notes shall be designated as the “Conn’s Receivables Warehouse, LLC Class A Notes.” The Notes shall be in substantially the form attached as Exhibit A hereto.
Except as otherwise expressly provided herein, the Notes will be issued in fully registered form only and shall be numbered serially for identification. The terms of the Notes set forth in Exhibit A to this Indenture are part of the terms of
this Indenture. The Notes shall be typewritten, word processed, printed, lithographed, engraved or produced by any combination of these methods, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

  
 4 

 SECTION 2.02 Denominations. 

The Notes shall be issued in fully registered form in minimum amounts of $100,000 and in integral multiples of $1,000 in excess thereof. 

SECTION 2.03 Execution, Authentication and Delivery. 

Each Note shall be executed by manual or facsimile signature on behalf of the Issuer by an Authorized Officer of the Issuer. 

Notes bearing the manual or facsimile signature of an individual who was, at the time when such signature was affixed, authorized to sign on
behalf of the Issuer shall not be rendered invalid, notwithstanding the fact that such individual ceased to be so authorized prior to the authentication and delivery of such Notes or does not hold such office at the date of issuance of such Notes.

 On the Note Initial Increase Date, the Issuer shall execute and the Indenture Trustee, upon Issuer Order, shall authenticate and deliver
Notes for original issue in an aggregate principal amount of up to the Note Maximum Balance. At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture
Trustee for authentication and delivery, and the Indenture Trustee, upon Issuer Order, shall authenticate and deliver such Notes as provided in this Indenture and not
otherwise; provided that, unless otherwise expressly requested by the Noteholders in writing, any Note Balance Increase
after the Note Initial Increase
Date will not be considered an event requiring a new Note issuance, but shall merely cause an increase of the outstanding
principal balance of the Note (even if the outstanding principal balance immediately prior to such Note Balance Increase is zero). Such Note Balance Increase shall be recorded by the Administrative Agent in the Register maintained by the
Administrative Agent under Section 11.16 of the Note Purchase Agreement. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by or on behalf of the Indenture Trustee by the manual signature of a duly authorized signatory, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.04
Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Note Registrar. 
 (a) The Indenture Trustee
shall act as, or shall appoint, a note registrar (in such capacity, the “Note Registrar”) that shall provide for the registration of Notes, and transfers and exchanges of Notes as herein provided. The Note Registrar shall initially
be the Indenture Trustee and any co-note registrar chosen by the Indenture Trustee and acceptable to the Issuer. The Note Registrar shall keep a register (the “Note Register”) in which, subject to such reasonable regulations as it
may prescribe, the registration of Notes and the registration of transfers of Notes shall be provided. The Note Registrar shall act solely for the purpose of maintaining the Note Register as an agent of the Issuer. Any transfer of an interest in a
Note shall be reflected in the 

  
 5 

 
Note Register and entries in the Note Register shall be presumed correct. The Issuer hereby has the right to examine the Note Register at any time upon reasonable notice to the Note Registrar.
Any reference in this Indenture to the Note Registrar shall include any co-note registrar unless the context requires otherwise. The Indenture Trustee may revoke such appointment and remove any Note Registrar if the Indenture Trustee determines in
its sole discretion that such Note Registrar failed to perform its obligations under this Indenture in any material respect. Any Note Registrar shall be permitted to resign as Note Registrar upon thirty (30) days written notice to the Issuer
and the Indenture Trustee; provided, however, that such resignation shall not be effective and such Note Registrar shall continue to perform its duties as Note Registrar until the Indenture Trustee has appointed a successor Note
Registrar (which may be the Indenture Trustee) reasonably acceptable to the Issuer; provided, further, that if the Indenture Trustee resigns and the Indenture Trustee is the Note Registrar at the time of such resignation, then, at the
effective time of the Indenture Trustee’s resignation, the Note Registrar shall be deemed resigned and shall thereafter have no further obligations with respect to this Indenture. 

(b) No transfer, sale, pledge or other disposition of any Note or interest therein shall be made unless that transfer, sale, pledge or other
disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. None of the
Issuer, the Indenture Trustee or the Note Registrar is obligated to register or qualify any Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any
Note or interest therein without registration or qualification. Any Noteholder desiring to effect a transfer of Notes or interests therein shall, and does hereby agree to, indemnify the Issuer, the Indenture Trustee and the Note Registrar against
any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. Any attempted transfer, sale, pledge or other disposition of any Note or interest therein in contravention of this
Section 2.04 will be void ab initio and the purported transferor will continue to be treated as the owner of the Notes for all purposes. 

(c) The Notes have not been registered under the Securities Act or any state securities law. The Notes will be issued only in the form of one
or more fully-registered Definitive Notes without interest coupons. The Issuer represents that the Notes are of the type of debt instruments where payments under such debt instruments may be accelerated by reason of prepayments of other obligations
securing such debt instruments. 
 Each purchaser of a Note will be required to certify, and by acceptance of a Note shall be deemed to have
certified, to the Indenture Trustee and Note Registrar that: 
 (i) the purchaser is a QIB or (in the case of the initial
purchaser of Notes) an Institutional Accredited Investor and is acquiring such Notes for its own account or as a fiduciary or agent for others (which others are also QIBs or Institutional Accredited Investors) for investment purposes and not for
distribution in violation of the Securities Act, and it is able to bear the economic risk of an investment in the Notes and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of
purchasing the Notes; 

  
 6 

 (ii) the purchaser understands that the Notes are being offered only in a
transaction that does not require registration of the Notes under the Securities Act and, if such purchaser decides to resell, pledge or otherwise transfer such Notes, then it agrees that it will resell, pledge or transfer such Notes only to a
person who the seller reasonably believes is a QIB acquiring the Notes for its own account or as a fiduciary or agent for others (which others must also be QIBs) to whom notice is given that the resale or other transfer is being made in reliance on
Rule 144A or another exemption from registration under the Securities Act; 
 (iii) the purchaser shall notify each
transferee of the Notes that (1) the Notes have not been registered under the Securities Act, (2) the holder of Notes is subject to the restrictions on the resale or other transfer thereof described in paragraph (ii) above, and
(3) such transferee shall be deemed to have represented (x) as to its status as a QIB in reliance on Rule 144A or another exemption from registration under the Securities Act, (y) that such transferee is acquiring the Notes for its
own account or as a fiduciary or agent for others (which others also must be QIBs), and (z) that such transferee shall be deemed to have agreed to notify its subsequent transferees as to the foregoing; 

(iv) the purchaser understands that each Note will bear the legends set forth in Exhibit A hereto; and 

(v) either (a) it is not and is not acting on behalf or using the assets of (1) an “employee benefit plan”,
as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (2) a “plan,” as defined in Section 4975(e)(1) of the Internal Revenue Code that is subject to Section 4975 of the Internal Revenue Code,
(3) an entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R.
Section 2510.3-101, as modified by Section 3(42) of ERISA), or (4) any governmental, church, non-U.S. or other plan that is subject to any non-U.S., federal, state or local law that is substantially similar to Section 406 of
ERISA or Section 4975 of the Internal Revenue Code (“Similar Law”) or an entity whose underlying assets include assets of any such plan; or (b) the acquisition, continued holding and disposition of the Notes (or any
interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code or result in a non-exempt violation of Similar Law. 

(d) At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to
Rule 12g3-2(b) under the Exchange Act, upon the request of a Noteholder, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information to such Noteholder, to a prospective purchaser of such Note designated by such Noteholder or to
the Indenture Trustee for delivery to such Noteholder or a prospective purchaser designated by such Noteholder, as the case may be, in order to permit compliance by such Noteholder with Rule 144A in connection with the resale of a Note by such
Noteholder. 
 (e) Notwithstanding anything contained herein to the contrary, neither the Indenture Trustee nor the Note Registrar shall be
responsible for ascertaining whether any transfer of the Notes complies with the registration provisions of or exemptions from the Securities Act, 

  
 7 

 
applicable state securities laws, ERISA (or, in the case of a governmental plan or a church plan (as described in ERISA Sections 3(32) and 3(33), respectively) any substantially similar federal,
state or local law), the Internal Revenue Code or the Investment Company Act, but shall only be required to receive any transferee certification required pursuant to the terms of this Indenture with no duty whatsoever to confirm the accuracy of any
of the information contained therein. 
 (f) If a Person is acquiring any Note or interest therein as a fiduciary or agent for one or more
accounts, such Person shall be required to deliver to the Note Registrar (and the applicable Noteholder shall cause such fiduciary or agent to so deliver) a certification to the effect that it has (i) sole investment discretion with respect to
each such account and (ii) full power to make the foregoing acknowledgments, representations, warranties, certifications and agreements with respect to each such account as set forth in this Section 2.04, which the Indenture Trustee
shall have no duty to investigate or verify. 
 (g) Subject to the preceding provisions of this Section 2.04, upon surrender for
registration of transfer of any Note at the offices or agency of the Note Registrar maintained for such purpose, the Issuer shall execute and the Indenture Trustee, upon Issuer Order, shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of a like denomination. As of [the Closing Date,]February 6, 2018, the offices of the Note Registrar maintained for such purpose
are located at the Corporate Trust Office of the Indenture Trustee. 
 (h) At the option of any Noteholder, its Notes may be exchanged
for other Notes of authorized denominations and of a like aggregate denomination, upon surrender of the Notes to be exchanged at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange, the
Issuer shall execute and the Indenture Trustee as authenticating agent, upon Issuer Order, shall authenticate and deliver the Notes which the Noteholder making the exchange is entitled to receive. 

(i) Every Note presented or surrendered for transfer or exchange shall (if so required by the Note Registrar) be duly endorsed by, or be
accompanied by a written instrument of transfer in the form satisfactory to the Note Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing, and the signature of the Holder shall be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar, in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act. 
 (j) Every Note issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration or exchange. 

(k) No service charge shall be imposed for any transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes. 

  
 8 

 (l) All Notes surrendered for transfer and exchange shall be physically canceled by the Note
Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures. 
 (m) The Note Registrar
shall provide to the Issuer, upon reasonable written request, and at the expense of the requesting party, an updated copy of the Note Register. The Issuer shall have the right to inspect the Note Register or to obtain a copy thereof at all
reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register. 

SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. 

If (a) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar, or the Indenture Trustee or the Note Registrar
receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (b) in case of destruction, loss or theft there is delivered to the Indenture Trustee, the Issuer, the Depositor or the Note Registrar, as the case may be,
such security or indemnity as may be required by it to hold the Issuer, the Depositor, the Note Registrar and the Indenture Trustee harmless, then, in the absence of written notice to the Issuer, the Depositor, the Note Registrar or the Indenture
Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), the Issuer shall execute, and upon Issuer Order the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and aggregate principal amount, bearing a number not contemporaneously outstanding; provided, however, that if any such mutilated, destroyed, lost
or stolen Note shall have become or within seven (7) days shall be due and payable, or shall have been selected or called for redemption, instead of issuing a replacement Note, the Issuer may pay such Note without surrender thereof, except that
any mutilated Note shall be surrendered. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article
8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person
to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and
shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

In connection with the issuance of any replacement Note under this Section 2.05, the Issuer, the Indenture Trustee or the Note
Registrar may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of
the Indenture Trustee or the Note Registrar and their respective counsel) connected therewith. 
 Any replacement Note issued pursuant to
this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute complete and indefeasible evidence of a debt of the Issuer, as if originally issued, whether or not the destroyed, lost or stolen Note shall be
found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

  
 9 

 The provisions of this Section 2.05 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION
2.06 Persons Deemed Owners. 
 The Indenture Trustee, the Note Registrar, the Depositor, the Issuer and any agent of any
of them may prior to due presentation of a Note for registration of transfer, treat the Person in whose name any Note is registered in the Note Register as the holder of such Note for the purpose of receiving distributions pursuant to the terms of
this Indenture and for all other purposes whatsoever, and, in any such case, none of the Indenture Trustee, the Note Registrar, the Depositor, the Issuer nor any agent of any of them shall be affected by any notice to the contrary. Upon any request
or inquiry by a Noteholder, the Indenture Trustee or the Note Registrar shall be entitled to receive a certification in form reasonably satisfactory to the Indenture Trustee and the Note Registrar, to enable the Indenture Trustee and the Note
Registrar to confirm the status of such Person as a Noteholder. 
 SECTION 2.07 Cancellation. 

All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the
Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee and shall no longer be considered Outstanding for any purpose hereunder. The Issuer may at any time deliver to the Indenture Trustee
for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any lawful manner whatsoever. All Notes delivered by the Issuer or any other Person for cancellation shall be promptly cancelled by the
Indenture Trustee and such cancellation shall be recorded in the Note Register. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Notes held by the Indenture Trustee shall be destroyed or retained in accordance with its standard document retention or disposal policy in effect at such time unless the Issuer shall direct prior to destruction that they be returned
to the Issuer. 
 SECTION 2.08 Note Principal Amount Increases; Decreases. 

(a) Note Principal Amount Increases. 

(i) The Issuer may, at any time except when an [Early
Amortization ]Event of Default has occurred that is continuing on such date, upon prior irrevocable written notice (in accordance with the timing described below) (such notice, a “Note Initial Increase Notice”) (which notice
shall refer to the Note Initial Increase Date) to the Primary Note Purchaser, the Administrative Agent (who may forward (or direct the Issuer to forward) such notice to any other potential Purchasers), the Indenture Trustee and the Servicer, request
an initial draw of up to the Note Maximum Balance (such initial amount, a “Note Initial Increase”). Subject to this Section 2.08(a) and Section 2.04 of the Note Purchase Agreement,

  
 10 

 
prior to the delivery of a Commitment Letter pursuant to Section 2.04(e) of the Note Purchase Agreement, none of the Primary Note Purchaser, Noteholders, Purchasers or other Permitted
NPA Assignees, as applicable, are under any obligation to fund the Note Initial Increase, and any consent to provide all or a portion of the Note Initial Increase by the Primary Note Purchaser or any Noteholder, Purchaser or other Permitted NPA
Assignee, as applicable, will be in the sole and absolute discretion of the Primary Note Purchaser or such Noteholder, Purchaser or other Permitted NPA Assignee, as applicable. On any Business Day after the Note Initial Increase Date and prior to
the Facility Turbo Date, the Issuer may, upon prior irrevocable written notice (in accordance with the timing described below), which notice shall refer to the Note Balance Increase Date, to each of the Primary Note Purchaser, the Administrative
Agent (who may forward (or direct the Issuer to forward) such notice to any other potential Purchasers), the Indenture Trustee and the Servicer (such notice, a “Note Balance Increase Notice”), request a further draw that would
increase in the outstanding principal balance of the Notes in the specified amounts (each such requested amount, a “Note Balance Increase”). Subject to this Section 2.08(a) and Section 2.04 of the Note
Purchase Agreement, prior to the delivery of a Commitment Letter pursuant to Section 2.04(e) of the Note Purchase Agreement, none of the Primary Note Purchaser, Noteholders, Purchasers or other Permitted NPA Assignees, as applicable, are
under any obligation to fund any Note Balance Increase, and any consent to provide all or a portion of a Note Balance Increase by the Primary Note Purchaser or any Noteholder, Purchaser or other Permitted NPA Assignee, as applicable, will be in the
sole and absolute discretion of the Primary Note Purchaser or such Noteholder, Purchaser or other Permitted NPA Assignee, as applicable. 

(ii) The Issuer must deliver the Note Initial Increase Notice or Note Balance Increase Notice, as applicable, at least
thirty-one (31) days prior to the requested Note Initial Increase Date or Note Balance Increase Date, as applicable; provided, this notice requirement shall be deemed satisfied with respect to any Note Initial Increase or Note Balance
Increase, as applicable, to the extent waived in writing by the Administrative Agent. Such notice will contain all information regarding the requested Note Initial Increase or Note Balance Increase, as applicable, and a data tape describing all
Receivables that will be purchased pursuant to such Note Initial Increase or Note Balance Increase (except for the information delivered to the Indenture Trustee). The Issuer agrees to provide all other information in its or its Affiliates’
possession or control, including without limitation, information with respect to such Receivables, the requested Note Initial Increase or Note Balance Increase, as applicable, and the Sponsor, Depositor, Servicer, and the Receivables Trust,
requested by the Administrative Agent in relation to the requested Note Balance Increase. The Primary Note Purchaser and applicable Noteholders, Purchasers or other Permitted NPA Assignees will have thirty (30) days to review the materials
provided and decide whether to fund the requested Note Initial Increase or Note Balance Increase, as applicable; provided, that the Issuer and Administrative Agent may agree to an extension of such thirty (30) day period. 

  
 11 

 (iii) If the Primary Note Purchaser individually and/or on behalf of one or more
Noteholders, Purchasers or other Permitted NPA Assignees (for purposes of this Section and with respect to the Note Initial Increase or any Note Balance Increase, collectively, the “Note Increase Purchasers” for such Note
Initial Increase or Note Balance Increase, as applicable), consents to and commits to fund the Note Initial Increase or Note Balance Increase, then the Primary Note Purchaser shall (x) provide a Commitment Letter evidencing such consent to the
Issuer, the Administrative Agent, the Indenture Trustee and the Servicer in accordance with Section 2.04(e) of the Note Purchase Agreement and (y) be committed to fund such Note Initial Increase or Note Balance Increase, as applicable, on
any Business Day occurring within seven (7) days of the Commitment Letter Delivery Date (or such longer period as is agreed by the Primary Note Purchaser), such funding to occur on the Business Day within such period as specified by the Issuer,
in the notice in the immediately succeeding sentence, or such other period as may be mutually agreed by the Issuer and the Primary Note Purchaser. Upon receipt of the Commitment Letter, the Issuer shall notify the Administrative Agent and the
Primary Note Purchaser of the Note Initial Increase Date or Note Balance Increase Date, as applicable, by delivering irrevocable written notice by 11 a.m. on the Business Day prior to such the Note Initial Increase Date or Note Balance Increase
Date, as applicable. The Note Initial Increase or Note Balance Increase, as applicable, shall occur on such specified Note Initial Increase Date or Note Balance Increase Date, as applicable, with payment, in same day funds, by the Primary Note
Purchaser (or, as specified by the Administrative Agent, any other Note Increase Purchasers) to the Issuer of the amount of such Note Initial Increase or Note Balance Increase, as applicable, in accordance with the payment instructions specified in
the Note Initial Increase Notice or such Note Balance Increase Notice, as applicable (as such instructions may be amended thereafter by notice from the Issuer to the Administrative Agent and Primary Note Purchaser prior to such Note Initial Increase
or Note Balance Increase, as applicable). 
 (b) Note Principal Amount Decreases. On any Business Day, the Issuer may, upon five
(5) Business Days’ prior irrevocable written notice to each of the Noteholders, the Indenture Trustee and the Servicer specifying the excess amounts to be paid, pay principal, in excess of the amount required to reduce the Note Balance to
the Target Class A Principal Amount (such excess amount, a “Note Balance Decrease”), together with accrued and unpaid interest on such Note Balance Decrease; provided, the notice requirement of this Section 2.08(b)
will be deemed satisfied to the extent waived in writing by the Administrative Agent. Such Note Balance Decrease shall be allocated by the Administrative Agent among the Notes ratably based on the outstanding principal balance of each Note, and
payment shall be made to the corresponding Noteholders. The Issuer will be required to also pay a Breakage Fee to the Noteholders on the applicable Payment Date if either (i) any Note Balance Decrease is undertaken with less than five
(5) Business Days’ prior irrevocable written notice, or (ii) prior irrevocable notice of a Note Balance Decrease is provided to the Noteholders but the Note Balance Decrease fails to occur on the specified date. 

  
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 ARTICLE III 

Representations and Covenants of Issuer 

SECTION 3.01 Payment of Principal and Interest. 

(a) The Issuer will duly and punctually pay principal of and interest on the Notes, in each case in accordance with the terms of the Notes and
as specified herein. 
 (b) On each Payment Date, the Noteholders as of the related Record Date shall be entitled to the interest accrued at
the applicable interest rate or rates determined pursuant to the Note Purchase Agreement and principal payable on such Payment Date as specified herein. Notwithstanding the foregoing but subject to Section 5.08, the entire unpaid
principal balance of each Note shall be due and payable if not previously paid or declared to be due and payable pursuant to Section 5.03 on its respective Maturity Date. All payment obligations under a Note are discharged to the extent
such payments are made to the Noteholder of record as of such related Record Date by wire transfer in immediately available funds to the account designated by such Noteholder. 

SECTION 3.02 Maintenance of Office or Agency. 

The Indenture Trustee will maintain its Corporate Trust Office at Wells Fargo Center, 600 S 4th St., MAC N9300-061, Minneapolis, MN 55479,
Attention: Corporate Trust Services – Asset Backed Securities, where Notes may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Indenture Trustee will give prompt written
notice to the Issuer and the Noteholders of any change in the location of the Corporate Trust Office. 
 SECTION 3.03 Money for
Note Payments to Be Held in Trust. 
 As specified in Section 8.03, all payments of amounts due and payable on or
with respect to the Notes, which are to be made from amounts withdrawn from the Collection Account, shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so withdrawn from the Collection Account shall be paid over to the
Issuer except as provided in this Indenture. 
 Subject to Requirements of Law with respect to escheat of funds, and after such notice
required with respect to Notes not surrendered for cancellation pursuant to Section 10.02(b) is given, any money held by the Indenture Trustee in trust for the payment of any amount due with respect to any Note remaining unclaimed for
two years after such amount has become due and payable shall be discharged from such trust, and the Indenture Trustee shall give prompt notice of such occurrence to the Issuer and shall release such money to the Issuer on Issuer Order; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer (and then only to the extent of the amounts so paid to the Issuer) for payment thereof, and all liability of the Indenture Trustee with respect to such
trust money shall thereupon cease. The cost of any such notice or publication shall be paid out of funds in the Collection Account. The Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of
notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee, at the last address of record for each such Holder). 

  
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 SECTION 3.04 Existence. 

The Issuer will preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its incorporation or
organization, and qualify and remain qualified in good standing as a foreign entity in the jurisdiction where its principal place of business and its chief executive office are located and in each other jurisdiction where the failure to preserve and
maintain such existence, rights, franchises, privileges and qualifications would have an Adverse Effect. The Issuer shall not: 
 (i) be a
party to any merger or consolidation, or directly or indirectly purchase or otherwise acquire all or substantially all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, except for Eligible
Investments, or sell, transfer, assign, convey or lease any of its property and assets (or any interest therein) other than pursuant to, or as contemplated by, this Indenture or the other Transaction Documents; 

(ii) make, incur or suffer to exist an investment in, equity contribution to, loan or advance to, or payment obligation in respect of the
deferred purchase price of property from, any other Person, except for Eligible Investments or pursuant to the Transaction Documents; 

(iii) create any direct or indirect Subsidiary or otherwise acquire direct or indirect ownership of any equity interests in any other Person
other than the Receivables Trust or pursuant to the Transaction Documents; or 
 (iv) enter into any transaction with any Affiliate except
for the transactions contemplated by the Transaction Documents and other transactions upon fair and reasonable terms materially no less favorable to the Issuer than would be obtained in a comparable arm’s length transaction with a Person not an
Affiliate. 
 SECTION 3.05 Protection of Trust. 

The Issuer will from time to time take all actions, including without limitation preparing, or causing to be prepared, authorizing, filing,
executing and delivering all such supplements and amendments hereto and all such financing statements, amendments to financing statements, continuation statements, if any, instruments of further assurance and other instruments, necessary or
advisable to: 
 (a) grant more effectively all or any portion of the Trust Estate or Receivables Trust Estate as security for the Notes;

 (b) maintain or perfect or preserve the lien and security interest (and the priority thereof) of this Indenture or to carry out more
effectively the purposes hereof; 
 (c) perfect, publish notice of, or protect the validity of any Grant made or to be made by this Indenture
and the priority thereof; 

  
 14 

 (d) enforce or cause the Servicer to enforce the Receivables; or 

(e) preserve and defend title to the Receivables Trust Estate and Trust Estate and the rights therein of the Indenture Trustee and the
Noteholders secured thereby against the claims of all Persons and parties. 
 Each of the Issuer and the Receivables Trust hereby designates
the Indenture Trustee its agent and attorney-in-fact to execute or file any instrument required pursuant to this Section 3.05; provided, however, that the Indenture Trustee shall not be obligated to execute, file or
authorize such instruments and shall have no liability in connection therewith, including on account of any non-filing of any thereof and such appointment shall in no way be deemed to be an assumption of any of the duties or obligations of the
Issuer under this Section 3.05. Financing statements filed pursuant to such appointment may describe the Trust Estate or Receivables Trust Estate in the same manner as described herein or may describe the collateral subject thereto as
“All of the Debtor’s personal property and other assets, whether now owned or existing or hereafter acquired or arising, together with all products and proceeds thereof, substitutions and replacements therefor, and additions and accessions
thereto.” 
 The Issuer shall pay or cause to be paid any taxes levied on all or any part of the Trust Estate from amounts available
for such purpose pursuant to this Indenture. 
 SECTION 3.06 [Reserved]. 

SECTION 3.07 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer shall not take any action and shall use its best efforts not to permit any action to be taken by others that would release any
Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Receivables Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or
impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Servicing Agreement or such other instrument or agreement. 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee and the Administrative Agent in an Officer’s Certificate of the Issuer shall satisfy the obligations of the Issuer with respect thereto and shall be deemed to be an action taken by the Issuer.

 (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other
Transaction Documents and in the instruments and agreements relating to the Trust Estate or Receivables Trust Estate, including but not limited to preparing, authorizing and filing or causing to be filed all UCC financing statements and amendments
to financing statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein. 

  
 15 

 (d) If the Issuer or the Servicer shall have actual knowledge of the occurrence of a Servicer
Default or an Unmatured Servicer Default under the Servicing Agreement, the Issuer or Servicer, as applicable, shall promptly notify the Administrative Agent, each Noteholder, the Indenture Trustee and, in the case of a Servicer Default, the Rating
Agency thereof (if any Rating Agency then provides a rating on the Notes), and shall specify in such notice the action, if any, being taken with respect to such default. If a Servicer Default or an Unmatured Servicer Default of which the Issuer has
actual knowledge shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement with respect to the Trust Estate or Receivables Trust Estate, the Issuer shall take all reasonable steps
available to it or as may be directed by the Indenture Trustee (acting at the written direction of the Required Noteholders) to remedy such failure or to cause such failure to be remedied. 

(e) The Issuer shall deliver any Receivables Schedule received by it pursuant to the Servicing Agreement to the Indenture Trustee. 

(f) The Issuer agrees not to waive timely performance or observance by the Servicer or the 2016-[A]B
 Seller of their respective duties without the prior consent of the Administrative Agent (at the direction of the Required Noteholders). 

SECTION 3.08 Negative Covenants. 

So long as any Notes are
Outstanding or the 2018 Commitment Letter is effective but the Notes have not yet been issued, the Issuer shall not: 
 (a) unless the Notes are repaid in full concurrently therewith, sell,
transfer, convey, exchange, pledge or otherwise dispose of any part of the Trust Estate or Receivables Trust Estate except as expressly permitted by the Indenture; 

(b) claim any credit on, or make any deduction from, the principal and interest payable in respect of the Notes (other than amounts properly
withheld from payments under Requirements of Law) or assert any claim against any present or former Noteholder by reason of the payment of any taxes levied or assessed upon any part of the Trust Estate or Receivables Trust Estate; 

(c) unless the Notes are repaid in full concurrently therewith (1) permit the validity or effectiveness of this Indenture to be impaired,
or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly
permitted hereby, (2) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or
Receivables Trust Estate or any part thereof or any interest therein, except for Permitted Liens or (3) permit the lien of this Indenture not to constitute a valid first priority perfected security interest in the Trust Estate or Receivables
Trust Estate, subject only to Permitted Liens; or 
 (d) voluntarily dissolve or liquidate in whole or in part. 

  
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 SECTION 3.09 Statements as to Compliance. 

(a) The Issuer will deliver to the Administrative Agent, no later than March 31st of each calendar year, so long as any Note is
Outstanding (commencing March 31, 2018), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(i) a review of the activities of the Issuer during the most recently ended fiscal year (or in the case of the fiscal year
ending December 31,
[2017,]
2018, the period from the Closing Date to December 31, [2017]2018) and of performance under
this Indenture and the Servicing Agreement has been made under such Authorized Officer’s supervision; and 
 (ii)
to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has materially complied with all conditions and covenants under this Indenture and the Servicing Agreement throughout such year, or, if there has been a
default in its compliance with any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 

(b) The Servicer will deliver to the Administrative Agent on or before the one-year anniversary of the Closing Date and on each anniversary
thereof so long as any Note is Outstanding, a certificate of an Authorized Officer of the Servicer stating that (a) a review of the activities of the Servicer during the preceding year and of its performance under this Indenture was made under
the supervision of the Authorized Officer signing such certificate and (b) to the best of such Authorized Officer’s knowledge, based on such review, the Servicer has fully performed in all material respects all of its obligations under the
Servicing Agreement and each other applicable Servicer Transaction Document to which it is a party throughout such period, or, if there has been a default in the performance of any such obligation, specifying such default known to such Authorized
Officer and the nature and status thereof. 
 SECTION 3.10 Issuer’s Name, Location, etc. 

(a) The Issuer’s exact legal name is, and at all times has been, the name that appears for it on the signature page below. 

(b) The Issuer has not used any trade or assumed names. 

(c) The Issuer is, and at all times has been, a “registered organization” (within the meaning of Article 9 of the UCC), organized
solely under the laws of the State of Delaware. 
 (d) The Issuer will not change its name, its type or jurisdiction of organization, or its
organizational identification number unless it has given the Indenture Trustee and the Administrative Agent at least thirty (30) days prior written notice of such change. 

  
 17 

 SECTION 3.11 Amendments. 

Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees that it will not (i) terminate, amend, waive, supplement or otherwise modify any of, or consent to the assignment by any party of, the Transaction Documents to which it is a party, and (ii) to
the extent that the Issuer has the right to consent to any termination, waiver, amendment, supplement or other modification of, or any assignment by any party of, any Transaction Document to which it is not a party, give such consent, unless, in
each case (a) the Issuer shall have either (1) received the written consent of the Administrative Agent to such termination, waiver, amendment, supplement, other modification or assignment or (2) given the Administrative Agent ten
(10) days’ prior written notice (which notice period may be reduced or waived by the Administrative Agent in its sole discretion) of such termination, waiver, amendment, supplement, other modification or assignment and shall not have
received within such ten-day period written notice from the Administrative Agent that it objects to such action; and (b) the other requirements with respect to such termination, amendment, waiver, supplement or other modification, or such
assignment, as applicable, contained in the Transaction Documents (including this Section 3.11) are satisfied. 
 SECTION 3.12
No Borrowing. 
 The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for
any indebtedness except as expressly contemplated by the Transaction Documents and the Notes. 
 SECTION 3.13 Guarantees, Loans,
Advances and Other Liabilities. 
 Except as expressly contemplated by the Receivables Trust Agreement, the Servicing Agreement,
this Indenture or the other Transaction Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently
to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.14 Tax Treatment. 

The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for federal, state and local income and
franchise tax purposes, (i) the Notes will qualify as indebtedness secured by the assets of the Issuer and (ii) the Issuer shall not be treated as an association or publicly traded partnership taxable as a corporation. The Issuer, by
entering into this Indenture, and each Noteholder, by the acceptance of any such Note (and each beneficial owner of a Note, by its acceptance of an interest in the applicable Note), agree to treat such Notes for federal, state and local income and
franchise tax purposes as indebtedness, and to file all federal, state and local income tax and information returns and reports required to be filed with respect to any of the Notes, under any applicable federal, state or local tax statute or any
rule or regulation under any of them, consistent with such characterization. Each Holder of such Note agrees that it will cause any owner of a security entitlement to such Note acquiring an interest in a Note through it to comply with this Indenture
as to treatment of indebtedness under applicable tax 

  
 18 

 
law, as described in this Section 3.14. The parties hereto agree that they shall not cause or permit the making, as applicable, of any election under Treasury Regulation
Section 301.7701-3 whereby the Issuer or any portion thereof would be treated as a corporation for federal income tax purposes. The provisions of this Indenture shall be construed in furtherance of the foregoing intended tax treatment. 

SECTION 3.15 Notice of [Eary Amortization Event,
]Servicer Default or Events of Default. 

The Issuer, or the Servicer on the Issuer’s behalf, shall deliver to the Indenture Trustee and the Administrative Agent promptly but in
any case within two (2) Business Days after the later of the occurrence thereof or the Issuer’s actual knowledge thereof, as applicable, written notice (in the form of an Officer’s Certificate of the Issuer), of (i) any Event of
Default and any Insolvency Event with respect to the Issuer and, to the extent that the Issuer has actual knowledge thereof, [any Early Amortization Event, ]any Servicer Default, Unmatured Servicer Default, Unmatured Event of Default or material default on the part of any party thereto of its obligations under the First Receivables Purchase Agreement, the Second
Receivables Purchase Agreement or the Servicing Agreement, including the status of such event, whether or not waived, and what action the Issuer is taking or proposes to take with respect thereto, or (ii) the acquisition of any Receivable by
the Receivables Trust that was not an Eligible Receivable at the time of such acquisition. The Issuer shall deliver a copy of any such notice, except for a notice relating to an Unmatured Servicer Default or Unmatured Event of Default, to the Rating
Agency (if any Rating Agency then provides a rating on the Notes) concurrently with the delivery thereof to the Indenture Trustee and the Administrative Agent. 

SECTION 3.16 No Other Business. 

The Issuer shall not engage in any business other than the purpose and powers set forth in Section 7 of its limited liability
company agreement and all activities incidental thereto. 
 SECTION 3.17 Further Instruments and Acts. 

Upon written request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 3.18 Maintenance of
Separate Existence. 
 The Issuer agrees to comply with the separateness covenants in Section 9(i) of its limited
liability company agreement. 
 SECTION 3.19 Perfection Representations, Warranties and Covenants. 

The perfection representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all
purposes. 

  
 19 

 SECTION 3.20 Other Representations of the Issuer. 

On the Note Initial Increase Date and any Note Balance Increase Date, the Issuer makes the following representations and warranties for the
benefit of the Indenture Trustee and the Noteholders: 
 (a) Binding Obligation. The Transaction Documents to which the Issuer is a
party or by which it is bound constitutes the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its respective terms, except as such enforceability may be limited by Debtor Relief Laws and general
principals of equity (whether considered in a suit at law or in equity), and except as rights to indemnity and contribution hereunder may be limited by federal or state securities laws or principles of public policy. 

(b) No Violation. The consummation of the transactions contemplated by the Transaction Documents to which the Issuer is a party or by
which it is bound and the fulfillments of the terms hereof and thereof will not (i) 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 Issuer or any other agreement or document to which the Issuer is a party or by which it or any of its property is bound or is subject or (ii) violate any Requirements of Law applicable to the Issuer,
which violation could reasonably be expected to have a material adverse effect. 
 (c) No Proceedings. There is no litigation,
proceeding or investigation pending before any Governmental Authority or, to the best knowledge of the Issuer, threatened against the Issuer. 

SECTION 3.21 Compliance with Laws. 

The Issuer shall comply with the Requirements of Law, the non-compliance with which would, individually or in the aggregate, materially
adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture, the Servicing Agreement or any other Transaction Document to which it is a party. 

SECTION 3.22 Restricted Payments. 

Except for monies paid to the Issuer pursuant to Section 8.06(a)(x) and any distribution or deemed distribution of the Receivables
Trust Estate upon payment in full of the Notes, the Issuer shall not declare or pay any dividend or distributions on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption,
defeasance, retirement or other acquisition of, its capital stock, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in its obligations. 

  
 20 

 ARTICLE IV 

Satisfaction and Discharge 

SECTION 4.01 Satisfaction and Discharge. This Indenture shall cease to be of further effect with respect to the Notes
except as to (i) rights of Noteholders to receive payments of principal thereof and interest thereon and any other amount due to Noteholders, (ii) Sections 3.03, 6.07, 10.02(b), 11.15 and 11.17,
(iii) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Sections 6.07 and 6.08 and the obligations of the Indenture Trustee under
Section 10.02(b)) and (iv) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the Indenture Trustee as described below payable to all or any of them, and the Indenture Trustee, in
accordance with an Issuer Order and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, on the first Business Day after the Payment Date with respect to
any Payment Date on which the Issuer has paid, caused to be paid or irrevocably deposited or caused to be irrevocably deposited in the Note Accounts and any Available Funds sufficient to pay in full all Issuer Obligations, and the Issuer has
delivered to the Indenture Trustee an Officer’s Certificate. 
 After any irrevocable deposit made pursuant to this Section and
satisfaction of the other conditions set forth in this Section, the Indenture Trustee promptly upon Issuer Order shall acknowledge in writing the discharge of the Issuer’s obligations under this Indenture except for those surviving
obligations specified above. 

  
 21 

 ARTICLE V 

Defaults and Remedies 

SECTION
5.01 [Reserved] [SECTION 5.01 Early Amortization
Event.]. 
 [An “Early Amortization
Event” means any one of the following events:] 
  

	 	[(a)	a Level I Trigger Event occurs and is continuing; provided, that any Early Amortization Event caused solely by the occurrence of a Level I Trigger Event will terminate and be deemed cured
and no longer continuing for all purposes on the first Payment Date following such Level I Trigger Event for which a Level I Trigger Event has not occurred; or] 

 

	 	[(b)	an Event of Default occurs; or] 

  

	 	[(c)	a Servicer Default occurs; or] 

  

	 	[(d)	(x) any change in the business, assets, operations or condition (financial or otherwise) of (i) the Servicer or (ii) the Seller, taken as a whole, has occurred which change has an
Adverse Effect and is not remedied within five (5) days after the occurrence thereof, it being understood that such change may be remedied by replacing the Servicer with an Eligible Servicer; or (y) any change in the business, assets,
operations, or condition (financial or otherwise) of the Backup Servicer has occurred which change has an Adverse Effect and is not remedied within ninety (90) days after the occurrence thereof, it being understood that such change may be
remedied by replacing the Backup Servicer with an Eligible Servicer.] 

 SECTION 5.02 Events of
Default. 
 An “Event of Default” means any one of the following events: 

(a) an Insolvency Event with respect to the Issuer, the Seller or the Sponsor shall have occurred; or 

(b) the Indenture Trustee shall cease to have a first-priority perfected security interest (subject to Permitted Liens) in all or any portion
of the Trust Estate or Receivables Trust Estate; or 
 (c) the Issuer shall have become subject to regulation by the SEC as an
“investment company” under the Investment Company Act or be a “covered fund” under the Volcker Rule; or 
 (d) the Issuer
shall become taxable as an association or a publicly traded partnership taxable as a corporation under the Internal Revenue Code; or 
 (e) a
default in the payment of any Monthly Interest due and payable on any Payment Date and such default shall continue for a period of two (2) Business Days; or 

  
 22 

 (f) a failure to pay the principal balance of all Outstanding Notes, together with all accrued
and unpaid interest thereon, in full on the Maturity Date; or 
 (g) the amount on deposit in the Reserve Account is less than the Required
Reserve Account Amount (or, if applicable, the Enhanced Required Reserve Account Amount), and such failure is not cured within two (2) Business Days’ notice of such failure; 

(h) a default or event of default by the Sponsor or the Servicer under any other indebtedness or other obligation of the Sponsor or the
Servicer in an amount greater than $10,000,000, which default gives the lender, creditor or comparable party the right to accelerate such indebtedness or other obligation; 

(i) the Sponsor or the Servicer shall fail to maintain committed credit facilities under the ABL Agreement (or a substantially similar
agreement) with aggregate commitments of at least $400,000,000; 
 (j) a failure by the Seller, the Sponsor, the Depositor or the Issuer to
make one or more payments, transfers or deposits required to be made by such Person under the Transaction Documents, as and when such payments, transfers or deposits are required to be made which continues unremedied for a period of five
(5) Business Days after the date on which notice of such failure, requiring the same to be remedied, shall have been given to the Seller, the Sponsor, the Depositor or the Issuer, as applicable, by the Indenture Trustee, or to the Seller, the
Sponsor, the Depositor or the Issuer, as applicable, and the Indenture Trustee by the Required Noteholders; or 
 (k) a failure on the part
of the Issuer, the Seller, the Sponsor, or the Depositor duly to observe or perform any other covenants or agreements of such Person set forth in this Indenture, the Note Purchase Agreement or any other Transaction Document to which it is a party,
which failure has a material adverse effect on the interests of the Noteholders (as determined by the Required Noteholders) and which continues unremedied for a period of thirty (30) days after the date on which notice of such failure,
requiring the same to be remedied, shall have been given to the Issuer, the Seller, the Sponsor, or the Depositor, as applicable, by the Indenture Trustee, or to the Issuer, the Seller, the Sponsor, or the Depositor, as applicable, and the Indenture
Trustee by the Required Noteholders; or 
 (l) any of (x) any representation, warranty or certification made by the Issuer in this
Indenture or the Note Purchase Agreement or in any certificate delivered pursuant to this Indenture or the Note Purchase Agreement shall prove to have been inaccurate when made or deemed made, (y) any representation, warranty or certification
made by the Depositor in the Second Receivables Purchase Agreement or the Note Purchase Agreement or in any certificate delivered pursuant to the Servicing Agreement or the Note Purchase Agreement shall prove to have been inaccurate when made or
deemed made or (z) any representation, warranty or certification made by the Seller, the Sponsor, or the Depositor in any Transaction Document to which it is a party or in any certificate delivered pursuant to any Transaction Document to which
it is a party shall prove to have been inaccurate when made or deemed made, and in each case which continues unremedied for a period of thirty (30) days after the date on which notice of such failure, requiring the same to be remedied, shall
have been given to the Issuer or the Depositor, as applicable, by the Indenture Trustee, or to the Issuer or the Depositor, as applicable, and the 

  
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Indenture Trustee by the Required Noteholders; provided that notwithstanding the foregoing and subject to the immediately succeeding clauses (i) and (ii), this clause (l) shall not
apply to any representations and warranties as to eligibility of Receivables or other Receivable level representations and warranties, unless either (i) (1) the Issuer knew the applicable representation or warranty was inaccurate when made
or deemed made, or (2) the applicable representation or warranty has been habitually false with respect to Receivables during the term of this Indenture, or (ii) any Receivable affected by such breach is not repurchased in accordance with
a Purchase Event and the timing and terms of Section 2.03 of the Servicing Agreement; or 
 (m) the Internal Revenue Service shall file
notice of a lien pursuant to Section 430 or Section 6321 of the Internal Revenue Code or a lien shall arise under Title IV of ERISA or Section 430(k) of the Internal Revenue Code with regard to the Issuer and, in either case, such
lien shall not have been released within thirty (30) days; or 
 (n) a Level II Trigger Event shall have occurred; or 

(o) the Cap Condition is not satisfied for five (5) consecutive
days after the date that is forty-five (45) days after the Administrative Agent has delivered a written notice to the Issuer
requesting that the Issuer cause the Cap Condition to be satisfied; or 
 (p)
a Change of Control shall have occurred; or 
 (q) one or more final judgments, orders, decrees or nonappealable adverse ruling shall be
entered against the Issuer (for any amount) or the Depositor (in an amount in excess of $250,000 individually or $1,000,000 in the aggregate (excluding judgments to the extent covered by insurance)), which is not vacated, discharged, satisfied,
stayed or bonded pending appeal within sixty (60) calendar days from the entry thereof; or 
 (r) any material provision of any of the
Transaction Documents shall cease to be in full force and effect (other than in accordance with its terms) or any Transaction Document shall cease to be the valid and binding obligation of, and enforceable against, any of the Borrower, the Servicer,
the Seller or any Affiliate thereof, as applicable. 
 SECTION 5.03 Acceleration of Maturity; Rescission and
Annulment. 
 (a) If an Event of Default described in clauses (b) through (r) of Section 5.02 shall have
occurred and be continuing, then in every such case the Indenture Trustee, at the written direction of the Required Noteholders, shall declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer, and upon any such
declaration the unpaid principal amount of the Notes, together with accrued or accreted and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b) If an Event of Default described in clause (a) of Section 5.02 shall have occurred and be continuing, then the unpaid
principal of all Notes, together with the accrued or accreted and unpaid interest thereon through the date of acceleration, shall automatically become, and shall be considered to be declared, due and payable. 

  
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 (c) At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Required Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul
such declaration and its consequences if: 
 (i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient
to pay: 
 (A) all payments of principal of and interest on the Notes (including penalty or default interest accrued as a
result of an Event of Default) and all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; and 

(B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of the Indenture Trustee and its agents and outside counsel and, if applicable, any such amounts due to the Receivables Trust Trustee; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or impair any
right consequent to it. 
 SECTION 5.04 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a) The Issuer covenants that if an Event of Default described in clauses (e) or (f) of Section 5.02 shall have occurred
and be continuing, the Issuer will, upon demand of the Indenture Trustee, immediately pay to the Indenture Trustee for the benefit of the Noteholders the whole amount then due and payable on such Note for principal and interest, with interest upon
the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest at the applicable interest rate or rates determined pursuant to the Note Purchase Agreement and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and outside counsel. 

(b) If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner
provided by law out of the Trust Estate or the property of another obligor on the Notes, wherever situated, the monies adjudged or decreed to be payable in the manner provided by law. 

  
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 (c) If an Event of Default occurs and is continuing, the Indenture Trustee may, subject to the
provisions of Section 5.03, Section 5.05, Section 5.12, Section 6.01 and Section 6.03, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by
such appropriate Proceedings as the Indenture Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any
power granted in this Indenture, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

(d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate or Receivables Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, now or hereafter in effect or in case a receiver,
conservator, assignee, trustee in bankruptcy, liquidator, sequestrator, custodian or other similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuer or the creditors or property of the Issuer or such other obligor or Person, the Indenture Trustee, regardless of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and regardless of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.04, shall be entitled and empowered, by intervention in such Proceedings or
otherwise: 
 (i) to file one or more claims for the whole amount of principal and interest owing and unpaid in respect of
the Notes, and to file such other papers or documents and take such actions as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each
predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee pursuant to
this Indenture, except as a result of negligence or bad faith) and of the Noteholders allowed; 
 (ii) unless prohibited by
Requirements of Law, to vote on behalf of the Noteholders, in any election of a trustee or a standby trustee in bankruptcy or a Person performing similar functions; and 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; 
 and any trustee, receiver or liquidator,
custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to
such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee pursuant to this Indenture except as a result of negligence or bad faith. 

  
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 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or
consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder, or to authorize the Indenture Trustee to vote in respect of
the claim of any Noteholder in any such proceeding except, as provided in (d)(ii) above, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the
Holders of the Notes as provided herein. 
 (g) In any Proceedings brought by the Indenture Trustee (except with respect to any Proceedings
to which the Indenture Trustee shall be a party (i) involving the interpretation of any provision of this Indenture or (ii) brought against the Issuer for the purpose of enforcing the Indenture Trustee’s rights hereunder, including
its right to indemnification), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any such Noteholder party to any such Proceedings. 

SECTION 5.05 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing, and the Notes have been accelerated under Section 5.03, the
Indenture Trustee shall, upon the written direction of the Required Noteholders (subject to Section 5.06), do one or more of the following: 

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on
the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuer, the Trust Estate or Receivables Trust Estate and from any other obligor upon
such Notes monies adjudged due; 
 (ii) sell, on a servicing released basis, Receivables, as shall constitute a part of the
Trust Estate (or rights or interest therein) or Receivables Trust Estate, at one or more public or private sales called and conducted in any manner permitted by law; 

(iii) direct the Issuer to exercise rights, remedies, powers, privileges or claims under the Servicing Agreement, the First
Receivables Purchase Agreement, and the Second Receivables Purchase Agreement pursuant to Section 5.18 hereof; and 

  
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 (iv) take any other appropriate action to protect and enforce the rights and
remedies of the Indenture Trustee or the Noteholders hereunder; 
 provided, however, that the Indenture Trustee may not exercise the remedy
in subparagraph (ii) above or otherwise sell or liquidate the Trust Estate (including the Receivables Trust Estate) substantially as a whole (in one or more sales), or institute Proceedings in furtherance thereof, unless (A) the Holders of
100% of the aggregate unpaid principal amount of the Outstanding Notes direct such remedy, (B) the Indenture Trustee determines that the anticipated proceeds of such sale distributable to the Noteholders are sufficient to discharge in full all
amounts then due and unpaid upon the Notes for principal and interest (after giving effect to the payment of any amounts that are senior in priority to such principal and interest) or (C) the Indenture Trustee determines (based on the
information provided to it by the Servicer) that the Trust Estate may not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and
payable, and the Indenture Trustee is directed to take such remedy by the Holders of not less than 66 2/3% of the aggregate unpaid principal amount of the Outstanding Notes. In determining such sufficiency or insufficiency with respect to clauses
(B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose. The cost of such opinion shall be reimbursed to the Indenture Trustee from amounts held in the Collection Account in accordance with Section 8.06. 

The remedies provided in this Section 5.05(a) are the exclusive remedies provided to the Noteholders with respect to the Trust
Estate (including the Receivables Trust Estate) and each of the Noteholders (by their acceptance of their respective interests in the Notes) and the Indenture Trustee, on behalf of the Noteholders, hereby expressly waive any other remedy that might
have been available under the applicable UCC; provided, that the foregoing waiver shall not be construed as a waiver by the Indenture Trustee of any personal or individual rights it may have against the Issuer or with respect to the Trust Estate or
Receivables Trust Estate. 
 (b) If the Indenture Trustee collects any money or property pursuant to this Article V following the
acceleration of the maturities of the Notes pursuant to Section 5.03 (so long as such declaration shall not have been rescinded or annulled), it shall pay out the money or property in accordance with Section 8.06 hereof or,
in the case of an acceleration as a result of an Event of Default described in clause (a) of Section 5.02, as may otherwise be directed by a court of competent jurisdiction. 

(c) Following the sale of the Receivables Trust Estate and the application of the proceeds of such sale and other amounts from sale of the
Trust Estate or amounts, if any, then held in the Note Accounts in accordance with Section 8.06 hereof, any and all amounts remaining due on the Notes and all other Obligations shall be extinguished and shall not revive, the Notes shall
be deemed cancelled, and the Notes shall no longer be Outstanding. 
 (d) The Indenture Trustee may fix a record date and Payment Date for
any payment to Noteholders pursuant to this Section. At least fifteen (15) days before such record date, the Indenture Trustee shall transmit or make available to each Noteholder and the Issuer a notice that states the record date, the Payment
Date and the amount to be paid. 

  
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 SECTION 5.06 Optional Preservation of the Trust Estate. 

Subject to Section 5.05(a), if the Notes have been declared to be due and payable under Section 5.03 following an Event
of Default and such declaration and its consequences have not been rescinded and annulled, and the Indenture Trustee has not received directions from the Noteholders to the contrary under Section 5.12, the Indenture Trustee may, or at
the written direction of the Administrative Agent shall, elect to maintain possession of the Trust Estate (including the Receivables Trust Estate). It is the desire of the parties hereto and the Noteholders that there be at all times during which
any Notes are Outstanding sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust Estate (including
the Receivables Trust Estate). In determining whether to maintain possession of the Trust Estate (including the Receivables Trust Estate), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking
or accounting firm of national reputation as to the feasibility of any proposed action and as to the sufficiency of the Trust Estate and Receivables Trust Estate for such purpose. The cost of such opinion shall be reimbursed to the Indenture Trustee
from amounts held in the Collection Account pursuant to Section 8.06 hereof. 
 SECTION 5.07 Limitation on
Suits. 
 No Noteholder shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) the Holders of not less than 10% of the
aggregate unpaid principal amount of all Outstanding Notes have made written request to the Indenture Trustee to institute such Proceeding in its own name as Indenture Trustee under this Indenture; 

(b) such Noteholder or Noteholders has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

(c) such Noteholder or Noteholders has offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request; 
 (d) the Indenture Trustee for sixty (60) days after its receipt of such
notice, request and offer of indemnity has failed to institute any such Proceeding; and 
 (e) no direction inconsistent with such written
request has been given to the Indenture Trustee during such sixty-day period by Holders of a majority of the aggregate unpaid principal amount of all Outstanding Notes; 

it being understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein
provided. 

  
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 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two (2) or more groups of Noteholders, each representing less than a majority of the aggregate unpaid principal amount of all Outstanding Notes, the Indenture Trustee shall act at the written direction of the group representing a
greater percentage of the aggregate unpaid principal amount of all Outstanding Notes, or if both groups are equal, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions
of this Indenture. The Indenture Trustee may request and conclusively rely upon, and the Administrative Agent shall provide upon such request, a written statement as to the aggregate unpaid principal amount of all Outstanding Notes held by any or
all Noteholders. The Indenture Trustee shall have no duty or obligation to determine or confirm the Note Balance at any time, and may conclusively rely on the Administrative Agent’s determination thereof. 

No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes. However, except as otherwise provided
herein, in connection with any action to which Noteholders are entitled to vote or consent under this Indenture, the Issuer may set a record date for purposes of determining the identity of Noteholders entitled to vote. 

SECTION 5.08 Unconditional Rights of Noteholders to Receive Principal and Interest. 

Notwithstanding any other provisions in this Indenture, the Holder of any Note will have the right, which is absolute and unconditional, to
receive payment of the interest on such Note when due and principal of such Note on the Maturity Date (and such principal shall be due and payable on such Maturity Date) expressed in such Note and to institute suit for the enforcement of any such
payment, and such right will not be impaired without the consent of such Holder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to pay principal of or interest on such Note
or any other amount payable to any Noteholder will be without recourse to the Issuer (except to the Trust Estate), the Indenture Trustee, the Receivables Trust Trustee or any affiliate, officer, employee or director of any of them, and the
obligation of the Issuer to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be subject to Article VIII. 

SECTION 5.09 Restoration of Rights and Remedies. 

If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such
Proceeding has been discontinued or abandoned, or has been determined adversely to the Indenture Trustee or such Noteholder, then and in every such case the Issuer, the Indenture Trustee or such Noteholder shall, subject to any determination in such
Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

SECTION 5.10 Rights and Remedies Cumulative. 

Except as provided in Section 5.05, no right, remedy, power or privilege herein conferred upon or reserved to the Indenture Trustee
or the Noteholders is intended to be exclusive of any other right, remedy, power or privilege, and every right, remedy, power or privilege shall, to the extent permitted by law, be cumulative. The assertion or exercise of any right or remedy shall
not preclude any other further assertion or the exercise of any other appropriate right or remedy. 

  
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 SECTION 5.11 Delay or Omission Not Waiver. 

No failure to exercise and no delay in exercising, on the part of the Indenture Trustee or of any Noteholder or other Person, any right or
remedy occurring hereunder upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article V may be exercised from
time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.12
Control by Noteholders. 
 The Required Noteholders, if an Event of Default has occurred and is continuing, shall have
the right to direct the time, method and place of conducting any Proceeding for any right or remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee with respect to the
Notes; provided, however, that, subject to Section 6.01 and Section 6.03(d): 
 (a) the Indenture
Trustee shall have the right to decline any such direction if the Indenture Trustee shall have been advised by counsel, or reasonably determines, that the action so directed is in conflict with any applicable Requirements of Law or with this
Indenture; and 
 (b) the Indenture Trustee shall have the right to decline any such direction with respect to such Proceeding if the
Indenture Trustee in good faith shall determine that the Proceedings so directed would be illegal or involve the Indenture Trustee in liability for which it has not been indemnified in accordance with Article VI or be unjustly prejudicial to
the Noteholders not parties to such direction. 
 SECTION 5.13 Waiver of Past Defaults. 

The Required Noteholders may, on behalf of all Noteholders, waive in writing any past default with respect to the Notes and its consequences
(including an Event of Default), except that: 
 (a) a default in the payment of the principal or interest in respect of any Note cannot be
waived without the consent of each Noteholder of each Outstanding Note affected thereby; 
 (b) a default as a result of an Insolvency Event
with respect to the Issuer or the Depositor cannot be waived without the consent of each Noteholder; and  
 (c) a default in respect of a covenant or provision hereof that under Section 9.01
hereof cannot be modified or amended without the consent of the Noteholder of each Outstanding Note or each Noteholder of each Outstanding Note affected thereby cannot be waived without the consent of each such Noteholder[; and][(d) except for the cure for an Early Amortization
Event caused solely by the occurrence of a Level I Trigger Event described in the definition of Early Amortization Period, an Early Amortization Event cannot be waived or cured (and the resulting Early Amortization Period may not be terminated)
without the consent of each Noteholder]. 

  
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 Upon any such written waiver, such default, and any Event of Default arising therefrom, shall
cease to exist and shall be deemed to have been cured for every purpose of this Indenture; provided, that no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

SECTION 5.14 Undertaking for Costs. 

All parties to this Indenture agree, and each Noteholder by its acceptance of a Note shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; provided, that the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder,
or group of Noteholders (in compliance with Section 5.07), in each case holding in the aggregate more than 10% of the aggregate unpaid principal amount of all Outstanding Notes, or (c) any suit instituted by any Noteholder for the
enforcement of the payment of the principal of or interest on any Note on or after the date on which any of such amounts was due pursuant to the terms of such Note (or, in the case of redemption, on or after the applicable Redemption Date). 

SECTION 5.15 Waiver of Stay or Extension Laws. 

The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may adversely affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted. 
 SECTION 5.16 Action on Notes. 

The Indenture Trustee’s right to seek and recover judgment on the Notes or under the Indenture shall not be affected by the seeking or
obtaining of or application for any other relief under or with respect to the Indenture. Neither the lien of the Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by
the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or Receivables Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied as specified in Section 8.06. 

  
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 SECTION 5.17 Sale of Receivables. 

(a) If all or a portion of the Receivables are to be sold under the terms of Section 5.05(a)(ii), the Indenture Trustee, or its
agents, shall, unless another method of sale is directed in writing by the Required Noteholders use its commercially reasonable efforts to sell, dispose or otherwise liquidate all or a portion of the Receivables by the solicitation of competitive
bids. The Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as compensation for any sale. 

(b) The Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer in connection with any sale of
Receivables pursuant to Section 5.05(a)(ii). No purchaser or transferee at any such sale shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the
application of any monies. 
 (c) If all or a portion of the Receivables are to be sold under the terms of Section 5.05(a)(ii),
the Indenture Trustee shall solicit bids for such Receivables from Permitted Assignees (identified in writing by the Servicer), each of which shall agree in writing to comply with the confidentiality provisions of this Indenture with respect to any
information received in connection with such solicitation. The Indenture Trustee shall sell such Receivables to the bidder with the highest cash purchase offer. The proceeds of any such sale shall be applied in accordance with
Section 5.05(b). In connection with any such sale of Receivables or interests therein, the Indenture Trustee may contract with agents to assist in such sales, the cost of which and the other costs of such sale shall be paid from the
proceeds of any such sale. 
 (d) At any sale of all or a portion of the Receivables under Section 5.05(a)(ii), the Indenture
Trustee or the Noteholders may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain and dispose of such property without further accountability therefor. 

(e) Upon completion of any sale under Section 5.05(a)(ii), the Issuer will deliver or cause to be delivered all of the property
sold to the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to
such purchaser or purchasers forthwith upon the completion of such sale. If so requested by the Indenture Trustee or by any purchaser, the Issuer shall confirm any such sale or transfer by executing and delivering to such purchaser all proper
instruments of conveyance and transfer and release as may be designated in any such request. 
 SECTION 5.18 Performance and
Enforcement of Certain Obligations. If an Event of Default has occurred and is continuing, the Indenture Trustee shall, at the written direction of the Required Noteholders, direct the Issuer to exercise all rights, remedies, powers,
privileges and claims the Issuer may have against the Depositor, the Seller, and the Servicer under or in connection with the Servicing Agreement, the First Receivables Purchase Agreement and the Second Receivables Purchase Agreement, as applicable,
including the right or power to take any action to compel or secure performance or observance by the Depositor, the Servicer or the Seller of their respective obligations thereunder. 

  
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 ARTICLE VI 

The Indenture Trustee 

SECTION 6.01 Duties of the Indenture Trustee. 

(a) If an Event of Default or Servicer Default has occurred and is continuing and a Responsible Officer shall have actual knowledge or received
written notice of such Event of Default or Servicer Default, the Indenture Trustee shall, prior to the receipt of directions, if any, from the Required Noteholders, exercise such of the rights and powers vested in it by this Indenture, and use the
same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided, however, that the Indenture Trustee shall have no liability in connection
with any action or inaction taken, or not taken, by it upon the deemed occurrence of an Event of Default or Servicer Default of which a Responsible Officer has not received written notice; and provided, further that the preceding sentence shall not
have the effect of insulating the Indenture Trustee from liability arising out of the Indenture Trustee’s negligence or willful misconduct. 

(b) With respect to the Indenture Trustee at all times: (i) the Indenture Trustee undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture, and no implied duties, obligations, or covenants by the Indenture Trustee shall be read into this Indenture; and (ii) in the absence of bad faith or negligence on its part, the Indenture Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon resolutions, certificates, statements, reports, documents, orders, opinions or other instruments furnished to the Indenture Trustee
and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the
Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein); provided, further, that the Indenture Trustee shall not be responsible for the accuracy or content of any of the aforementioned documents, certificates or opinions
and the Indenture Trustee shall have no obligation to verify or recompute any numeral information provided to it pursuant to the Transaction Documents. If any such instrument is found not to conform in any material respect to the requirements of
this Indenture, the Indenture Trustee shall notify the Noteholders in the event that the Indenture Trustee, after so requesting, does not receive a satisfactorily corrected instrument. 

(c) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own
negligent failure to act, or its own intentional fraud, bad faith or willful misconduct; provided, however, that: 

  
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 (i) this paragraph (c) shall not be construed to limit the effect of
paragraphs (a) or (b) of this Section 6.01; 
 (ii) the Indenture Trustee shall not be liable for any
error of judgment made in good faith by a Responsible Officer, unless it shall be proven in a court of competent jurisdiction that the Indenture Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to this Indenture, including Section 5.12; 
 (iv) the
Indenture Trustee shall not be deemed to have notice or knowledge of any Event of Default[, Early Amortization Event,] or any
other default unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof. In the absence of such actual knowledge or receipt of such notice, the Indenture Trustee may conclusively assume
that none of such events have occurred and the Indenture Trustee shall not have any obligation or duty to determine whether any Event of Default[, Early Amortization
Event] or any other default has occurred; and 
 (v) the
Indenture Trustee shall not have any duty (A) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement or amendments to a financing statement evidencing a security interest,
or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to any insurance or (C) to see to the payment or discharge of any tax, assessment, or
other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Trust Estate or Receivables Trust Estate other than from funds available in the Collection Account. 

(d) Notwithstanding anything to the contrary contained in this Indenture or any of the Transaction Documents, no provision of this Indenture
shall require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights and powers, if there is reasonable ground (as
determined by the Indenture Trustee in its sole discretion) for believing that the repayment of such funds or indemnity reasonably satisfactory to the Indenture Trustee against such risk is not reasonably assured (as determined by the Indenture
Trustee in its sole discretion) to it by the security afforded to it by the terms of this Indenture. 
 (e) [Reserved]. 

(f) The Indenture Trustee shall, and hereby agrees that it will, perform all of its express obligations and duties set forth in the Servicing
Agreement. 
 (g) Except for actions expressly authorized by this Indenture, the Indenture Trustee shall take no action reasonably likely to
impair the interests of the Issuer or Receivables Trust in any asset of the Trust Estate or Receivables Trust Estate now existing or hereafter created or to impair the value of any asset of the Trust Estate or Receivables Trust Estate now existing
or hereafter created. 

  
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 (h) Except as expressly provided in this Indenture, the Indenture Trustee shall have no power to
vary the Trust Estate or Receivables Trust Estate, including, without limitation, by (i) accepting any substitute payment obligation for a Receivable initially transferred to the Issuer under the Granting Clause except for actions expressly
authorized by the Indenture, (ii) adding any other investment, obligation or security to the Issuer, the Trust Estate or Receivables Trust Estate or (iii) withdrawing from the Receivable Trust Estate any Receivables (except as otherwise
provided in the Second Receivables Purchase Agreement and the Servicing Agreement). 
 (i) The Indenture Trustee shall not have any
responsibility or liability for investment losses on Eligible Investments (other than as an obligor on any Eligible Investments on which the institution acting as Indenture Trustee is an obligor). The Indenture Trustee or its Affiliates are
permitted to receive additional compensation that could be deemed to be in the Indenture Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with
respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable
under Section 6.07 of this Indenture. 
 (j) Every provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to the Indenture Trustee shall be subject to the provisions of this Section. 
 (k) Without
limiting the generality of this Section 6.01 and subject to the other provisions of this Indenture, the Indenture Trustee shall have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement
referred to herein, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof or to see to the validity, perfection, continuation, or value of any lien or security
interest created herein or to monitor the status of any such lien or security interest or the performance of any collateral, (ii) to see to the payment or discharge of any tax, assessment or other governmental Lien owing with respect to,
assessed or levied against any part of the Issuer, (iii) to confirm, verify or review (unless expressly required by the terms of this Indenture or any other Transaction Document to which the Indenture Trustee is a party) the contents of any
reports or certificates delivered to the Indenture Trustee pursuant to this Indenture or any other Transaction Document believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties, (iv) to
determine whether any Receivable is an Eligible Receivable or to inspect the Trust Certificate or the Receivables at any time or ascertain or inquire as to the performance or observance of any of the Issuer’s, the Receivables Trust’s, the
Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of the Receivable Files under the Servicer Transaction Documents or (v) to determine when a
Repurchase Event occurs. 
 (l) Subject to Section 6.01(d), in the event that the Registrar (if other than the Indenture Trustee)
shall fail to perform any obligation, duty or agreement in the manner or on the day required to be performed by the Registrar under this Indenture, the Indenture Trustee shall be obligated as soon as practicable upon actual knowledge of a
Responsible Officer thereof and receipt of appropriate records and information, if any, to perform such obligation, duty or agreement in the manner so required. 

  
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 (m) No provision of this Indenture or any other Transaction Document shall be construed to
require the Indenture Trustee to perform, or accept any responsibility for the performance of, the obligations of the Servicer hereunder or under any other Transaction Document or any Person other than itself under any Transaction Document. 

(n) Subject to Section 6.05, all moneys received by the Indenture Trustee shall, until used or applied as herein provided, be held
in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by Law or the Transaction Documents. 

(o) Nothing contained herein shall be deemed to authorize the Indenture Trustee to engage in any business operations or any activities other
than those set forth in this Indenture. Specifically, the Indenture Trustee shall have no authority to engage in any business operations, acquire any assets other than those specifically included in the Trust Estate or Receivables Trust Estate under
this Indenture or otherwise vary the assets held by the Issuer. Similarly, the Indenture Trustee shall have no discretionary duties, provided, that the Indenture Trustee shall perform those ministerial acts set forth above necessary to
accomplish the purpose of this Indenture. 
 (p) Notwithstanding any provision of this Indenture or any other Transaction Document to the
contrary, the Indenture Trustee shall not be required to take action (including the sending of any notice) upon, or be deemed to have notice or knowledge of, any Event of Default,
[Early Amortization Event, ]Servicer Default,
[Unmatured Early Amortization Event, ]Unmatured Event of Default, Unmatured Servicer Default or other event or
information unless a Responsible Officer of the Indenture Trustee shall have received written notice thereof. In the absence of a Responsible Officer’s receipt of such notice, the Indenture Trustee shall have no duty to take any action to
determine whether any such event has occurred and may conclusively assume that no such event has occurred. The Indenture Trustee shall not be deemed to have knowledge of any event or information held by or imputed to any Person other than itself in
its capacity as Indenture Trustee. The availability or delivery (including pursuant to this Indenture) of reports or other documents (including news or other publicly available reports or documents) to the Indenture Trustee shall not constitute
actual or constructive knowledge or notice of information contained in or determinable from those reports or documents, except for such reports or documents that this Indenture expressly requires the Indenture Trustee to review. 

(q) Anything in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage regardless of the form of action. 

(r) The Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Issuer, the Servicer, the Administrative Agent and/or a specified percentage of Noteholders under circumstances in which such direction is required or permitted by the terms of this Indenture or any other Transaction Document.

  
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 (s) The Indenture Trustee agrees to provide the Issuer with prompt written notice of any written
repurchase demand it receives with respect to the Receivables underlying the Receivables Trust Certificate and to cooperate in good faith with any reasonable written request by the Issuer for information in the possession of the Indenture Trustee
which is required in order to enable the Issuer to comply with the provisions of Rule 15Ga-1 under the Exchange Act as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under the Transaction Documents to which it is
a party; provided that with respect to Rule 15Ga-1, only information in its possession need be provided, and the Indenture Trustee shall not be deemed a “securitizer” under the Exchange Act. 

(t) The enumeration of any discretion, permissive right, privilege or power herein or in any other Transaction Document available to the
Indenture Trustee shall not be construed to be the imposition of a duty, unless and except to the extent expressly set forth herein. 
 (u)
Wells Fargo Bank, National Association will perform its obligations hereunder through its Corporate Trust Services department. 
 SECTION
6.02 Notice of [Early Amortization Event or ]Event of Default. 

Upon the occurrence of any [Early Amortization Event or ]Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge or has received notice thereof at the Corporate Trust Office of the Indenture Trustee, the Indenture Trustee shall
transmit by mail or via ctslink.com to the Noteholders as their names and addresses appear on the Note Register and the Rating Agency (if any Rating Agency then provides a rating on the Notes), notice of such [Early Amortization Event or ]Event of Default within ten (10) Business Days after such Responsible Officer receives such
notice or obtains actual knowledge. 
 SECTION 6.03 Certain Matters Affecting the Indenture Trustee. 

Except as otherwise provided in Section 6.01 hereof: 

(a) the Indenture Trustee may conclusively rely on and shall fully be protected in acting or refraining from acting in accordance with any
resolution, certificate, statement, instrument, Officer’s Certificate, opinion, report, notice, request, direction, consent, order, bond, note, or other paper or document reasonably believed by it to be genuine and to have been signed or
presented to it pursuant to this Indenture by the proper party or parties and shall be under no obligation to inquire as to the adequacy, accuracy or sufficiency of any such information or be under any obligation to make any calculation or
verifications in respect of any such information and shall not be liable for any loss that may be occasioned thereby; 
 (b) before the
Indenture Trustee acts or refrains from acting, it may require and shall be entitled to receive, at the reasonable expense of the Issuer, an Officer’s Certificate of the Issuer and/or an Opinion of Counsel. The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel; 

  
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 (c) as a condition to the taking, suffering or omitting of any action by it hereunder, the
Indenture Trustee may consult with counsel and the advice or opinion of such counsel with respect to legal matters relating to the Indenture or the Notes shall be full and complete authorization and protection from any liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (d) the Indenture Trustee shall not be under any
obligation to exercise any of the rights or powers vested in it by this Indenture, or to honor the request or direction of any of the Noteholders or any other Person pursuant to this Indenture to institute, conduct or defend any litigation hereunder
in relation hereto, unless such Noteholders or such other Person (if direction by such Person is permitted or required under this Indenture or any other Transaction Document) shall have offered to the Indenture Trustee security or indemnity
reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; provided, however, that, subject to Section 6.01(d), nothing
contained herein shall relieve the Indenture Trustee of the obligation, upon the receipt by a Responsible Officer of written notice of the occurrence of an Event of Default (which has not been cured or waived) to exercise such of the rights and
powers vested in it by this Indenture and to use the same degree of care or skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs; 

(e) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document, believed by it to be genuine, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer and the Servicer, personally or
by agent or attorney; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture
Trustee, not reasonably assured (as determined by the Indenture Trustee in its sole discretion) to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require security or indemnity
reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred thereby as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request, or, if paid by
the Indenture Trustee, shall be reimbursed by the Person making such request upon demand; 
 (f) the Indenture Trustee shall not be required
to make any initial or periodic examination of any documents or records related to any of the Trust Estate or Receivables Trust Estate for the purpose of establishing the presence or absence of defects, the compliance by the Issuer with its
representations and warranties or for any other purpose; 
 (g) the Indenture Trustee shall not be liable for the acts or omissions of any
successor to the Indenture Trustee so long as such acts or omissions were not the result of the negligence, bad faith or willful misconduct of the predecessor Indenture Trustee; 

  
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 (h) the rights, privileges, protections, immunities and benefits given to the Indenture Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; 

(i) whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section; 
 (j) the Indenture Trustee shall
not have any liability with respect to the acts or omissions of the Servicer (except and to the extent the Indenture Trustee is the Servicer), including acts or omissions in connection with the servicing, management or administration of Receivables;
calculations made by the Servicer whether or not reported to the Issuer or Indenture Trustee; and deposits into or withdrawals from any accounts or funds established pursuant to the terms of this Indenture; 

(k) the rights, immunities, indemnities and protections afforded to the Indenture Trustee pursuant to this Article VI shall also be
afforded to any entity serving as Note Registrar; 
 (l) the Indenture Trustee shall not be responsible or liable in any manner whatsoever,
for calculation, determination and/or verification of the allocations of Collections, determinations of monthly interest or the applications of Available Funds pursuant to this Indenture; 

(m) without limiting the generality of this Section, the Indenture Trustee shall have no duty (i) to see to any recording or filing
of, or for the preparation, correctness or accuracy of, any financing statement or continuation statement evidencing a security interest in the Receivables, or to see to the maintenance of any such recording or filing or to any rerecording, refiling
or redepositing of any thereof, (ii) to confirm or verify the contents of any reports or certificates of the Servicer or the Issuer delivered to the Indenture Trustee pursuant to this Indenture or the other Transaction Documents believed by the
Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties or (iii) to inspect the Receivables at any time or ascertain or inquire as to the performance or observance of any of the Issuer’s or the
Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Receivables; 

(n) The Indenture Trustee shall not be responsible to any Person for (i) the value, validity, effectiveness, genuineness, enforceability
(other than as to the Indenture Trustee with respect to this Indenture) or sufficiency of this Indenture or any other document referred to or provided for herein or therein or, except as may otherwise be required by law, of the Trust Estate or
Receivables Trust Estate `held by the Indenture Trustee hereunder, or (ii) the existence, validity, perfection, priority or enforceability of the Liens in any of the Trust Estate or Receivables Trust Estate, whether impaired by operation of law
or by reason of any action or omission to act on its part hereunder (except to the extent such action or omission constitutes negligence, bad faith or willful misconduct on the part of the Indenture Trustee), the validity of the title to the Trust
Estate or Receivables Trust Estate, insuring the Trust Estate or Receivables Trust Estate or the payment of taxes, charges, assessments or Liens upon the Trust Estate or Receivables Trust Estate; 

  
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 (o) Whenever the Indenture Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Indenture or any other Transaction Document, or is unsure as to the application, intent, interpretation or meaning of any provision of this Indenture or any other Transaction Document, or is, or appears to
be, in conflict with any other applicable provision, or is silent or is incomplete as to the course of action to be adopted, the Indenture Trustee may give notice to the Noteholders and the Administrative Agent and request written direction
therefrom, as to the course of action to be adopted and, to the extent the Indenture Trustee acts in good faith in accordance with the written direction of the Required Noteholders, the Indenture Trustee shall not be liable on account of such
action. If the Indenture Trustee shall not have received appropriate written direction within thirty (30) days of such notice (or within such shorter period of time as reasonably may be specified in such notice), it may, but will be under no
duty to, take or refrain from taking such action, not inconsistent with this Indenture, as it deems to be in the best interests of the Holders, and the Indenture Trustee shall not have any liability to the Issuer, the Holders or any other Person for
such action or inaction; 
 (p) the right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be
construed as a duty, and the Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; 

(q) the Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the Note Accounts created hereby or
in the powers granted hereunder; 
 (r) the Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, custodians or nominees, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any agent, attorney, custodians or nominees appointed with due
care by it hereunder; provided, that the Indenture Trustee shall remain obligated and be liable to the Issuer and the Noteholders for the execution of their respective trusts and powers and performance of their respective duties hereunder
without diminution of such obligations and liability by virtue of the appointment of any such agent, attorney, custodian or nominee, and to the same extent and under the same terms and conditions as if the Indenture Trustee alone were individually
executing or performing such obligations; provided, however, that the Indenture Trustee shall not be liable for the execution or performance of any such obligations of the Indenture Trustee by any of the original parties (including any
successors or assigns) to the Transaction Documents; 
 (s) the Indenture Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith; 

(t) in no event shall the Indenture Trustee be responsible or liable for punitive, special, indirect, or consequential loss or damage of any
kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

  
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 (u) each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits
hereunder, any Holder agrees that the Indenture Trustee in any capacity (x) has not provided and will not provide in the future, any advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance implications
and consequences of the consummation, funding and ongoing administration of this Indenture, including, but not limited to, income, gift and estate tax issues, and the initial and ongoing selection and monitoring of financing arrangements and
(y) has not made any investigation as to the accuracy of any representations, warranties or other obligations of any Person under any Transaction Document (other than the Indenture Trustee’s representations and warranties set forth in
Section 6.12) and shall have no liability in connection therewith, including any liability for the enforcement thereof (except for any enforcement obligations of the Indenture Trustee expressly set forth in the Transaction Documents);

 (v) without limiting any other provision of this Indenture or any other Transaction Document, the Indenture Trustee shall not be charged
with any knowledge held by or imputed to any of the Noteholders, the Issuer, the Servicer or any other Person; 
 (w) the Indenture Trustee
shall not be liable for any delays in performance for causes beyond its control, including, but not limited to, fire, flood, epidemic, unusually severe weather, strike, restriction by civil or military authority in their sovereign or contractual
capacities, transportation failure, loss or malfunctions of communications or computer (software and hardware) services, power line or other utility failures or interruptions, inability to obtain labor or any other force majeure event. In the
event of any such delay, performance shall be extended for so long as such period of delay; 
 (x) the Indenture Trustee may request that the
Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person
authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; 

(y) nothing in this Indenture or any other Transaction Document shall be deemed to obligate the Indenture Trustee to deliver any instruments,
documents or any other property referred to herein or therein, unless the same or the components thereof shall have first been received by the Indenture Trustee pursuant to this Indenture; and 

(z) the Indenture Trustee shall not be required to take any action hereunder or pursuant to any written instruction, direction or request
delivered in accordance with the provisions hereof if the Indenture Trustee shall have been advised by counsel or it shall otherwise have reasonably determined that such action is likely to result in liability on the part of the Indenture Trustee
(unless the Indenture Trustee has been sufficiently indemnified in its reasonable judgment), is contrary to the terms hereof or is otherwise contrary to law. 

  
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 SECTION 6.04 Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except with respect to the Indenture Trustee and its certificate of authentication, shall not
be taken as the statements of the Indenture Trustee, and the Indenture Trustee does not assume any responsibility for their correctness. The Indenture Trustee does not make any representation as to the validity or sufficiency of the Indenture, the
Notes or any related document or as to the perfection or priority of any security interest therein. The Indenture Trustee shall not be accountable for the use or application by the Issuer of the proceeds from the Notes. 

SECTION 6.05 Indenture Trustee May Hold Notes. 

The Indenture Trustee, the Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or
pledgee of Notes and subject to Section 6.11, may otherwise deal with the Issuer or its affiliates with the same rights it would have if it were not Indenture Trustee, Note Registrar or such other agent. 

SECTION 6.06 Money Held in Trust. 

Money held by the Indenture Trustee in trust hereunder need not be segregated from other funds held by the Indenture Trustee in trust hereunder
except to the extent required herein or required by law. The Indenture Trustee shall not be under any liability for interest on any money received by it hereunder except (i) as otherwise agreed upon in writing by the Indenture Trustee and the
Issuer and (ii) as an obligor with respect to Eligible Investments on which the institution acting as Indenture Trustee is an obligor. 

SECTION 6.07 Compensation, Reimbursement and Indemnification. 

(a) The Indenture Trustee shall be entitled to receive as compensation for acting as Indenture Trustee and, if applicable, Note Registrar, on
each Payment Date and, in accordance with the priority set forth in Section 8.06 hereof, a fee equal to one-twelfth (1/12th) of $9,000 (which compensation shall not be limited by any law on compensation of a trustee of an express
trust). In addition to compensation for its services, the Issuer shall reimburse the Indenture Trustee and the Note Registrar, in each case in accordance with the priority set forth in Section 8.06 hereof, for all reasonable and
documented out-of-pocket expenses incurred or made by it (including, without limitation, expenses incurred in connection with notices or other communications to the Noteholders), disbursements and advances incurred or made by the Indenture Trustee
and the Note Registrar in accordance with any of the provisions of this Indenture (including, but in no way limited to, any expenses incurred pursuant to Section 5.04, Section 5.05, Section 5.06 and
Section 5.07), or any of the Transaction Documents. Such expenses shall include the reasonable and documented fees and out-of-pocket expenses, disbursements and advances of any agents, any co-trustee, counsel, accountants and experts,
except any such expense, disbursement or advance as may arise from its willful misconduct, negligence or bad faith. In no event shall the Indenture Trustee or any agent of the Indenture Trustee advance any funds for the payment of principal,
interest or premium on any Notes. The Issuer shall, in accordance with the priority set forth in Section 8.06, indemnify the Indenture Trustee and the Note Registrar and each of their respective officers, directors, agents and employees
against any and all loss, suit, cost, claim, judgment, liability or expense (including the reasonable fees and expenses of counsel) incurred by it in connection with this Indenture and the performance of their respective duties hereunder and under
the Transaction Documents, including in connection with any enforcement 

  
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(including any action, claim or suit brought) by the Indenture Trustee or the Note Registrar of any indemnification or other obligation of the Issuer. The Indenture Trustee shall notify the
Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder unless such loss, liability or expense
could have been avoided with such prompt notification and then only to the extent of such loss, expense or liability which could have been so avoided. The Issuer shall defend any claim against the Indenture Trustee; provided, however, the Indenture
Trustee may have separate counsel and, if it does, the Issuer shall reimburse the Indenture Trustee for payment of the reasonable and documented fees and expenses of such counsel, in accordance with the priority set forth in
Section 8.06; provided, further, that the Indenture Trustee shall not be required to tender the defense to the Issuer of (i) any claims in connection with the enforcement (including any action, claim or suit brought) by the
Indenture Trustee or the Note Registrar of any indemnification or other obligation of the Issuer, or (ii) any claim by the Issuer or its Affiliates that the Indenture Trustee or the Note Registrar breached its duties under this Indenture, at
law, or under any applicable standard of care. The Issuer shall not agree without the Indenture Trustee’s consent to a settlement of a claim against the Indenture Trustee unless (i) such settlement includes an unconditional release of the
Indenture Trustee from any liabilities arising out of such action, suit or proceeding, (ii) the sole relief under the settlement is monetary, (iii) the Issuer indemnifies the Indenture Trustee for the full amount of the settlement, and
(iv) the settlement does not include any findings of fact or admissions by or regarding the Indenture Trustee. Neither the Issuer nor the Servicer shall be required to reimburse any expense or indemnify against any loss, liability or expense
incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence, intentional fraud or bad faith. 

(b) The provisions of this Section shall survive the resignation and removal of the Indenture Trustee and the discharge, termination or
assignment of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default specified in Section 5.02(a) with respect to the Issuer, the expenses are intended to constitute expenses of
administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
 (c)
Notwithstanding anything herein to the contrary, the Indenture Trustee’s right to enforce any of the Issuer’s payment obligations pursuant to this Section 6.07 shall be subject to the provisions of Section 11.17(a).

 SECTION 6.08 Replacement of Indenture Trustee. 

(a) No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee may resign at any time by giving sixty (60) days prior written notice to the Issuer. The Required Noteholders may
remove the Indenture Trustee and any or all of its agents by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee by giving sixty (60) days prior written notice to the
Indenture Trustee if: 
 (i) the Indenture Trustee fails to comply with Section 6.11; 

  
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 (ii) the Indenture Trustee shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Indenture Trustee or all or substantially all of its property, or a decree or order of a court or
agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Indenture Trustee; or the Indenture Trustee shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any
applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 

(iii) the Indenture Trustee otherwise becomes incapable of acting. 

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee, which successor shall be reasonably satisfactory to the Servicer. 

(b) Any resignation or removal of the Indenture Trustee and appointment of a successor indenture trustee pursuant to any of the provisions of
this Section shall not become effective until acceptance of appointment by the successor indenture trustee as provided in this Section 6.08(b). 

(i) Any successor indenture trustee appointed as provided herein shall execute, acknowledge and deliver to the Issuer, to the
Servicer and to its predecessor indenture trustee, as applicable, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall become effective and such successor indenture
trustee without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Indenture Trustee herein. The predecessor
indenture trustee shall deliver to the successor indenture trustee all documents or copies thereof and statements and all money and other property held by it hereunder; and the Issuer and the predecessor indenture trustee shall execute and deliver
such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor indenture trustee all such rights, powers, duties and obligations. 

(ii) No successor indenture trustee shall accept appointment as provided in this Section unless at the time of such
acceptance such successor indenture trustee shall be eligible under the provisions of Section 6.11. 
 (iii) Upon
acceptance of appointment by a successor indenture trustee as provided in this Section, such successor indenture trustee shall provide notice of such succession hereunder to all Noteholders, and the Servicer shall provide such notice to the
Rating Agency (if any Rating Agency then provides a rating on the Notes). 

  
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 (c) If a successor Indenture Trustee does not take office within thirty (30) days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Required Noteholders may, at the sole expense (including all fees, costs, and expenses (including reasonable attorneys’ fees and expenses)
incurred in connection with such petition) of Issuer, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 

(d) If the Indenture Trustee ceases to be eligible in accordance with Section 6.11, any Noteholder may petition any court of
competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 (e) No Indenture
Trustee under this Indenture shall be liable for any action or omission of any successor indenture trustee. 
 SECTION 6.09
Successor Indenture Trustee by Merger. 
 If the Indenture Trustee consolidates with, merges or converts into, or
transfers or sells all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the
successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. 

If at the time such successor by merger, conversion, consolidation or transfer to the Indenture Trustee shall succeed to such position, and
any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor indenture trustee and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force
which it is anywhere provided in the Notes or in this Indenture that the certificate of the Indenture Trustee shall have. 
 SECTION 6.10
Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this
Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Receivables Trust Estate may at the time be located, in connection with any Proceeding or other enforcement action and to the
extent of any conflict of interest, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any
part of the Receivables Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Receivables Trust Estate, or any part hereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee
under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

  
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 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or
imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized
to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or Receivables Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed
singly by such separate trustee or co-trustee, but solely at the written direction of the Indenture Trustee; 
 (ii) no
separate trustee or co-trustee hereunder shall be personally liable by reason of any act or omission of any other separate trustee or co-trustee hereunder; and 

(iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions
of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

 (d) If necessary, any separate trustee or co-trustee may at any time constitute the Indenture Trustee its agent or attorney-in-fact with
full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  
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 SECTION 6.11 Eligibility; Disqualification. 

The Indenture Trustee shall at all times have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published
annual report of condition and its long-term unsecured debt shall be rated at least Baa3 by Moody’s and at least BBB- by Standard & Poor’s. The Indenture Trustee (1) shall meet the requirements of Section 26(a)(1) of the
Investment Company Act, (2) shall not be an Affiliate of the Issuer, the Depositor or the initial Servicer and (3) shall not offer or provide credit or credit enhancement to the Issuer. In case at any time the Indenture Trustee shall cease
to be eligible in accordance with the provisions of this Section, the Indenture Trustee shall resign immediately in the manner and with the effect specified in Section 6.08. 

SECTION 6.12 Representations and Warranties of the Indenture Trustee. 

The Indenture Trustee represents and warrants that: 

(i) the Indenture Trustee is duly organized and validly existing under the laws of the jurisdiction of its organization; 

(ii) the Indenture Trustee has full power and authority to deliver and perform this Indenture and has taken all necessary
action to authorize the execution, delivery and performance by it of this Indenture and each other Transaction Document to which it is a party; 

(iii) each of this Indenture and each other Transaction Document to which it is a party has been duly executed and delivered by
the Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms; and 
 (iv) the
Indenture Trustee meets the eligibility requirements set forth in Section 6.11. 
 SECTION 6.13 Execution of
Transaction Document. 
 The Issuer hereby authorizes and directs, and by its acceptance of Notes, each Noteholder is hereby
deemed to have authorized and directed, the Indenture Trustee to execute the Back-up Servicing Agreement and each other Transaction Document to which the Indenture Trustee is contemplated to be a party, in the form presented to the Indenture Trustee
by the Issuer or its purported counsel. 
 SECTION 6.14 [Reserved]. 

SECTION 6.15 Rule 15Ga-1 Compliance. 

(a) To the extent a Responsible Officer of the Indenture Trustee receives a demand for the repurchase of a Receivable based on a breach of a
representation or warranty made by the
[Seller]
seller of such Receivable (each, a “Demand”), the Indenture Trustee agrees (i) if such Demand is in writing, promptly to forward such Demand to the Depositor and such
[Seller]
seller, and (ii) if such Demand is oral, to instruct the requesting party to submit such Demand in writing to the Indenture Trustee and the Depositor. 

  
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 (b) In connection with the repurchase of a Receivable pursuant to a Demand, any dispute with
respect to a Demand, or the withdrawal or final rejection of a Demand by [the Seller]a seller of such Receivable, the Indenture Trustee agrees, to the extent a
Responsible Officer of the Indenture Trustee has actual knowledge thereof, promptly to notify the Depositor in writing. 
 (c) The
Indenture Trustee will (i) notify the Depositor, as soon as practicable and in any event within five (5) Business Days of the receipt thereof and in the manner set forth in Exhibit D hereof, of all Demands and provide to the
Depositor any other information in its possession reasonably requested to facilitate compliance by it with Rule 15Ga-1 under the Exchange Act, and (ii) if requested in writing by the Depositor, provide a written certification no later than
fifteen (15) days following any calendar quarter or calendar year that the Indenture Trustee has not received any Demands for such period, or if Demands have been received during such period, that the Indenture Trustee has provided all the
information reasonably requested under clause (i) above with respect to such demands. For purposes of this Indenture, references to any calendar quarter shall mean the related preceding calendar quarter ending in March, June, September, or
December, as applicable. The Indenture Trustee has no duty or obligation to undertake any investigation or inquiry related to any repurchases of Receivables, or otherwise assume any additional duties or responsibilities, other than those express
duties or responsibilities of the Indenture Trustee hereunder or under the Transaction Documents, and no such additional obligations or duties are otherwise implied by the terms of this Indenture. The Depositor has full responsibility for compliance
with all related reporting requirements associated with the transaction completed by the Transaction Documents and for all interpretive issues regarding this information. 

ARTICLE VII 

Noteholders’ List and Reports 

SECTION 7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. 

The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five (5) Business Days after each Record
Date, a list, in such form as the Indenture Trustee may reasonably require, of the names, addresses and taxpayer identification numbers of the Holders of Notes as they appear on the Note Register as of the most recent Record Date, and (b) at
such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten (10) Business Days prior to the
time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished to the Indenture Trustee. 

  
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 SECTION 7.02 Preservation of Information; Communications to Noteholders.

 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names, addresses and taxpayer identification numbers of the Noteholders received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 7.01 hereof upon receipt of a new list so furnished. 

(b) Noteholders may communicate with other Noteholders with respect to their rights under this Indenture or under the Notes. 

ARTICLE VIII 
 Allocation and
Application of Collections 
 SECTION 8.01 Collection of Money. 

Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly
and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money and
property received by it in trust for the Noteholders and shall apply it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any Transaction
Document, the Indenture Trustee may, and upon the written direction of the Required Noteholders shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim an [Early Amortization Event or an ]Event of
Default under this Indenture and to proceed thereafter as provided in Article V hereof. 
 SECTION 8.02
Establishment of the Note Accounts. 
 (a) The Servicer, for the benefit of the Noteholders, shall establish and
maintain with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, an Eligible Deposit Account bearing a designation clearly indicating that such account is the “Collection Account” hereunder and that
the funds and other property credited thereto are held for the benefit of the Noteholders (the “Collection Account”). Funds in the Collection Account shall not bear interest, except to the extent invested in Eligible Investments.

 (b) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee and in the name of the
Indenture Trustee, on behalf of the Issuer, an Eligible Deposit Account bearing a designation clearly indicating that such account is the “Reserve Account” hereunder and that the funds and other property credited thereto are held for the
benefit of the Noteholders (the “Reserve Account”). Amounts on deposit in the Reserve Account shall be transferred to the Collection Account (a) on any Payment Date in accordance with Section 8.03(a), and
(b) upon the commencement of an [Early Amortization Period]Event of Default or the final distribution in accordance with
Section 10.02, except to the extent invested in Eligible Investments. 

  
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 (c) The Note Accounts shall be under the sole dominion and control of the Indenture Trustee for
the benefit of the Noteholders. Except as expressly provided in this Indenture and the Servicing Agreement, the Servicer agrees that it shall have no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and
other property held in the Note Accounts for any amount owed to it by the Indenture Trustee, the Issuer or any Noteholder. Pursuant to the Servicing Agreement, the Servicer shall instruct the Indenture Trustee to make withdrawals and payments from
the Collection Account for the purposes of carrying out the Servicer’s, the Issuer’s or the Indenture Trustee’s duties hereunder and under the Servicing Agreement. 

(d) Funds (other than investment earnings and amounts deposited pursuant to Section 10.02 of this Indenture) on deposit in the Note
Accounts shall, at the written direction of the Servicer, be invested by the Indenture Trustee in Eligible Investments selected by the Servicer. In the absence of any such written direction, amounts on deposit in the Note Accounts shall not be
invested and the Indenture Trustee shall have no obligation or liability to pay any interest or earnings thereon. All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Noteholders pursuant to
Section 6.06. Funds representing Collections collected during any Collection Period shall be invested in Eligible Investments that will mature no later than the Business Day immediately prior to the Payment Date following the end of such
Collection Period. No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the Indenture Trustee may sell, liquidate or dispose of any such Eligible Investment before its maturity, at the written
direction of the Servicer, if the Servicer determines that such sale, liquidation or disposal would not result in a loss of all or part of the principal portion of such Eligible Investment or if, prior to the maturity of such Eligible Investment, a
default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment (in each case, which the Indenture Trustee shall have no duty or obligation to confirm or verify). Funds deposited in the Note Accounts
on the Business Day immediately prior to a related Payment Date are not required to be invested overnight. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Collection
Account that are to be distributed on such Payment Date shall be treated as “Collections” received during the related Collection Period. The Indenture Trustee shall not bear any responsibility or liability for any losses resulting from
investment or reinvestment of any funds in accordance with this Section nor for the selection of Eligible Investments in accordance with the provisions of this Indenture. In addition, the Indenture Trustee shall not have any liability in
respect of the losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity or the failure of the Servicer to provide timely written investment direction. Investments in any Eligible Investment are not
obligations or recommendations of, or endorsed or guaranteed by, the Indenture Trustee or its Affiliates and are not insured by the Federal Deposit Insurance Corporation. The Indenture Trustee and its Affiliates may provide various services for
Eligible Investments and may be paid fees for such services. The other parties hereto agree that notifications after the completion of purchases and sales of Eligible Investments shall not be provided by the Indenture Trustee hereunder, and the
Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement shall be made available if no investment activity has occurred during such period.

  
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 (e) The Indenture Trustee shall only be obligated to make payments from the Note Accounts to the
extent sufficient amounts are deposited therein. 
 (f) If, at any time, a Note Account ceases to be an Eligible Deposit Account, the
Indenture Trustee (or the Servicer on its behalf) shall within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which the Administrative Agent may consent and the Rating Agency Notice
Requirement is satisfied (if any Rating Agency then provides a rating on the Notes)) establish a new Note Account meeting the applicable conditions specified above, transfer any money, instruments, investment property and other property to such new
Note Account and from the date such new account is established, it shall be the applicable Note Account. 
 SECTION 8.03
Collections and Allocations. 
 (a) The Servicer shall apply, or shall instruct the Indenture Trustee in writing (which
instruction may be included in the Monthly Servicer Report) to apply and the Indenture Trustee shall apply, all funds on deposit in the Collection Account and the Reserve Account as described in this Article VIII. The Servicer shall deposit
or cause to be deposited all Collections into the Collection Account as promptly as possible after the date of receipt of such Collections, but in no event later than the second
(2nd) Business Day following the date of receipt of such Collections by the Servicer, except that the Servicer may retain funds equal to the accrued and unpaid amount, if any, of the
Servicing Fee and shall not be required to deposit such funds in the Collection Account. 
 SECTION 8.04 Rights of
Noteholders. 
 As set forth in the Granting Clauses, the Trust Estate and Receivables Trust Estate secure the obligation of the
Issuer to pay the Holders of the Notes principal and interest and the other amounts payable pursuant to this Indenture. 
 SECTION 8.05
Release of Trust Estate. 
 (a) Subject to Section 11.01, the Indenture Trustee may, and when required by
the provisions of this Indenture shall, upon Issuer Order, execute instruments prepared by and at the expense of the Issuer to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner
and under circumstances which are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The
Indenture Trustee upon Issuer Order shall authorize the Servicer to execute in the name and on behalf of the Indenture Trustee instruments of satisfaction or cancellation, or of partial or full release or discharge, and other comparable instruments
with respect to the Receivables (and the Indenture Trustee shall execute any such documents on request of the Servicer), subject to the obligations of the Servicer under the Servicing Agreement and only to the extent necessary to permit the Servicer
to carry out its servicing obligations thereunder. 

  
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 (c) Upon Issuer Order, the Indenture Trustee shall, at such time as there are no Outstanding
Notes or amounts owing hereunder, or concurrently with the Outstanding Notes and such other amounts being paid in full, release and transfer, without recourse, any remaining portion of the Trust Estate or Receivables Trust Estate (other than any
cash held for the payment of Notes pursuant to Section 4.01 and any other amounts to be applied to make payments on the Notes) from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds and
other property then credited to the Collection Account, the Reserve Account and any other account established pursuant to Section 8.02. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.05 only upon receipt of an Issuer Order accompanied by an Officer’s Certificate of the Issuer and unless the Administrative Agent consents to such release, an Opinion of Counsel, to the effect that all conditions precedent
to such release have been satisfied. 
 (d) Upon receipt in the Collection Account of the Repurchase Price with respect to any Receivable
that is to be repurchased in accordance with Section 2.03(a), Section 2.04 or Section 2.10 of the Servicing Agreement, such repurchased Receivable (together with the related Receivable Agreement, all RSAs and
insurance proceeds allocable thereto, and any other Sold Assets relating to such repurchased Receivable) shall automatically be released from the lien of this Indenture, without further action of any party hereto. 

(e) The Indenture Trustee shall release the Receivables and related Sold Assets from the lien of this Indenture in connection with an optional
redemption pursuant to Section 8.07 hereof and upon retirement of the Notes, as specified in an Issuer Order delivered in connection with such optional redemption. In addition, the Indenture Trustee shall release the Receivables and
related Sold Assets subject to an optional purchase pursuant to Section 8.07(b) hereof from the lien of this Indenture upon such sale, as specified in an Issuer Order delivered in connection with such optional purchase. 

SECTION 8.06 Application of Available Funds. 

(a) The Indenture Trustee shall distribute on each Payment Date, based solely upon written instruction furnished to the Indenture Trustee by
the Servicer (which instruction may be included in the Monthly Servicer Report), the Available Funds with respect to such Payment Date, in the following order of priority: 

(i) (1) first, pro rata (based on amounts owing), (A) to the Indenture Trustee and the Note Registrar for
amounts due to the Indenture Trustee or the Note Registrar pursuant to Section 6.07 hereof, (B) to the Receivables Trust Trustee for amounts due pursuant to Article VIII of the Receivables Trust Agreement, (C) to the Servicer,
any expenses of the Servicer reimbursable pursuant to the Servicing Agreement, and (D) to the Back-up Servicer, if any,
any expenses of the Back-up Servicer (other than Servicing Transition Costs (as such term is defined in the Back-up Servicing Agreement)) reimbursable pursuant to the Back-up Servicing
Agreement, if any, that have not been paid by the Servicer; and (2) second, to the extent not duplicative with clause (1), to the Receivables Trust Trustee, the Servicer, the Back-up Servicer, if any, the Indenture Trustee and any other Person entitled thereto, pro
rata (based on amounts owing), any indemnified amounts due 

  
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and owing from the Issuer pursuant to any Transaction Document, in an aggregate amount for (1) and (2) above, not to exceed $200,000 during any calendar year; provided, that if
an Event of Default or a Servicer Default shall have occurred and be continuing, such limitations shall not apply; 
 (ii) to
the Back-up Servicer, if any, (x) an amount equal to the Back-up
Servicing Fee for such Payment Date, plus the amount of any Back-up Servicing Fee previously due but not previously paid to the Back-up Servicer; and (y) in the event that a Servicing Transition Period has commenced, an amount equal to
the Servicing Transition Costs, if any, not paid by the Servicer pursuant to the Back-up Servicing Agreement; provided, that the aggregate amount paid pursuant to this clause (ii)(y) on all Payment Dates shall not exceed $115,000; 

(iii) to the Servicer, an amount equal to the Servicing Fee for such Payment Date (to the extent not retained by the Servicer
pursuant to Section 8.03 hereof), plus the amount of any Servicing Fee previously due but not previously paid to the Servicer; 

(iv) pro rata, (x) to the Administrative Agent for payment in accordance with the terms of the Note Purchase
Agreement, the Monthly Interest, plus the amount of any Monthly Interest due on any previous Payment Date but not previously paid to the Administrative Agent, and (y) any Hedge Payment Amounts payable to the Interest Rate Hedge Counterparty;

 (v) on any Payment Date when an [Early Amortization
]Event of Default has not occurred that is continuing on such date, to the Reserve Account, (x) until the balance thereof equals the Required Reserve Account Amount and (y) in the event the Cap Condition is not then
satisfied, until the balance thereof equals the Enhanced Required Reserve Account Amount; 
 (vi) pro rata,
(x) to the Administrative Agent for application pursuant to the Note Purchase Agreement, (1) first, to reduce the Note Balance to the Target Class A Principal Amount, and (2) second, to reduce the Note Balance pursuant to a Note
Balance Decrease of the Notes, if any, and pay, if applicable, any due and unpaid Breakage Fee, and (y) upon the termination in whole or in part of an Interest Rate Hedge Agreement where Interest Rate Hedge Counterparty is not the sole
Defaulting Party or sole Affected Party (each as defined under the Interest Rate Hedge), for payment of any Hedge Breakage Costs owing to the Interest Rate Hedge Counterparty; 

(vii) ratably to the Receivables Trust Trustee, the Indenture Trustee, the Note Registrar, the Servicer, the Back-up Servicer, if any, the Noteholders and the Administrative Agent, pro rata (based on amounts
owing), an amount equal to the lesser of (x) fees and reasonable out of pocket expenses to the extent not paid in full pursuant to clause (a)(i)(1) above (and, in the case of the Back-up Servicer, which are reimbursable pursuant to the Back-up
Servicing Agreement, if any, not paid by the Servicer) and in the case, of the Noteholders and the Administrative Agent, as 

  
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applicable, any other amounts (other than principal payments on the Notes or Monthly Interest) due and owing to the Noteholders or the Administrative Agent on such Payment Date pursuant to the
Note Purchase Agreement (including, but not limited to, amounts payable pursuant to Sections 2.06, 2.07 and 2.08 of the Note Purchase Agreement) and (y) all funds remaining after giving effect to the distributions in clause
(i) through (vii) above; 
 (viii) to the Receivables Trust Trustee, the Indenture Trustee, the Note Registrar, the
Servicer, the Back-up Servicer, if any, and any other Person entitled
thereto, pro rata (based on amounts owing), an amount equal to the lesser of (x) any indemnified amounts due and owing from the Issuer pursuant to any Transaction Document to the extent not paid in full pursuant to clause (a)(i)(2) above and
(y) all funds remaining after giving effect to the distributions in clause (i) through (viii) above; 

(ix) upon the termination in whole or in part of an Interest Rate Hedge Agreement where the Interest Rate Hedge Counterparty is
the sole Defaulting Party or sole Affected Party, for payment of any Hedge Breakage Costs owing to the Interest Rate Hedge counterparty; and 

(x) all remaining amounts, to the Depositor, as the holder of 100% of the limited liability company interests in the Issuer.

 SECTION 8.07 Optional Redemption of the Notes. 

(a) The Issuer shall retire the Notes in the event that the Servicer exercises its optional purchase right pursuant to Section 6.04
of the Servicing Agreement to purchase all (but not less than all) of the Receivables Trust Certificate (whereupon the Issuer may cause the Receivables Trust to distribute all remaining Receivables to the Issuer or its designee) or the remaining
Receivables held by the Receivables Trust. 
 (b) In accordance with a securitization, sale or other transaction, the Servicer, Sponsor or
Depositor may undertake an optional purchase by it or its designee on any Business Day of all (but not less than all) of the remaining Receivables held by the Receivables Trust with at least three (3) Business Days’ notice of such
redemption to the Issuer, the Receivables Trust, the Indenture Trustee, the Administrative Agent and the Noteholders. In order to exercise its purchase option set forth in this clause (b), the Servicer, the Sponsor or the Depositor, as applicable
(in such capacity, the “Purchasing Party”), shall provide written notice of its exercise of such option to the Indenture Trustee, the Administrative Agent and the Receivables Trust Trustee at least three (3) Business Days prior
to its exercise. Notwithstanding anything herein to the contrary, the notice requirements of this Section 8.07(b) shall be deemed satisfied to the extent waived in writing by the Administrative Agent and the Indenture Trustee (as directed by
the Administrative Agent). Following receipt of such notice, the Indenture Trustee shall provide written notice to the Noteholders of such purchase by making electronically available such Purchasing Party notice on its website at
www.ctslink.com. Such notice to Noteholders shall to the extent practicable be delivered not later than three (3) Business Days prior to the date on which the proceeds of such purchase shall be applied to repay Issuer Obligations. The
Redeeming Party shall, by 1:30 p.m. 

  
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Eastern Standard Time, on the date on which such purchase is to be made, deposit the net proceeds of such purchase with the Indenture Trustee. The Indenture Trustee shall apply such funds as
Collections on the Business Day on which such funds are received in accordance with the priorities set forth in Section 8.06 hereof, pursuant to written direction of the Servicer. 

(c) The aggregate redemption price for the remaining Receivables and related Sold Assets in connection with the exercise of the option
described in clause (a) or clause (b) above (the “Optional Purchase Price”) will be equal to the sum of (i) the Borrowing Base Receivables Principal Balance, plus accrued and unpaid interest thereon and (ii) any
fees, expenses, indemnification amounts or other reimbursements owed to the Indenture Trustee, the Receivables Trust Trustee, the Note Registrar or the Back-up Servicer,
if any, and in any event must be at least equal to the amount necessary to
pay all amounts owing on the Notes in full on the final Payment Date in accordance with the priorities set forth in Section 8.06. 

(d) In order to exercise its purchase option set forth in clause (a) (the Servicer, the Sponsor or the Depositor, as applicable (in such
capacity, the “Redeeming Party”), shall provide written notice of its exercise of such option to the Indenture Trustee, the Administrative Agent and the Receivables Trust Trustee at least thirty (30) days prior to its exercise.
Following receipt of such notice, the Indenture Trustee shall provide written notice to the Noteholders of the final payment on the Notes by delivering the Redeeming Party’s written notice to the Indenture Trustee regarding such purchase. Such
notice to Noteholders shall to the extent practicable be delivered not later than ten (10) Business Days prior to the final Payment Date on which such purchase option shall be exercised. Such notice from the Indenture Trustee to Noteholders
shall specify that payment of the principal amount and any interest due with respect to such Notes at the final Payment Date will be payable only upon presentation and surrender of such Notes and shall specify the place where such Notes may be
presented and surrendered for such final payment. No interest shall accrue on the Notes on or after any such final Payment Date, provided that the Redeeming Party shall have deposited the Optional Purchase Price (or portion thereof) as required
under the following sentence. In addition, the Redeeming Party shall, on or before the proposed Payment Date on which such purchase or redemption is to be made, deposit the Optional Purchase Price (less the amount of any funds then on deposit in the
Collection Account and the Reserve Account) with the Indenture Trustee. In accordance with written direction delivered to the Indenture Trustee at least five (5) Business Days prior to the final Payment Date, subject to
Section 8.7(e), the Indenture Trustee shall apply such funds to make payments of all amounts owing to the transaction parties pursuant to the Transaction Documents by no later than 2:00 New York City time on the final Payment Date and
make final payments of principal and interest on the Notes in accordance with such direction, which shall reflect the priorities set forth in Section 8.06 hereof, and this Indenture shall be discharged. 

(e) In connection with such payments and redemption made on such final Payment Date this Indenture, except with respect to the rights and
immunities of the Indenture Trustee hereunder, including the rights of the Indenture Trustee under Section 6.07, shall be discharged and cease to be of further effect when: 

(i) all Notes theretofore authenticated and delivered (other than any Notes which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.05) have been delivered to the Indenture Trustee for cancellation; 

  
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 (ii) the Issuer has irrevocably deposited or caused to be irrevocably deposited
with the Indenture Trustee cash in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes (to the extent not theretofore delivered to the Indenture Trustee for cancellation); 

(iii) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer with respect to the Notes and
with respect to the Indenture Trustee; and 
 (iv) the Issuer has delivered to the Indenture Trustee an Officer’s
Certificate of the Issuer meeting the applicable requirements of Section 11.01 and stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with. 

SECTION 8.08 Determination of Monthly Interest. 

The amount of Monthly Interest distributable from the Collection Account and the Reserve Account with respect to the Notes on any Payment Date
shall be an amount determined by the Administrative Agent as provided in the Note Purchase Agreement. 
 SECTION 8.09
Distributions and Payments to Noteholders. 
 (a) Payments shall be made to, and reports shall be provided to,
Noteholders as expressly set forth herein and in the Servicing Agreement. The identity of the Noteholders with respect to distributions and reports shall be determined as of the immediately preceding Record Date. 

(b) Subject to the provisions of Section 5.05 hereof, on each Payment Date, the Indenture Trustee, in accordance with the Monthly
Servicer Report and Section 8.06, shall pay to each Noteholder of record on the related Record Date (other than as provided in Section 10.02 hereof) or to such other Person as may be specified in Section 8.06,
such amounts held by the Indenture Trustee that are allocated and available on such Payment Date to pay amounts payable to the Noteholders or such other Person pursuant to Section 8.06. 

(c) Except as provided in Section 10.02 hereof with respect to a final distribution, distributions to Noteholders hereunder shall
be made by wire transfer of same day funds to the account that has been designated by the applicable Noteholders not less than five (5) Business Days prior to such Payment Date. 

SECTION 8.10 Reports and Statements to Noteholders. 

(a) Not later than the second Business Day preceding each Payment Date on which Notes are Outstanding, the Servicer shall deliver to the
Indenture Trustee, and the Indenture Trustee shall make available electronically to the Issuer, the Back-up Servicer, the Administrative Agent and the Noteholders, a Monthly Servicer Report, substantially in the form of Exhibit A to the
Servicing Agreement prepared by the Servicer, among other things, the following information: 

  
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 (i) the amount of Collections received during the related Collection Period; 

(ii) the amount of Available Funds on the related Payment Date; 

(iii) the amount of Collections constituting (A) Recoveries, (B) RSA proceeds, credit insurance and sales tax refunds
and (C) other Finance Charges received during the related Collection Period; 
 (iv) the amount of principal payable to
the Notes; 
 (v) the amount of Indenture Trustee, Receivables Trust Trustee and Back-up Servicer fees and expenses, and
Owner’s Yield for each Owner, respectively; 
 (vi) the amount of the Servicing Fee for such Payment Date; 

(vii) the total amount to be distributed to Noteholders on such Payment Date; 

(viii) the outstanding principal balance of the Notes as of the end of the day on the Payment Date; 

(ix) the aggregate Outstanding Receivables Balance that became Defaulted Receivables during the related Collection Period; 

(x) the Aggregate Investor Net Loss Amount for the related Collection Period; and 

(xi) the aggregate Outstanding Receivables Balance of Receivables that were 1-30 days, 31-60 days, 61-90 days, 91-120 days,
121-150 days, 151-180 days and more than 180 days delinquent, respectively, as of the end of the related Collection Period. 
 On or before each Payment
Date, to the extent the Servicer provides such information to the Indenture Trustee at least one (1) Business Day prior to such Payment Date, the Indenture Trustee will make available the Monthly Servicer Report via the Indenture Trustee’s
Internet website and, at the written direction of the Issuer, such other information regarding the Notes and/or the Receivables Trust Estate as the Indenture Trustee may have in its possession, but only with the use of a password provided by the
Indenture Trustee; provided, however, the Indenture Trustee shall have no obligation to provide such information described in this Section 8.10 until it has received the requisite information from the Issuer or the
Servicer. The Indenture Trustee will make no representations or warranties as to the accuracy or completeness of such documents or information and will assume no responsibility therefor. 

  
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 (b) The Indenture Trustee’s internet website shall be initially located at
“www.CTSLink.com” or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders and the Rating Agency. In connection with providing access to the Indenture Trustee’s Internet
website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for information disseminated in accordance with this Indenture. In addition, the Indenture Trustee shall be
entitled to rely on but shall not be responsible for the content or accuracy of any information provided by the Servicer. 
 (c) On or before
March 31 of each calendar year, beginning with calendar year 2018, the Indenture Trustee, shall, upon written request, furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Noteholder, a report
prepared by the Servicer containing the information which is required to be contained in the Monthly Servicer Report delivered pursuant to paragraph (a) above aggregated for such calendar year or the applicable portion thereof during which such
Person was a Noteholder, together with other information the Servicer determines is required to be provided by an issuer of indebtedness under the Internal Revenue Code. Such obligation of the Indenture Trustee shall be deemed to have been satisfied
to the extent that substantially comparable information shall be provided by the Indenture Trustee pursuant to any requirements of the Internal Revenue Code as from time to time in effect. Notwithstanding the foregoing, the Indenture Trustee shall
only be obligated to distribute to any such Person any such information or statements to the extent received by the Trustee from the Servicer. 

ARTICLE IX 
 Supplemental
Indentures 
 SECTION 9.01 Supplemental Indentures. 

(a) The Issuer, the Servicer and the Indenture Trustee, when authorized by an Issuer Order, may, with the consent of the Administrative Agent
(which consent shall be deemed to be given on behalf of all the Noteholders) and with prior notice to the Rating Agency (if any Rating Agency then provides a rating on the Notes, as evidenced by an Officer’s Certificate delivered by the Issuer
to the Indenture Trustee), enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights
of the Noteholders under this Indenture; provided, however, that, unless waived by the Administrative Agent, the Issuer shall have delivered to the Administrative Agent and the Indenture Trustee a Tax Opinion, dated the date of any such action,
addressing such action. 
 (b) Notwithstanding the foregoing or any other provision of this Indenture or any other Transaction Document to
the contrary, the Administrative Agent may, on behalf of all Noteholders, waive any default by the Issuer or the Servicer in the performance of its obligations hereunder and its consequences, except (i) the failure to make any distributions
required to be made to Noteholders or to make any required deposits of any amounts to be so distributed (which such default may only be waived by 100% of the affected Noteholders), or (ii) with respect to any right of, or obligations owed to,
the Indenture Trustee in its individual capacity. Upon any such waiver of a past default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied for every purpose of this Indenture. No such waiver
shall extend to 

  
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any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. Written notice of any such waiver shall be delivered to the Indenture Trustee,
together with a certificate under which the Issuer or the Servicer certifies that such waiver is permitted by and not prohibited by this Indenture or any other Transaction Document. The Indenture Trustee shall be entitled to rely conclusively and
exclusively on such certificate, and shall be protected in so relying, with not duty to make any determination or investigation with respect thereto. 

(c) The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained. 
 SECTION 9.02 Execution of Supplemental Indentures. 

In executing any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this
Indenture, the Indenture Trustee, at the expense of the Issuer, shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Officer’s Certificate of the Issuer and, if any
Noteholder did not consent to such supplemental indenture, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied.

 The Indenture Trustee may, but shall not be obligated to, enter into any supplemental indenture that affects its (as such or in its
individual capacity) own rights, duties, liabilities, benefits, protections, privileges or immunities under this Indenture or otherwise. 

All reasonable fees, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs and expenses) incurred in
connection with any amendment, modification, waiver or supplement to this Indenture shall be payable by the Issuer. 
 SECTION 9.03
Effect of Supplemental Indenture. 
 Upon the execution of any supplemental indenture under this Article IX, this
Indenture shall be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture
Trustee, the Issuer, the Servicer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and the terms and conditions of any such supplemental
indenture shall be deemed to be a part of this Indenture for any and all purposes. 
 SECTION 9.04 Reference in Notes to
Supplemental Indentures. 
 Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this
Article IX may, and if required by the Issuer or the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes
so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding
Notes. 

  
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 SECTION 9.05 Modification of Obligations of Receivables Trust Trustee. 

Notwithstanding anything in this Article IX to the contrary, no amendment may be made to this Indenture that would adversely affect the
rights, indemnities, immunities, liabilities or duties of the Receivables Trust Trustee without the written consent of the Receivables Trust Trustee. 

ARTICLE X 
 Termination

 SECTION 10.01 Termination of Indenture. 

The respective obligations and responsibilities of the Issuer, the Servicer and the Indenture Trustee created hereby (other than those which by
their terms survive) shall terminate upon payment in full of all Outstanding Notes and the satisfaction in full of all other obligations of the Issuer, the Servicer and the Indenture Trustee pursuant to this Indenture. 

SECTION 10.02 Final Distribution. 

(a) The Servicer shall give the Indenture Trustee at least thirty (30) days’ prior written notice of the Payment Date with respect to
which the Noteholders may surrender their Notes for payment of the final distribution on and cancellation of such Notes. Such notice to the Indenture Trustee shall be accompanied by an Officer’s Certificate of the Servicer setting forth the
information specified in Section 3.09 covering the period during the then-current calendar year through the date of such notice. To the extent practicable, not later than ten (10) Business Days prior to such final Payment Date, the
Indenture Trustee shall provide notice to Noteholders specifying (i) the Payment Date upon which final payment of the Notes will be made upon presentation and surrender of such Notes at the office or offices therein designated, (ii) the
amount of any such final payment, to be made in accordance with Section 8.06, and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of
such Notes at the office or offices therein specified. The Indenture Trustee shall give such notice to the Note Registrar (if other than the Indenture Trustee) at the time such notice is given to Noteholders. 

(b) Notwithstanding a final distribution to the Noteholders (or the termination of the Issuer), except as otherwise provided in this paragraph
(b), all funds on deposit in the Collection Account and the Reserve Account on the final Payment Date, shall continue to be held in trust for the benefit of such Noteholders and the Indenture Trustee shall pay such funds to such Noteholders upon
surrender of their Notes in accordance with the written direction of the Servicer given pursuant to Section 8.06. In the event that all such Noteholders shall not surrender their Notes for cancellation within six (6) months after
the date specified in the notice from the Indenture Trustee described in paragraph (a) above, the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final
distribution with respect thereto. If within one (1) year after the second notice all such Notes 

  
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shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining such Noteholders
concerning surrender of their Notes pursuant to and as described in Section 3.03. Subject to applicable escheat laws, the Indenture Trustee shall pay to the Issuer any monies held by it for the payment of principal or interest that
remains unclaimed for two (2) years pursuant to and as described in Section 3.03. After payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned
property law designates another Person. 
 (c) Any time prior to the Note Initial Increase Date, the Issuer, with the written consent of the
Administrative Agent, may terminate this Indenture by Issuer Order to the Indenture Trustee with instructions providing for such termination. 

ARTICLE XI 
 Miscellaneous

 SECTION 11.01 Compliance Certificates. 

Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee an Officer’s Certificate of the Issuer stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with. 

Every certificate with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(i) a statement that each signatory of such certificate has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or investigation
upon which the statements contained in such certificate are based; 
 (iii) a statement that, in the opinion of each such
signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

SECTION 11.02 Form of Documents Delivered to Indenture Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

  
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 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to
the matters upon which such Authorized Officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Sponsor, or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor, the Sponsor,
or the Issuer, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two (2) or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 11.03
Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing and satisfying
any requisite percentages as to minimum number or Dollar value of aggregate unpaid principal amount represented by such Noteholders; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of
the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.03. 
 (b) The fact and date of the
execution by any Person of any such instrument or writing may be proved in any manner which the Indenture Trustee deems sufficient. 
 (c)
The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or
other action by the Holder of any Notes shall bind the Holder (and any transferee or successor thereof) of every Note issued upon the registration thereof, in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to
be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

  
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 SECTION 11.04 Notices, Etc. Any request, demand, authorization, direction,
notice, consent, waiver, or Act of Noteholders or other communication provided for or permitted by the Indenture shall be in writing, if made upon, given or furnished to, or filed with: 

(a) the Indenture Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to a Responsible
Officer, by hand, facsimile transmission, electronic communication (including e-mail), courier, overnight delivery service, certified mail (return receipt requested and postage prepaid), or by other means acceptable to the Indenture Trustee to or
with the Indenture Trustee at its Corporate Trust Office; or 
 (b) the Issuer shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to a Responsible Officer, by hand, facsimile transmission, electronic communication (including e-mail), courier, overnight delivery service, certified mail (return receipt requested and postage prepaid) or by
other means acceptable to the Issuer, to the Issuer addressed to it at Conn’s Receivables Warehouse, LLC, 4055 Technology Forest Blvd., Suite 210, The Woodlands, TX, 77381, Attention: Mark Prior, Email: mark.prior@conns.com, or at any other
address previously furnished in writing to the Indenture Trustee by the Issuer. 
 The Issuer shall promptly transmit any notice received by it from the
Noteholders to the Indenture Trustee. Notwithstanding any provisions of this Indenture to the contrary, the Indenture Trustee shall have no liability based upon or arising from the failure to receive any notice required by or relating to this
Indenture or the Notes. 
 SECTION 11.05 Notices to Noteholders; Waiver. 

Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided), if in writing (including e-mail and facsimile communication) and either mailed by first-class mail postage prepaid or national overnight courier service or sent via electronic mail or facsimile to each Noteholder affected by
such event, at its address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given, neither the failure to
deliver such notice, nor any defect in any notice so delivered, to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders and any notice which is delivered in the manner herein provided shall
conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension of
regular mail service, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 

  
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 Where this Indenture provides for notice to the Rating Agency, such notice is applicable solely
if any Rating Agency then provides a rating on the Notes and failure to give such notice at any time shall not affect any other rights or obligations created hereunder and shall not under any circumstances constitute a Servicer Default or an Event
of Default. 
 SECTION 11.06 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 11.07 Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer and the Servicer shall bind their respective successors and assigns, whether so
expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors and assigns. Notwithstanding the foregoing, no party hereto may assign its rights or obligations under this Indenture without the
prior written consent of each other party hereto. 
 SECTION 11.08 Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.09 Benefits of
Indenture. 
 Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto, the Receivables Trust Trustee, the Noteholders, and their respective successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture. The Receivables Trust Trustee is a third-party beneficiary to this
Indenture and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 

SECTION 11.10 Legal Holidays. 

In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or
this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due. 

SECTION 11.11 Governing Law; Jurisdiction; Jury Trial. 

(a) THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
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 (b) EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS INDENTURE, ANY OTHER TRANSACTION DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING
BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST ANY OTHER
PARTY HERETO OR ANY OF THEIR PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 
 (c) EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE
A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, OR RELATING TO AN INCIDENT TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS INDENTURE OR THE
OTHER TRANSACTION DOCUMENTS. 
 (d) The Indenture Trustee hereby agrees with the Issuer that (i) each of the Note Accounts is a
securities account maintained at the Indenture Trustee as “securities intermediary” within the meaning of Section 8-102(14) of the UCC, (ii) each item of property (whether investment property, financial asset, security, cash or
instrument) credited to any Note Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC, (iii) the Indenture Trustee is the “entitlement holder” within the meaning of
Section 8-102(8) of the UCC with respect to each Note Account and the Indenture Trustee, in its capacity as securities intermediary, shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset
credited to the Note Accounts, (iv) the Indenture Trustee, in its capacity as securities intermediary, shall comply with entitlement orders originated by the Indenture Trustee with respect to each of the Note Accounts without the further
consent of any other Person, (v) except as otherwise expressly provided in this Indenture, the Indenture Trustee, in its capacity as securities intermediary, shall not agree to comply with entitlement orders or instructions directing the
disposition of funds with respect to the Note Accounts originated by any Person other than the Indenture Trustee, (vi) the Indenture Trustee, solely in its capacity as securities intermediary, waives any Lien on any property credited to any
Note Account, (vii) the Indenture Trustee, in its capacity as securities intermediary, has and at all times will maintain each of the Note Account at an office within the United States of America and agrees that the State of New York shall be
deemed to be the “securities intermediary’s jurisdiction” (within the meaning of Section 8-110 of the UCC) and, if applicable, “bank’s jurisdiction” (within the meaning of Section 9-304 of the UCC), with
respect to the Note Accounts, and (viii) (x) as permitted by Article 4 of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the “Hague Convention”), the parties
hereto agree that the law in force in the State of New York shall govern each of the issues specified in Article 2(1) of the Hague Convention (y)

  
 66 

 
any other account agreement agreements, if any, governing the Note Accounts is hereby amended to include clause (x), and (z) it will not modify the law applicable to such issues hereunder or
(as long as the Indenture is in effect) under any such other account agreements, without the prior written consent of the Issuer and the Primary Note Purchaser. The provisions of the immediately preceding sentence shall amend any account agreement
governing the Note Accounts. The rights, protections, benefits, immunities and indemnities afforded to the Indenture Trustee under this Indenture shall be afforded to the Indenture Trustee as securities intermediary, mutatis mutandis. 

SECTION 11.12 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Indenture by facsimile or in .pdf or similar electronic format shall be effective as delivery of a manually
executed counterpart of this Indenture. 
 SECTION 11.13 Recording of Indenture. 

If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at
its expense accompanied by an Opinion of Counsel (which shall be counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured
hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.14
[Reserved]. 
 SECTION 11.15 Trust Obligation. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Receivables Trust Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Receivables Trust Trustee in their respective individual capacities,
(ii) any owner of a beneficial interest in the Receivables Trust or the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Receivables Trust Trustee in their
individual capacities, any holder of a beneficial interest in the Issuer, the Receivables Trust, the Receivables Trust Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Receivables Trust Trustee in their
individual capacities. 
 SECTION 11.16 Limitation of Liability of Receivables Trust Trustee. 

It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by Wilmington Trust,
National Association, not individually or personally but solely as Receivables Trust Trustee of the Receivables Trust, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and
agreements herein made on the part of the Receivables Trust is made and intended not as personal 

  
 67 

 
representations, undertakings and agreements by Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Receivables Trust, (iii) nothing herein
contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by
the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust, National Association, has made no investigation as to the accuracy or completeness of any representations or warranties made by the
Receivables Trust in this Indenture and (v) under no circumstances shall Wilmington Trust, National Association, be personally liable for the payment of any indebtedness or expenses of the Receivables Trust or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Receivables Trust under this Indenture or any other related documents. 

SECTION 11.17 No Bankruptcy Petition; Disclaimer and Subordination. 

(a) Notwithstanding any prior termination of this Indenture, to the fullest extent permitted by law, each of the Servicer, the Indenture
Trustee and each Noteholder and the holders of the Trust Certificates (by acceptance of the applicable Notes or Trust Certificates, as applicable) agrees that it shall not, prior to the date that is one year and one day (or such longer preference
period as shall then be in effect) after that date on which the Notes (and, in the case of the Depositor, any indebtedness under any other Permitted ABS Transaction) are no longer Outstanding, file, commence, join, or acquiesce in a petition or
proceeding, or cause any of the Depositor, the Receivables Trust or the Issuer to file, commence, join, or acquiesce in a petition or proceeding, that causes (i) any of the Depositor, the Issuer or the Receivables Trust to be a debtor under any
Debtor Relief Law or (ii) a trustee, conservator, receiver, liquidator, or similar official to be appointed for any of the Depositor, the Issuer or the Receivables Trust or any substantial part of its property. The parties hereto agree that the
obligations under this Section 11.17 shall survive termination of this Indenture. 
 (b) The provisions of this
Section 11.17 shall be for the third party benefit of those entitled to rely thereon and shall survive the resignation or removal of any party to this Indenture and the termination of this Indenture. 

SECTION 11.18 Tax Matters; Administration of Transfer Restrictions. 

(a) Notwithstanding anything to the contrary herein, each of the Servicer and the Indenture Trustee shall be entitled to withhold any amount in
respect of a Note that it determines in its sole discretion is required to be withheld pursuant to Sections 1441-1446 of the Internal Revenue Code or FATCA and such amount shall be deemed to have been paid for all purposes of this Indenture. The
Issuer hereby agrees to fully indemnify the Indenture Trustee for any penalties (and interest thereon), fees, costs, damages or other liabilities imposed on the Indenture Trustee by any Governmental Authority arising from the Indenture
Trustee’s failure to collect or report any Noteholder tax information, or to withhold or deduct any withholding tax; provided, that indemnification shall not be required with respect to penalties, fees, costs, damages or other liabilities
imposed on the Indenture Trustee arising from the Indenture Trustee’s own willful misconduct, negligence or bad faith in failing to collect or report any Noteholder tax information, or to withhold or deduct any withholding tax. 

  
 68 

 (b) Each Noteholder agrees that it will comply with its obligations under
Section 2.08(b) and 2.08(c) of the Note Purchase Agreement (a copy of which the Indenture Trustee acknowledges it has received) and will provide to the Indenture Trustee copies of any forms or information required to be delivered
thereunder. Each Noteholder agrees to provide to the Servicer and the Indenture Trustee like additional subsequent duly completed forms (subject to like consent) satisfactory to the Servicer and the Indenture Trustee on or before the date that any
such form expires or becomes obsolete, or upon the occurrence of any event requiring an amendment, resubmission or change in the most recent form previously delivered by it, and to provide such extensions or renewals as may be reasonably requested
by the Servicer or the Indenture Trustee. Each Noteholder certifies, represents and warrants that as of the date of this Indenture, or in the case of a Noteholder which is an assignee as of the date of such assignment, that it is entitled
(x) to receive payments under this Indenture without deduction or withholding (other than pursuant to Section 1446 of the Internal Revenue Code, if applicable) of any United States federal income taxes and (y) to an exemption from
United States backup withholding tax. Each Noteholder represents and warrants that it shall pay any taxes imposed on such Noteholder attributable to its interest in the Notes. 

(c) The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under the Indenture with respect to any transfer of any interest in any Note (including any transfers between or among Holders) other than to require delivery of such certificates as are expressly required by, and to do so if and when
expressly required by, this Indenture, and to examine the same to determine material compliance as to form with the express requirements hereof. 

SECTION 11.19 Limited Recourse. No recourse under or with respect to any obligation, covenant or agreement of the Issuer
as contained in this Indenture or any of the other Transaction Documents or any other agreement, instrument or document to which the Issuer is a party shall be had against any incorporator, stockholder, affiliate, officer, employee or director of
the Issuer by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that the agreements of the Issuer contained in this Indenture and all other
agreements, instruments and documents entered into pursuant hereto or in connection herewith are, in each case, solely corporate obligations of the Issuer. Notwithstanding any provisions contained in this Indenture to the contrary, the Issuer shall
not, and shall not be obligated to, pay any fees, costs, indemnified amounts or expenses due pursuant to this Indenture other than in accordance with the order of priorities set forth in Section 8.06 of this Indenture. Any amount which
the Issuer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended from time to time)
against or obligation of the Issuer for any such insufficiency unless and until funds are available for the payment of such amounts as aforesaid. The parties hereto agree that the provisions under this Section 11.19 shall survive the
resignation or removal of any such party to this Indenture and the termination of this Indenture. 

  
 69 

 SECTION 11.20 Effectiveness of this Indenture. Notwithstanding anything to
the contrary herein, the Granting Clauses and the representations, warranties, covenants and other obligations of the Issuer and Receivables Trust under this Indenture [shall not
become]became effective
 [until] the Note Initial Increase
Date[.]on August 8, 2017. 

SECTION 11.21 Patriot Act. The parties hereto acknowledge that in accordance with requirements established under the USA
PATRIOT Act and its implementing regulations (collectively, the “Patriot Act”), the Indenture Trustee, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information in its possession as the Indenture
Trustee may request from time to time in order to comply with any applicable requirements of the Patriot Act. 
 [Remainder of page
intentionally left blank] 

  
 70 

 IN WITNESS WHEREOF, the Issuer, the Servicer and the Indenture Trustee have caused this Indenture
to be duly executed by their respective officers thereunto duly authorized, all as of the date first above written. 
  

			
	CONN’S RECEIVABLES WAREHOUSE, LLC, as Issuer

 
			
		
	By:	 	  

		 	Name:
		 	Title:
	
	CONN APPLIANCES, INC., as Servicer

 
			
		
	By:	 	  

		 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Indenture Signature Page 

 
			
	Solely with respect to the Granting Clauses:
	
	CONN’S RECEIVABLES WAREHOUSE TRUST, as Receivables Trust
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Receivables Trust Trustee

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 Indenture Signature Page 

 
			
	Solely with respect to Section 5.07:
	
	 CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative
Agent

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	 [CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative
Agent ]

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Indenture Signature Page 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION, AND, AS A MATTER OF U.S. LAW, MAY NOT BE
OFFERED OR SOLD IN VIOLATION OF THE SECURITIES ACT OR SUCH OTHER LAWS. THIS NOTE, AND ANY BENEFICIAL INTEREST HEREIN, MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND $1,000 INCREMENTS IN EXCESS THEREOF. THE HOLDER HEREOF, BY
PURCHASING OR ACCEPTING THIS NOTE, IS HEREBY DEEMED TO HAVE AGREED FOR THE BENEFIT OF THE ISSUER AND THE INITIAL PURCHASERS THAT IT WILL RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE, AS A MATTER OF U.S. LAW, ONLY TO A PERSON WHO THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, AS DEFINED IN RULE 144A PROMULGATED UNDER THE SECURITIES ACT (“RULE 144A”) (A “QUALIFIED INSTITUTIONAL BUYER”), THAT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR AS A
FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT, IN ACCORDANCE WITH ANY UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION. 
 EACH NOTEHOLDER
OR BENEFICIAL OWNER, BY ACCEPTANCE OF THIS NOTE, OR, IN THE CASE OF A BENEFICIAL OWNER, A BENEFICIAL INTEREST IN THIS NOTE, WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF
(A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN SECTION
4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL REVENUE CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON
OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER
PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (“SIMILAR LAW”) OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY
SUCH PLAN OR (II) ITS ACQUISITION, CONTINUED HOLDING, AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION OR VIOLATION OF ANY SIMILAR LAW. 

  
 A-1 

 THIS NOTE AND RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS
ON AND PROCEDURES UNDERTAKEN OR REPRESENTED BY THE HOLDER, FOR RESALES AND OTHER TRANSFERS OF THIS NOTE, TO REFLECT ANY CHANGE IN, OR TO MAKE USE OF OTHER, APPLICABLE LAWS OR REGULATIONS (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO
RESALES OR OTHER TRANSFERS OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS NOTE AND ANY BENEFICIAL OWNER OF ANY INTEREST THEREIN SHALL BE DEEMED, BY ITS ACCEPTANCE OR PURCHASE HEREOF OR THEREOF, TO HAVE AGREED TO ANY SUCH AMENDMENT OR
SUPPLEMENT (EACH OF WHICH SHALL BE CONCLUSIVE AND BINDING ON THE HOLDER HEREOF AND ALL FUTURE HOLDERS OF THIS NOTE AND ANY NOTES ISSUED IN EXCHANGE OR SUBSTITUTION THEREFOR, WHETHER OR NOT ANY NOTATION THEREOF IS MADE HEREON) AND AGREES TO TRANSFER
THIS NOTE ONLY IN ACCORDANCE WITH SUCH RELATED DOCUMENTATION AS SO AMENDED OR SUPPLEMENTED AND IN ACCORDANCE WITH APPLICABLE LAW IN EFFECT AT THE DATE OF SUCH TRANSFER. 

THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE REDUCED FROM TIME TO TIME BY DISTRIBUTIONS ON THIS NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING
THE INITIAL ISSUANCE OF THIS NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE ACQUIRING THIS NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE BY
INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL ISSUANCE OF THIS NOTE, THE INDENTURE TRUSTEE IS WELLS FARGO BANK, NATIONAL ASSOCIATION. 
 THIS
NOTE IS NOT AN OBLIGATION OF, AND IS NOT INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY, CONN APPLIANCES, INC., CONN’S INC., CONN CREDIT I, [L.P.]LP, THE INDENTURE TRUSTEE, ANY
TRUSTEE OR ANY AFFILIATE OF ANY OF THE FOREGOING. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST
HEREIN, AGREES TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE UNITED STATES FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

  
 A-2 

			
	Registered	  	[Initial Principal Amount:][up to] $____________

 No. R-__ 

CONN’S RECEIVABLES WAREHOUSE, LLC, 

CLASS A
[NOTES]
NOTE 
 CONN’S RECEIVABLES WAREHOUSE, LLC (herein referred to as the
“Issuer”), a Delaware limited liability company, for value received, hereby promises to pay to [            ], or registered assigns, subject to the following provisions,
the principal sum set forth above, or such lesser amount, as determined in accordance with the Indenture (referred to herein), on the Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid
principal amount of this Note on each Payment Date as determined pursuant to the Note Purchase Agreement until the principal amount of this Note is paid, subject to certain limitations in the Indenture. Interest on this Note will accrue for each
Payment Date from and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Note Initial Increase Date to but excluding such Payment Date.
Interest will be computed as provided in the Indenture. Principal of this Note will be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which will have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication
hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note will not be entitled to any benefit under the Indenture or be valid for any purpose. 

  
 A-3 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

 

			
	 CONN’S RECEIVABLES WAREHOUSE, LLC,

as Issuer

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: [            ] [    ],
20[    ] 
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Series described therein and referred to in the within-mentioned Indenture. 

 

			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual capacity,
 but solely as
Indenture Trustee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4 

 CONN’S RECEIVABLES WAREHOUSE, LLC, 

CLASS A
[NOTES]
NOTE 
 This Note is one of a duly authorized issue of Notes of the
Issuer, designated as the CONN’S RECEIVABLES WAREHOUSE, LLC, Class A Notes (the “Notes”), issued under the Indenture dated as of February 24, [2017
(the “Indenture”), among the ]2017, among Conn’s
Receivables Warehouse, LLC, as issuer (the
“Issuer”), Conn Appliances, Inc., in its capacity as servicer (the “Servicer”)[ and] Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee”), Conn’s Receivables Warehouse Trust, as
receivables trust (the “Receivables Trust”) and Credit Suisse AG, New York Branch, as administrative agent (the “Administrative Agent”), as amended by (i) the Omnibus Amendment, dated as of August 8, 2017 (the
“Omnibus Amendment”), among the Issuer, the Servicer, Conn Appliances, Inc., in its capacity as sponsor (the “Sponsor”), the Seller, the Indenture Trustee, the Receivables Trust, Conn Appliances Funding, LLC as the depositor, (the “Depositor”), the Administrative Agent and the Primary Note Purchaser, (ii) the Omnibus Amendment No. 2 (the “Omnibus Amendment
No. 2”), dated as of October 27, 2017, among the Issuer, the Servicer, the Sponsor, the Indenture Trustee, the Receivables Trust, the Depositor, the Administrative Agent and the Primary Note Purchaser, and (iii) the Omnibus
Amendment No. 3, (the “Omnibus Amendment No. 3”, and collectively with Omnibus Amendment and Omnibus Amendment No. 2, the “Omnibus Amendments”) dated as of February 6, 2018, among the Issuer, the Servicer, the
Sponsor, the Indenture Trustee, the Receivables Trust, the Depositor, the Administrative Agent and the Primary Note Purchaser (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”) and representing the right to receive certain payments from the Issuer. The Notes are subject to all of the terms, provisions and conditions of the Indenture, as it may be amended, supplemented or modified from
time to time. All terms used in this Note that are defined in Schedule II [(]the “Definitions Schedule”) to the Servicing
Agreement, dated as of February 24, 2017, among Conn Appliances Funding, LLC as the depositor, (the “Depositor”), the [Servicer and the
Issuer,]the Servicer, the Receivables Trust, the Indenture Trustee
and the Issuer, as amended by the Omnibus Amendments (as amended, restated, supplemented or otherwise modified from time to time,
the “Definitions Schedule”) have the meanings assigned to
them therein or pursuant thereto, as applicable. In the event of any conflict or inconsistency between the Definitions Schedule and this Note, the Definitions Schedule controls. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this
Note for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable under this Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture. 

This Note does not purport to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

  
 A-5 

 The Note Balance on any date of determination will be an amount equal to (a) the initial
Note Balance minus (b) the aggregate amount of principal payments made to the Holders of Notes and which have not been rescinded on or before such date plus (c) the aggregate principal amount of all Note Balance Increases on
or before such date. Payments of principal of the Notes will be made in accordance with the provisions of, and subject to the limitations in, the Indenture. 

On each Payment Date, the Indenture Trustee will distribute to each Noteholder of record on the related Record Date (except for the final
distribution in respect of this Note) such Noteholder’s pro rata share of the amounts held by the Indenture Trustee that are allocated and available on such Payment Date to pay interest and principal on the Notes pursuant to the Indenture.
Except as provided in the Indenture with respect to a final distribution, distributions to the Noteholders shall be made (i) on the due date thereof, to an account designated by the holder of this Note, in United States dollars and in
immediately available funds and (ii) without presentation or surrender of any Note or the making of any notation thereon. Final payment of this Note will be made only upon presentation and surrender of this Note at the office or agency
specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholders in accordance with the Indenture. 

Upon the exercise by the Servicer of the option to purchase the remaining Receivables and related Sold Assets of the Issuer pursuant to the
Transaction Documents, the Issuer will retire the Notes and redeem the Notes from the proceeds of such purchase. 
 This Note does not
represent an obligation of, or an interest in, the Depositor, Conn Appliances, Inc. or any Affiliate of any of them (other than the Issuer) and is not insured or guaranteed by any governmental agency or instrumentality or any other Person. 

Each Noteholder, by accepting a Note, and each beneficial owner of such Note hereby covenants and agrees that it will not at any time
institute against the Issuer, the Receivables Trust or the Depositor, or join in instituting against the Issuer, the Receivables Trust or the Depositor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law. 
 The Issuer, the Depositor, the Indenture Trustee and any
agent of the Issuer, Depositor or the Indenture Trustee will treat the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuer, the Depositor, the Indenture Trustee or any agent of the Issuer,
Depositor or the Indenture Trustee will be affected by notice to the contrary. 
 BY ACCEPTANCE HEREOF, THE HOLDER OF THIS NOTE AGREES TO
THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE AND HEREIN. 
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. 

  
 A-6 

 ASSIGNMENT 

Social Security or other identifying number of assignee
                                         
                        

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (name and address of assignee) the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints
                                         
               , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated:
                            1 

Signature Guaranteed: 
  

 

	1 	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the [within ]Note in every particular, without
alteration, enlargement or any change whatsoever. 

  
 A-7 

 EXHIBIT B 

[RESERVED] 

  
 B-1 

 EXHIBIT C 

[RESERVED] 

  
 C-1 

 EXHIBIT D 

RULE 15Ga-1 INFORMATION 
 Reporting
Period:                             

☐ Check here if nothing to report. 
  

																													
	 Asset

Class
	  	 Shelf
	  	 Series
Name
	  	CIK	  	Originator	  	Receivable
No.	  	Servicer
Receivable
No.	  	Outstand-
ing
Principal
Balance	  	Repurchase
Type	  	Indicate Repurchase Activity During the Reporting Period by Checkmark or by Date
Reference (as applicable)
	 	  	  
	  	  
	  	 	  	 	  	 	  	 	  	 	  	 	  	Subject
to
Demand	  	Repurchased
or Replaced	  	Repurchase
Pending	  	Demand
in
Dispute	  	Demand
Withdrawn	  	Demand
Rejected

 Terms and
Definitions: 
 NOTE: Any date included on this report is subject to the descriptions below. Dates referenced on this
report for this Transaction where the Servicer is not the Repurchase Enforcer (as defined below), availability of such information may be dependent upon information received from other parties. 

References to “Repurchaser” shall mean the party obligated under the Transaction Documents to repurchase Receivables.
References to “Repurchase Enforcer” shall mean the party obligated under the Transaction Documents to enforce the obligations of any Repurchaser. 

Outstanding Principal Balance: For purposes of this report, the Outstanding Principal Balance of a Receivable in this
Transaction equals the remaining outstanding principal balance of the Receivable reflected on the distribution or payment reports at the end of the related reporting period, or if the Receivable has been liquidated prior to the end of the related
reporting period, the final outstanding principal balance of the Receivable reflected on the distribution or payment reports prior to liquidation. 

  
 D-1 

 Subject to Demand: The date when a demand for repurchase is identified and coded by
the Servicer or Indenture Trustee as a repurchase related request. 
 Repurchased or Replaced: The date when a Receivable is
repurchased or replaced. To the extent such date is unavailable, the date upon which the Servicer or Indenture Trustee obtained actual knowledge a Receivable has been repurchased or replaced. 

Repurchase Pending: A Receivable is identified as “Repurchase Pending” when a demand notice is sent by the
Indenture Trustee, as Repurchase Enforcer, to the Repurchaser. A Receivable remains in this category until (i) a Receivable has been Repurchased, (ii) a request is determined to be a “Demand in Dispute,” (iii) a
request is determined to be a “Demand Withdrawn,” or (iv) a request is determined to be a “Demand Rejected.” 

With respect to the Servicer only, a Receivable is identified as “Repurchase Pending” on the date (y) the Servicer sends notice
of any request for repurchase to the related Repurchase Enforcer, or (z) the Servicer receives notice of a repurchase request but determines it is not required to take further action regarding such request pursuant to its obligations under the
applicable Transaction Documents. The Receivable will remain in this category until the Servicer receives actual knowledge from the related Repurchase Enforcer, Repurchaser, or other party, that the repurchase request should be changed to
“Demand in Dispute”, “Demand Withdrawn”, “Demand Rejected”, or “Repurchased.” 

Demand in Dispute: Occurs (i) when a response is received from the Repurchaser which refutes a repurchase request, or
(ii) upon the expiration of any applicable cure period. 
 Demand Withdrawn: The date when a previously submitted
repurchase request is withdrawn by the original requesting party. To the extent such date is not available, the date when the Servicer or the Indenture Trustee receives actual knowledge of any such withdrawal. 

Demand Rejected: The date when the Indenture Trustee, as Repurchase Enforcer, has determined that it will no longer pursue
enforcement of a previously submitted repurchase request. To the extent such date is not otherwise available, the date when the Servicer receives actual knowledge from the Indenture Trustee, as Repurchase Enforcer that it has determined not to
pursue a repurchase request. 

  
 D-2 

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants, and covenants
to the Indenture Trustee as follows on the Note Initial Increase Date: 
 General 

 

	1.	This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is
enforceable as such as against creditors of and purchasers from the Issuer. 

  

	2.	The Receivables constitute “tangible chattel paper”, “electronic chattel paper”, “accounts,” “instruments” or “general intangibles” within the meaning of the UCC.

  

	3.	Each Note Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC. 

Creation 
  

	4.	Immediately prior to the sale, transfer, assignment and conveyance of the Receivables by the Depositor to the Receivables Trust, the Depositor owned and had good and marketable title to such Receivables free and clear
of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivables to the Receivables Trust, the Receivables Trust will have good and marketable title to such Receivables free and clear of any Lien other than
Permitted Liens. 

 Perfection 
  

	5.	The Issuer has caused or will have caused, within ten (10) days after the Note Initial Increase Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder, and all financing statements referred to in this paragraph contain a statement that: “A purchase of or security
interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser”. 

  

	6.	With respect to the Note Accounts that constitute deposit accounts, either: 

 (i) the Issuer has
delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Note
Accounts without further consent by the Issuer; or 

  
 I-1 

 (ii) the Issuer has taken all steps necessary to cause the Indenture Trustee to become the
account holder of such Note Accounts. 
  

	7.	With respect to the Note Accounts that constitute securities accounts or securities entitlements, either: 

(i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to
comply with all instructions originated by the Indenture Trustee relating to such Note Accounts without further consent by the Issuer; or 

(ii) the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the
person having a security entitlement against the securities intermediary in each of such Note Accounts. 
 Priority 

 

	8.	The Issuer has not authorized the filing of, or is not aware of, any financing statements against the Issuer or the Receivables Trust that include a description of collateral covering the Receivables other than any
financing statement (i) relating to the conveyance of the Receivables by the 2016-B Seller to the Depositor under the First Receivables Purchase
Agreement, (ii) relating to the conveyance of the Receivables by the Depositor to the Receivables Trust under the Second Receivables Purchase Agreement, (iii) relating to the security interests granted to the Indenture Trustee hereunder,
or (iv) that has been terminated. 

  

	9.	The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer. 

  

	10.	[Each]The Seller or the Servicer or an Affiliate of the Servicer (which, in
the case of an Affiliate of the Servicer, is a Person to whom the Servicer has delegated its duties or with whom the Servicer has entered into a subservicing arrangement in accordance with Section 2.01(b) of the Servicing Agreement and,
in any case, is a Person who has agreed to hold such original in trust for the Depositor (or its assigns)) has in its possession all original copies of the instruments and tangible chattel paper that constitute or evidence the Receivables sold by [such]the 2016-B Seller to the Depositor. None of the instruments, electronic chattel paper or tangible chattel
paper that constitute or evidence the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Depositor, the Receivables Trust or the Indenture Trustee. None of the
Depositor, the 2016-B Seller or a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of any Receivable Agreement that constitutes or evidences such Receivable to any Person other than the [related Seller, the
]Servicer or an Affiliate of the Servicer (which, in the case of an Affiliate of the Servicer, is a Person to whom the Servicer has delegated its duties or with whom the Servicer has entered into a subservicing arrangement in
accordance with Section 2.01(b) of the Servicing Agreement and, in any case, is a Person who has agreed to hold such “authoritative copy” in trust for the Depositor (or its assigns)). 

  
 I-2 

	11.	No Note Account that constitutes a securities account or securities entitlement is in the name of any person other than the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Note
Account to comply with entitlement orders of any person other than the Indenture Trustee. 

  

	12.	No Note Account that constitutes a deposit account is in the name of any person other than the Indenture Trustee. The Issuer has not consented to the bank maintaining such Note Account to comply with instructions of any
person other than the Indenture Trustee. 

 Survival of Perfection Representations 

 

	13.	Notwithstanding any other provision of this Indenture or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule I shall be continuing, and remain in
full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed. 

No Waiver 
  

	14.	The parties to the Indenture shall provide each Rating Agency (if any Rating Agency the provides a rating on the Notes) with prompt written notice of any material breach of the perfection representations, warranties and
covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Notice Requirement (if any Rating Agency the provides a rating on the Notes), waive a breach of any of such perfection representations, warranties or
covenants. 

 Issuer to Maintain Perfection and Priority 

 

	15.	The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be necessary or advisable
(including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s security interest in the Receivables. The Issuer shall, from time to time and
within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or
any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority interest. 

  
 I-3 

 Annex B 

SERVICING AGREEMENT 
 among 

CONN’S RECEIVABLES WAREHOUSE, LLC, 

AS ISSUER, 
 CONN’S
RECEIVABLES WAREHOUSE TRUST, 
 AS RECEIVABLES TRUST 

CONN APPLIANCES, INC., 
 AS
SERVICER, 
 and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 AS INDENTURE TRUSTEE 
  

 
 DATED AS
February 24, 2017 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	1	 
	 Section 1.01
	 	Defined Terms	  	 	1	 
	 Section 1.02
	 	Other Definitional Provisions	  	 	1	 
	ARTICLE II ADMINISTRATION AND SERVICING OF RECEIVABLES AND RELATED SECURITY	  	 	2	 
	 Section 2.01
	 	Appointment of Servicer	  	 	2	 
	 Section 2.02
	 	Duties of Servicer	  	 	3	 
	 Section 2.03
	 	Purchase of Ineligible Receivables	  	 	10	 
	 Section 2.04
	 	Purchase of Returned and Refinanced Receivables	  	 	10	 
	 Section 2.05
	 	Rights After Designation of New Servicer	  	 	11	 
	 Section 2.06
	 	Servicer Default	  	 	13	 
	 Section 2.07
	 	Servicer Indemnification of Indemnified Parties	  	 	15	 
	 Section 2.08
	 	Grant of License	  	 	16	 
	 Section 2.09
	 	Servicing Compensation	  	 	16	 
	 Section 2.10
	 	Representations and Warranties of the Servicer	  	 	17	 
	 Section 2.11
	 	Reports and Records for the Indenture Trustee	  	 	20	 
	 Section 2.12
	 	Reports to the Commission	  	 	20	 
	 Section 2.13
	 	Affirmative Covenants of the Servicer	  	 	20	 
	 Section 2.14
	 	Negative Covenants of the Servicer	  	 	21	 
	 Section 2.15
	 	Sale of Defaulted Receivables	  	 	22	 
	ARTICLE III [RESERVED]	  	 	23	 
	ARTICLE IV [RESERVED]	  	 	23	 
	ARTICLE V OTHER MATTERS RELATING TO THE SERVICER	  	 	23	 
	 Section 5.01
	 	Liability of the Servicer	  	 	23	 
	 Section 5.02
	 	Limitation on Liability of the Servicer and Others	  	 	23	 
	 Section 5.03
	 	Servicer Not to Resign	  	 	23	 
	 Section 5.04
	 	Waiver of Defaults	  	 	24	 
	ARTICLE VI ADDITIONAL OBLIGATION OF THE SERVICER WITH RESPECT TO THE INDENTURE TRUSTEE	  	 	24	 
	 Section 6.01
	 	Successor Indenture Trustee	  	 	24	 
	 Section 6.02
	 	Tax Returns	  	 	24	 
	 Section 6.03
	 	Final Payment with Respect to the Notes	  	 	25	 
	 Section 6.04
	 	Optional Purchase of Receivables Trust Estate	  	 	25	 

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE VII MISCELLANEOUS PROVISIONS	  	 	25	 
	 Section 7.01
	 	Amendment	  	 	25	 
	 Section 7.02
	 	Protection of Right, Title and Interest to Receivables and Related Security	  	 	26	 
	 Section 7.03
	 	Governing Law	  	 	27	 
	 Section 7.04
	 	Notices	  	 	27	 
	 Section 7.05
	 	Severability of Provisions	  	 	28	 
	 Section 7.06
	 	Delegation	  	 	28	 
	 Section 7.07
	 	Waiver of Trial by Jury	  	 	28	 
	 Section 7.08
	 	Further Assurances	  	 	28	 
	 Section 7.09
	 	No Waiver; Cumulative Remedies	  	 	28	 
	 Section 7.10
	 	Counterparts	  	 	28	 
	 Section 7.11
	 	Third-Party Beneficiaries	  	 	29	 
	 Section 7.12
	 	Actions by Noteholders	  	 	29	 
	 Section 7.13
	 	Rule 144A Information	  	 	29	 
	 Section 7.14
	 	Merger and Integration	  	 	29	 
	 Section 7.15
	 	Headings	  	 	29	 
	 Section 7.16
	 	Rights of the Indenture Trustee	  	 	29	 
	 Section 7.17
	 	Sales Tax Proceeds	  	 	30	 
	 Section 7.18
	 	Limitation of Liability	  	 	30	 
	 Section 7.19
	 	Effectiveness of Agreement	  	 	30	 
		
	EXHIBITS	  			
			
	 Exhibit A
	 	Form of Monthly Servicer Report	  			
	 Exhibit B
	 	Form of Annual Servicer’s Certificate	  			
		
	SCHEDULES	  			
			
	 Schedule I
	 	Litigation	  			
	 Schedule II
	 	Definitions	  			

  
 ii 

 SERVICING AGREEMENT dated as of February 24, 2017 (the “Agreement”) by and
among CONN’S RECEIVABLES WAREHOUSE, LLC, a Delaware limited liability company, as issuer (the “Issuer”), CONN’S RECEIVABLES WAREHOUSE TRUST, a Delaware statutory trust, as receivables trust (the
“Receivables Trust”), CONN APPLIANCES, INC., a Texas corporation (“Conn Appliances”), as initial Servicer, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee under
the Indenture (defined below) (in such capacity, together with its successors and assigns in such capacity, the “Indenture Trustee”). 

WHEREAS, from time to time, the Receivables Trust will purchase from Conn Appliances Receivables Funding, LLC (the
“Depositor”)[, and the Depositor will purchase from Conn Credit I L.P.] Contracts, Receivables and other
Related Security relating to such Receivables pursuant to the terms of and subject to the conditions set forth in the Second Receivables Purchase Agreement, dated as of February 24, 2017, between the Depositor and the Receivables Trust.

 WHEREAS, the Issuer is entering into an Indenture, dated as of February 24, 2017 (as amended, supplemented or otherwise
modified from time to time, the “Indenture”), between the Issuer and the Indenture Trustee, and each of the other Transaction Documents to which it is a party, pursuant to which the Issuer plans to issue Notes in order to finance
its purchase of the Receivables Trust Certificate which represents the ownership of the Receivables Trust which owns the Contracts, Receivables and other Related Security relating to such Receivables. 

WHEREAS, the Servicer is willing to service all Receivables and other Related Security acquired by the Issuer, pursuant to the terms and
subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01
Defined Terms. Capitalized terms in this Agreement and not otherwise defined herein are defined in and shall have the respective meanings assigned to them in Schedule II to this Agreement. 

Section 1.02 Other Definitional Provisions. 

(a) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or
delivered pursuant hereto unless otherwise defined therein. 
 (b) Where the character or amount of any asset or liability or
item of income or expense is required to be determined, or any accounting computation is required to be made, for the purpose of this Agreement, such determination or calculation shall be made in accordance with GAAP. When used herein, the term
“financial statement” shall include the notes and schedules thereto. All accounting determinations and computations hereunder or under any other Transaction Documents shall be made without duplication. 

 (c) [Reserved.] 

(d) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and Section, subsection, Schedule and Exhibit references contained in this Agreement are references to Sections, subsections, Schedules and
Exhibits in or to this Agreement unless otherwise specified. 
 ARTICLE II 

ADMINISTRATION AND SERVICING 
 OF
RECEIVABLES AND RELATED SECURITY 
 Section 2.01 Appointment of Servicer. 

(a) The servicing, administering and collection of the Receivables shall be conducted by such Person (the
“Servicer”) so designated from time to time in accordance with this Section 2.01. Until the Indenture Trustee gives notice to Conn Appliances of the designation of a new Servicer pursuant to this
Section 2.01, Conn Appliances is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. The Servicer may not delegate any of its rights, duties or obligations
hereunder, or designate a substitute Servicer, without the prior written consent of the Administrative Agent and the Receivables Trust (with prior written notice to the Indenture Trustee); provided, however, that the Servicer shall be
permitted to delegate its duties hereunder to any of its Affiliates and may use subservicers, contractors or agents but will remain obligated and liable for the performance of any such delegated duties as if it were performing such duties itself.

 (b) (i) After the occurrence of a Servicer
Default that is forty-five (45) days following the Initial Note Increase Date, the Indenture Trustee may, and upon the direction of the Required Noteholders or in the case of a Servicer Default as contemplated in clause (d) of the definition thereof, shall, in accordance with the
provisions set forth in clause (ii) below, appoint the Back-Up Servicer (Systems & Services Technologies, Inc. (“SST”) or any other successor servicer appointed in accordance with the terms of
Section 2.01(b)(ii) below, in such capacity, the “Successor Servicer”) pursuant to
[the]a
 Back-Up Servicing Agreement to succeed to Conn Appliances as Servicer hereunder (any such transfer of Servicer power and authority to a Successor Servicer, a “Servicing
Transfer”). 

  
 2 

 (ii) If (x) the Back-Up Servicer, on the date of its appointment as
Successor Servicer or at any time following such appointment, fails or is unable to perform the duties of the Servicer hereunder or has previously resigned or otherwise been terminated as Back-Up Servicer, or (y) any other Person designated
Successor Servicer in accordance with this Section 2.01 resigns, fails or is unable to perform the duties of the Servicer hereunder following its appointment as Successor Servicer, the Indenture Trustee may with the consent of the
Required Noteholders, and upon the direction of the Required Noteholders shall, appoint as Servicer any Person to succeed the then-current Servicer on the condition in each case that any such Person so appointed shall agree to perform the duties and
obligations of the Servicer pursuant to the terms hereof. Until such time as the Person so appointed becomes obligated to begin acting as Servicer hereunder, the then current Servicer will continue to perform all servicing functions under this
Agreement and the other Servicer Transaction Documents. If the Indenture Trustee is not able to appoint a new Servicer to succeed Conn Appliances, the Back-Up Servicer or any other Person then acting as Servicer, within a reasonable time following
the date upon which it is required to so appoint a successor to the Servicer pursuant to this Section 2.01 (but in any event not later than 30 days following such date), the Indenture Trustee shall at the expense of the Issuer (as
Certificateholder of the Receivables Trust) petition a court of competent jurisdiction to appoint as the Servicer hereunder any established financial institution having, a net worth of not less than $25,000,000 and whose regular business includes
the servicing of receivables comparable to the Receivables which are the subject of this Agreement. Following any appointment of a Successor Servicer pursuant to this Section 2.01, the Indenture Trustee will provide notice thereof to the
Issuer, the Receivables Trust, the Depositor, the Administrative Agent and the Noteholders. 
 (c) The Indenture Trustee
shall not be responsible for any differential between the Servicing Fee and any compensation paid to a Successor Servicer hereunder. 

Section 2.02 Duties of Servicer. 

(a) (i) The Servicer shall take or cause to be taken all such action as may be reasonably necessary or advisable to collect
each Receivable from time to time, all in accordance with applicable Laws, with reasonable care and diligence, and in accordance with the Credit and Collection Policies and otherwise in accordance with the Servicer Transaction Documents. Each of the
Receivables Trust, the Issuer (as Certificateholder of the Receivables Trust), each Noteholder by its acceptance of the related Notes and each of the other Secured Parties, hereby appoints as its agent the Servicer, from time to time designated
pursuant to Section 2.01 hereof, to enforce its respective rights and interests in and under the Contracts, Receivables and Related Security, Collections and proceeds with respect thereto. To the extent permitted by applicable law, each
of the Receivables Trust and Conn Appliances (to the extent not then acting as Servicer hereunder) hereby grants to any Servicer appointed hereunder all rights and powers of the Receivables Trust and/or Conn Appliances, as the case may be, under the
Contracts and with respect 

  
 3 

 
to the Related Security, and hereby grants an irrevocable power of attorney to take in the Receivables Trust’s and/or Conn Appliances’ name and on behalf of the Receivables Trust or
Conn Appliances any and all steps necessary or desirable, in the reasonable determination of the Servicer, in each case to collect all amounts due under any and all Receivables, including, without limitation, to cancel any policy of insurance, make
demands for unearned premiums, commence enforcement proceedings, exercise other powers under a Contract, execute and deliver instruments of satisfaction or cancellation, or full or partial discharge, with respect to Receivables, endorse the
Receivables Trust’s, the Issuer’s and/or Conn Appliances’ name on checks and other instruments representing Collections and enforce such Receivables and the related Contracts. The Servicer shall, as soon as practicable following
receipt thereof, turn over to Conn Appliances any collections of any Indebtedness of any Person which is not on account of a Receivable. The Servicer shall not voluntarily make the Receivables Trust, the Issuer, the Indenture Trustee, the
Administrative Agent, any Noteholder or any of their respective agents a party to any litigation without the prior written consent of such Person other than any litigation adverse to such person. Without limiting the generality of the foregoing and
subject to Section 2.04, the Servicer is hereby authorized and empowered unless such power and authority is revoked in writing by the Indenture Trustee (as designee of the Receivables Trust) pursuant to the terms of the Servicer
Transaction Documents (A) to make deposits into the Collection Account and the Reserve Account as set forth in this Agreement and the Indenture; provided, however, that with respect to any Successor Servicer, nothing contained in any Servicer
Transaction Document shall impose an obligation on such Successor Servicer to make any withdrawals or payments from the Collection Account or Reserve Account, (B) to instruct the Indenture Trustee in writing, substantially in the form of the
Monthly Servicer Report, to make deposits or withdrawals and payments from the Collection Account or the Reserve Account, in accordance with such instructions as set forth in the Indenture, (C) to instruct or notify the Indenture Trustee in
writing as set forth in this Agreement and the Indenture, (D) to make all calculations, allocations and determinations required of the Servicer under the Indenture and as required herein or to establish the Collection Account and Reserve
Account, (E) to execute and deliver, on behalf of the Receivables Trust for the benefit of the Issuer and the Noteholders, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Receivables and the other Contracts and Related Security and, after any delinquency in payment relating to any Receivable, to the extent permitted under and in compliance with applicable law and
regulations, to commence enforcement proceedings with respect thereto (including cancellation of the related insurance policy) and (F) in the case of the initial Servicer only, to make any filings, reports, notices, applications, registrations
with, and to seek any consents or authorizations from, the Securities and Exchange Commission and any state securities authority on behalf of the Issuer as may be necessary or advisable to comply with any federal or state securities or reporting
requirements. 
 (ii) Subject to the terms and conditions of this Section 2.02(a)(ii), the Servicer shall
maintain custody and possession of the Receivable Files on behalf of, and as bailee for, the Receivables Trust (for the benefit of the Indenture Trustee, the Issuer, the Noteholders and the other Secured Parties) (in such capacity, together with its
successors and assigns, the “Custodian”). 

  
 4 

 (A) Custodian agrees to maintain possession of the related Receivable Files at
its offices where they are presently maintained, at the offices of the related subcustodians or at such other offices of Custodian as shall from time to time be identified to Indenture Trustee by written notice. Custodian shall segregate physical
Receivable Files from other files maintained by Custodian and shall, to the extent a Receivable File is stored in electronic format, maintain an authoritative electronic copy of each Receivable File on a data tape or other electronic media in a
fire-resistant safe or room. The Receivables Trust hereby appoints Conn Appliances, and Conn Appliances hereby agrees to act, as initial Custodian hereunder. Custodian may, at the Servicer’s request, temporarily deliver individual Receivable
Files or any portion thereof to Servicer without notice as necessary to conduct collection and other servicing activities in accordance with the Credit and Collection Policies. 

(B) As custodian and bailee, Custodian shall hold the Receivable Files (by itself and/or through subcustodians) on behalf of
the Receivables Trust (for the benefit of the Indenture Trustee, the Issuer, the Noteholders and the other Secured Parties) and, by agreeing to act as Custodian, is deemed to have received notice of the security interests of the Secured Parties in
the Contracts and related Receivables. As custodian and bailee, Custodian shall maintain accurate records pertaining to each Receivable to enable it to comply with the terms and conditions of this Agreement, maintain a current inventory thereof and
conduct periodic physical inspections of Receivable Files held by it under this Agreement and attend to all other details in connection with maintaining custody of the Receivable Files. 

(C) In performing its duties under this Section 2.02(a)(ii), Custodian agrees to act with reasonable care, using
that degree of skill and care that it exercises with respect to similar contracts owned and/or serviced by it. Custodian shall promptly report to the Receivables Trust, the Administrative Agent, and the Indenture Trustee any material failure by it
to hold the Receivable Files as herein provided and shall promptly take appropriate action to remedy such failure. In acting as custodian of the Receivable Files, Custodian agrees further not to assert, and shall cause each related subcustodian not
to assert any beneficial ownership interests in the Receivables. Custodian agrees to indemnify the Receivables Trust, Indenture Trustee, the Secured Parties and Issuer, and their respective officers, directors, employees, partners and agents for any
and all liabilities, obligations, losses, damages, payments, costs, or expenses of any kind whatsoever which may be imposed on or incurred by any such Person arising from the negligence or willful misconduct of Custodian in maintaining custody of
the Receivable Files pursuant to this Section 2.02(a)(ii); provided, however, that Custodian will not be liable to the extent that any such amount resulted from the negligence or willful misconduct of such Person. 

  
 5 

 (D) The appointment of Custodian shall terminate upon acceptance of the
appointment of a Successor Servicer in accordance with this Agreement. The Successor Servicer, by acceptance of its appointment, shall become the successor Custodian. Promptly following the appointment of a successor Custodian, and in any event
within five days of such appointment, the then-existing Custodian shall (at such Custodian’s sole cost and expense if a Servicer Default shall have occurred or if such Custodian shall have been removed for cause) deliver all of the Receivable
Files in its possession, and all records maintained by it with respect thereto, to such successor Custodian. 
 (b) (i)
Servicer shall service and administer the Receivables on behalf of the Receivables Trust (for the benefit of the Indenture Trustee, the Issuer and the other Secured Parties) and shall have full power and authority, acting alone and/or through
subservicers, contractors or agents as provided in Section 2.02(b)(iii), to do any and all things which it may deem reasonably necessary or desirable in connection with such servicing and administration and which are consistent with this
Agreement and the other Servicer Transaction Documents. Consistent with the terms of this Agreement and the other Servicer Transaction Documents, Servicer (or any agent on Servicer’s behalf) may waive, modify or vary any term of any Receivable
or consent to the postponement of strict compliance with any such term or in any manner, grant indulgence to any Receivables Obligor if, as determined by the Servicer in its sole discretion, such waiver, modification, postponement or indulgence is
expected to maximize collections on such Receivable; provided, however, that Servicer (or any agent on Servicer’s behalf) may not permit any modification with respect to any Receivable unless such modification is a Permitted
Modification, is in accordance with the Credit and Collection Policies and, in the case of any extension of the final maturity date of a Receivable, such extension does not extend beyond the Maturity Date and the total amount of extensions of such
Receivable is not in excess of twenty-four months unless such extension is as a result of or required by applicable law or judicial order. Without limiting the generality of the foregoing, Servicer in its own name or in the name of the Receivables
Trust is hereby authorized and empowered by the Receivables Trust when Servicer believes it appropriate in its reasonable judgment to execute and deliver, on behalf of the Receivables Trust, any and all instruments of satisfaction or cancellation,
or of partial or full release or discharge and all other comparable instruments, with respect to the Receivable. 
 (ii)
Servicer shall service and administer the Receivables by employing such procedures (including collection procedures) and degree of care, in each case, consistent with industry standards, as are customarily employed by Servicer in servicing and
administering contracts and notes owned or serviced by Servicer comparable to the Receivables. 
 (iii) Servicer may perform
any of its duties pursuant to this Agreement, including those delegated to it pursuant to this Agreement, through subservicers, contractors or agents appointed by Servicer. Such subservicers may include Affiliates of Servicer. Notwithstanding any
such delegation of a duty, Servicer shall remain obligated and liable for the performance of such duty as if Servicer were performing such duty. 

  
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 (iv) Servicer may take such actions as are necessary to discharge its duties as
Servicer in accordance with this Agreement, including the power to execute and deliver on behalf of the Issuer or the Receivables Trust such instruments and documents as may be customary, necessary or desirable in connection with the performance of
Servicer’s duties under this Agreement (including consents, waivers and discharges relating to the Receivable). 
 (v)
Servicer shall keep separate records covering the transactions contemplated by this Agreement including the identity and collection status of each Receivable. 

(c) Collections. (i) On or prior to the Closing Date, initial Servicer shall have established and shall maintain
thereafter the following system of collecting and processing Collections of Receivables. Servicer shall direct the Receivables Obligors to make payments of Receivables only (A) by check mailed to the Post Office Box (such payments, upon receipt
in such Post Office Box being referred to herein as “Mail Payments”), (B) by cash, credit card or check delivered in person or by phone at retail stores or other business locations of initial Servicer (such payments, upon
receipt by such stores, being referred to herein as “In-Store Payments”), (C) by third party money wire transfer, ACH or other bill pay service that provides for the electronic deposit of funds into an account of the Servicer
on behalf of Receivables Obligors, (D) by utilizing the Servicer’s Webpay portal; or (E) by cash, credit card or check delivered in person or by phone or by an agent of Conn Appliances at a service center of Conn Appliances or, in the
case of certain delinquent accounts, to employees of Conn Appliances operating out of a service center of Conn Appliances or Servicer (such payments, upon receipt by the service center, being referred to herein as “Field
Collections”). Notwithstanding anything to the contrary in this Section 2.02(c), any Successor Servicer shall collect and process Collections of Receivables in any manner that is in accordance with the servicing standard set
forth herein. 
 (ii) Servicer’s right of access to the Post Office Box and the Collection Account shall be revocable
at the option of Administrative Agent (acting in its own discretion or at the direction of the Required Noteholders and with prior written notice to the Indenture Trustee) upon the occurrence of any Event of Default or Servicer Default. In addition,
after the occurrence of any Event of Default or Servicer Default, Servicer agrees that it shall, upon the written request of Administrative Agent, notify all Receivables Obligors under Receivables to make payment thereof to (i) one or more bank
accounts and/or post-office boxes designated by Indenture Trustee and specified in such notice or (ii) any Successor Servicer appointed hereunder. The Indenture Trustee may, and shall at the request of the Administrative Agent (at the direction
of the Required Noteholders and 

  
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with prior written notice to the Indenture Trustee), if any Event of Default or Servicer Default has occurred, require the Servicer to establish a lockbox account pursuant to a lockbox agreement
acceptable to the Indenture Trustee and the Administrative Agent, and with notice to Noteholders, to direct all Receivables Obligors under Receivables to make payments to such lockbox account. 

(iii) Servicer shall remove or cause all Mail Payments to be removed from the Post Office Box by the close of business on each
Business Day. Servicer shall process all such Mail Payments and all Field Collections on the date received by recording the amount of the payment received from the Receivables Obligor and the applicable account number. Subject to
Section 8.03(a) of the Indenture (including the right of Servicer thereunder to retain Collections in respect of the Servicing Fee), no later than the close of business on the second Business Day following the date on which Mail Payments
or Field Collections are received by Servicer, Servicer shall deposit or cause such Mail Payments and such Field Collections to be deposited in the Collection Account. Subject to Section 8.03(a) of the Indenture (including the right of
Servicer thereunder to retain Collections in respect of the Servicing Fee), the Originator and Servicer shall cause all In-Store Payments to be (i) processed as soon as possible after such payments are received by the Originator or Servicer but
in no event later than the Business Day after such receipt, and (ii) deposited in the Collection Account no later than two Business Days following the date of receipt. Subject to Section 8.03(a) of the Indenture (including the right
of the Servicer thereunder to retain Collections in respect of the Servicing Fee), Servicer shall deposit all Recoveries into the Collection Account within two Business Days after the date of its receipt of such Recoveries. 

(iv) All Collections received by Servicer in respect of Receivables will, pending remittance to the Collection Account as
provided herein, be held by Servicer in trust for the exclusive benefit of Indenture Trustee (on behalf of the Receivables Trust) and shall not, unless otherwise permitted by the Servicer Transaction Documents, be commingled with any other funds or
property of the Seller, Depositor or Servicer except as otherwise permitted in accordance with Section 8.03(a) of the Indenture. Only Collections shall be deposited in the Collection Account. The Servicer may cause to be withdrawn from
the Collection Account such amounts that have been deposited into the Collection Account in error not representing Collections or other proceeds of the Trust Estate and any amounts that are deposited by Servicer that relate to checks rejected by the
Receivables Obligor’s bank for insufficient funds. 
 (v) Except for the right of Servicer to retain Collections in
respect of the Servicing Fee in accordance with Section 8.03(a) of the Indenture, each of Depositor, Receivables Trust, Issuer and Servicer hereby irrevocably waive any right to set off against, or otherwise deduct from, any Collections. 

  
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 (vi) The initial Servicer hereby transfers, assigns, pledges, sets over and
conveys to Indenture Trustee all of its right, title and interest, if any, in and to the Collection Account and the other Note Accounts. 

(vii) All payments or other amounts collected or received by Servicer in respect of a Receivable shall be applied to the
Receivables Principal Balance of, or accrued and unpaid interest and fees on, such Receivable in accordance with the terms of the related Contract. 

(d) If SST is then acting as Successor Servicer, it shall cause a firm of independent certified public accountants, which may
also render other services to SST or its affiliates, to deliver to the Issuer, the Receivables Trust and the Indenture Trustee, within 120 days after the end of each fiscal year thereafter, commencing in the year after SST becomes Successor
Servicer, (i) an opinion by a firm of nationally recognized independent certified public accountants on the financial position of SST at the end of the relevant fiscal year and the results of operations and changes in financial position of SST
for such year then ended on the basis of an examination conducted in accordance with generally accepted auditing standards, and (ii) a report from such independent certified public accountants to the effect that based on an examination of
certain specified documents and records relating to the servicing of SST’s loan portfolio conducted substantially in compliance with SSAE 16 (the “Applicable Accounting Standards”), such firm is of the opinion that such
servicing has been conducted in compliance with the Applicable Accounting Standards except for (a) such exceptions as such firm shall believe to be immaterial and (b) such other exceptions as shall be set forth in such statement. 

(e) Notwithstanding anything to the contrary contained in this Article II, the Servicer, if not Conn Appliances or any
Affiliate of Conn Appliances, shall have no obligation to collect, enforce or take any other action described in this Article II with respect to any Indebtedness that is not included in the Trust Estate other than to deliver to the Issuer the
collections and documents with respect to any such Indebtedness as described in Section 2.02(a) hereof. 
 Section 2.03
Purchase of Ineligible Receivables. 
 (a) If the representation and warranty of the initial Servicer contained in
Section 2.10(d) was not true and correct with respect to any Contract and related Receivable (other than a 2018-PV1
Ineligible Receivable) as of the applicable Cut-Off Date (any such Receivable, an “Ineligible Receivable”), the initial Servicer shall, at the request of the Administrative
Agent, purchase such Ineligible Receivable within ten (10) Business Days after demand thereof from the Receivables Trust for an amount equal to the Receivables Principal Balance of such Receivable plus accrued and unpaid interest thereon at the
time of such purchase (such amount, the “Repurchase Price”), and such amount shall be remitted by the 

  
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initial Servicer to the Collection Account and be treated by the initial Servicer as a Collection on such Receivable for purposes of the Transaction Documents; provided, if during such ten
(10) Business Day period the Servicer takes all necessary actions such that the Receivable is no longer an Ineligible Receivable and reimburses the Receivables Trust for all lost Collections resulting from the failure of such representation and
warranty to be true, then the initial Servicer shall not be required to purchase such Receivable. 
 (b) The initial Servicer
and the Receivables Trust agree that after payment of the Repurchase Price for an Ineligible Receivable as provided in clause (a) above, such Ineligible Receivable shall no longer constitute a Receivable for purposes of the Transaction
Documents. 
 (c) Except as expressly set forth in the Transaction Documents, the initial Servicer shall not have any right
under this Agreement, by implication or otherwise, to purchase from the Receivables Trust any Receivables. 
 (d) The
obligation of the initial Servicer to purchase an Ineligible Receivable pursuant to this Section 2.03 will survive the termination of this Agreement or the earlier resignation or removal of the initial Servicer. 

Section 2.04 Purchase of Returned and Refinanced Receivables. 

(a) Notwithstanding anything to the contrary herein, the initial Servicer shall purchase any Receivable from the Receivables
Trust to the extent that (i) the Merchandise related to such Receivable is returned by a Receivables Obligor (a “Returned Receivable”), or (ii) the Receivable is fully refinanced in connection with the purchase after the
applicable Cut-Off Date by the related Receivables Obligor of additional Merchandise using the initial Servicer’s in-house credit (a “Refinanced Receivable,” and, together with Returned Receivables, the
“Returned/Refinanced Receivables”). 
 (b) The initial Servicer shall purchase any Returned/Refinanced
Receivables pursuant to clause (a) for an amount equal to the Repurchase Price for the applicable Returned/Refinanced Receivable. 

(c) The initial Servicer and the Receivables Trust agree that after payment of the Repurchase Price for a Returned/Refinanced
Receivables as provided in clause (a) above, such Returned/Refinanced Receivable shall no longer constitute a Receivable for purposes of the Transaction Documents. 

Section 2.05 Rights After Designation of New Servicer. (a) At any time following the designation of a Successor Servicer
(other than Conn Appliances or an Affiliate thereof) pursuant to Section 2.01 hereof: 
 (i) The Indenture
Trustee may, at its option, or shall, at the direction of the Required Noteholders, direct that payment of all amounts payable under any Receivable be made directly to the Indenture Trustee or its designee. 

  
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 (ii) The Receivables Trust shall, at the Indenture Trustee’s request,
(A) assemble all of the records relating to the Receivables and other Related Security, and shall make the same available to the Indenture Trustee or its designee at a place selected by the Indenture Trustee or its designee, and
(B) segregate all cash, checks and other instruments received by it from time to time constituting Collections of Receivables in a manner acceptable to the Indenture Trustee and shall, promptly upon receipt, remit all such cash, checks and
instruments, duly endorsed or with duly executed instruments of transfer, to the Indenture Trustee or its designee. 
 (iii)
The Receivables Trust hereby authorizes the Indenture Trustee and the Issuer (as Certificateholder of the Receivables Trust) to take any and all steps in the Receivables Trust’s name and on behalf of the Receivables Trust necessary or
desirable, in the reasonable determination of the Indenture Trustee, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Receivables Trust’s name on checks and other instruments representing
Collections and enforcing such Receivables and the related Contracts. 
 (iv) Upon delivery of a Notice of Appointment (as
defined in the Back-Up Servicing Agreement) to the Back-Up Servicer, Conn Appliances shall designate one or more employees acceptable to the Successor Servicer to assist the Successor Servicer with respect to In-Store Payments so long as Conn
Appliances continues to accept, or the Successor Servicer permits, In-Store Payments to be made as described herein; provided, however, such employee of Conn Appliances shall in no event be deemed an employee, agent, custodian or nominee of the
Successor Servicer and the Successor Servicer shall have no responsibility or liability for any negligence or willful misconduct of such employee or for such employee’s failure to assist the Successor Servicer (including without limitation any
acts or omissions unrelated to the transactions contemplated hereby). Upon the request of the Successor Servicer to the Indenture Trustee, 100% of the Noteholders may direct the Successor Servicer to designate an employee of Successor Servicer to be
assigned to any or all Conn Appliances stores to oversee the collection of In-Store Payments at such stores. Each such employee shall be placed at such store at the expense of the Issuer (as Certificateholder of the Receivables Trust) at the monthly
rate reflected in the SST Fee Schedule. 
 (b) The Successor Servicer may accept and reasonably rely on all accounting and servicing records
and other documentation provided to the Successor Servicer by or at the direction of the predecessor Servicer, including documents prepared or maintained by the Originator, or previous servicer, or any party providing services related to the
Contracts, the Receivables and other Related Security (collectively, “third party”). The predecessor Servicer 

  
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agrees to indemnify and hold harmless the related Successor Servicer, its respective officers, employees and agents against any and all claims, losses, penalties, fines, forfeitures, legal fees
and related costs, judgments, and any other costs, fees and expenses that the Successor Servicer may sustain in any way related to the negligence or willful misconduct of any third party hired by or at the direction of such predecessor Servicer, any
Affiliate of such predecessor Servicer or any of their respective agents with respect to the Contracts, the Receivables and other Related Security. The Successor Servicer shall have no duty, responsibility, obligation or liability (collectively,
“liability”) for the acts or omissions of any such third party. If any error, inaccuracy or omission (collectively, “error”) exists in any information provided to the Successor Servicer and such errors cause or materially
contribute to the Successor Servicer making or continuing any error (collectively, “continuing errors”), the Successor Servicer shall have no liability for such continuing errors; provided, however, that this provision shall not protect
the Successor Servicer against any liability which would otherwise be imposed by reason of willful misconduct or negligence in discovering or correcting any error or in the performance of its duties contemplated herein. 

In the event the Successor Servicer becomes aware of errors and/or continuing errors that, in the opinion of the Successor Servicer, impair
its ability to perform its obligations hereunder, the Successor Servicer shall promptly notify the other parties hereto of such errors and/or continuing errors. The Successor Servicer may undertake to reconstruct any data or records appropriate to
correct such errors and/or continuing errors and to prevent future continuing errors. The Successor Servicer shall be entitled to recover its costs thereby expended from the predecessor Servicer. 

Neither the Successor Servicer nor any of the directors or officers or employees or agents of the Successor Servicer shall be under any
liability to the other parties hereto except as provided in this Agreement for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement; provided, however, that this provision shall not protect
the Successor Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties, by reason of reckless disregard of obligations and duties under
this Agreement or any violation of law by the Successor Servicer or such Person, as the case may be. The Successor Servicer and any director, officer, employee or agent of the Successor Servicer may rely in good faith on the advice of counsel or on
any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 

The Successor Servicer will not be responsible for delays attributable to the predecessor Servicer’s failure to deliver information,
defects in the information supplied by such predecessor Servicer or other circumstances beyond the reasonable control of the Successor Servicer. In addition, the Successor Servicer (and in the case of clauses (A) and (C) below, if an
officer of the Successor Servicer has actual knowledge of errors, which in the reasonable opinion of the Successor Servicer impair its ability to perform its services hereunder, after reasonable inquiry), shall have no responsibility and shall not
be in default hereunder or incur any liability for any act or omission, failure, error, malfunction or any delay in carrying out any of its duties under this Agreement for: (A) any such failure or delay that results from the Successor Servicer
acting in accordance with information prepared or supplied by a Person other than any Person hired by the Successor Servicer, the Successor Servicer or the failure of any such other Person (including without limitation the predecessor Servicer, but
excluding any Person hired by the Successor 

  
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Servicer) to prepare or provide such information or other circumstances beyond the control of the Successor Servicer; (B) any act or failure to act by any third party (other than those hired
by the Successor Servicer), including without limitation the predecessor Servicer, the Receivables Trust, the Issuer and the Indenture Trustee; (C) any inaccuracy or omission in a notice or communication received by the Successor Servicer from
any third parties (other than those hired by the Successor Servicer); (D) the invalidity or unenforceability of any Contracts, the Receivables and Related Security under applicable law; (E) the breach or inaccuracy of any representation or
warranty made with respect to the Contracts, the Receivables and Related Security; or (F) the acts or omissions of any predecessor or successor Servicer. 

The Servicer, the Issuer and the Receivables Trust agree to reasonably cooperate with the Successor Servicer in effecting the assumption of
its responsibilities and rights under this Agreement. The Servicer shall provide to the Successor Servicer all necessary servicing files and records in its possession or control relating to the Contracts, the Receivables and Related Security (as
deemed necessary by the Successor Servicer at such time on a reasonable basis) and the initial Servicer shall use all commercially reasonable efforts to provide to the Successor Servicer access to and transfer of records and use by the Successor
Servicer of all licenses, servicing system, software, hardware, equipment, telephony, personnel, employees, facilities or other accommodations necessary or desirable to collect the Contracts, in all cases, subject to the terms of the Intercreditor
Agreement, if applicable. The departing Servicer (if SST, only upon termination for cause) shall be obligated to pay the costs associated with the transfer of servicing files and records to the Successor Servicer. The Receivables Trust, the Issuer,
the Indenture Trustee, and the Successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. 

Indemnification by the Servicer under this Article shall be paid solely by the Servicer and not from the Trust Estate, and shall include,
without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the indemnifying party has made any indemnity payments pursuant to this Section 2.05(b) and the recipient thereafter collects any of such amounts
from others, the recipient shall promptly repay such amounts collected to the indemnifying party, without interest. 

Section 2.06 Servicer Default. The occurrence of any one or more of the following events shall constitute a
Servicer default (each, a “Servicer Default”): 
 (a) failure by the Servicer (or, for so long as Conn
Appliances is the Servicer, Conn Appliances) to make any payment, transfer or deposit under this Agreement or any other Servicer Transaction Document or to provide the Monthly Servicer Report to the Indenture Trustee to make such payment, transfer
or deposit or any withdrawal on or before the date occurring five (5) Business Days after the date such payment, transfer or deposit is required to be made or given, as the case may be, under the terms of this Agreement or any other Servicer
Transaction Document (or in the case of a payment, transfer, deposit, instruction or notice to be made or given with respect to any Interest Period, by the related Payment Date); 

(b) any representation, warranty or statement made by the Servicer in any Servicer Transaction Document or any certificate,
report or other writing 

  
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delivered by the Servicer proves to be incorrect in any material respect as of the time when made; provided, if inaccuracy is contained in a Monthly Servicer Report, such inaccuracy shall be a
Servicer Default solely if such inaccuracy continues unremedied for a period of two (2) Business Days after the date on which the Servicer has actual knowledge thereof or on which written notice thereof, requiring the same to be remedied, shall
have been given to the Servicer; 
 (c) failure on the part of the Servicer (or, for so long as the Servicer is Conn
Appliances, Conn Appliances) to duly observe or perform any representation, warranty, covenants or agreements (other than those that are Servicer Defaults pursuant to another clause of this Section 2.06) of the Servicer set forth in this
Agreement or any other Servicer Transaction Document, which continues unremedied for a period of thirty (30) days after the date on which the Servicer has actual knowledge thereof or on which written notice thereof, requiring the same to be
remedied, shall have been given to the Servicer by the Indenture Trustee, the Issuer, the Receivables Trust, or the Receivables Trust Trustee and such representation, warranty or statement has an Adverse Effect; 

(d) the Servicer shall become the subject of any bankruptcy, insolvency or similar event, or shall voluntarily suspend payment
of its obligations; 
 (e) for so long as Conn Appliances is the Servicer, the failure of Consolidated Parent to maintain
Consolidated Net Worth of at least the sum of $400,000,000; 
 (f) for so long as Conn Appliances is the Servicer, a breach
by the Consolidated Parent of any ABL Financial Covenant; 
 (g) at any time that Conn Appliances is Servicer, a final
judgment or judgments for the payment of money in excess of $10,000,000 (net of insurance coverage that has denied by an insurer of the Servicer, if any exists) in the aggregate shall have been rendered against the Issuer or Conn Appliances and the
same shall have remained unsatisfied and in effect, without stay of execution, for a period of thirty (30) consecutive days after the period for appellate review shall have elapsed; 

(h) the Sponsor or the Servicer’s corporate rating falls below B3/B-; or 

(i) an Event of Default occurs. 

Section 2.07 Servicer Indemnification of Indemnified Parties. (A) The Servicer (if other than SST as
Successor Servicer) will indemnify, defend and hold harmless the Indenture Trustee, the Receivables Trust Trustee, the Issuer, the Receivables Trust, the Back-Up Servicer, any Successor Servicer, the Administrative Agent, and the Noteholders, and
(B) SST as successor Servicer will indemnify and hold harmless the Indenture Trustee, on behalf of the Noteholders, and the Receivables Trust Trustee, on behalf of the holder of the Trust Certificate, the Issuer and the Receivables Trust (in
each case, together with their respective successors and permitted assigns) and each of their 

  
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respective agents, officers, members and employees (each, a “Servicer Indemnified Party” and, collectively, the “Servicer Indemnified Parties”), from and
against any claim, loss, liability, expense, damage or injury suffered or sustained by reason of such Servicer’s negligence in the performance of (or failure to perform) its duties or obligations under the Servicer Transaction Documents or
Servicer’s willful misconduct or breach by the Servicer of any of its representations or warranties contained in this Agreement, including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses reasonably
incurred in connection with the defense of any actual action, proceeding or claim; provided, however, that the Servicer shall not indemnify any Servicer Indemnified Party for any such acts or omissions attributable to the negligence or
willful misconduct of such Servicer Indemnified Party. Any indemnification pursuant to this Section shall be had only from the assets of the Servicer and shall not be payable from Collections except to the extent such Collections are retained by the
Servicer in accordance with Section 8.03 of the Indenture, or released to the Servicer in accordance with Section 8.06 of the Indenture, in respect of the Servicing Fee. The provisions of such indemnity shall run directly to and be
enforceable by such Servicer Indemnified Parties. 
 The Issuer (as Certificateholder of the Receivables Trust) will indemnify, defend and
hold harmless the Servicer and its officers, directors, employees, representatives and agents (each, an “Issuer Indemnified Party”), from and against and reimburse the Servicer for any and all claims, expenses, obligations,
liabilities, losses, damages, injuries (to person, property, or natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable attorney’s and agent’s fees and
expenses) of whatever kind or nature regardless of their merit, demanded, asserted or claimed against the Servicer directly or indirectly relating to, or arising from, claims against the Servicer by reason of its participation in the transactions
contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages to persons or property, and reasonable attorneys’ and consultants’ fees and expenses and court costs; provided,
however, that the Issuer shall not indemnify any Issuer Indemnified Party for any such acts or omissions attributable directly or indirectly to the negligence or willful misconduct of such Issuer Indemnified Party or, other than with respect to SST
as successor Servicer, for any breach by the Servicer of any of the Servicer Transaction Documents. The provisions of this section shall survive the termination of this Agreement or the earlier resignation or removal of the Servicer. 

Section 2.08 Grant of License. For the purpose of enabling the Back-Up Servicer or any other Successor Servicer to
perform the functions of servicing and collecting the Receivables upon a Servicer Default, Conn Appliances hereby (i) assigns, to the extent not prohibited by law or the terms of any agreement to which Conn Appliances is a party or by which it
is deemed bound (by the terms thereof or by acceptance of a license), to the Indenture Trustee for the benefit of the Secured Parties and shall be deemed to assign to the Indenture Trustee for the benefit of the Secured Parties, the Back-Up Servicer
or any other Successor Servicer all rights owned or hereinafter acquired by Conn Appliances (by license, sublicense, lease, easement or otherwise) in and to any equipment used for servicing (or reasonable access thereto) together with a copy of any
software used in connection with the performance of its duties as Servicer and relating to the Servicing and collecting of Receivables, (ii) agrees to use all reasonable efforts to assist the Indenture Trustee for the benefit of the Secured
Parties, the Back-Up Servicer or 

  
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any other Successor Servicer to arrange licensing agreements with all software vendors and other applicable persons in a manner and to the extent reasonably appropriate to effectuate the
servicing of the Receivables, (iii) agrees to deliver to the Indenture Trustee, the Back-Up Servicer or any Successor Servicer executed copies of any landlord waivers that may be necessary to grant to the Indenture Trustee, the Back–Up
Servicer or any other Successor Servicer access to any leased premises of Conn Appliances for which the Indenture Trustee, the Back-Up Servicer or any other Successor Servicer may require access to perform the collection and administrative functions
to be performed by the Indenture Trustee, the Back-Up Servicer or any Successor Servicer under the Servicer Transaction Documents and (iv) agrees that it will terminate its activities as Servicer hereunder in a manner which the Indenture
Trustee the Back-Up Servicer or any Successor Servicer reasonably believes will facilitate the transition of the performance of such activities to the Back-Up Servicer or any other designated Successor Servicer, as applicable, and shall use
commercially reasonable efforts to assist the Indenture Trustee, the Back-Up Servicer or any Successor Servicer in such transition. The terms of this Section 2.08 shall all be subject to the limitations on the Servicer’s rights as
set forth in the Intercreditor Agreement. 
 Section 2.09 Servicing Compensation. As compensation for its
servicing and custodial activities hereunder and reimbursement for its expenses (in the case of Conn Appliances only) as set forth in the immediately following paragraph, the Servicer shall be entitled to receive a servicing fee (the
“Servicing Fee”) as set forth below (including, with regards to SST as Successor Servicer, as set forth on the SST Fee Schedule). The “Servicing Fee” for any Payment Date, other than the initial Payment Date, shall be an
amount equal to the product of (i) the Servicing Fee Rate, multiplied by (ii) the aggregate Receivables Principal Balance of all Receivables in the Receivables Trust Estate as of the first day of the related Collection Period, multiplied
by (iii) one-twelfth. The Servicing Fee for the initial Payment Date shall be an amount equal to the product of (i) the Servicing Fee Rate multiplied by (ii) the aggregate Receivables Principal Balance of all Receivables in the
Receivables Trust Estate as of the Initial Cut-Off Date, multiplied by (iii) a fraction having as its numerator the number of days from the Initial Cut-Off Date through the end of the related Collection Period, and as its denominator, 360. The
Servicing Fee shall be payable to the Servicer solely to the extent that amounts are available for payment in accordance with the terms of the Indenture. 

The initial Servicer’s expenses include expenses incurred by the initial Servicer in connection with its activities hereunder;
provided, that the initial Servicer in its capacity as such shall not be liable for any liabilities, costs or expenses of the Receivables Trust, the Issuer or the Noteholders arising under any tax law, including without limitation any
federal, state or local income or franchise taxes or any other tax imposed on or measured by income or gross receipts (or any interest or penalties with respect thereto or arising from a failure to comply therewith) except to the extent that such
liabilities, taxes or expenses arose as a result of the breach by the initial Servicer of its obligations under Section 6.02 hereof. In such case, the initial Servicer shall be required to pay such expenses for its own account and shall
not be entitled to any payment therefor other than the Servicing Fee. The payment of the expenses of SST, as Successor Servicer, which with respect to SST are set forth in the SST Fee Schedule attached to the Back-Up Servicing Agreement, shall be
distributed on each Payment Date on which such amounts are due and payable to the extent of funds available therefor in accordance with Section 8.06 of the Indenture and the SST Fee Schedule. The provisions of this
Section 2.09 shall survive the termination of this Agreement and the earlier resignation or removal of the Servicer. 

  
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 Section 2.10 Representations and Warranties of the Servicer. The
Servicer hereby represents, warrants and covenants to and for the benefit of the Receivables Trust, the Issuer, the Indenture Trustee, the Back-Up Servicer, the Successor Servicer, the Administrative Agent and the Noteholders as of the date of this
Agreement and, in the case of the initial Servicer, as of the Note Initial Increase Date and, if applicable, any Note Balance Increase Date, any other date Receivables are acquired by the Receivables Trust, and, in the case of any Successor
Servicer, as of the date of its appointment as Servicer: 
 (a) Organization and Good Standing, etc. Servicer has been
duly organized and is validly existing and in good standing under the laws of its state of organization, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business are
presently conducted. Servicer is duly licensed or qualified to do business as a foreign entity in good standing in the jurisdiction where its principal place of business and chief executive office are located and in each other jurisdiction in which
the failure to be so licensed or qualified would be reasonably likely to have an Adverse Effect. 
 (b) Power and
Authority; Due Authorization. Servicer has (i) all necessary power, authority and legal right to execute, deliver and perform, as applicable, its obligations under this Agreement and each of the other Servicer Transaction Documents, and
(ii) duly authorized, by all necessary action, the execution, delivery and performance, as applicable, of this Agreement and the other Servicer Transaction Documents. Servicer has and in the case of the initial Servicer only, had at all
relevant times, and now has, all necessary power, authority and legal right to perform its duties as Servicer. 
 (c) No
Violation. The consummation of the transactions contemplated by this Agreement and the other Servicer Transaction Documents and the fulfillment of the terms hereof will not (i) 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, (A) the organizational documents of Servicer, or (B) (in the case of SST as successor Servicer, without investigation or inquiry) any material
indenture, loan agreement, pooling and servicing agreement, receivables purchase and sale agreement, mortgage, deed of trust, or other agreement or instrument to which Servicer is a party or by which any of them or any of their respective properties
is bound, (ii) in the case of the initial Servicer only, result in or require the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, loan agreement, pooling and servicing
agreement, receivables purchase and sale agreement, mortgage, deed of trust, or other agreement or instrument, other than pursuant to the terms of the Servicer Transaction Documents, or (iii) violate any law or any order, rule, or regulation
applicable to Servicer or of any court or of any federal, state or foreign regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over Servicer or any of its properties. 

  
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 (d) Eligible Receivable. Solely in the case of the initial Servicer, each
Receivable in the Trust Estate (other than any 2018-PV1 Ineligible Receivable) is an Eligible Receivable as of its Cut-Off Date. 
 (e) Validity and Binding
Nature. This Agreement is, and the other Servicer Transaction Documents when duly executed and delivered, as applicable, by Servicer and the other parties thereto will be, the legal, valid and binding obligation of Servicer enforceable in
accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and by general principles of equity. 

(f) Government Approvals. No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body required for the due execution, delivery or performance by Servicer of any Servicer Transaction Document to which it is a party remains unobtained or unfiled, except in the case of the initial Servicer for
the filing of the UCC financing statements referred to in Section 3.1(iii) of the First Receivables Purchase Agreement and Schedule I to the Indenture. 

(g) Margin Regulations. Initial Servicer is not engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock, and no proceeds of any Notes, directly or indirectly, will be used for a purpose that violates, or would be inconsistent with, Regulations T, U and X promulgated by the Federal Reserve Board from time to time.

 (h) Compliance with Applicable Laws. Servicer is in compliance with the requirements of all applicable laws, rules,
regulations, and orders of all governmental authorities, a breach of any of which, individually or in the aggregate, would be reasonably likely to have an Adverse Effect. 

(i) No Proceedings. Except as described in Schedule
I or as disclosed to the Administrative Agent on or before the Effective Date, provided that such schedule shall only apply to the initial Servicer, 
 (i)
there is no order, judgment, decree, injunction, stipulation or consent order of or with any court or other government authority to which Servicer is subject, and there is no action, suit, arbitration, regulatory proceeding or investigation pending,
or, to the actual knowledge of Servicer, threatened, before or by any court, regulatory body, administrative agency or other tribunal or governmental instrumentality, against Servicer that, individually or in the aggregate, is reasonably likely to
have an Adverse Effect; and 

  
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 (ii) there is no action, suit, proceeding, arbitration, regulatory or
governmental investigation, pending or, to the actual knowledge of Servicer, threatened, before or by any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality (A) asserting the invalidity of this
Agreement or any other Servicer Transaction Document, or (B) seeking to prevent the consummation of any of the other transactions contemplated by this Agreement or any other Servicer Transaction Document. 

(j) Accuracy of Information. All information heretofore furnished by, or on behalf of, Servicer to the Receivables
Trust, the Issuer, the Indenture Trustee, the Administrative Agent or any Noteholder in connection with any Servicer Transaction Document, or any transaction contemplated thereby, is true and accurate in every material respect. 

In the event that there is any breach of any of the representations, warranties or covenants of the initial Servicer contained in Sections
2.13(a) and (e) and 2.14(a) with respect to any Receivable, and such Receivable becomes a Defaulted Receivable or the rights of the Secured Parties in, to or under such Receivable or its proceeds are impaired or the proceeds
of such Receivable are not available to the Indenture Trustee for the benefit of the Secured Parties or the initial Servicer has released any Merchandise securing a Receivable from the lien created by such Receivable (except as specifically provided
in the Servicer Transaction Documents), then the initial Servicer shall be deemed to have received on such day a collection of such Receivable in full, and the initial Servicer shall, on the Distribution Date, deposit into the Collection Account,
subject to Section 8.03(a) of the Indenture, an amount equal to the Repurchase Price of such Receivable, and such amount shall be allocated and applied by the initial Servicer as a Collection allocable to the Receivables or Related
Security in accordance with the applicable section relating to allocation of Collections in the Indenture. In the event that the initial Servicer has paid to or for the benefit of the Noteholders or any other applicable Secured Party the full
Repurchase Price of any Receivable pursuant to this paragraph, the Receivables Trust shall release and convey all of such Person’s right, title and interest in and to the related Receivable to the initial Servicer, without representation or
warranty, but free and clear of all liens created by such Person, as applicable. 
 Section 2.11 Reports and Records
for the Indenture Trustee. In addition to each of the reports required to be prepared and delivered by the Servicer pursuant to Section 2.02(e) hereof, the Servicer shall, after the Note Initial Increase Date at any time the Notes
are Outstanding, prepare and deliver in accordance with this Section 2.11 each of the following reports and notices: 

(a) Periodic Reports. (a) Not later than the second Business Day preceding each Payment Date, the Servicer shall
prepare and forward to the Indenture Trustee (i) a Monthly Servicer Report in accordance with Section 8.10 of the Indenture and substantially the form set forth on Exhibit A attached hereto as of the last Business Day of the
immediately preceding calendar month, and (ii) as soon as reasonably practicable, from time to time, such other information in its possession as the Receivables Trust, the Indenture Trustee, the Administrative Agent or the Back-Up Servicer may
reasonably request. 

  
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 (b) Notes Reports. The initial Servicer shall prepare and deliver any
reports required to be prepared and delivered by the Servicer by the terms of any agreements of the Issuer or the Servicer relating to the issuance or purchase of any of the Notes. 

Section 2.12 Reports to the Commission. The Issuer, the Receivables Trust and/or Conn Appliances, if the Issuer,
the Receivables Trust and/or Conn Appliances or any Affiliate of either of them is not acting as Servicer, shall, at the expense of the Issuer or Conn Appliances, as applicable, cooperate in any reasonable request of the Indenture Trustee in
connection with any filings required to be filed by the Indenture Trustee with the SEC under the provisions of the Securities Exchange Act of 1934 or pursuant to the Indenture. 

Section 2.13 Affirmative Covenants of the Servicer. At all times from the Note Initial Increase Date to the date
on which the Note Balance of all Notes shall be equal to zero, unless the Required Noteholders shall otherwise consent in writing: 

(a) Credit and Collection Policies. The Servicer will comply in all material respects with the Credit and Collection
Policies in regard to each Receivable and the related Contract. 
 (b) Collections Received. Subject to
Section 8.03(a) of the Indenture, the Servicer shall set aside and deposit as soon as reasonably practicable (but in any event no later than two (2) Business Days following its receipt thereof) into the Collection Account all
Collections received from time to time by the Servicer. 
 (c) Notice of Early Amortization Event, Events of Default,
Potential Pay Out Event or Servicer Defaults. Within five (5) Business Days after the Servicer obtains actual knowledge or receives written notice of the occurrence of each Early Amortization Event, Event of Default or Servicer Default, the
Servicer will furnish to the Indenture Trustee and the Rating Agencies (if any Rating Agency then provides a rating on the Notes) a statement of a Responsible Officer of the Servicer, setting forth to the extent actually known by the Servicer,
details of such Early Amortization Event, Event of Default or Servicer Default, and the action which the Servicer, the Issuer or a Depositor proposes to take with respect thereto. 

(d) Conduct of Business. The Servicer will do all things necessary to remain duly incorporated, validly existing and in
good standing in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted to the extent that the failure to maintain such would have an Adverse Effect. 

(e) Compliance with Laws. The Servicer will comply in all respects with all laws with respect to the Receivables to the
extent that any non-compliance would have an Adverse Effect. 

  
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 Section 2.14 Negative Covenants of the Servicer. At all times from
the date hereof to the date on which the Note Balance of all Notes shall be equal to zero, unless the Required Noteholders shall otherwise consent in writing: 

(a) Modifications of Receivables or Contracts. The Servicer shall not extend, amend, forgive, discharge, compromise,
waive, cancel or otherwise modify the terms of any Receivable or amend, modify or waive any term or condition of any Contract related thereto; except in accordance with Section 2.02(b). 

(b) Merger or Consolidation of, or Assumption of the Obligations of, the Servicer. (I) The Servicer shall not
consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless: 

(i) the entity formed by such consolidation or into which the Servicer is merged or the Person which acquires by conveyance or
transfer the properties and assets of the Servicer substantially as an entirety shall be an entity organized and existing under the laws of the United States of America or any State or the District of Columbia and, if the Servicer is not the
surviving entity, such corporation shall expressly assume, by an agreement supplemental hereto executed and delivered to the Indenture Trustee, and with notice to the Rating Agencies (if any Rating Agency then provides a rating on the Notes), the
performance of every covenant and obligation of the Servicer under the Servicer Transaction Documents; and 
 (ii) the
Servicer has delivered to the Indenture Trustee, the Administrative Agent, the Noteholders and the Receivables an Opinion of Counsel stating that such consolidation, merger, conveyance or transfer comply with this paragraph (b) and that all
conditions precedent herein provided for relating to such transaction have been complied with (and if an agreement supplemental hereto has been executed as contemplated by clause (i) above, such opinion of counsel shall state that such
supplemental agreement is a legal, valid and standing obligation of the Servicer enforceable against the Servicer in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles). 
 (II) If SST is acting as Servicer, any corporation or
other entity into which SST may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which SST shall be a party, or any corporation or other entity
succeeding to the business of SST must be the successor of SST hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or
assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, and SST will not merge, convert or consolidate if the resulting entity would not be the successor of SST hereunder. 

  
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 (c) No Change in Business or the Credit and Collection Policies. The Servicer
will not make any change in the character of its business or in the Credit and Collection Policies, which change would, in either case, impair the collectability of any Receivable or otherwise have an Adverse Effect, except to the extent such change
is required as a result of a change in applicable Requirements of Law. 
 Section 2.15 Sale of Defaulted
Receivables. The initial Servicer may sell, on behalf of the Receivables Trust, Defaulted Receivables that have been Defaulted Receivables for no less than six months, as to which the initial Servicer shall have determined eventual payment in
full is unlikely, to an unaffiliated third party for the greatest market price available, if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivables would be increased by such sale.
Notwithstanding the foregoing, in no event may the aggregate sales of Defaulted Receivables (by Receivables Principal Balance of such Defaulted Receivable as of the applicable Cut-Off Date) pursuant to this Section 2.15 exceed 10% of the
Receivables Principal Balance of all Receivables as of their applicable Cut-Off Date. 
 ARTICLE III 

[RESERVED] 
 ARTICLE IV 

[RESERVED] 
 ARTICLE V 

OTHER MATTERS RELATING 
 TO THE
SERVICER 
 Section 5.01 Liability of the Servicer. The Servicer shall be liable in accordance herewith only to
the extent of the obligations specifically undertaken by it or required to be taken by it in such capacity herein and in the other Servicer Transaction Documents. 

Section 5.02 Limitation on Liability of the Servicer and Others. The directors, officers, employees or agents who
are natural persons of the Servicer shall not be under any liability to the Issuer, the Receivables Trust, the Indenture Trustee, the Administrative Agent, the Noteholders or any other Person hereunder or pursuant to any document delivered hereunder
for any action taken or for refraining from the taking of any action, it being expressly understood that all such liability is expressly waived and released as a condition of, and as consideration for, the execution of this Agreement and any
supplement hereto. Except as provided in this Section 5.02 with respect to the Issuer, 

  
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the Receivables Trust, and the Indenture Trustee, and their respective officers, directors, employees and agents, the Servicer shall not be under any liability to the Issuer, the Receivables
Trust, the Indenture Trustee, their respective officers, directors, employees and agents, the Noteholders or any other Person for any action taken or for refraining from the taking of any action in its capacity as Servicer pursuant to this Agreement
or any supplement hereto; provided, however, that this provision shall not protect the Servicer against any liability which would otherwise be imposed by reason of (x) willful misconduct, bad faith or negligence in the performance
of duties or by reason of its reckless disregard of its obligations and duties hereunder or under the Indenture or (y) breach of the express terms of any Servicer Transaction Document. The Servicer may rely in good faith on any document of any
kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties to service the Receivables or the other property in the Trust Estate in accordance with this Agreement, the Indenture and the Note Purchase Agreement that in its reasonable opinion may involve it in any expense or liability. 

Section 5.03 Servicer Not to Resign. The Servicer shall not resign from the obligations and duties hereby imposed
on it except upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which such Servicer could take to make the performance of its duties
hereunder permissible under applicable law. Any such determination permitting the resignation of any Servicer shall be evidenced as to clause (i) above by an Opinion of Counsel and as to clause (ii) by an Officer’s Certificate of the
Servicer (or, if the Servicer is not Conn Appliances or an Affiliate thereof, a certificate of a responsible officer of such Servicer), each to such effect delivered, and satisfactory in form and substance, to the Indenture Trustee. No such
resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of such Servicer in accordance with Section 2.01 hereof and notice has been provided to the Rating Agencies (if any
Rating Agency then provides a rating on the Notes). 
 Section 5.04 Waiver of Defaults. Any default by the
Servicer in the performance of its obligations hereunder and its consequences may be waived pursuant to Section 7.01. Upon any such waiver of a default, such default shall cease to exist, and any default arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 

  
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 ARTICLE VI 

ADDITIONAL OBLIGATION OF THE 

SERVICER WITH RESPECT TO THE INDENTURE TRUSTEE 

Section 6.01 Successor Indenture Trustee. 

(a) If the Indenture Trustee resigns or is removed pursuant to the terms of the Indenture or if a vacancy exists in the office
of the Indenture Trustee for any reason, the Servicer (or, if Conn Appliances is not the Servicer, the Issuer), with the consent of the Administrative Agent, shall promptly appoint a successor Indenture Trustee meeting the requirements of
Section 6.11 of the Indenture, by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Indenture Trustee and one copy to the successor Indenture Trustee. 

(b) The Servicer and the Issuer agree to execute and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor Indenture Trustee all rights, powers, duties and obligations under the Indenture and hereunder. 

Section 6.02 Tax Returns. The initial Servicer, on behalf of Issuer, or the Issuer shall prepare or shall cause to
be prepared all tax information required by law to be distributed to Noteholders and shall deliver such information to the Indenture Trustee at least five days prior to the date it is required by law to be distributed to Noteholders. Except to the
extent the initial Servicer or the Issuer breaches its obligations or covenants contained in this Section 6.02, in no event shall the initial Servicer or the Issuer be liable for any liabilities, costs or expenses of the Noteholders
arising under any tax law, including without limitation federal, state, local or foreign income or excise taxes or any other tax imposed on or measured by income or gross receipts (or any interest or penalty with respect thereto or arising from a
failure to comply therewith). 
 Section 6.03 Final Payment with Respect to the Notes. The initial Servicer or
the Issuer shall provide any notice of final payment as specified for the Issuer in Section 10.02 of the Indenture and in accordance with the procedures set forth therein. 

Section 6.04 Optional Purchase of Receivables Trust Estate. 

(a) The Servicer will have the option to purchase (the “Optional Purchase”) the Receivables Trust Estate
and/or the Receivables Trust Certificate for an amount equal to the Optional Purchase Price from the Issuer on any Payment Date if as of the last day of the related Monthly Period, the Note Balance has declined to 10% or less of the Note Maximum
Balance as of the such date, in accordance with Section 8.07 of the Indenture. The Optional Purchase Price will not be less than an amount sufficient to pay all amounts owing on the Notes in full on the final Payment Date in accordance
with the priorities set forth in Section 8.06 of the Indenture. If the Servicer elects to exercise such option, it shall comply with all applicable conditions set forth in Section 8.07 of the Indenture. Upon proper exercise
of such option and payment of the Optional Purchase Price, the Receivables Trust Estate or Receivables Trust Certificate to be sold in such Optional Purchase shall be sold to the Servicer at a price equal to the related Optional Purchase Price. The
proceeds of any such Optional Purchase shall be applied to the Notes in accordance with the provisions for the redemption of such Notes on such date as set forth in the Indenture. 

  
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 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.01 Amendment. 

(a) Any provision of this Agreement may be amended, supplemented, modified or waived in writing from time to time by the
Issuer, the Indenture Trustee, the Receivables Trust and the Servicer with the consent of the Administrative Agent and the Required Noteholders for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or modifying in any manner the rights of Noteholders; provided, however, that no such amendment, supplement, modification or waiver shall (i) reduce in any manner the amount of, or delay the timing of,
distributions which are required to be made on any Notes without the consent of each Holder of Notes so affected, (ii) change the definition of or the manner of calculating the Note Balance without the consent of each Holder of Notes,
(iii) reduce the aforesaid percentage required to consent to any such amendment, without the consent of each Holder of Notes adversely affected, (iv) adversely affect in any material respect the interests of the Back-Up Servicer (including
as Successor Servicer) without its prior written consent or (v) adversely affect in any material respect the interests of the Indenture Trustee without its prior written consent. The Indenture Trustee may, but shall not be obligated to, enter
into any such amendment which adversely affects the Indenture Trustee’s rights, duties, indemnities or immunities under this Agreement, the Indenture or otherwise. 

(b) Promptly after the execution of any such amendment, the Issuer shall furnish notification of the substance of such
amendment to the Rating Agencies (if any Rating Agency then provides a rating on the Notes). 
 (c) Notwithstanding anything
herein to the contrary, no amendment this Agreement shall be effective unless, as evidenced by an officer’s certificate of the Servicer, such amendment would not result in or cause the Receivables Trust or the Issuer to be classified as an
association or publicly traded partnership taxable as a corporation. 
 (d) It shall not be necessary for the consent of
Noteholders under this Section 7.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Noteholders shall be subject to such reasonable requirements as the Administrative Agent may prescribe. 

(e) In connection with any amendment, the Indenture Trustee shall be entitled to receive (i) an Officer’s Certificate
to the effect that the amendment complies with all requirements of this Agreement and the Indenture and that all conditions precedent thereto have been satisfied, and (ii) if any Noteholders did not

  
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consent to such amendment, an Opinion of Counsel (from an external law firm) from the Issuer to the effect that the amendment complies with all requirements of this Agreement and the Indenture,
except that such counsel shall not be required to opine on factual matters. 
 (f) All reasonable fees, costs and expenses
(including, without limitation, reasonable attorneys’ fees, costs and expenses) incurred in connection with any amendment, modification, waiver or supplement to this Agreement shall be payable by the Issuer. 

Section 7.02 Protection of Right, Title and Interest to Receivables and Related Security. 

(a) Conn Appliances or the Issuer (if Conn Appliances is not the Servicer) shall cause this Agreement, the Indenture and the
Note Purchase Agreement, all amendments hereto and/or all financing statements and any other necessary documents covering the Noteholders’ and the Indenture Trustee’s right, title and interest to the Trust Estate and the Receivables
Trust’s right, title and interest to the Receivables Trust Estate to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully
to preserve and protect the Indenture Trustee’s Lien (granted pursuant to the Indenture for the benefit of the Secured Parties) on the property comprising the Trust Estate and the Receivables Trust’s right, title and interest to the
Receivables Trust Estate. Conn Appliances or the Issuer shall deliver to the Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such
recording, registration or filing. 
 (b) The Servicer will give the Indenture Trustee prompt written notice of any
relocation of any office from which it services the Receivables and Related Security or keeps records concerning such items or of its principal executive office and, in the case of the initial Servicer, prompt written notice of whether, as a result
of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing statement or of any new financing statement and shall file such financing statements or amendments as may be
necessary to continue the Indenture Trustee’s security interest in the Trust Estate and the proceeds thereof for the benefit of the Secured Parties. The Servicer will at all times maintain each office from which it performs custody, collection
and/or customer service obligations with respect to the Receivables, Related Security and other property in its possession and part of the Trust Estate and its principal executive office within the United States of America. 

Section 7.03 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES 

  
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HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES TO THIS SERVICING AGREEMENT HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW THE JUDGMENT THEREOF. EACH OF THE PARTIES HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION
INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

Section 7.04 Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to
have been duly given if personally delivered at, sent by facsimile to, sent by courier (overnight or hand-delivered) at or mailed by registered mail, return receipt requested, to (a) in the case of the Issuer, Conn’s Receivables Warehouse,
LLC, 4055 Technology Forest Blvd., Suite 210, The Woodlands, TX, 77381, Attention: Mark Prior, Email: mark.prior@conns.com, (b) in the case of the initial Servicer or Conn Appliances, to 4055 Technology Forest Blvd., Suite 210, The Woodlands,
TX, 77381, (c) in the case of the Indenture Trustee, to the Corporate Trust Office, and (d) in the case of the Receivables Trust, to c/o Wilmington Trust, National Association, as Owner Trustee, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration – Conn’s Receivables Warehouse Trust; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.
Unless otherwise expressly provided herein, the Indenture or the Note Purchase Agreement, any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown
in the Note Register. Any notice so mailed or published, as the case may be, within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder receives such notice. 

Section 7.05 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement. 
 Section 7.06 Delegation. Except as
provided in Section 2.01, or 2.02, the Servicer may not delegate any of its obligations under this Agreement. 

Section 7.07 Waiver of Trial by Jury. To the extent permitted by applicable law, each of the parties hereto
irrevocably waives all right of trial by jury in any action, proceeding or counterclaim arising out of or in connection with this Agreement or the Transaction Documents or any matter arising hereunder or thereunder. 

  
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 Section 7.08 Further Assurances. The Servicer agrees to do and
perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the Indenture Trustee more fully to effect the purposes of this Agreement. 

Section 7.09 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the
Indenture Trustee, the Issuer, the Receivables Trust, the Servicer, or the Noteholders, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies,
powers and privileges provided by law. 
 Section 7.10 Counterparts. This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 7.11 Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the
parties hereto, the Secured Parties and their respective successors and permitted assigns. Except as provided in this Section 7.11, no other Person will have any right or obligation hereunder; provided that the Issuer shall have the
right to enforce all rights of the Receivables Trust. 
 Section 7.12 Actions by Noteholders. 

(a) Wherever in this Agreement a provision is made that an action may be taken or a notice, demand or instruction given by
Noteholders, such action, notice or instruction may be taken or given by any Noteholder, unless such provision requires a specific percentage of Noteholders, as certified by such Noteholder. Notwithstanding anything in this Agreement to the
contrary, neither the Servicer nor any Affiliate thereof shall have any right to vote with respect to any Note except as specifically provided in the Indenture or the Note Purchase Agreement. 

(b) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Noteholder shall bind such
Noteholder and every subsequent holder of such Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or omitted to be done by the Indenture Trustee or the Servicer in reliance
thereon, whether or not notation of such action is made upon such Note. 
 Section 7.13 Rule 144A Information.
For so long as any of the Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer and the Indenture Trustee (if such information is in the Indenture Trustee’s possession) agree to
provide to any Noteholders and to any prospective purchaser of Notes designated by such a Noteholder upon the request of such Noteholder or 

  
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prospective purchaser, any information required to be provided to such holder or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4) under the Securities Act, and the
Servicer agrees to reasonably cooperate with the Issuer and the Indenture Trustee in connection with the foregoing. 

Section 7.14 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the
entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. 

Section 7.15 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the
meaning or interpretation of any provision hereof. 
 Section 7.16 Rights of the Indenture Trustee. The
Indenture Trustee shall be entitled to all rights, powers, protection, privileges, indemnities and immunities conferred on it by the terms of the Indenture as if specifically set forth herein, and shall not be liable for any loss arising in
connection with the exercise of any such rights, powers, protections, privileges, indemnities and immunities. 

Section 7.17 Sales Tax Proceeds. For the avoidance of doubt, (1) the initial Servicer hereby notifies each of
the parties hereto that the Receivables Trust, the Depositor, the Seller and the Issuer are each “assignees” of the right to receive the Texas bad debt deduction for all applicable defaults as per Section 151.426(c) of the Texas Tax
Code and (2) each of the initial Servicer, the Depositor, the Seller, the Receivables Trust, the Issuer, and the retailer of the Merchandise will cooperate to obtain the Texas bad deduction for the assignees. 

Section 7.18 Limitation of Liability. It is expressly understood and agreed by the parties hereto that
(a) this Agreement is executed and delivered by Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as Receivables Trust Trustee of the Receivables Trust, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Receivables Trust is made and intended not as personal representations, undertakings and agreements by WTNA but is
made and intended for the purpose of binding only the Receivables Trust, (c) nothing herein contained shall be construed as creating any liability on WTNA individually or personally, to perform any covenant either expressed or implied contained
herein of the Receivables Trust, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties herein, (d) WTNA has made no investigation as to the accuracy or completeness
of any representations and warranties made by the Receivables Trust in this Agreement and (e) under no circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of the Receivables Trust or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Receivables Trust under this Agreement or any other related documents. 

  
 29 

 Section 7.19 Effectiveness of Agreement. Notwithstanding anything to
the contrary herein, this Agreement, including each grant of security interest hereunder and the representations, warranties, covenants and other obligations of the Seller, the Purchaser and the Receivables Trust [shall not
become]became effective
 [until the Note Initial Increase
Date.]on August 8, 2017. 

  
 30 

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

			
	CONN’S RECEIVABLES WAREHOUSE, LLC,
	as Issuer

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	 CONN’S RECEIVABLES WAREHOUSE TRUST

as Receivables Trust

	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Receivables Trust Trustee

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	 CONN APPLIANCES, INC.,
 as
Servicer

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Indenture Trustee

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 Servicing Agreement Signature Page 

 Exhibit A 

Form of Monthly Servicer Report 

FORM OF MONTHLY SERVICER REPORT 

[ATTACHED] 

 SCHEDULE I 

LITIGATION 
 None

 SCHEDULE II 

DEFINITIONS 

Schedule II 

 PART A - DEFINITIONS SCHEDULE 

The rules of construction set forth in Section 1.02 of the Indenture shall be applicable to this Agreement and to any other agreement
that incorporates this Definitions Schedule by reference. 

“2016-B Issuer”
shall mean Conn’s Receivables Funding 2016-B, LLC. 

“2016-B Seller”
shall mean the Conn’s Receivables 2016-B Trust. 

“2016-B First
Receivables Purchase Agreement” shall mean the First Receivables Purchase Agreement dated as of October 6, 2016, between the Original Seller, as seller, and the Depositor, as purchaser. 

“2018-PV1 Ineligible
Receivables” means the Receivables designated as such on Schedule I to Exhibit A to the initial Bill of Sale delivered under the Second Receivables Purchase Agreement.  

“2018 Commitment
Letter” shall mean the Commitment Letter dated February 6, 2018, between the Primary Note Purchaser and the Issuer.  

“2018 Warehouse
Funding” shall mean the sale of the Class A Notes on the 2018 Warehouse Funding Date. 
 “2018 Warehouse Funding Date” shall mean February 15, 2018. 

“30+ Day Delinquent Receivables” shall mean, with respect to any determination date, any Receivable with respect to which any
monthly payment remains unpaid for more than thirty (30) days after the date such monthly payment was originally contractually due, but which Receivable is not yet a 60+ Day Delinquent Receivable. 

“60+ Day Delinquent Receivables” shall mean, with respect to any determination date, any Receivable with respect to which any
monthly payment remains unpaid for more than sixty (60) days after the date such monthly payment was originally contractually due. 

“ABL Agreement” shall mean the Third Amended and Restated Loan and Security Agreement dated as of October 30, 2015,
among Conn’s, Inc., as parent and guarantor (“Parent”), Conn Appliances, Inc., Conn Credit I, LP and Conn Credit Corporation, Inc. as borrowers, the financial institutions party thereto from time to time as lenders, certain co-syndication agents, joint lead arrangers and joint bookrunners, and
Bank of America, N.A., a national banking association, as administrative agent and collateral agent. 
 “ABL Financial
Covenants” shall mean the minimum Interest Coverage Ratio, the maximum Leverage Ratio and the maximum ABS Excluded Leverage Ratio, in each case as defined in the ABL Agreement, in effect on [August 8,
2017]February 6, 2018; provided, upon the occurrence of an amendment, modification or replacement of the ABL Agreement that amends the ABL Financial Covenants, the Depositor shall promptly provide written notice of such amendment to
the Administrative Agent, and the ABL Financial Covenants definition herein shall 

  
 2 

 
remain as defined immediately prior to such amendment, modification or replacement, unless the Administrative Agent receives prior written notice and consents to such amendment, modification or
replacement. On [August 8,
2017,]February 6, 2018, the ABL Financial Covenants shall be measured on a quarterly basis as of the last day of each fiscal quarter of the Consolidated Parent, and require (i) an Interest Coverage Ratio of at least equal [0.80]to
1.10 to 1.00[ until October 31, 2017, and then] from
October 31, 2017 until January 31, 2018, [1.10 to 1.00, ]and then from January 31, 2018 and thereafter,
1.25 to 1.00, (ii) a Leverage Ratio not greater than 4.00 to 1.00, and (iii) an ABS Excluded Leverage Ratio not greater than 2.00 to 1.00. Notwithstanding the above, once the Availability Block, as defined in the ABL Agreement, is reduced
to $0, in accordance with the terms of the ABL Agreement, the minimum Interest Coverage Ratio requirement for the fiscal quarter in which such reduction occurs and for all fiscal quarters thereafter shall be 2.00 to 1.00. 

“ABL Lenders” shall mean the “Lenders” as defined under the ABL Agreement. 

“ABS Interests” shall mean and include one or more ABS interests, as defined in the Credit Risk Retention Rules, in the
Issuer. 
 “Act” or “Act of Noteholder” shall have the meaning specified in Section 11.03(a)
of the Indenture. 
 “Additional Cut-Off Date” shall mean with respect to each Additional Receivable, the date specified by
the Issuer as the “Cut-Off Date” for such Additional Receivable in connection with the applicable Note Balance Increase
Notice. With respect to the 2018 Warehouse Funding, the Additional Cut-Off Date shall be January 31, 2018. 
 “Additional Receivable” shall mean, each additional Receivable that is
acquired by the Issuer in accordance with a Note Balance Increase. 
 “Administrative Agent” shall mean Credit Suisse AG,
New York Branch, in its capacity as administrative agent under the Note Purchase agreement, together with its successors in interest and any successor administrative agent thereunder. 

“Adverse Effect” shall mean, with respect to any event, condition or action, that such action could reasonably be expected
to, if not cured, (a) result in the occurrence of [an Early Amortization Event or ]an Event of Default;
(b) materially and adversely affect (i) the amount or timing of distributions to be made to the Noteholders pursuant to the Servicing Agreement or the Indenture, (ii) the validity or enforceability of any material provision of the
Transaction Documents, (iii) the existence, perfection, priority or enforceability of the Indenture Trustee’s security interest in any portion of the Trust Estate, (iv) the ability of any party to perform its obligations under the
Transaction Documents or (v) the value, collectability or enforceability of the Receivables and the other assets in the Trust Estate; or (c) otherwise, in respect of any Person, materially and adversely result in a change in the financial
condition, business, assets or operations of such Person. 
 “Affiliate” of any specified Person shall mean any
other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person

  
 3 

 
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Aggregate Investor Net Loss
Amount” means, with respect to any Collection Period, an amount equal to the aggregate Receivables Principal Balance of all Receivables that became Defaulted Receivables during such Collection Period (each respective aggregate Receivables
Principal Balance being measured as of the date the relevant Receivable became a Defaulted Receivable) minus any Deemed Collections and Recoveries deposited into the Collection Account during such Collection Period in respect of Receivables that
have become Defaulted Receivables before or during such Collection Period. 
 “Aggregate Receivables Principal Balance”
shall mean, with respect to any date of determination, an amount equal to the aggregate of the Receivables Principal Balance of all Receivables in the Trust Estate, other than Defaulted Receivables and Ineligible Receivables, in each case as of the
last day of the most recently ended Collection Period or, in the case of Eligible Receivables acquired by the Issuer after the last day of such Collection Period, the Additional Cut-Off Date for such Eligible Receivables. 

“Alternative Purchaser” means each of the Persons, if any, identified from time to time as an “Alternative
Purchaser” on the signature pages of the Note Purchase Agreement or in the applicable Assignment and Assumption Agreement and each such Person’s successors or assigns in such capacity. 

“Alternative Rate” means, on any date, a fluctuating rate of interest per annum equal to the LIBO Rate plus 1.00%; provided,
the Alternative Rate shall be the Base Rate if a LIBO Disruption Event is in effect. 
 “Assignment and Assumption
Agreement” shall have the meaning specified in the Note Purchase Agreement. 
 “Authorized Officer” shall mean:

 with respect to the Receivables Trust, (i) any officer of the Receivables Trust Trustee who is authorized to act for the Receivables
Trust Trustee in matters relating to the Receivables Trust and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by the Receivables Trust Trustee to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time thereafter), and (ii) any officer of the Issuer who is authorized to act for the Issuer in matters relating to the Receivables Trust and who is identified on the list
of Authorized Officers, containing the specimen signature of each such Person, delivered by the Issuer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter); 

with respect to the Depositor, any officer of the Depositor who is authorized to act for the Depositor and who is identified on the list of
Authorized Officers (containing the specimen signature of each such Person) delivered by the Depositor to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter); 

  
 4 

 with respect to the Issuer, any officer of the Issuer who is authorized to act for the Issuer and
who is identified on the list of Authorized Officers (containing the specimen signature of each such Person) delivered by the Issuer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time
thereafter); 
 with respect to the Servicer, any officer of the Servicer who is authorized to act for the Servicer; and 

with respect to the Seller, any officer of the Seller who is authorized to act for the Seller. 

“Available Funds” shall mean for any Payment Date, the sum of (a) Collections received in the Collection Account during
the Collection Period relating to such Payment Date, (b) any Cap Payments on deposit in the Collection Account as of such Payment Date, and (c) all amounts on deposit in the Reserve Account. 

“Back-up Servicer” shall mean Systems & Services Technologies, Inc. or such other Person that is acceptable to the
Administrative Agent then acting as “Back-up Servicer” pursuant to and in accordance with a Back-up Servicing Agreement. 

“Back-up Servicing Agreement” shall mean a Back-up Servicing Agreement, in form and substance satisfactory to the
Administrative Agent, among the Issuer, the Receivables Trust, the Servicer, the Indenture Trustee and the Back-up Servicer, pursuant to which the Back-up Servicer has agreed to perform the back-up servicing duties specified therein for the benefit
of the Issuer and the Noteholders. 
 “Back-up Servicing Fee” shall have the meaning specified in [the]any
 Back-up Servicing Agreement. For the avoidance of doubt,
[no Back-up Servicing Fee shall accrue or be payable prior to the Initial Cut-Off Date.] 
 “Base Rate” means, on any date, a fluctuating rate of interest per annum
equal to the greater of (i) the Prime Rate and (ii) the Federal Funds Rate plus 0.50%. 
 “Bill of Sale” shall mean the Bill of Sale, dated as of February 15, 2018, among the Depositor, the Issuer and the Receivables
Trust.  
 “Borrowing Base Receivables Principal Balance” shall mean, with respect to any date of
determination, an amount equal to the Aggregate Receivables Principal Balance less Delinquent Receivables, in each case, that are not Defaulted Receivables as of the last day of the most recently ended Collection Period or, in the case of Eligible
Receivables acquired by the Issuer after the last day of such Collection Period, the Additional Cut-Off Date for such Eligible Receivables. 

“Breakage Fee” shall mean, with respect to any Noteholder, the amounts, if any, payable to such Noteholder under
Section 2.03(c) of the Note Purchase Agreement due to either early payment of principal on the Note or failure to pay principal with respect to a scheduled Note Balance Decrease in accordance with Section 2.08(b) of the Indenture. 

  
 5 

 “Business Day” shall mean any day other than (a) a Saturday or Sunday or
(b) any other day on which banking institutions in New York, New York, Salt Lake City, Utah, Minneapolis, Minnesota or any other city in which the principal executive offices of the Servicer or the Depositor, as the case may be, are located,
are authorized or obligated by law, executive order or governmental decree to be closed or on which the fixed income markets in New York, New York are closed. 

“Cap Condition” shall mean, as of any date, either (a) the Borrower has entered into one or more Interest Rate Hedge
Agreements with Eligible Counterparties that are in full force and effect and such Interest Rate Hedge Agreements have a constant or declining scheduled aggregate notional amount projected (as reasonably determined by the Administrative Agent in
consultation with the Servicer) to cause the aggregate notional amount of such interest rate caps to equal or exceed the Note Balance at all times until the Notes are repaid in full; provided that such projections shall be based on the scheduled
payments due in respect of the Receivables and historical and projected loss, delinquency, default and prepayment rates with respect thereto and such projections shall be made using stress-factor, loss, delinquency, default and prepayment rate
assumptions reasonably acceptable to the Administrative Agent or (b) solely in the event that the Cap LIBO Rate is less than 2.00%, the amount on deposit in the Reserve Account is equal to or greater than the Enhanced Required Reserve Account
Amount. 
 “Cap LIBO Rate” shall mean, with respect to any Eligible Interest Rate Cap, the “LIBO Rate” as defined
in the Note Purchase Agreement. 
 “Cap Payments” shall mean, with respect to any Eligible Interest Rate Cap (or other
interest rate cap), all payments remitted to the Collection Account by an Eligible Counterparty (or other counterparty) which represent payments made by such Eligible Counterparty (or other counterparty) under the terms of such Eligible Interest
Rate Cap (or other interest rate cap). 
 “Cap Rate” shall mean a rate approved by the Administrative Agent. 

“Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests, including, without limitation, limited and general partnership interests, in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the
foregoing. 
 “Certificate” shall mean the Receivables Trust Certificate. 

“Certificateholder” shall mean the registered holder of a Receivables Trust Certificate as reflected in the register
maintained pursuant to Section 3.3 of the Receivables Trust Agreement, which shall initially be the Issuer. 
 “Certificate
Register” shall have the meaning assigned to it in the Receivables Trust Agreement. 
 “Certificate Registrar”
shall have the meaning assigned to it in the Receivables Trust Agreement. 

  
 6 

 “Certificate of Trust” shall mean the certificate of trust of the Receivables
Trust filed on January 20, 2017, with the Delaware Secretary of State pursuant to the Delaware Statutory Trust Act. 
 “Change
of Control” shall mean Sponsor ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock of the Servicer or the Issuer, in each case free and clear of all adverse claims other than claims under the ABL
Agreement (or, with respect to the Servicer, other than liens to secure any debt that refinanced the ABL Agreement). 
 “Class A Fee
Rate” means, with respect to any date of determination, (a) [on which no Early Amortization Event has occurred that is continuing on such date, 4.00%, (b) on which an Early Amortization Period has commenced and is continuing on such date, but
]prior to the occurrence of an Event of Default,
[6.00]2.75
%, and ([c]b) on and after the occurrence of an Event of Default, [9.00]6.00
%. 
 “Class A Notes” shall have the meaning specified in
the Note Purchase Agreement. 
 “Closing Date” shall mean February 24, 2017. 

“Collection Account” shall have the meaning specified in Section 8.02(a)(i) of the Indenture. 

“Collection Period” shall mean, with respect to each Payment Date, the preceding calendar month; provided,
however, that the initial Collection Period will commence on the day immediately following the Initial Cut-Off Date. 

“Collections” shall mean, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable
made by or on behalf of Receivables Obligors, including, without limitation, all principal, Finance Charges and Recoveries, if any, and cash proceeds of Related Security with respect to such Receivable (including any insurance and RSA proceeds and
returned premiums but excluding refunds and rebates of earned premium with respect to the cancellation of credit insurance and RSAs and unearned commissions with respect to RSAs related to Defaulted Receivables) and any Deemed Collections in each
case, received after the Cut-Off Date; provided, however, that, if not otherwise specified, the term “Collections” shall refer to the Collections on all the Receivables collectively together with any Investment Earnings and any other funds
received with respect to the Trust Estate. 
 “Commercial Paper Notes” means, with respect to a Conduit, the promissory
notes issued by or on behalf of such Conduit in the commercial paper market which are allocated by such Conduit as its funding for its purchasing or maintaining its portion of the Note Balance under the Note Purchase Agreement. 

“Commitment Letter” shall have the meaning specified in Section 2.04(e) of the Note Purchase Agreement, and with respect to the 2018 Warehouse Funding, shall mean the 2018 Commitment Letter. 

  
 7 

 “Commitment Letter Delivery Date” shall mean the date on which the Commitment
Letter is delivered to the Issuer, the Administrative Agent, the Indenture Trustee and the Servicer in accordance with Section 2.04(e) of the Note Purchase Agreement. 

“Conduit” shall mean each of the Persons, if any, identified from time to time as a “Conduit” on the signature
pages of the Note Purchase agreement or identified as a “Conduit” in the Assignment and Assumption Agreement pursuant to which it has taken an assignment of Notes in accordance with the Note Purchase Agreement and each such Person’s
successors or permitted assigns in such capacity. 
 “Conn Appliances” shall mean Conn Appliances, Inc., a Texas
corporation. 
 “Consolidated Net Worth” shall mean at any date, with respect to any Person, the consolidated
stockholders’ equity of such Person and its consolidated Subsidiaries, minus (to the extent reflected in determining such consolidated stockholders’ equity) all intangible assets (in each case, as determined in accordance with GAAP,
applied on a basis consistent with the most recent audited financial statements of such Person before the Note Initial Increase Date or, if applicable, Note Balance Increase Date). 

“Consolidated Parent” shall mean, initially, Conn’s, Inc., a Delaware corporation, and any successor Conn’s, Inc.
as the indirect or direct parent of Conn Appliances, the financial statements of which are for financial reporting purposes consolidated with Conn Appliances in accordance with GAAP, or if there is none, Conn Appliances. 

“Contract” shall mean any Installment Contract (which “Installment Contract” has been acquired (or purported to be
acquired) by the Depositor from the 2016-B Seller pursuant to the First
Receivables Purchase Agreement and subsequently acquired by the Receivables Trust from the Depositor pursuant to the terms of the Second Receivables Purchase Agreement). 

“Corporate Trust Office” shall have the meaning (a) when used in respect of the Receivables Trust Trustee, the address
of the Receivables Trust Trustee specified in the Receivables Trust Agreement and (b) when used in respect of the Indenture Trustee, the address of the Indenture Trustee specified in Section 3.02 of the Indenture. 

“CP Cost” means, for any day with respect to any Conduit, an amount equal to the weighted average on such day of the rates at
which all Commercial Paper Notes issued by or on behalf of such Conduit to fund or maintain its portion of the Note Balance were sold, which rates shall include all dealer commissions and other costs of issuing such Commercial Paper Notes, whether
any such commercial paper notes were specifically issued to fund such portion or are allocated, in whole or in part, to such funding. 

“Credit and Collection Policy” shall mean the Servicer’s credit and collection policy or policies relating to Contracts
and Receivables existing on the Closing Date and referred to and in accordance with the Servicing Agreement, as the same is amended, supplemented or otherwise modified and in effect from time to time in compliance with Section 2.14(c) of the
Servicing Agreement; provided, however, if the Servicer is any Person other than the initial Servicer, “Credit and Collection Policies” shall refer to the collection policies of such Servicer as they relate to receivables of a similar
nature to the Receivables. 

  
 8 

 “Credit Risk Retention Rules” shall mean the final rules contained in Regulation
RR, 17 C.F.R. §246.1, et seq., implementing the credit risk retention requirements of Section 15G of the Exchange Act. 

“Cumulative Net Loss Percentage” shall mean, for any Monthly Determination Date, the quotient (expressed as a percentage) of
(I) the result of (x) the aggregate Receivables Principal Balance of all Receivables (excluding Ineligible Receivables) that became Defaulted Receivables since the related Cut-off Date, plus (y) the aggregate amount by which the
Receivables Principal Balance of any Receivables (other than Defaulted Receivables and Ineligible Receivables) were reduced due to being charged-off in accordance with the Credit and Collection Policy since the related Cut-off Date, minus
(z) recoveries in respect of Defaulted Receivables (that were not previously Ineligible Receivables) paid as Collections since the related Cut-off Date divided by (II) the Aggregate Receivables Principal Balance of all Receivables in the Trust
Estate as of the related Cut-off Date. 
 “Custodian” shall have the meaning specified in Section 2.02(a)(ii)
of the Servicing Agreement. 
 “Cut-Off Date” shall mean, with respect to any Receivables, the Initial Cut-Off Date or the
related Additional Cut-Off Date, as applicable. 
 “Debtor Relief Laws” shall mean (i) the United States Bankruptcy
Code and (ii) all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, receivership, insolvency, reorganization, suspension of payments, adjustment of debt, marshalling of assets or similar debtor relief laws of
the United States, any state or any foreign country from time to time in effect affecting the rights of creditors generally. 

“Deemed Collections” means, in connection with any Receivable, all amounts payable (without duplication) with respect to such
Receivable, by (i) the Seller to the Depositor pursuant to Section
[2.3]2.5
 the 2016-B
First Receivables Purchase Agreement, (ii) the Depositor pursuant to Section [2.3]2.4 of the Second
Receivables Purchase Agreement and/or (iii) the initial Servicer pursuant to Section 2.15 of the Servicing Agreement. 

“Defaulted Receivable” shall mean a Receivable (i) as to which, at the end of any Collection Period, any scheduled
payment, or part thereof, remains unpaid for 210 days or more past the due date for such payment determined by reference to the contractual payment terms, as amended, of such Receivable, such amendment in accordance with the Credit and Collection
Policies or (ii) which, consistent with the Credit and Collection Policies, would be written off the Issuer’s, the Seller’s or the Servicer’s books as uncollectible. 

“Definitive Notes” shall mean, the Notes issued in fully registered, certificated form issued to the owners thereof or their
nominee. 
 “Delaware Secretary of State” shall mean the Office of the Secretary of State of the State of Delaware. 

“Delaware Statutory Trust Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as
the same may be amended from time to time. 

  
 9 

 “Delinquency Percentage” shall mean, on any Monthly Determination Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate Receivables Principal Balance of the Receivables
(excluding Ineligible Receivables) that are Delinquent Receivables, as of
the last day of the related Collection Period and the denominator of which is the Aggregate Receivables Principal Balance as of the last day of the related Collection Period. 

“Delinquent Receivable” shall mean a 60+ Day Delinquent Receivable. 

“Demand” shall have the meaning specified in Section 6.15(a) of the Indenture. 

“Depositor” shall mean Conn Appliances Receivables Funding, LLC, a Delaware limited liability company, and its successors and
permitted assigns. 
 “Depositor LLC Agreement” shall mean the Limited Liability Company Agreement of Conn Appliances
Receivables Funding, LLC, as amended or otherwise modified from time to time. 
 “Dollars”, “$” or “U.S.
$” shall mean (a) United States dollars or (b) denominated in United States dollars. 
 “[Early Amortization Event” shall mean any Early Amortization Event specified in Section 5.01 of the Indenture.]Effective Date” shall mean February 6, 2018. 
 [”Early
Amortization Period” shall mean the period commencing at the close of business on the Business Day immediately preceding the earlier to occur of (a) the day on which an Early Amortization Event has occurred and (b) the
Facility Turbo Date, and ending on the payment in full of the Note Balance; provided, that any Early Amortization Period caused solely by the occurrence of a Level I Trigger Event will terminate and be deemed cured and no longer continuing for all
purposes on the first Payment Date following such Level I Trigger Event for which a Level I Trigger Event has not occurred.] 

“Eligible Counterparty” shall mean an entity that on the date of entering into any Interest Rate Hedge Agreement is
(1) an Affiliate of the Administrative Agent or (2) (i) an interest rate swap provider that has been approved in writing by the Administrative Agent, acting at the direction of the Required Noteholders (ii) has (1) a long
term senior unsecured debt rating of not less than “A+” by S&P and not less than “A1” by Moody’s, and (2) a short term senior unsecured debt rating of not less than “A-1” by S&P and not less than
“P-1” by Moody’s; and (ii) in the Hedging Agreement to which it is a party, (x) consents to the assignment of the Borrower’s rights under such Hedging Agreement to the Administrative Agent and (y) agrees that in
the event that Moody’s or S&P, as applicable, shall reduce or withdraw its long term or short term senior unsecured debt rating described in clause (b)(i)(y) above, within thirty (30) Business Days of such downgrade or withdrawal, it
shall transfer its rights and obligations under each Hedging Agreement to another entity that meets the requirements provided in clauses (b)(i) and (ii) hereof and which has entered into a Hedging Agreement with the Borrower on or prior to the
date of such transfer; provided, if a Rating Agency is rating the Notes, any requirements of such Rating Agency for such Eligible Counterparty shall also be incorporated herein. 

  
 10 

 “Eligible Deposit Account” shall mean either (a) a segregated securities
account or deposit account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States or any one of the states thereof, including
the District of Columbia (or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as any of the unsecured, unguaranteed senior debt securities of such depository institution shall have a credit
rating from each of Moody’s and Standard & Poor’s in one of its generic credit rating categories that signifies “BBB” / “Baa2” or higher. 

“Eligible Horizontal Residual Interest” shall mean an eligible horizontal residual interest, as defined in the Credit Risk
Retention Rules, in the Issuer. 
 “Eligible Institution” shall mean a depository institution organized under the laws of
the United States of America or any one of the states thereof, including the District of Columbia (or any domestic branch of a foreign bank), which at all times has (a)(i) a long-term unsecured debt rating of
“Baa1” or better by Moody’s and (ii) a certificate of deposit rating of “P-2” by Moody’s and (b), either (x) a long-term unsecured debt rating of “BBB+” by Standard & Poor’s or
(y) a certificate of deposit rating of “A-2” by Standard & Poor’s. If so qualified, the Indenture Trustee or the Administrator may be considered an Eligible Institution for the purposes of this definition. 

“Eligible Interest Rate Cap” shall mean, as of any date of determination, any interest rate cap purchased by the Issuer from
an Eligible Counterparty that (i) has a strike rate equal to the Cap Rate, (ii) references the Cap LIBO Rate, (iii) requires that such Eligible Counterparty make Cap Payments on each Payment Date (to the extent that the Cap LIBO Rate
exceeds the Cap Rate on the immediately prior Monthly Determination Date), (iv) requires that such Eligible Counterparty make all Cap Payments directly to the Collection Account, (v) is substantially in the form has been approved in
writing by the Administrative Agent, such approval not to be unreasonably withheld, conditioned or delayed and (vi) for which each party is in compliance with its obligations under such interest rate cap in all material respects. 

“Eligible Investments” shall mean book-entry securities, negotiable instruments or securities represented by instruments in
bearer or registered form which have maturities of no later than the Business Day immediately prior to the next succeeding Payment Date (unless payable on demand, in which case such securities or instruments may mature on such next succeeding
Payment Date) and which evidence: 
 direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of
America; 
 demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository
institutions or trust companies incorporated under the laws of the United States of America or any state thereof (or domestic branches of foreign banks) and subject to supervision and examination by federal or state banking or depository institution
authorities; provided that at the time of the Issuer’s investment or contractual commitment to invest therein, the short-term debt rating of such depository institution or trust company will be

  
 11 

 
rated “A-2” or higher by Standard & Poor’s or the equivalent thereof by the Rating Agency (if any Rating Agency then provides a rating on the Notes); 

commercial paper (having remaining maturities of no more than 30 days) having, at the time of the Issuer’s investment or contractual
commitment to invest therein, a rating not lower than “A-2” by Standard & Poor’s or the equivalent thereof by the Rating Agency (if any Rating Agency then provides a rating on the Notes); 

investments in money market funds rated “AA-mg” or higher by Standard & Poor’s or the equivalent thereof by the Rating
Agency or otherwise approved in writing by the Rating Agency (if any Rating Agency then provides a rating on the Notes) including proprietary money market funds offered or managed by Wells Fargo Bank, N.A. or an Affiliate thereof; 

demand deposits, time deposits and certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation; 

notes or bankers’ acceptances (having original maturities of no more than 365 days) issued by any depository institution or trust company
referred to in (b) above; 
 time deposits, other than as referred to in clause (e) above, with a Person (i) the commercial
paper of which is rated “A-2” or higher by Standard & Poor’s or the equivalent thereof by the Rating Agency or (ii) that has a long-term unsecured debt rating of “BBB+” or higher by Standard &
Poor’s or the equivalent thereof by the Rating Agency (if any Rating Agency then provides a rating on the Notes); or 
 any other
investments approved in writing by the Administrative Agent. 
 Eligible Investments may be purchased by or through the Indenture Trustee or any of its
Affiliates. 
 “Eligible Receivable” shall mean a Receivable: 

that was originated in compliance with all applicable Requirements of Law and which complies with all applicable Requirements of Law; 

with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental
Authority required to be obtained, effected or given by the Seller in connection with the creation or the execution, delivery and performance of such Receivable, have been duly obtained, effected or given and are in full force and effect; 

as to which, upon acquisition under the Second Receivables Purchase Agreement, the Receivables Trust is the sole owner thereof and has good
and marketable title thereto free and clear of all Liens, other than the Liens under the Transaction Documents; 
 that is the legal, valid
and binding payment obligation of the Receivables Obligor thereon enforceable against such Receivables Obligor in accordance with its terms and is not subject to any right of rescission, setoff, deduction, counterclaim or defense (including the
defense of usury) or to any repurchase obligation or return right; 

  
 12 

 the related Installment Contract of which constitutes an “account” or “chattel
paper,” in each case, under and as defined in Article 9 of the UCC of all applicable jurisdictions; 
 that was established in
accordance with the Credit and Collection Policies in the regular and ordinary course of the business of the Seller; 
 if for a liquid
amount (as stated in the Records relating thereto) that is denominated and payable in Dollars, is only payable in the United States of America and each Receivables Obligor in respect of which resided in the United States of America at the time of
the origination of such Receivable; 
 as of the related Cut-off Date, is not a Receivable (i) that is a Defaulted Receivable or
(ii) as to which, on the related purchase date, all of the original Receivables Obligors obligated thereon are deceased; 
 as of the
related Cut-off Date, is not a Delinquent Receivable; 
 the terms of which have not been modified or waived except as permitted under the
Credit and Collection Policies or the Transaction Documents; 
 that was originated in connection with a sale of Merchandise by Conn
Appliances, Inc. or one of its Affiliates in the ordinary course of business; 
 that has no Receivables Obligor thereon that is a
Governmental Authority; 
 the original terms of which provide for repayment in full of the amount financed or the Receivables Balance
thereof in equal monthly installments over a maximum term not to exceed 38 months; 
 the assignment of which to the Receivables Trust does
not contravene or conflict with any Requirement of Law or any contractual or other restriction, limitation or encumbrance, and the sale or assignment of which does not require the consent of the Receivables Obligor thereof; 

which was originated under the “No Promotion Program”, the “12-Month Cash Option Program”, the “18-Month Cash Option
Program”, the “18-Month Equal Pay No Interest” or the “24-Month Equal Pay No Interest” of Conn Appliances, Inc. and its Affiliates; 

which, as of the related Cut-off Date, would not cause the aggregate Receivables Principal Balance of Receivables of any single Receivables
Obligor to exceed the lesser of (x) 1.0% of Aggregate Receivables Principal Balance as of the last day of the immediately preceding Collection Period and (y) 1,500,000 Swiss francs; and 

for which the first payment thereon has not (or did not) remained unpaid for more than 45 days after the date on which such payment was due.

 “Eligible Servicer” shall mean the Indenture Trustee, Conn Appliances, Inc., the Back-up Servicer or an entity which, at
the time of its appointment as Servicer, (i) (a) is either 

  
 13 

 
(x) the surviving Person of a merger or consolidation with, or the transferee of all or substantially all of the assets of, Conn Appliances, Inc. in a transaction otherwise complying with
Section 6.02 of the Servicing Agreement or (y) an Affiliate of Conn Appliances, Inc., (b) is servicing a portfolio of personal receivables, (c) is legally qualified and has the capacity (in each case, either directly or
through one or more subservicers) to service and administer the Receivables in accordance with the Servicing Agreement, and (d) is qualified to use the software that is then being used to service the Receivables or obtains the right to use or
has its own software which is adequate to perform its duties under the Servicing Agreement or (ii) (a) is servicing a portfolio of personal receivables, (b) is legally qualified and has the capacity (in each case, either directly or
through one or more subservicers) to service and administer Receivables in accordance with the Servicing Agreement, (c) has demonstrated the ability to service professionally and competently a portfolio of receivables which are similar to the
Receivables in accordance with high standards of skill and care and (d) is qualified to use the software that is then being used to service the Receivables or obtains the right to use or has its own software which is adequate to perform its
duties under the Servicing Agreement. 
 “Enhanced Required Reserve Account Amount” shall mean the sum of (a) the
Required Reserve Account Amount and (b) on any date that is 30 days following the date on which the Administrative Agent has
delivered a written notice to the Issuer requesting that the Issuer cause the Cap Condition to be satisfied, the amount, in the reasonable determination of the Administrative Agent, required
to purchase Eligible Interest Rate Caps sufficient to cause clause (a) of the definition of “Cap Condition” to be satisfied. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

“Escrow Letter”
shall mean the letter agreement dated February 6, 2018 among Conn Appliances, Inc., the Depositor, the 2016-B Issuer, the Issuer, the Administrative Agent and Wells Fargo Bank, National Association, as indenture trustee. 

“Escrowed
Amount” shall mean the Redemption Financing Deposit as defined in the Escrow Letter, during such time as it is deposited in the “Collection Account” as defined in the Escrow Letter. 

“Event of Default” shall have the meaning specified in Section 5.02 of the Indenture. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Extension” shall mean an Extension of the Maturity Date in accordance with Section 2.05 of the Note Purchase
Agreement. 
 “Extension Date” shall mean, with respect to any Extension, the first day of such Extension. 

“Facility Turbo Date” shall mean payment date occurring in the 18th month following the Closing Date or as otherwise agreed
by the Administrative Agent and the Depositor. 
 “FATCA” shall have the meaning specified in the Note Purchase Agreement.

  
 14 

 “Federal Funds Rate” means, for any period, a fluctuating interest rate per
annum equal, for each day (or if such day is not a Business Day, for the immediately preceding Business Day) during such period, to the rate determined by the Administrative Agent on such day (or if such day is not a Business Day, for the
immediately preceding Business Day) for Federal Funds as published in H.15(519) under the heading “Federal Funds (Effective)” or, if not published by 3:00 p.m., New York City time on such day (or if such day is not a Business Day, on the
immediately preceding Business Day), the rate on such day as published in Composite Quotations under the heading “Federal Funds/Effective Rate.” In the event that such rate is not published in either H.15(519) or Composite Quotations by
3:00 p.m. New York City time, on such day (or if such day is not a Business Day, for the immediately preceding Business Day) the Federal Funds Rate will be the arithmetic mean of the rates as of 9:00 a.m., New York City time on such day for the last
transaction in overnight Dollar federal funds arranged by three leading brokers of federal funds transactions in the City of New York selected by the Issuer. 

“Fee Letter”
shall have the meaning specified in the Note Purchase Agreement. 
 “Field Collections” shall have the
meaning specified in Section 2.02(c) of the Servicing Agreement. 
 “Finance Charges” shall mean any finance,
interest, late, servicing or similar charges or fees owing by a Receivables Obligor pursuant to the Contracts (other than with respect to Defaulted Receivables). 

“First Receivables Purchase Agreement” shall mean the
[First Receivables Purchase Agreement, dated as of the Closing Date, between the Seller and the Depositor, as such agreement may be amended, supplemented or otherwise modified and in
effect from time to time]assignment of assets, dated as of
February 15, 2018, among the 2016-B Seller, as seller, Conn’s Receivables Funding 2016-B, LLC, as issuer, and the Depositor, as purchaser. 

“Force Majeure Event” shall mean an event that occurs as a result of an act of God, an act of the public enemy, acts of
declared or undeclared war (including acts of terrorism), public disorder, rebellion, sabotage, epidemics, landslides, lightning, fire, hurricane, earthquakes, floods or similar causes. 

“Governmental Authority” shall mean any federal, state, municipal, national, local or other governmental department, court,
commission, board, bureau, agency, intermediary, carrier or instrumentality or political subdivision thereof, or any entity or officer exercising executive, legislative, judicial, quasi-judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case, whether of the United States or a state, territory or possession thereof, a foreign sovereign entity or country or jurisdiction or the District of Columbia. 

“Grant” shall mean to grant, bargain, sell, warrant, alienate, remise, demise, release, convey, assign, transfer, mortgage,
pledge, grant a security interest in, create a right of set-off against, deposit, set over and confirm. A Grant of any item of the Trust Estate shall include all rights, powers and options (but none of the obligations) of the granting party
thereunder, including without limitation the immediate and continuing right to claim for, collect, receive and 

  
 15 

 
give receipt for principal and interest payments in respect of such item of the Trust Estate, and all other monies payable thereunder, to give and receive notices and other communications, to
make waivers or other agreements, to exercise all rights and options, to bring any suit in equity, action at law or other judicial or administrative proceeding in the name of the granting party or otherwise, and generally to do and receive anything
that the granting party may be entitled to do or receive thereunder or with respect thereto. 
 “Hedge Breakage Costs”
shall mean any amounts payable to the Interest Rate Hedge Counterparty upon the termination of an Interest Rate Hedge Agreement. 

“Indemnified Parties” shall have the meaning set forth in Section 2.06 of the Note Purchase Agreement,
Section 2.07 of the Servicing Agreement or Section 20 of the Receivables Trust Agreement, as applicable. 

“Indenture” shall mean the Indenture, dated as of the Closing Date, among the Issuer, the Indenture Trustee, the Receivables
Trust and the Servicer. 
 “Indenture Trustee” shall mean Wells Fargo Bank, N.A., in its capacity as indenture trustee
under the Indenture, its successors in interest and any successor indenture trustee under the Indenture. 
 “Independent”
shall mean, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Depositor, and any Affiliate of any of the foregoing Persons, (b) does not have any
direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the
Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 

“Independent Manager” shall have the meaning specified in the Depositor LLC Agreement. 

“Ineligible Receivable” shall mean any Receivable other than an Eligible Receivable, and shall include any 2018-PV1 Ineligible Receivables. 

“Initial Cut-Off Date” shall mean the date specified by the Issuer in connection with the Note Initial Increase. [With respect to the 2017 Warehouse Funding, the Initial Cut-Off Date shall be July 31, 2017.] 

“Initiation Date” means, with respect to any Receivable, the date upon which such Receivable was originated by the Seller.

 “Initial Pool Criteria” On the Note Initial Increase Date and any Note Balance Increase Date, the Receivables shall
satisfy the following criteria (with all percentages based on the aggregate Receivables Principal Balances of the applicable category of Receivables as a percentage of the Borrowing Base Receivables Principal Balance on the measurement date), as such criteria may be modified upon mutual written agreement of the Administrative Agent  

  
 16 

 
and the Issuer prior to the 2018 Warehouse Funding Date. For the avoidance of doubt,
all calculations of the Initial Pool Criteria shall only include Eligible Receivables. 

 

	 	•	 	Maximum weighted average original term of the Receivables shall be 36 months. 

  

	 	•	 	Minimum weighted average non-zero FICO score of the Receivables Obligors shall be 600. 

  

	 	•	 	Minimum weighted average contract interest rate of the Receivables shall be
[25.00]21.25%. 

  

	 	•	 	Maximum percentage of Receivables with Receivables Obligors acquiring Merchandise in Texas shall be 72.00%. 

  

	 	•	 	Maximum percentage of Receivables from 12-Month No-Interest Program” or the “18-Month Cash Option Program” shall be 45.00%. 

 

	 	•	 	Maximum percentage of Receivables from “18-Month Cash Option Program” shall be 10.00%. 

  

	 	•	 	FICO score requirements with respect to Receivables Obligors: 

  

	 	•	 	Maximum percentage of Receivables with Receivables Obligors without FICO scores shall be
[6.50]7.00%; 

  

	 	•	 	Maximum percentage of Receivables with Receivables Obligors with FICO scores less than or equal 500 including no FICO scores shall be
[6.50]7.00%; 

  

	 	•	 	Maximum percentage of Receivables with Receivables Obligors with FICO scores less than or equal 550 including no FICO scores shall be 15.00%; 

 

	 	•	 	Maximum percentage of Receivables with Receivables Obligors with FICO scores less than or equal 600 including no FICO scores, shall be
[52.00]54.00%; and 

  

	 	•	 	Maximum percentage of Receivables with Receivables Obligors with FICO scores less than or equal 650 including no FICO scores shall be
[89.00]91.00%. 

  

	 	•	 	Maximum percentage of Receivables that have been outstanding on books of Issuer/Affiliates for less than or equal to 360 days shall be 55.00%. 

 

	 	•	 	Maximum percentage of Receivables with modified / re-aged contracts shall be
[2.00]41.00%. 

  

	 	•	 	Product Type: 

  

	 	•	 	Minimum Receivables from sales of Furniture/Bedding (as categorized on the Servicer’s product level loan data tape) shall be 34.00%; and 

 

	 	•	 	Maximum Receivables from sales of Home Electronics (as categorized on the Servicer’s product level loan data tape) shall be 28.00%.; and 

 

	 	•	 	Maximum Receivables from sales of Home Office (as categorized on the Servicer’s product level loan data tape) shall be 13.00%. 

  

	 	•	 	Maximum percentage of 30+ Day Delinquent Receivables shall be [2.50]7.50%.

  
 17 

 “Insolvency Event” with respect to any Person, shall occur if (i) such
Person shall file a petition or commence a Proceeding (A) to take advantage of any Debtor Relief Law or (B) for the appointment of a trustee, conservator, receiver, liquidator, or similar official for or relating to such Person or all or
substantially all of its property, or for the winding up or liquidation of its affairs, (ii) such Person shall consent or fail to object to any such petition filed or Proceeding commenced against or with respect to it or all or substantially
all of its property, or any such petition or Proceeding shall not have been dismissed or stayed within sixty (60) days of its filing or commencement, or a court, agency, or other supervisory authority with jurisdiction shall have decreed or
ordered relief with respect to any such petition or Proceeding, (iii) such Person shall admit in writing its inability to pay its debts generally as they become due, (iv) such Person shall make an assignment for the benefit of its
creditors, (v) such Person shall voluntarily suspend payment of its obligations, or (vi) such Person shall take any action in furtherance of any of the foregoing. 

“Installment Contract” shall mean any consumer finance agreement originally entered into between the Originator and a
Receivables Obligor in connection with a sale of Merchandise and all amounts due thereunder from time to time. 
 “Installment
Contract Receivable” shall mean any indebtedness of a Receivables Obligor arising under an Installment Contract. 

“Institutional Accredited Investor” shall mean an institutional “accredited investor” (as such term is defined in
Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act). 
 “In-Store Payments” shall have the
meaning specified in Section 2.2(c) of the Servicing Agreement. 
 “Intercreditor Agreement” shall mean the [Fourth]Fifth
 Amended and Restated Intercreditor Agreement, dated as of [April 19,]December 20, 2017, by and among
Bank of America, N.A., the Receivables[ Trust, Conn’s Receivables 2015-A Trust, Conn’s Receivables 2016-A]
Trust, Conn’s Receivables 2016-B Trust, Conn’s Receivables 2017-A Trust, Conn’s Receivables 2017-B Trust,
Conn Appliances, Inc., Conn Credit Corporation, Inc. and Conn Credit I, [L.P.]LP, and acknowledged by Systems
and Services Technology, Inc., as such agreement may be amended, modified, waived, supplemented or restated from time to time. 

“Interest Collections” shall mean, with respect to any period, the aggregate amount of Collections in respect of interest
during such period on all Receivables. 
 “Interest Period” shall mean, with respect to any Payment Date, the Collection
Period preceding the Collection Period within which such Payment Date falls (or, (i) in the case of the first Payment Date, the period from and including the Closing Date to but excluding the first day of the calendar month following the
calendar month within which the Closing Date falls and (ii) in the case of the final Payment Date, the period beginning on and including the calendar month preceding the calendar month within which such final Payment Date and ending on but
excluding such final Payment Date). 

  
 18 

 “Interest Rate Hedge Agreement” shall mean all ISDA Master Agreements and all
interest rate cap agreements, confirmations and other interest rate agreements entered into by the Issuer in connection with an Eligible Interest Rate Cap (or other interest rate cap or swap). 

“Interest Rate Hedge Counterparty” shall mean, with respect to any Interest Rate Hedge Agreement, the counterparty to the
Issuer under such Interest Rate Hedge Agreement. 
 “Internal Revenue Code” shall mean the Internal Revenue Code of 1986,
as amended. 
 “Investment Company Act” shall mean the Investment Company Act of 1940, as amended. 

“Investment Earnings” shall mean all interest and earnings (net of losses and investment expenses) accrued on funds on
deposit in the Note Accounts. 
 “ISDA Master Agreement” shall mean an ISDA Master Agreement (including the Schedule
thereto and the Credit Support Annex to said Schedule). 
 “Issuer” shall mean Conn’s Receivables Warehouse, LLC, a
limited liability company organized and existing under the laws of the State of Delaware, and its successors and permitted assigns. 

“Issuer Obligations” means (i) all principal and interest, at any time and from time to time, owing by the Issuer on the
Notes (including any Note held by the Seller, the Depositor, the Originator, the Parent or any Affiliate of any of the foregoing) and (ii) all costs, fees, expenses, indemnity and other amounts owing or payable by, or obligations of, the Issuer
to any Person (other than the Seller, the Depositor, the Originator or Conn’s Inc.) under the Indenture or the other Transaction Documents. 

“Issuer Order” shall mean a written order or request signed in the name of the Issuer by an Authorized Officer and delivered
to the Indenture Trustee. 
 [”Level I Trigger
Event” shall mean, with respect to any Payment Date, the Cumulative Net Loss Percentage, the Three Month Average Annualized Net Loss Ratio, the Delinquency Percentage, or the Modification (Re-Age) Percentage exceeds the percentage
for such Payment Date set forth in the table below: ] 
  

									
	 [Payment Date]

[(months from

Initial Cut-Off
Date)]
	  	[Cumulative
Net]
[Loss
Percentage]	  	[Three Month
Average Annualized]
[Net Loss
Ratio]	  	[Delinquency
Percentage]	  	[Modification
(Re-age)]
[Percentage]
	[1]	  	 	  	 	  	[3.1%]	  	[4.7%]
	[2]	  	 	  	 	  	[6.5%]	  	[6.2%]
	[3]	  	 	  	 	  	[9.4%]	  	[7.9%]
	[4]	  	 	  	 	  	[11.8%]	  	[10.0%]
	[5]	  	 	  	 	  	[14.2%]	  	[12.1%]
	[6]	  	[3.2%]	  	[37.5%]	  	[16.3%]	  	[14.4%]
	[7]	  	[4.7%]	  	[37.5%]	  	[15.3%]	  	[16.6%]
	[8]	  	[6.1%]	  	[37.5%]	  	[15.1%]	  	[18.8%]
	[9]	  	[7.4%]	  	[37.5%]	  	[15.5%]	  	[20.9%]
	[10]	  	[8.6%]	  	[37.5%]	  	[16.3%]	  	[23.6%]
	[11]	  	[9.8%]	  	[37.5%]	  	[17.7%]	  	[27.2%]
	[12]	  	[10.9%]	  	[37.5%]	  	[18.3%]	  	[29.4%]
	[13]	  	[12.0%]	  	[40.0%]	  	[18.9%]	  	[31.5%]
	[14]	  	[13.0%]	  	[40.0%]	  	[19.6%]	  	[33.5%]
	[15]	  	[14.0%]	  	[40.0%]	  	[20.0%]	  	[35.4%]
	[16]	  	[14.9%]	  	[45.0%]	  	[20.5%]	  	[37.3%]
	[17]	  	[15.7%]	  	[45.0%]	  	[20.9%]	  	[39.2%]
	[18]	  	[16.5%]	  	[45.0%]	  	[21.4%]	  	[41.2%]
	[19]	  	[17.1%]	  	[45.0%]	  	[21.9%]	  	[43.0%]
	[20]	  	[17.8%]	  	[45.0%]	  	[22.5%]	  	[45.0%]
	[21]	  	[18.3%]	  	[50.0%]	  	[23.0%]	  	[47.2%]
	[22]	  	[19.2%]	  	[50.0%]	  	[23.6%]	  	[49.5%]
	[23]	  	[19.7%]	  	[50.0%]	  	[24.5%]	  	[51.9%]
	[24]	  	[20.1%]	  	[50.0%]	  	[24.5%]	  	[51.9%]

  
 19 

 “Level II Trigger Event” shall mean, with respect to any Payment Date, the
Cumulative Net Loss Percentage, the Delinquency Percentage, or the Modification (Re-Age) Percentage exceeds the percentage for such Payment Date set forth in the table below: 
  

							
	 Payment Date

(months from Initial Cut-Off Date)
	  	Cumulative Net
Loss Percentage	  	Delinquency
Percentage	  	Modification (Re-age)
Percentage
	1	  	3.00%	  	[4.6]10.00%	  	[6.7]45.00%
	2	  	4.00%	  	[8.0]14.00%	  	[8.2]50.00%
	3	  	5.00%	  	[10.9]18.00%	  	[9.9]50.00%
	4	  	5.50%	  	[13.3]22.00%	  	[12.0]55.00%
	5	  	6.00%	  	[15.7]26.00%	  	[14.1]55.00%
	6	  	[4.7]6.50%	  	[17.8]26.50%	  	[16.4]60.00%
	7	  	[6.2]9.00%	  	[16.8]27.00%	  	[18.6]60.00%
	8	  	[7.6]11.50%	  	[16.6]28.00%	  	[20.8]60.00%
	9	  	[8.9]14.00%	  	[17.0]28.00%	  	[22.9]60.00%
	10	  	[10.1]16.00%	  	[17.8]28.50%	  	[25.6]60.00%
	11	  	[11.3]18.00%	  	[19.2]29.00%	  	[29.2]60.00%
	12	  	[12.4]20.00%	  	[19.8]29.50%	  	[31.4]60.00%
	[13]	  	[13.5%]	  	[20.4%]	  	[33.5%]
	[14]	  	[14.5%]	  	[21.1%]	  	[35.5%]
	[15]	  	[15.5%]	  	[21.5%]	  	[37.4%]
	[16]	  	[16.4%]	  	[22.0%]	  	[39.3%]
	[17]	  	[17.2%]	  	[22.4%]	  	[41.2%]
	[18]	  	[18.0%]	  	[22.9%]	  	[43.2%]
	[19]	  	[18.6%]	  	[23.4%]	  	[45.0%]
	[20]	  	[19.3%]	  	[24.0%]	  	[47.0%]
	[21]	  	[19.8%]	  	[24.5%]	  	[49.2%]
	[22]	  	[20.7%]	  	[25.1%]	  	[51.5%]
	[23]	  	[21.2%]	  	[26.0%]	  	[53.9%]
	[24]	  	[21.6%]	  	[26.0%]	  	[53.9%]

  
 20 

 “LIBO Business Day” means any day other than a Saturday, Sunday or other day on
which banks are required or authorized to close in London or New York City and on which dealings in Dollars are carried on in the London interbank market. 

“LIBO Disruption Event” means the occurrence of any of the following events on any day: (a) any Purchaser reasonably
determines that it would be contrary to law or to the directive of any central bank or applicable regulation to fund at the LIBO Rate in respect of its interest in the Notes on such day, (b) a determination by any Purchaser, in its reasonable
judgment, that the rate at which deposits of Dollars are being offered to such Purchaser in the London interbank market does not accurately and fairly reflect the cost to such Purchaser of funding its interest in the Notes for such Interest Period,
or (c) the inability of any Purchaser, by reason of circumstances affecting the London interbank market generally, to obtain Dollars in such market to fund its interest in the Notes for such Interest Period; provided, however, that if any of
the foregoing events affects one or more, but not all, of the Purchasers holding an interest in the Notes, then a LIBO Disruption Event shall exist only with respect to the affected Purchasers. 

“LIBO Rate” means, for any day with respect to any Purchaser, the rate per annum (rounded upward to the nearest 1/100th of
1%) determined by the Administrative Agent two (2) LIBO Business Days prior to the first day of the related Interest Period equal to the offered rate that appears as of approximately 11:00 a.m. (London time) on such day (or if such day is not a
LIBO Business Day, on the nearest preceding LIBO Business Day) on the page of the Reuters Screen that displays an average ICE Benchmark Administration Interest Settlement Rate for deposits in U.S. Dollars with a three-month maturity beginning and
for delivery on the second following LIBO Business Day. 
 “Lien” shall mean, with respect to any property, any mortgage,
deed of trust, pledge, hypothecation, assignment, deposit arrangement, equity interest, encumbrance, lien (statutory or 

  
 21 

 
other), preference, participation interest, priority, security interest or other security agreement or preferential arrangement of any kind or nature whatsoever relating to that property,
including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC or comparable law of any
jurisdiction to evidence any of the foregoing. 
 “Majority-Owned Affiliate” shall mean a majority-owned affiliate, as
defined in the Credit Risk Retention Rules, of the Sponsor. 
 “Mail Payments” shall have the meaning specified in
Section 2.02(c) of the Servicing Agreement. 
 “Maturity Date” shall have the meaning specified in the Note
Purchase Agreement. 
 “Merchandise” shall mean (i) home appliances, electronic goods, computers, furniture,
mattresses, lawn and garden equipment and other goods and merchandise of the type sold by the Originator from time to time in the ordinary course of business, which in each case constitute “consumer goods” under and as defined in Article 9
of the UCC of all applicable jurisdictions, (ii) RSAs and services in respect of any goods or merchandise referred to in clause (i) above, and (iii) credit insurance (including life, disability, property and involuntary unemployment)
in respect of any goods or merchandise referred to in clause (i) above or any Receivables Obligor’s payment obligations in respect of a Receivable. 

“Modification (Re-age) Percentage” shall mean, on any Monthly Determination Date, a fraction, expressed as a percentage, the
numerator of which is the aggregate Receivables Principal Balance of the Receivables that have been subject to a modification or extension as of the last day of the related Collection Period, excluding Ineligible Receivables, and the denominator of
which is the Aggregate Receivables Principal Balance as of the last day of the related Collection Period. 
 “Monthly Annualized Net
Loss Percentage” shall mean, for any Monthly Determination Date, the product of (i) the quotient (expressed as a percentage) of (I) the result of (x) the aggregate Receivables Principal Balance of all Receivables, excluding
Ineligible Receivables, that became Defaulted Receivables during the related Collection Period, plus (y) the aggregate amount by which the Receivables Principal Balance of any Receivables (other than Defaulted Receivables and Ineligible
Receivables) were reduced due to being charged-off in accordance with the Credit and Collection Policy during the related Collection Period, minus (z) recoveries in respect of Defaulted Receivables (that were not previously Ineligible
Receivables) that are available to be paid as Collections during the related Collection Period divided by (II) the Aggregate Receivables Principal Balance of all Receivables in the Trust Estate immediately prior to the commencement of such
Collection Period times (ii) twelve (12). 
 “Monthly Determination Date” shall mean the last day of the calendar
month immediately preceding the applicable Payment Date. 
 “Monthly Interest” shall mean, for any Payment Date, the
aggregate Yield on the Note Balance and Escrowed Amount for the related
Interest Period computed in accordance with Section 2.03 of the Note Purchase Agreement. 

  
 22 

 “Monthly Servicer Report” shall mean, with respect to each Payment Date, the
certificate of the Servicer delivered pursuant to Section 8.10(a) of the Indenture with respect to such Payment Date. 

“Note” shall mean any one of the Class A Notes executed
by[ the Receivables Trust Trustee on behalf of] the Issuer and authenticated by the Indenture Trustee, substantially in the
form attached as Exhibit A to the Indenture. 
 “Note Accounts” shall mean the Collection Account and the
Reserve Account. 
 “Note Balance” shall initially on the Note Initial Increase Date equal the Note Balance resulting from
the Note Initial Increase, and thereafter shall be reduced by all payments to the Noteholders in respect of the principal of the Notes that have not been rescinded and increased by the amount of all Note Balance Increases. 

“Note Balance Decrease” shall have the meaning specified in Section 2.08(b) of the Indenture. 

“Note Balance Increase” shall have the meaning specified in Section 2.08(a) of the Indenture. 

“Note Balance Increase Date” shall mean the date identified as such in the Note Balance Increase Notice. 

“Note Balance Increase Notice” shall have the meaning specified in Section 2.08(a) of the Indenture. 

“Note Increase Purchasers” shall have the meaning specified in Section 2.08(a) of the Indenture. 

“Note Initial Increase” shall have the meaning specified in Section 2.08(a) of the Indenture. 

“Note Initial Increase Date” shall mean the date identified as such in the Note Initial Increase Notice. 

“Note Initial Increase Notice” shall mean the notice given by the Issuer requesting a Note Initial Increase request pursuant
to Section 2.08 of the Indenture. 
 “Note Maximum Balance” shall mean $100,000,000, as such amount may be
reduced pursuant to Section 2.08(b) of the Indenture. 
 “Note Purchase Agreement” shall mean that certain Note
Purchase Agreement dated as of the Closing Date, among the Issuer, the Depositor, the Servicer, Credit Suisse AG, Cayman Islands Branch, as Primary Note Purchaser, the Conduits from time to time party thereto, and Credit Suisse AG, New York Branch,
as Administrative Agent. 
 “Note Register” shall have the meaning specified in Section 2.04(a) of the
Indenture. 

  
 23 

 “Note Registrar” shall have the meaning specified in Section 2.04(a)
of the Indenture. 
 “Noteholder” or “Holder” shall mean the Person in whose name a Note is registered in
the Note Register. 
 “NYUCC” shall mean the Uniform Commercial Code as in effect in the State of New York. 

“Officer’s Certificate” shall mean, except to the extent otherwise specified, a certificate signed by an Authorized
Officer of the Issuer, the Depositor, the Servicer, or the Seller, as applicable. 
 “Opinion of Counsel” shall mean a
written opinion of counsel, who may be counsel for, or an employee of, the Person providing the opinion and who shall be reasonably acceptable to the Person to whom the opinion is to be provided; provided, however, that any Tax Opinion
or other opinion relating to U.S. federal income tax matters shall be an opinion of nationally recognized tax counsel. 
 “Optional
Purchase” shall have the meaning specified in Section 6.04(a) of the Servicing Agreement. 
 “Optional Purchase
Price” shall have the meaning specified in Section 8.07 of the Indenture. 
 “Original Seller” shall mean Conn Credit I, LP. 

“Originator” shall mean Conn Appliances, Inc. 

“Outstanding” shall mean, as of any date of determination,
any of the Notes subject to the 2018 Commitment Letter, unless paid in full, and all Notes previously authenticated and delivered under the Indenture except, 
 Notes
previously cancelled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation; 
 Notes for whose payment or
redemption money in the necessary amount has been previously deposited with the Indenture Trustee for the Holders of such Notes; provided, that if such Notes are to be redeemed, any required notice of such redemption pursuant to the Indenture
or provision for such notice satisfactory to the Indenture Trustee has been made; and 
 Notes that have been paid under
Section 2.05 of the Indenture or in exchange for or in lieu of which other Notes have been authenticated and delivered under the Indenture, other than any such Notes for which there shall have been presented to the Indenture Trustee
proof satisfactory to it that such Notes are held by a protected purchaser; 
 provided, however, that in determining whether the Holders of
the requisite principal amount of the Outstanding Notes have given any request, demand, authorization, direction, notice, consent or 

  
 24 

 
waiver under the Indenture, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Servicer, the Seller or any Affiliate of the foregoing, shall be disregarded and
considered not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of
the Indenture Trustee, as the case may be, has actual knowledge of being so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee’s right so to act for such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Depositor, the Servicer, the Seller or any Affiliate of the foregoing. In making any such
determination, the Indenture Trustee may conclusively and exclusively rely on the representations of the pledgee and shall not be required to undertake any independent investigation. 

“Overcollateralization Amount” shall mean, the excess of the Borrowing Base Receivables Principal Balance over the Note
Balance. 
 “Owner” shall mean each Purchaser and each other Person that has purchased or otherwise advanced funds against,
or has entered into a commitment to purchase or otherwise advance funds against, a Note or an interest therein, including, without limitation, each Liquidity Provider. 

“Owner Daily Yield” means with respect to each Owner on any day, an amount equal to the product of (i) the portion of
the Note Balance and Escrowed Amount funded by such Owner, (ii) the
sum of the Reference Rate with respect to such Owner as of such day and the Class A Fee Rate and (ii) a fraction, the numerator of which is one and the denominator of which is 360 (or, if the Reference Rate with respect to such Owner is
based on the Prime Rate, in each case for such day, 365 (or 366 during a leap year)). 
 “Payment Date” shall mean
the 15th day of each calendar month, or if such 15th day is not a Business Day, the next succeeding Business Day, commencing with the calendar month following the calendar month in which the Note Initial Increase Date occurs. 

“Percentage Interest” shall mean the ownership interest in the Receivables Trust. 

“Periodic Filing” shall mean any filing or submission that the Receivables Trust is required to make with any federal, state
or local authority or regulatory agency. 
 “Permitted ABS Transaction” shall have the meaning assigned to it in the ABL
Agreement. 
 “Permitted Assignee” shall mean any Person who, if it were to purchase Receivables in connection with a sale
under Sections 5.05 and 5.17 of the Indenture, would not cause the Issuer to be taxable as a publicly traded partnership for federal income tax purposes. 

“Permitted Lien” shall mean (i) Liens for taxes not delinquent or for taxes being contested in good faith and by
appropriate proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with generally accepted accounting principles promulgated or adopted by the Financial Accounting Standards Board and
its predecessors and successors from time to time, (ii) mechanics’, materialmen’s, landlords’, 

  
 25 

 
warehousemen’s, garagemen’s and carriers’ Liens, and other like Liens imposed by law, securing obligations arising in the ordinary course of business, (iii) motor vehicle
accident liens and towing and storage liens and (iv) any Lien created by the Indenture for the benefit of the Indenture Trustee on behalf of the Noteholders. 

“Permitted Modification” shall mean any change to or modification (for the avoidance of doubt, any modification made solely
as required by applicable law shall be deemed to be a “Permitted Modification”) of the terms of a Receivable, including the timing or amount of payments on the Receivable, so long as one of the following conditions has been satisfied: 

SECTION 1.1 any change or modification, individually and collectively with any other change or modification proposed to be made with
respect to the Receivable, is ministerial in nature; 
 SECTION 1.2 any change or modification is (i) granted to an Obligor in
accordance with the Servicer’s Credit and Collection Policy and (ii) such change or modification (including when taken together with any other prior change or modification) does not result in a Significant Modification; 

SECTION 1.3 any change or modification where (i) the Obligor is in payment default or (ii) in the judgment of the Servicer,
in accordance with the Servicer’s Credit and Collection Policy, it is reasonably foreseeable that the Obligor will default (it being understood that the Servicer may proactively contact any Obligor whom the Servicer believes may be at higher
risk of a payment default under the related Receivable); or 
 SECTION 1.4 any extension, deferral, amendment, modification,
alteration or adjustment, including a “payment holiday” or “skip-a-pay” extension granted to an Obligor that is made in accordance with the Servicer’s Credit and Collection Policy. 

“Person” shall mean any legal person, including any individual, corporation, limited liability company, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of any nature. 

“Post Office Box” shall mean, collectively, post office box 815867 in Dallas, Texas 75234, and, upon notice to Receivables
Trustee and the Administrative Agent, each other post office box opened and maintained by the Receivables Trust or the Servicer for the receipt of Collections from Obligors and governed by a Post Office Box Agreement reflecting that such post office
box is in the name of the Receivables Trust, as any such post office boxes may be closed from time to time by the Servicer with prior written notice to the Receivables Trustee and the Administrative Agent (provided that (i) there shall at all
times be at least one post office box open to receive Collections, (ii) the Servicer takes customary and prudent procedures to notify Obligors to make payments to such post office box and (iii) the closing or opening of any post office box
is consistent with the servicing standard set forth in Section 2.02(b)(ii)). 

  
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 “Post Office Box Agreement” shall mean an agreement by and among the Servicer
and the United States Postal Service, which is a standard post office box agreement, specifying the rights of the parties in the Post Office Box. 

“Principal Collections” shall mean, with respect to any period, an amount equal to the (i) Collections for such period,
minus (ii) Interest Collections for such period. 
 “Primary Note Purchaser” shall mean Credit Suisse AG, Cayman
Islands Branch. 
 “Prime Rate” means the rate designated by Credit Suisse AG, New York Branch from time to time as its
prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Credit Suisse AG, New York Branch in connection with the extensions of credit
to debtors. 
 “Proceeding” shall mean any suit in equity, action at law or other judicial or administrative proceeding.

 “Purchaser” means each Conduit, the Primary Note Purchaser and any other Alternative Purchaser. 

“QIB” shall mean a “qualified institutional buyer” as defined in Rule 144A. 

“Rating Agency” shall mean at any time any statistical rating agency then engaged by the Issuer, the Administrator on its
behalf or the Administrative Agent (with the consent of the Issuer or the Administrator on its behalf) to issue a rating in respect of the Notes, it being understood that if a statistical rating agency has been so engaged at any time the termination
of such engagement or the replacement of such statistical rating agency with a different statistical rating agency shall require the prior written consent of the Required Noteholders. 

“Rating Agency Notice Requirement” shall mean, with respect to any action, that the Rating Agency shall have received ten
(10) days’ written notice thereof and shall not have notified the Depositor, the Servicer, the Receivables Trust Trustee and the Indenture Trustee in writing (including by means of a press release) within such 10-day period that such
action will result in a reduction or withdrawal of the then existing rating of the Notes. Subject to Section 11.08 of the Note Purchase Agreement, any reference to a Rating Agency Notice Requirement shall apply solely if any Rating Agency then
provides a rating on the Notes. 
 “Receivable” shall mean the indebtedness of any Receivables Obligor under a Contract
(which “Receivable” has been acquired (or purported to be acquired) by the Receivables Trust from the Depositor pursuant to the terms of the Second Receivables Purchase Agreement), whether constituting an account, chattel paper, an
instrument, a general intangible, payment intangible, promissory note or otherwise, and shall include (i) the right to payment of such indebtedness and any interest or finance charges and other obligations of such Receivables Obligor with
respect thereto (including, without limitation, the principal amount of such indebtedness, periodic finance charges, late fees and returned check fees), and (ii) all proceeds of, and payments or Collections on, under or in respect of any of the
foregoing. Notwithstanding the foregoing, upon release from the Trust Estate, pursuant to the Indenture, a removed Receivable shall no longer constitute a Receivable. If an Installment Contract is modified for credit reasons, the

  
 27 

 
indebtedness under the new Installment Contract shall, for purposes of the Transaction Documents, constitute the same Receivable as existed under the original Installment Contract. If an
Installment Contract is refinanced in connection with the purchase of additional Merchandise, the original Receivable shall be deemed collected and cease to be a Receivable for purposes of the Transaction Documents upon payment in accordance with
the Servicing Agreement with respect thereto. Any Additional Receivable acquired pursuant to a Note Balance Increase in accordance with the Transaction Documents shall, on and after the Note Balance Increase Date, be a “Receivable” (with a
Cut-Off Date of the Additional Cut-off Date related thereto) for all purposes hereunder and under the Transaction Documents. 

“Receivable File” means with respect to a Receivable, (i) the Installment Contract related to such Receivable,
(ii) each UCC financing statement related thereto, if any, and (iii) the application, if any, of the related Receivables Obligor to obtain the financing extended by such Receivable; provided that such Receivable File may be
converted to microfilm or other electronic media within six months after the Initiation Date for the related Receivable. 

“Receivables Obligor” shall mean, with respect to any Receivable, the Person or Persons obligated to make payments with
respect to such Receivable, including any guarantor thereof. 
 “Receivables Principal Balance” shall mean as of any
determination date with respect to any Receivable, the outstanding principal balance of such Receivable as reflected on the books and records of the Servicer in accordance with the Credit and Collection Policy. The Receivables Principal Balance of
any Receivable a portion of which has been charged-off in accordance with the Credit and Collection Policy shall be reduced by the portion so charged-off. 

“Receivables Schedule” shall mean a complete schedule prepared by the Servicer identifying all Receivables owned by the
Receivables Trust, as such schedule is updated or supplemented from time to time. The Receivables Schedule may take the form of a computer file or a tangible medium that is commercially reasonable. The Receivables Schedule shall identify each
Receivable by receivable number, and Receivables Principal Balance as of the applicable Cut-Off Date and the most recent Record Date. 

“Receivables Trust” shall mean Conn’s Receivables Warehouse Trust, a Delaware statutory trust. 

“Receivables Trust Agreement” shall mean the trust agreement, dated as of January 20, 2017, as amended and restated as
of the Closing Date, between the Depositor and the Receivables Trust Trustee, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time. 

“Receivables Trust Certificate” shall mean the certificate issued by the Receivables Trust pursuant to the Receivables Trust
Agreement, representing a 100% beneficial interest in the Receivables Trust. 
 “Receivables Trust Estate” means with
respect to the Receivables Trust, (i) those certain Contracts that have been conveyed, sold and/or assigned by the Depositor to the Receivables Trust, (ii) the Receivables related to such Contracts; (iii) all Collections received in
respect of the Receivables after the applicable Cut-Off Date; (iv) all Related Security; (v) the Receivables 

  
 28 

 
Trust’s rights, powers and benefits but none of its obligations under the Transaction Documents to which it is a party and (vi) all present and future claims, demands, causes and choses
in action and all payments on or under, and all proceeds of every kind and nature whatsoever in respect of, any or all of the foregoing. 

“Receivables Trust Trustee” shall mean Wilmington Trust, National Association, not in its individual capacity but solely as
trustee of the Receivables Trust. 
 “Records” shall mean all Contracts and other documents, books, records and other
information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to Receivables and the related Receivables Obligors. 

“Record Date” shall mean, with respect to any Payment Date or any other action, the last Business Day of the month
immediately preceding the month of such Payment Date or other action; provided, that the first Record Date shall be the Note Initial Increase Date. 

“Recoveries” shall mean, with respect to any period, all Collections (net of expenses) received during such period in respect
of a Receivable after it became a Defaulted Receivable. 
 “Redeeming Party” shall have the meaning specified in
Section 8.07(d) of the Indenture. 
 “Reference Rate” means, with respect to any Owner and any date of
determination (a) with respect to any Owner that is a Conduit and the portion of the Note Balance funded by or for the benefit of such Conduit on such day through the issuance of Commercial Paper Notes, such Purchaser’s CP Cost, and
(b) with respect to any Owner (i) that is a Conduit and the portion of the Note Balance funded by or for the benefit of such Conduit on such day other than through the issuance of Commercial Purchaser Notes or (ii) that is an
Alternative Purchaser, the Alternative Rate. 
 “Refinanced Receivable” shall have the meaning specified in
Section 2.04(a) of the Servicing Agreement. 
 “Registered Noteholder” shall mean the Holder of a Definitive
Note. 
 “Regular Trustee” shall have the meaning specified in the preamble to the Trust Agreement. 

“Related Security” shall mean, with respect to any Receivable, all guaranties, indemnities, insurance (including any
insurance and repair service agreement proceeds and returned premiums) and other agreements (including the related Receivable File) or arrangement and other collateral of whatever character from time to time supporting or securing payment of such
Receivable or otherwise relating to such Receivable (including any returned sales taxes). 
 “Reported Collection Period”
shall mean any Collection Period at any time on or after the Monthly Determination Date immediately following the end of such Collection Period. 

  
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 “Repurchase Price” shall have the meaning set forth in
Section 2.03(a) of the Servicing Agreement. 
 “Required Noteholders” shall mean, at any time, the Holder or
Holders of in excess of 50% of the Note Balance or, if the Note Balance is zero, the Administrative Agent. 
 “Required Reserve
Account Amount” shall mean, with respect to any date of determination, an amount equal to[ (a) if Overcollateralization Amount is less than the Target
Overcollateralization Amount,] the product of (i) 1.00% and (ii) the Borrowing Base Receivables Principal Balance for all Receivables as of the related Cut-off Date[ and (b) if the Overcollateralization Amount is equal to or greater than the Target Overcollateralization Amount, the product of (i) 0.50% and (ii) the Borrowing Base
Receivables Principal Balance for all Receivables as of the related Cut-off Date]. 

“Requirements of Law” shall mean, for any Person, (a) any certificate of incorporation, certificate of formation,
articles of association, bylaws, limited liability company agreement, or other organizational or governing documents of that Person and (b) any law, treaty, statute, regulation, or rule, or any determination by a Governmental Authority or
arbitrator, that is applicable to or binding on that Person or to which that Person is subject. This term includes usury laws, the Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System. 

“Reserve Account” shall have the meaning specified in Section 8.02(a)(i) of the Indenture. 

“Responsible Officer” shall mean, with respect to the Indenture Trustee or the Receivables Trust Trustee, any officer within
the Corporate Trust Office of the Indenture Trustee or the Receivables Trust Trustee, as applicable, as the case may be, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the
Indenture Trustee or the Receivables Trust Trustee, as applicable, customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of the Indenture and the other Transaction Documents on behalf of the
Indenture Trustee or the Receivables Trust Agreement on behalf of the Receivables Trust Trustee, as applicable. 
 “Retained
Interest” shall have the meaning specified in Section 6.13 of the Note Purchase Agreement. 

“Returned/Refinanced Receivables” shall have the meaning specified in Section 2.04(a) of the Servicing Agreement.

 “Returned Receivable” shall have the meaning specified in Section 2.04(a) of the Servicing Agreement. 

“RSA” shall mean a repair service agreement for Merchandise purchased by a Receivables Obligor provided by a third party or
by Conn Appliances, Inc. 

  
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 “Rule 144A” shall mean Rule 144A under the Securities Act. 

“Rule 15Ga-1 Information” shall have the meaning specified in Section 6.15(c) of the Indenture. 

“S&P” and “Standard & Poor’s” shall mean Standard & Poor’s Ratings Services,
a Standard & Poor’s Financial Services LLC business, or any successor. 
 “SEC” shall mean the United States
Securities and Exchange Commission. 
 “Second Receivables Purchase Agreement” shall mean the Second Receivables Purchase
Agreement, dated as of the Closing Date, among the Depositor, the Issuer, the Seller, as original seller, and the Receivables Trust, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time. 

“Secured Parties” shall have the meaning specified in the Granting Clause of the Indenture. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Seller” shall mean Conn Credit I, [L.P]LP. 

“Servicer” shall mean (i) initially Conn Appliances, Inc. in its capacity as Servicer pursuant to the Servicing
Agreement and any Person that becomes the successor thereto pursuant to Section 2.01 of the Servicing Agreement or any assignee thereof pursuant to Section 2.01 of the Servicing Agreement, and (ii) after any Servicing
Transfer Date, the Successor Servicer. 
 “Servicer Default” shall have the meaning specified in Section 2.06
of the Servicing Agreement. 
 “Servicer Transaction Documents” shall mean the Indenture, the Note Purchase Agreement, the
Servicing Agreement, the Back-up Servicing Agreement (if any) and the
Intercreditor Agreement, as applicable. 
 “Servicing Agreement” shall mean the Servicing Agreement, dated as of the
Closing Date, among the Depositor, the Servicer and the Issuer. 
 “Servicing Centralization Period” shall have the meaning
specified in the Back-up Servicing Agreement. 
 “Servicing Fee” shall have the meaning specified in
Section 2.09 of the Servicing Agreement. 
 “Servicing Fee Rate” shall mean a rate equal to 4.75% per
annum. 
 “Servicing Transfer” shall have the meaning specified in Section 2.01(b) of the Servicing
Agreement. 

  
 31 

 “Servicing Transfer Date” shall mean the date on which a Successor Servicer has
assumed all of the duties and obligations of the Servicer under the Servicing Agreement (other than in the case of any Back-up Servicer, any such duty or obligation that it is not required to assume under the terms of any applicable Back-up
Servicing Agreement, if any) after the resignation or termination of the Servicer. 
 “Servicing Transition Costs” shall
have the meaning specified in the Back-up Servicing Agreement. 
 “Servicing Transition Period” shall have the meaning
specified in the Back-up Servicing Agreement. 
 “Significant Modification” shall mean any of the following changes (taking
changes that occurred prior to acquisition of the Receivables by the Receivables Trust into account) to a Receivable: 
  

	 	•	 	lowering the principal amount of a Receivable if the reduction lowers the yield of the Receivable by more than the greater of (x) 25 basis points or (y) 5 percent of the annual yield of the unmodified
Receivable; 

  

	 	•	 	making any change in interest rate of a Receivable or other payments which results in the change in the annual yield of more than the greater of (x) 25 basis points or (y) 5 percent of the annual yield of the
unmodified Receivable; and 

  

	 	•	 	deferral of any payment on the Receivable beyond the due date for that payment that would result in a deferral of payments for a period of more than 18 months. 

“Similar Law” shall have the meaning specified in Section 2.04(c)(v) of the Indenture. 

“Sold Assets” shall mean, with respect to any Receivable, the other property transferred in connection with such Receivable
pursuant to Section 2.1(a) of the Second Receivables Purchase Agreement. 
 “Sponsor” shall mean Conn Appliances, Inc.
in its capacity as sponsor of the transactions contemplated by the Transaction Documents. 
 “SST” means Systems &
Services Technologies, Inc. 
 “Standard & Poor’s” and “S&P” shall mean
Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and its successors. 

“State” shall mean any of the fifty (50) states in the United States of America or the District of Columbia. 

“Subsidiary” of a Person means any other Person more than 50% of the outstanding voting interests of which shall at any time
be owned or controlled, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or any similar business organization which is so owned or controlled. 

  
 32 

 “Successor Servicer” shall mean the successor servicer appointed in accordance
with Section 8.02 of the Servicing Agreement. 
 “Target Class A Principal Amount” shall mean[, (a) with respect to any Payment Date on which no Early Amortization Event has occurred that is continuing, an amount equal to (i) the Borrowing Base Receivables Principal
Balance as of the last day of the related Collection Period minus (ii) the Target Overcollateralization Amount for such Payment Date and (b) with respect to any other] with respect to any Payment Date, $0. 

“Target Overcollaterization Amount” shall mean[
(a)], on the
[Initial Note
Increase]2018 Warehouse Funding Date, an amount equal to the product of ([i) 33.50% and (ii]a) 60.00% and (b) the Borrowing Base Receivables Principal Balance on the [related Cut-off Date and (b) on any Payment Date thereafter, the greater of (i) the product of (x) 55.00% and (y) the Borrowing Base Receivables Principal Balance as of
the last day of the related Collection Period and (ii) the product of (x) 8.00% and (ii) the Borrowing Base Receivables Principal Balance of all Receivables as of the
related]Additional Cut-off Date. 
 “Tax Opinion” shall mean, with respect to any action, an
Opinion of Counsel to the effect that, for U.S. federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of any Note with respect to which an Opinion of Counsel was delivered at the time of its
original issuance as to the characterization of such Note as debt for U.S. federal income tax purposes, (b) such action will not cause or constitute an event in which gain or loss would be recognized by any Noteholder, and (c) such action
will not cause the Issuer to be deemed to be an association (or publicly traded partnership) taxable as a corporation. 

“Termination Notice” shall have the meaning specified in Section 8.01 of the Servicing Agreement. 

“Three Month Average Annualized Net Loss Ratio” shall mean with respect to any Monthly Determination Date, the average of the
Monthly Annualized Net Loss Percentage for such Monthly Determination Date and the two immediately preceding Monthly Determination Dates. 

“Transaction Documents” shall mean, collectively, the Indenture, the Notes, the Servicing Agreement, the Back-Up Servicing
Agreement (if any), the First Receivables Purchase Agreement, the Second
Receivables Purchase Agreement, the Escrow Letter, the Receivables
Trust Agreement, the Intercreditor Agreement, the Note Purchase Agreement, the Fee Letter and any agreements of the Issuer relating to the issuance or the purchase of any of the Notes. 

“Trust Estate” shall have the meaning set forth in the Granting Clause of the Indenture. 

“UCC” shall mean the Uniform Commercial Code of the applicable jurisdiction. 

“United States Bankruptcy Code” shall mean Title 11 of the United States Code, 11. U.S.C. §§ 101 et seq., as
amended. 
 “Unmatured[ Early Amortization] Event of Default”
shall mean an event or circumstance that with the giving of notice of lapse of time or both would constitute an [Early Amortization Event.][ “Unmatured Event of Default” shall mean
an event or circumstance that with the giving of notice of lapse of time or both would constitute an ]Event of Default. 

  
 33 

 “Unmatured Servicer Default” shall mean an event or circumstance that with the
giving of notice of lapse of time or both would constitute a Servicer Default. 
 “Volcker Rule” shall mean the common rule
entitled “Proprietary Trading and Certain Interests and Relationships with Covered Funds” published in 79 Fed. Reg. 21 at 5779-5804. 

“Voting Stock” shall mean in relation to a Person, shares of Capital Stock entitled to vote generally in the election of
directors to the board of directors or equivalent governing body of such Person. 
 “Yield” means, for each Interest Period
(or portion thereof), the sum of the aggregate Owner Daily Yields for all Owners with respect to each day during such Interest Period (or such portion thereof); provided, however, that (x) no provision of the Note Purchase Agreement shall
require the payment or permit the collection of Yield in excess of the maximum permitted by applicable law, and (y) Yield shall not be considered paid by any distribution if at any time such distribution is returned or must be rescinded for any
reason. Without limiting the generality of the foregoing, Yield shall include interest that accrues after the commencement of an Insolvency Event with respect to the Issuer. 

  
 34 

 Annex C 

NOTE PURCHASE AGREEMENT 

among 
 CONN’S RECEIVABLES
WAREHOUSE, LLC, 
 as the Issuer, 

CONN APPLIANCES RECEIVABLES FUNDING, LLC, 

as the Depositor, 
 CONN
APPLIANCES, INC., 
 as the Servicer and the Sponsor, 

THE CONDUITS FROM TIME TO TIME PARTY HERETO, 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Primary Note Purchaser, 
 and

 CREDIT SUISSE AG, NEW YORK BRANCH, 

as the Administrative Agent 
 Dated
as of February 24, 2017 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I
	  

	
	 DEFINITIONS
	  

			
	 Section 1.01.
	 	Defined Terms	  	 	1	 
			
	 Section 1.02.
	 	Other Definitional Provisions	  	 	6	 
	
	 ARTICLE II
	  

	
	 PURCHASE AND SALE OF THE NOTES
	  

			
	 Section 2.01.
	 	Purchase and Sale of the Notes	  	 	7	 
			
	 Section 2.02.
	 	Adjustments; Additional Increases	  	 	7	 
			
	 Section 2.03.
	 	Interest, Fees, Payments; Expenses	  	 	7	 
			
	 Section 2.04.
	 	Changes to the Note Balance and Note Maximum Balance	  	 	8	 
			
	 Section 2.05.
	 	Extensions	  	 	10	 
			
	 Section 2.06.
	 	Indemnification	  	 	10	 
			
	 Section 2.07.
	 	Change in Law or Accounting; Capital Costs	  	 	15	 
			
	 Section 2.08.
	 	Taxes	  	 	17	 
			
	 Section 2.09.
	 	No Setoff	  	 	19	 
			
	 Section 2.10.
	 	Mitigation	  	 	19	 
			
	 Section 2.11.
	 	Determination of Amounts	  	 	20	 
	
	 ARTICLE III
	  

	
	 CONDITIONS PRECEDENT TO FUNDING BY THE
PURCHASERS
	  

			
	 Section 3.01.
	 	Transaction Documents	  	 	20	 
			
	 Section 3.02.
	 	The Notes	  	 	20	 
			
	 Section 3.03.
	 	Corporate Proceedings	  	 	20	 
			
	 Section 3.04.
	 	Incumbency Certificates	  	 	21	 
			
	 Section 3.05.
	 	Financing Statements	  	 	21	 
			
	 Section 3.06.
	 	Officer’s Certificates	  	 	21	 
			
	 Section 3.07.
	 	Opinions of Counsel to the Closing Date Transaction Parties and the Indenture Trustee	  	 	21	 
			
	 Section 3.08.
	 	Additional Opinions of Counsel to the Seller	  	 	22	 

  
 i 

							
			
	 Section 3.09.
	 	Transaction Conditions	  	 	22	 
			
	 Section 3.10.
	 	Accounts	  	 	22	 
			
	 Section 3.11.
	 	Fees[Reserved]	  	 	22	 
			
	 Section 3.12.
	 	Other Documents	  	 	22	 
			
	 Section 3.13.
	 	Conditions	  	 	22	 
			
	 Section 3.14.
	 	[Reserved]	  	 	23	 
			
	 Section 3.15.
	 	Due Diligence	  	 	23	 
			
	 Section 3.16.
	 	Collateral	  	 	23	 
	
	 ARTICLE IV
	  

	
	 REPRESENTATIONS AND WARRANTIES OF THE ISSUER
	  

			
	 Section 4.01.
	 	Issuer’s Organization	  	 	2423	 
			
	 Section 4.02.
	 	Power and Authority	  	 	24	 
			
	 Section 4.03.
	 	Qualification	  	 	24	 
			
	 Section 4.04.
	 	Issuer’s Authorization and Execution of Transaction Documents	  	 	24	 
			
	 Section 4.05.
	 	Enforceability	  	 	24	 
			
	 Section 4.06.
	 	No Conflicts	  	 	24	 
			
	 Section 4.07.
	 	No Litigation	  	 	24	 
			
	 Section 4.08.
	 	No Consents	  	 	24	 
			
	 Section 4.09.
	 	Trust Indenture Act; Investment Company Act	  	 	2524	 
			
	 Section 4.10.
	 	Holder of Title	  	 	25	 
			
	 Section 4.11.
	 	Notes Issued and Outstanding	  	 	25	 
			
	 Section 4.12.
	 	No Registration	  	 	25	 
			
	 Section 4.13.
	 	Tax Status	  	 	25	 
			
	 Section 4.14.
	 	Accuracy of Information	  	 	25	 
	
	 ARTICLE V
	  

	
	 COVENANTS OF THE ISSUER
	  

			
	 Section 5.01.
	 	The Issuer’s Existence; Conduct of Business	  	 	26	 
			
	 Section 5.02.
	 	Performance of Agreements	  	 	26	 
			
	 Section 5.03.
	 	Event of Default	  	 	26	 
			
	 Section 5.04.
	 	Copies of Documents; Information	  	 	26	 

  
 ii 

							
			
	 Section 5.05.
	 	Limitation on Indebtedness	  	 	26	 
			
	 Section 5.06.
	 	Limitation on Liens	  	 	26	 
			
	 Section 5.07.
	 	Fundamental Changes	  	 	27	 
			
	 Section 5.08.
	 	Other Actions	  	 	27	 
			
	 Section 5.09.
	 	Tax Status	  	 	27	 
			
	 Section 5.10.
	 	Cooperation Regarding Ratings	  	 	27	 
			
	 Section 5.11.
	 	Ratings	  	 	27	 
			
	 Section 5.12.
	 	Amendment of Transaction Documents	  	 	27	 
			
	 Section 5.13.
	 	Back-up Servicing Agreement and Cap Condition	  	 	28	 
	
	 ARTICLE VI
	  

	
	 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR AND THE
SPONSOR
	  

			
	 Section 6.01.
	 	Depositor’s Organization	  	 	28	 
			
	 Section 6.02.
	 	Power and Authority	  	 	28	 
			
	 Section 6.03.
	 	Qualification	  	 	28	 
			
	 Section 6.04.
	 	Depositor’s Authorization and Execution of Transaction Documents	  	 	28	 
			
	 Section 6.05.
	 	Enforceability	  	 	28	 
			
	 Section 6.06.
	 	No Conflicts	  	 	2829	 
			
	 Section 6.07.
	 	No Litigation	  	 	29	 
			
	 Section 6.08.
	 	No Consents	  	 	29	 
			
	 Section 6.09.
	 	Investment Company Act	  	 	29	 
			
	 Section 6.10.
	 	Conveyance of Receivables	  	 	29	 
			
	 Section 6.11.
	 	[Reserved]	  	 	29	 
			
	 Section 6.12.
	 	Written Information	  	 	29	 
			
	 Section 6.13.
	 	Compliance with Credit Risk Retention Rules	  	 	29	 
	
	 ARTICLE VII
	  

	
	 COVENANTS OF THE DEPOSITOR AND THE SPONSOR
	  

			
	 Section 7.01.
	 	The Depositor’s Existence; Conduct of Business	  	 	30	 
			
	 Section 7.02.
	 	Performance of Agreements	  	 	30	 
			
	 Section 7.03.
	 	Event of Default	  	 	30	 
			
	 Section 7.04.
	 	Copies of Documents; Information	  	 	30	 

  
 iii 

							
			
	 Section 7.05.
	 	Limitation on Indebtedness	  	 	30	 
			
	 Section 7.06.
	 	Limitation on Liens	  	 	31	 
			
	 Section 7.07.
	 	Fundamental Changes	  	 	31	 
			
	 Section 7.08.
	 	Other Actions	  	 	31	 
			
	 Section 7.09.
	 	Ratings	  	 	31	 
			
	 Section 7.10.
	 	Inspection of Depositor	  	 	31	 
			
	 Section 7.11.
	 	Cooperation Regarding Ratings	  	 	32	 
			
	 Section 7.12.
	 	Amendment of Transaction Documents	  	 	32	 
			
	 Section 7.13.
	 	Compliance with Credit Risk Retention Rules	  	 	32	 
	
	 ARTICLE VIII
	  

	
	 REPRESENTATIONS AND WARRANTIES OF THE SERVICER
	  

			
	 Section 8.01.
	 	Servicer’s Organization	  	 	33	 
			
	 Section 8.02.
	 	Power and Authority	  	 	33	 
			
	 Section 8.03.
	 	Qualification	  	 	33	 
			
	 Section 8.04.
	 	Servicer’s Authorization and Execution of Transaction Documents	  	 	33	 
			
	 Section 8.05.
	 	Enforceability	  	 	33	 
			
	 Section 8.06.
	 	No Conflicts	  	 	33	 
			
	 Section 8.07.
	 	No Litigation	  	 	3334	 
			
	 Section 8.08.
	 	No Consents	  	 	34	 
			
	 Section 8.09.
	 	Accuracy of Information	  	 	34	 
	
	 ARTICLE IX
	  

	
	 COVENANTS OF THE SERVICER
	  

			
	 Section 9.01.
	 	Performance of Agreements	  	 	34	 
			
	 Section 9.02.
	 	[Reserved]	  	 	34	 
			
	 Section 9.03.
	 	Copies of Documents; Information	  	 	34	 
			
	 Section 9.04.
	 	Ratings	  	 	35	 
			
	 Section 9.05.
	 	Inspection of Servicer	  	 	35	 
			
	 Section 9.06.
	 	Agreed Upon Procedures Report	  	 	35	 
			
	 Section 9.07.
	 	Cooperation Regarding Ratings	  	 	35	 
			
	 Section 9.08.
	 	Amendment of Transaction Documents	  	 	36	 

  
 iv 

							
	
	 ARTICLE X
	  

	
	 REPRESENTATIONS AND WARRANTIES OF PURCHASERS
	  

			
	 Section 10.01.
	 	Due Authorization	  	 	36	 
			
	 Section 10.02.
	 	[Reserved]	  	 	36	 
			
	 Section 10.03.
	 	Not for Distribution	  	 	36	 
			
	 Section 10.04.
	 	Acknowledgments	  	 	36	 
			
	 Section 10.05.
	 	Evaluation of Transaction	  	 	36	 
			
	 Section 10.06.
	 	Accredited Investor	  	 	37	 
			
	 Section 10.07.
	 	Information	  	 	37	 
			
	 Section 10.08.
	 	Reliance upon Purchasers’ Representations	  	 	37	 
			
	 Section 10.09.
	 	Transfer Restrictions	  	 	37	 
	
	 ARTICLE XI
	  

	
	 MISCELLANEOUS
	  

			
	 Section 11.01.
	 	Term; Amendments	  	 	37	 
			
	 Section 11.02.
	 	Governing Law	  	 	37	 
			
	 Section 11.03.
	 	Submission to Jurisdiction	  	 	38	 
			
	 Section 11.04.
	 	Waiver of Jury Trial	  	 	38	 
			
	 Section 11.05.
	 	No Waiver	  	 	38	 
			
	 Section 11.06.
	 	Severability	  	 	38	 
			
	 Section 11.07.
	 	Assignments and Participations	  	 	38	 
			
	 Section 11.08.
	 	Notices; Payments; Rating Agencies	  	 	40	 
			
	 Section 11.09.
	 	Survival of Representations and Warranties	  	 	4041	 
			
	 Section 11.10.
	 	Exclusive Benefit	  	 	41	 
			
	 Section 11.11.
	 	Counterparts	  	 	41	 
			
	 Section 11.12.
	 	Entire Agreement	  	 	41	 
			
	 Section 11.13.
	 	Headings	  	 	41	 
			
	 Section 11.14.
	 	Nonpetition Agreements; Limited Recourse	  	 	41	 
			
	 Section 11.15.
	 	Confidentiality	  	 	43	 
			
	 Section 11.16.
	 	Register	  	 	4445	 

  
 v 

							
	
	 ARTICLE XII
	  

	
	 THE ADMINISTRATIVE AGENT
	  

			
	 Section 12.01.
	 	Authorization and Action	  	 	45	 
			
	 Section 12.02.
	 	Delegation of Duties	  	 	46	 
			
	 Section 12.03.
	 	Exculpatory Provisions	  	 	46	 
			
	 Section 12.04.
	 	Reliance by Agent	  	 	46	 
			
	 Section 12.05.
	 	Non-Reliance on Administrative Agent and Other Purchasers	  	 	47	 
			
	 Section 12.06.
	 	Reimbursement and Indemnification	  	 	47	 
			
	 Section 12.07.
	 	Agents in their Individual Capacity	  	 	47	 
			
	 Section 12.08.
	 	Successor Agent	  	 	47	 
			
	 Section 12.09.
	 	EU Bail-in Acknowledgement	  	 	48	 

  

							
			
	 Exhibit A
	 	Form of Assignment and Assumption Agreement	  			
			
	 Exhibit B
	 	Scope of Agreed Upon Procedures Reports	  			
			
	
Exhibit 
C
	 	Form of Commitment Letter	  			

  
 vi 

 NOTE PURCHASE AGREEMENT 

THIS NOTE PURCHASE
AGREEMENT (the “Agreement”), dated as of
February 24, 2017, is by and among CONN’S RECEIVABLES WAREHOUSE, LLC, as issuer (the “Issuer”), CONN APPLIANCES RECEIVABLES FUNDING, LLC, as depositor (the “Depositor”), CONN APPLIANCES,
INC., as servicer (in such capacity, the “Servicer”) and as sponsor (in such capacity, the “Sponsor”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as primary note purchaser (the “Primary Note
Purchaser”), the CONDUITS (as defined below) party hereto from time to time, and CREDIT SUISSE AG, NEW YORK BRANCH, in its capacity as Administrative Agent. 

W I T N E S S E T H: 
 WHEREAS,
the Issuer, the Servicer, Conn’s Receivables Warehouse Trust (the “Receivables Trust”), the Administrative Agent and Wells Fargo Bank, National Association, as Indenture Trustee have entered into that certain Indenture,
dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”); 

WHEREAS, on the Note Initial Increase Date, the Issuer will issue the Class A Notes (the “Notes”) pursuant to the
Indenture; 
 WHEREAS, Conn Appliances, Inc., as Servicer, the Receivables Trust, the Indenture Trustee and the Issuer have entered into
that certain Servicing Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Servicing Agreement”), pursuant to which, among other things, Conn Appliances,
Inc. has agreed to act as servicer; and 
 WHEREAS, on the Note Initial Increase Date, the Issuer will sell the Notes to the Purchasers (as
defined herein) and the Purchasers will purchase the Notes and, subject to the conditions set forth herein, may from time to time fund increases in the outstanding principal balance of the Notes; 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and other good and valuable consideration, the
receipt and adequacy of which are hereby expressly acknowledged, the parties hereto agree as follows: 
 Article I 

DEFINITIONS 

Section 1.01. Defined Terms. 

(a) Capitalized terms in this Agreement that are not otherwise defined herein shall have the respective meanings assigned to
them in Schedule II (the “Definitions Schedule”) to the Servicing Agreement. 

 (b) Whenever used in this Agreement, the following words and phrases shall have the following
meanings: 
 “Affected Person” means each Owner and each of their respective Affiliates, successors and assigns, and,
in the case of any Conduit, (i) each Liquidity Provider, and (ii) any Person acting as administrator or referral agent with respect to such Conduit. 

“Agreement” means this Note Purchase Agreement, as amended, supplemented or otherwise modified from time to time.

 “Assignee” has the meaning assigned to such term in Section 11.07 of this Agreement. 

“Assignment” has the meaning assigned to such term in Section 11.07(b)(i) of this Agreement. 

“Assignment and Assumption Agreement” means an assignment and assumption agreement in the form of Exhibit A attached
hereto (with appropriate modifications), entered into by an Owner and a permitted assignee, pursuant to which such assignee may become party to this Agreement. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority
in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to
any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Basel Committee” means the Basel Committee on Banking Supervision. 

“Basel II” means the July 1988 paper or the June 2006 paper prepared by the Basel Committee as set out in the
publication entitled: “International Convergence of Capital Measurements and Capital Standards: a Revised Framework”, as updated from time to time, or any rules, regulations, guidance, interpretations or directives promulgated or issued in
connection therewith by any bank regulatory agency (whether or not having the force of law). 
 “Basel III”
means the paper prepared by the Basel Committee as set out in the publication entitled “Basel III: A global regulatory framework for more resilient banks and banking systems”, as updated from time to time, or any rules, regulations,
guidance, interpretations or directives promulgated or issued in connection therewith by any bank regulatory agency (whether or not having the force of law). 

“Basel IV” means the papers prepared by the Basel Committee (i) in January 2016 entitled “Minimum Capital Market
Requirements”, (ii) in March 2016 entitled “Revisions to the Standardised Approach for credit risk”, (iii) in June 2016 entitled “Reducing variation in credit risk-weighted assets – constraints on the use of
internal model approaches”, and (iv) all other publications considered part of Basel IV, and in each case, as updated from time to time, or any rules, regulations, guidance, interpretations or directives promulgated or issued in connection
therewith by any bank regulatory agency (whether or not having the force of law).  

  
 2 

 “Basel Rules” means Basel II, Basel III and Basel IV or other bank capital rules
established by the Basel Committee or other international body. 
 “Capital Costs” has the meaning assigned
to such term in Section 2.07(b) of this Agreement. 
 “Capital Guidelines” has the meaning assigned to
such term in Section 2.07(b) of this Agreement. 
 “Class A Note Rate” means, with respect to any
Purchaser and date of determination, the sum of (i) the applicable Reference Rate and (ii) the Class A Fee Rate. 

“Confidential Information” has the meaning assigned to such term in Section 11.15(b) of this Agreement.

 “Depositor” is defined in the Recitals to this Agreement.  

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member
Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Conduit Assignee” means any asset-backed commercial paper conduit or financial asset investment company that
is administered or managed by any Purchaser or any Affiliate thereof or that receives funding from a financial asset investment company administrated by a Purchaser or any Affiliate thereof or as to which a Purchaser or any Affiliate thereof is a
Liquidity Provider. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published
by the Loan Market Association (or any successor person), as in effect from time to time. 
 “Excluded Taxes”
means, with respect to any Owner, (a) any Taxes (including any franchise taxes) imposed on or measured by the gross or net income, branch profits, gross or net receipts, capital, net worth or similar items (including any interests, penalties or
additions with respect thereto) of such Owner by the jurisdictions or political subdivision or taxing authority thereof in which such Owner’s principal office or lending offices are located or are resident, managed or controlled or in which
such Owner or lending office is incorporated or organized or otherwise doing business or that are Other Connection Taxes, (b) any Taxes imposed by the United States or any political subdivision thereof by means of withholding at the source
unless such  

  
 3 

 
withholding results from a change in applicable law, treaty or regulations or the interpretation or administration thereof after the date such Owner becomes entitled to the benefits of any of
the Transaction Documents with respect to the Note Balance, as applicable, or portion thereof, affected by such change (provided that Taxes withheld pursuant to Section 1446 of the Code shall be Excluded Taxes in any event), (c) any
Taxes to which an Owner is subject (to the extent of the tax rate then in effect) on the date this Agreement is executed or to which an Owner would be subject on such date if a payment hereunder had been received by such Person on such date, and
with respect to any Owner that becomes a party hereto after the date hereof, any Taxes to which such Owner is subject on the date it becomes a party hereto (other than in each case, Taxes to which such Owner’s assignor, if any, was entitled to
reimbursement pursuant to the terms of this Agreement), (d) Taxes to which the Owner becomes subject subsequent to the date referred to in clause (c) above as a result of a change in residence, place of incorporation, or principal place of
business of such Owner, a change in the branch or lending office of such Owner participating in the transactions specified herein or other similar circumstances, (e) any Taxes attributable to Owner’s failure to comply with
Section 2.08(b), and (f) any Taxes imposed under FATCA. 
 “FAS 166/167 Regulatory Capital Rules”
means the Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other
Related Issues, adopted by the Office of the Comptroller of the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision, Department of Treasury
on December 15, 2009, or any rules, regulations, guidance, interpretations or directives promulgated or issued in connection therewith by any such agency. 

“FATCA” means Sections 1471 through 1474 of the Code, as amended from time to time, any current or future regulations
or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code, but only to the extent substantively comparable and not materially more onerous than the applicable Code sections, regulations, interpretations, agreements, legislation, rules or
practices existing on the date hereof. 
 “Fee Letter” means that certain amended and restated fee letter dated as of February [24,
2017,]6, 2018, among the Issuer, the Primary Note Purchaser
and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time. 

“Indemnified Amounts” has the meaning assigned to such term in Section 2.06 of this Agreement. 

“Indemnified Parties” has the meaning assigned to such term in Section 2.06 of this Agreement. 

“Indenture” has the meaning specified in the recitals to this Agreement. 

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

  
 4 

 “Liquidity Agreement” means, with respect to any Conduit, any liquidity
agreement or any other agreement entered into by any Liquidity Provider providing for the issuance of one or more letters of credit for the account of such Conduit (or any related commercial paper issuer that finances such Conduit), the issuance of
one or more surety bonds, insurance policies or other instruments for which such Conduit or such related issuer is obligated to reimburse the applicable Liquidity Provider for any drawings thereunder, the sale by such Conduit or such related issuer
to any Liquidity Provider of any interest in a Note (or portions thereof or participations therein) and/or the making of loans and/or other extensions of liquidity or credit to such Conduit or such related issuer in connection with its commercial
paper program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof, but only to the extent that such letter of credit, surety bond or other instrument or guaranty supported either Commercial
Paper issued to purchase the Notes or fund any Note Balance Increase hereunder or was dedicated to that Liquidity Provider’s support of such Conduit as a whole rather than one particular issuer (other than the Issuer) within such Conduit’s
commercial paper program.  
 “Liquidity Provider” means and includes any Person now or hereafter extending
liquidity or credit or having a commitment to extend liquidity or credit to or for the account of, and/or agreeing to make purchases from, a Conduit (or any related commercial paper issuer that finances such Conduit) in support of commercial paper
issued, directly or indirectly, by such Conduit in order to fund (or maintain the funding of) the purchase of the Notes or any Note Balance Increase made by such Conduit hereunder, or issuing a letter of credit, surety bond, insurance policy or
other instrument to support any obligations arising under or in connection with such Conduit’s securitization program as it relates to any Commercial Paper Notes issued by such Conduit, in each case pursuant to a Liquidity Agreement and any
guarantor of any such person. 
 “Maturity Date” shall mean, with respect to the Notes, the
Payment Date in [August
2018,]February 2019, as such date may be extended from time
to time pursuant to Section 2.05. 
 “Modification” has the meaning assigned to such term in
Section 11.01(b) of this Agreement. 
 “Note Purchaser Upfront Fee” has the meaning assigned to such
term in the Fee Letter.  
 “Notes” is defined in the Recitals to this Agreement. 

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

“Other Issuers” has the meaning assigned to such term in Section 2.07(d) of this Agreement .
 

“Participant” means a Person to whom a Purchaser has granted a participation in all or part of the payments due such
Purchaser under the Notes. 

  
 5 

 “Permitted ABS Transaction” has the meaning assigned to such term under
the ABL Agreement. 
 “Permitted NPA Assignee” means, in connection with any assignment, (i) any Person that is
an Eligible Conduit Assignee, Liquidity Provider or Purchaser or Affiliate of a Purchaser (provided, that a Person that is a Conduit solely by reason of being identified as a “Conduit” on the Assignment and Assumption Agreement effecting
such assignment shall not be considered a “Purchaser” for purposes of this clause (i), including under the definition of “Eligible Conduit Assignee”), or (ii) any other Person with the consent of the Issuer, such consent not
to be unreasonably withheld, conditioned or delayed; provided that the consent of the Issuer pursuant to this clause (ii) shall not be required for any assignment or transfer occurring when an [Early Amortization
Period]Event of Default has commenced and is continuing. 
 “Primary Note Purchaser” is defined
in the Recitals to this Agreement. 
 “Purchaser” means each Conduit, the Primary Note Purchaser and any
other Alternative Purchaser. 
 “Register” has the meaning assigned to such term in Section 11.16 of
this Agreement. 
 “Regulatory Costs” has the meaning assigned to such term in Section 2.07(a) of this
Agreement. 
 “Required Noteholders” means the holder or holders of in excess of 50% of the Note Balance or,
if the Note Balance is zero, the Administrative Agent. 
 “Servicer” is defined in the Recitals to this
Agreement.  
 “Sponsor” is defined in the Recitals to this Agreement.  

“Tax Costs” has the meaning assigned to such term in Section 2.08(a) of this Agreement. 

“Taxes” has the meaning assigned to such term in Section 2.08(a) of this Agreement. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

Section 1.02. Other Definitional Provisions. The rules of construction set forth in Section 1.02 of the Indenture shall be
applicable to this Agreement. 

  
 6 

 Article II 

PURCHASE AND SALE OF THE NOTES 

Section 2.01. Purchase and Sale of the Notes. 

(a) The closing on the Closing Date shall take place at the offices of Morgan Lewis & Bockius LLP, 101 Park Avenue,
New York, NY, on the Closing Date; provided, however, that this Agreement [shall become effective only upon, and Notes will not be sold hereunder until the closing of the initial
issuance of a Note which shall take place at the offices of Morgan Lewis & Bockius LLP, 101 Park Avenue, New York,
NY,]became effective on [the Note Initial Increase Date or, if the conditions to effectiveness set forth in ][Article
III][ of this Agreement shall not have been satisfied or waived by such date, at such other place, date and time as
the parties shall agree.]August 8, 2017. 
 (b) On the Note Initial Increase Date, the Issuer agrees to instruct the
Indenture Trustee to authenticate and deliver to the Administrative Agent on behalf of the Purchasers, a Note in an original principal balance up to the Note Maximum Amount. The aggregate purchase price for the Notes will be the Note Initial
Increase, which is the initial Note Balance as of the Note Initial Increase Date. 
 (c) At any time on or after the Closing
Date, except when an [Early Amortization ]Event
of Default has occurred that is continuing on such date, each
Purchaser may, in its sole and absolute discretion, in accordance with the terms and conditions set forth herein and in the Indenture, agree to fund all or a portion of the Note Initial Increase or any Note Balance Increase on the Note Initial
Increase Date or applicable Note Balance Increase Date, respectively. 
 Section 2.02. Adjustments; Additional Increases.

 (a) On each Note Balance Increase Date, the Administrative Agent shall make appropriate notations on the schedule
attached to the Note of the amount of such Note Balance Increase made pursuant to Section 2.08 of the Indenture. 
 (b)
The Issuer hereby authorizes the Administrative Agent to make such notations on the applicable Note and on its books and records. Each such notation made in accordance with the foregoing authority shall be prima facie evidence of the accuracy
of the information so recorded absent manifest error; provided, however, that in the event of a discrepancy between the books and records of the Administrative Agent and the records maintained by the Indenture Trustee pursuant to the
Indenture, such discrepancy shall be resolved by the Administrative Agent, the Depositor and the Indenture Trustee and prior to any such resolution, the books and records maintained by the Indenture Trustee shall govern. 

  
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 Section 2.03. Interest, Fees, Payments; Expenses. 

(a) The Notes will accrue Yield on the Note Balance thereof
and on the Escrowed Amount on each day during each Interest Period at a
rate per annum equal to the Class A Note Rate for such day during such Interest Period. 
 (b) At least
five (5) Business Days prior to each Payment Date, beginning on the first Payment Date after the Note Initial Increase Date (or in the case of the final Payment Date, on the Business Day immediately preceding such final Payment Date), the
Administrative Agent will calculate the Yield payable for the then most recently ended Interest Period (including on the Escrowed
Amount) and shall promptly forward the same to the Issuer, the Indenture Trustee and the Servicer by not later than 5:00 p.m. (New York time) on such date of such rate and amounts. 

(c) The principal of and Yield on the Notes
and on the Escrowed Amount shall be paid when and as provided in the
Indenture. (i) Payments in reduction of the portion of the Note Balance evidenced by a Note and payments of fees, including Breakage Fees, and other non-interest amounts, shall be allocated and applied to Purchasers of such Note pro rata based
on their respective percentages of the Note Balance and Escrowed Amount or in any such case in such other proportions as the affected Purchasers may agree upon in writing from time to time, and (ii) payments of Yield shall be allocated and applied to the Purchasers pro
rata based upon the respective amounts of Yield due and payable to them. 
 (d) [On
the]For
any Note Initial Increase Date and any Note Balance Increase Date, the Note Purchaser Upfront Fee shall be payable to the Purchasers in accordance [withthe]with,
 and on the dates specified in, the Fee Letter. 
 (e) Except
as set forth in this Agreement or the Fee Letter, the Issuer shall pay for all out-of-pocket fees, costs and expenses incurred by the Issuer, the Administrative Agent and each Purchaser in connection with the negotiation and preparation of this
Agreement and the other documents to be delivered hereunder or in connection with the transactions contemplated hereby, including, without limitation, reasonable and documented legal fees (not to exceed $200,000 with respect to the initial transaction closing on February 24, 2017),
audit fees, all fees of any rating agency rating the commercial paper notes of any Conduit in connection with the review of the transactions contemplated by this Agreement and any Rating Agency engaged by the Administrative Agent or any Purchaser to
rate the Notes and reasonable out-of-pocket expenses of the Administrative Agent or any Purchaser. The Issuer agrees to pay all reasonable costs and expenses of the Administrative Agent and the Purchasers in connection with (i) the legal fees
for any amendments of or waivers or consents under this Agreement or the Transaction Documents requested by the Issuer, the Depositor or the Servicer, including in each case the reasonable and documented fees and out-of-pocket expenses of outside
counsel with respect thereto, which such fees shall not exceed $35,000 with respect to the 2018 Warehouse Funding and related
amendment of the Transaction Documents, and (ii) all reasonable, documented and necessary out-of-pocket fees, costs and expenses incurred by it in connection with any attempt to enforce
any remedies of the Administrative Agent or any Purchaser against the Issuer or any other Person that may be obligated to them by virtue of any of the Transaction Documents, including any such attempt to enforce any such remedies in the course of
any work-out or restructuring of the transactions contemplated hereby during the pendency of one or more Events of Default[ or Early Amortization Events]. 

  
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 Section 2.04. Changes to the Note Balance and Note Maximum Balance. 

(a) The Issuer may request a Note Balance Increase in the manner specified in Section 2.08(a) of the Indenture. Any Note
Balance Increase shall be made as specified in Section 2.08(a) of the Indenture, subject to satisfaction of the conditions precedent set forth herein and in the Indenture. If one or more Purchasers agree to fund such Note Balance Increase, the
Administrative Agent shall determine the allocation of its proportion of the Note Balance among the related Purchasers in accordance with the Commitment Letter and discussion with the Purchasers. 

(b) The Note Initial Increase and each subsequent Note Balance Increase that any Purchaser funds hereunder shall be made by
such Purchaser (upon satisfaction of the conditions precedent set forth in Articles II and III hereof) before 2:00 p.m., New York time, on the Note Initial Increase Date or the applicable Note Balance Increase Date, respectively, by wire transfer of
immediately available funds to the account of the Issuer most recently designated by the Issuer in writing for such purpose, or, in
the case of the portion of the Note Initial Increase to be funded in accordance with the Escrow Letter, by release of the Escrow Amount in accordance with the Escrow Letter. 

(c) For the avoidance of doubt, the Primary Note Purchaser has the right to decide, in its sole and absolute discretion,
whether to deliver a Commitment Letter in connection with the Note Initial Increase or any Note Balance Increase, as applicable. Subject to Sections 2.04(c) and 2.04(e) herein and Section 2.08(a) of the Indenture, nothing herein or in any
Transaction Document shall create any obligation for any Purchaser to fund any Note Balance Increase prior to delivery of a Commitment Letter. Upon delivery of a Commitment Letter in accordance with Section 2.04(e) herein, the Primary Note
Purchaser, as signatory thereto, shall be obligated under the terms of the Commitment Letter to fund such Note Initial Increase or Note Balance Increase, as applicable. Prior to the Note Initial Increase Date or Note Balance Increase Date, as
applicable, the Primary Note Purchaser shall provide the Indenture Trustee and the Issuer with the applicable Purchasers and amount being funded by each such Purchaser on such Note Initial Increase Date or Note Balance Increase Date, as applicable;
provided, that (a) the identity of the Purchasers and amounts being funded may change after such notice is delivered in accordance with this sentence, and (b) nothing in such notice or delivery thereof shall (i) remove, limit
or otherwise change the Primary Note Purchaser’s obligation to fund the entire Note Initial Increase or Note Balance Increase, as applicable, or (ii) impose on any listed Purchaser an obligation to fund any percentage of such Note Initial
Increase or Note Balance Increase. 
 (d) The Issuer may reduce the Note Balance on any Payment Date by making a Note Balance
Decrease in the manner specified in Section 2.08(b) of the Indenture. Any Note Balance Decrease shall be made as specified in Section 2.08(b) of the Indenture, subject to satisfaction of the conditions set forth herein and in the
Indenture. 

  
 9 

 (e) If one or more Purchasers consent and commit to fund a Note Initial Increase
or a Note Balance Increase, as applicable, in accordance with Section 2.08(a) of the Indenture, the Primary Note Purchaser shall provide to the Issuer, the Administrative Agent, the Indenture Trustee and the Servicer a letter (a
“Commitment Letter”) evidencing the amount and timing of such commitment substantially in the form of Exhibit C hereto, with such modifications as are mutually agreed to by the Primary Note Purchaser and the Issuer. Delivery
of the Commitment Letter shall solely bind the Primary Note Purchaser to fund such Note Initial Increase or Note Balance Increase, as applicable. 

Section 2.05. Extensions. 

If the Issuer wishes to extend the Maturity Date in effect at any time for a period of up to 364 days, it may so request in writing to the
Administrative Agent (and the Administrative Agent shall promptly forward the same to each Purchaser) no fewer than 45 days and no more than 90 days prior to the Maturity Date then in effect. No later than 15 days prior to the Maturity Date, each
Purchaser will advise the Administrative Agent whether it has elected (such election to be made in its sole and absolute discretion) to extend the Maturity Date to a date which shall be no later than 364 days following the Maturity Date then in
effect in accordance with the Issuer’s request and, if so extended, the Facility Turbo Date shall be as determined by the Administrative Agent and Depositor in accordance with the definition thereof. A failure on the part of any Purchaser to
reply to the Administrative Agent by such time shall be construed as a denial of the requested extension. Unless each Purchaser shall have elected to grant a requested extension of the Maturity Date, the Maturity Date then in effect shall not be
extended. 
 Section 2.06. Indemnification. 

(a) Without limiting any other rights which the Administrative Agent or the Owners may have hereunder or under applicable law, the Issuer
hereby agrees to indemnify the Administrative Agent, each Purchaser and their respective successors and permitted assigns and their respective officers, directors and employees (collectively, “Indemnified Parties”) from and
against any and all damages, losses, claims, liabilities, costs and expenses, including, without limitation, reasonable attorneys’ fees (which attorneys may be employees of the Administrative Agent or an Owner, as applicable) and disbursements
(all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them in any action or proceeding between the Issuer and any of the Indemnified Parties or between any of the
Indemnified Parties and any third party or otherwise arising out of or as a result of this Agreement, the other Transaction Documents, the ownership or maintenance, either directly or indirectly, of the Notes or any of the other transactions
contemplated hereby or thereby, excluding (i) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts result from bad faith, gross negligence or willful misconduct on the part
of an Indemnified Party seeking indemnification or any material breach by an Indemnified Party of its obligations hereunder or under the Transaction Documents, (ii) Indemnified Amounts arising from a claim by an Indemnified Party against
another Indemnified Party or (iii) Indemnified Amounts to the extent the same include losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Receivables
Obligor. Without limiting the generality of the foregoing, and subject to the exclusions set forth in the immediately preceding sentence, the Issuer shall indemnify each Indemnified Party for Indemnified Amounts arising out of or resulting from:

  
 10 

 (i) reliance on any representation or warranty made by the Issuer, the Seller,
the Servicer, or the Sponsor (or any of their respective officers) under or in connection with this Agreement and the other Transaction Documents or any other report, certificate or other written information prepared by the Issuer or by the Servicer
on its behalf delivered to any Purchaser by it pursuant hereto and thereto, which shall have been false or incorrect when made; 

(ii) the failure by the Issuer to comply with any applicable law, rule or regulation with respect to the Receivables (including
any tax laws) or the nonconformity of the Receivables with any such applicable law, rule or regulation; 
 (iii) any
commingling of Collections or the failure to vest and maintain vested in the Indenture Trustee a first priority perfected security interest in the Trust Estate and the proceeds thereof, free and clear of any Lien (other than the lien of the
Indenture); 
 (iv) the failure to file, or any delay in filing, financing statements, continuation statements or other
similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to all or any part of the Trust Estate and the proceeds thereof, which failure has an adverse effect on the validity, perfected
status or priority of the security granted to the Indenture Trustee under the Indenture; 
 (v) any dispute, claim, offset or
defense (other than discharge in bankruptcy of the related Receivables Obligor) of a Receivables Obligor to the payment of any Receivables (including a defense based on the Receivables not being the legal, valid and binding obligation of such
Receivables Obligor enforceable against it in accordance with its terms); 
 (vi) any failure by the Issuer, any Seller, the
Servicer, or the Sponsor to perform its duties, covenants or obligations in accordance with the provisions of this Agreement or any other Transaction Document; 

(vii) any dispute, claim, offset or defense (other than discharge in bankruptcy of the related Receivables Obligor) of a
Receivables Obligor to the payment of any Receivables based on the failure of the Issuer, any Seller, the Servicer, or the Sponsor to qualify to do business or file reports in a given jurisdiction; or 

(viii) any litigation, investigation or proceeding, or liability claim or damage suit or other similar or related claim or
action of whatever sort (except as expressly excluded above), arising out of or in connection with the Trust Estate or the transactions contemplated by the Transaction Documents. 

  
 11 

 Any Indemnified Amounts payable hereunder by the Issuer will be payable solely from funds available to the Issuer
for distribution pursuant to Section 8.06 of the Indenture (it being understood that, in the event that the Issuer has insufficient funds available to pay any such amounts in full on any Payment Date, the remaining unpaid amounts shall be due
and payable on each subsequent Payment Date until paid in full to the extent of available funds for such purpose in accordance with Section 8.06 of the Indenture on each such Payment Date). 

(b) Without limiting any other rights which the Administrative Agent or the Owners may have hereunder or under applicable law, the Depositor
hereby agrees to indemnify each Indemnified Party for all Indemnified Amounts awarded against or incurred by any of them in any action or proceeding between the Depositor and any of the Indemnified Parties or between any of the Indemnified Parties
and any third party or otherwise arising out of or as a result of this Agreement, the other Transaction Documents, the ownership or maintenance, either directly or indirectly, of the Notes or any of the other transactions contemplated hereby or
thereby, in each case to the extent arising out of or as a result of any breach, default or misrepresentation of the Depositor under this Agreement or any of the other Transaction Documents, excluding (i) Indemnified Amounts to the extent a
final judgment of a court of competent jurisdiction holds that such Indemnified Amounts result from bad faith, gross negligence or willful misconduct on the part of an Indemnified Party seeking indemnification or any material breach by an
Indemnified Party of its obligations hereunder or under the Transaction Documents, (ii) Indemnified Amounts arising from a claim by an Indemnified Party against another Indemnified Party or (iii) Indemnified Amounts to the extent the same
include losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Receivables Obligor. Without limiting the generality of the foregoing, and subject to the exclusions
set forth in the immediately preceding sentence, the Depositor shall indemnify each Indemnified Party for Indemnified Amounts arising out of or resulting from: 

(i) reliance on any representation or warranty made by the Depositor (or any of its officers) under or in connection with this
Agreement and the other Transaction Documents or any other report, certificate or other written information prepared by the Depositor delivered to any Purchaser or the Administrative Agent by the Depositor pursuant hereto and thereto, which shall
have been false or incorrect when made; 
 (ii) the failure by the Depositor to comply with any applicable law, rule or
regulation with respect to the Receivables (including any tax laws) or the nonconformity of the Receivables with any such applicable law, rule or regulation; 

(iii) any failure by the Depositor to perform its duties, covenants or obligations in accordance with the provisions of this
Agreement or any other Transaction Document; or 
 (iv) any litigation, investigation or proceeding, or liability claim or
damage suit or other similar or related claim or action of whatever sort (except as expressly excluded above) relating to, arising out of or in connection with the Receivables, the Trust Estate or the transactions contemplated by this Agreement or
any other Transaction Documents, in each case to the extent arising out of or resulting from the acts or omissions of the Depositor in violation of the provisions of this Agreement or any other Transaction Document. 

  
 12 

 Any Indemnified Amounts payable hereunder by the Depositor will be payable solely from funds available to the
Depositor, and the remaining unpaid amounts shall be due and payable on each subsequent Payment Date until paid in full to the extent of available funds for such purpose. 

(c) Without limiting any other rights which the Administrative Agent or the Owners may have hereunder or under applicable law, the Servicer
hereby agrees to indemnify each Indemnified Party for all Indemnified Amounts awarded against or incurred by any of them in any action or proceeding between the Servicer (in its capacity as Servicer) and any of the Indemnified Parties or between any
of the Indemnified Parties and any third party or otherwise arising out of or as a result of this Agreement, the other Transaction Documents, the ownership or maintenance, either directly or indirectly, of the Notes or any of the other transactions
contemplated hereby or thereby, in each case to the extent arising out of or as a result of any breach, default or misrepresentation of the Servicer under this Agreement or any of the other Transaction Documents, excluding (i) Indemnified
Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts result from bad faith, gross negligence or willful misconduct on the part of an Indemnified Party seeking indemnification or any material
breach by an Indemnified Party of its obligations hereunder or under the Transaction Documents, (ii) Indemnified Amounts arising from a claim by an Indemnified Party against another Indemnified Party or (iii) Indemnified Amounts to the
extent the same include losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Receivables Obligor. Without limiting the generality of the foregoing, and subject to
the exclusions set forth in the immediately preceding sentence, the Servicer shall indemnify each Indemnified Party for Indemnified Amounts arising out of or resulting from: 

(i) reliance on any representation or warranty made by the Servicer (or any of its officers) under or in connection with this
Agreement and the other Transaction Documents or any other report, certificate or other written information prepared by the Servicer delivered to any Purchaser or the Administrative Agent by it pursuant hereto and thereto, which shall have been
false or incorrect when made; 
 (ii) the failure by the Servicer to comply with any applicable law, rule or regulation with
respect to the Receivables (including any tax laws); 
 (iii) any failure by the Servicer to perform its duties, covenants or
obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
 (iv) any litigation,
investigation or proceeding, or liability claim or damage suit or other similar or related claim or action of whatever sort (except as expressly excluded above) relating to, arising out of or in connection with the Receivables, the Trust Estate or
the transactions contemplated by this Agreement or any other Transaction Documents in each case to the extent arising out of or resulting from the acts or omissions of the Servicer in violation of the provisions of this Agreement or any other
Transaction Document; 

  
 13 

 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of
the related Receivables Obligor) of a Receivables Obligor to the payment of any Receivables based on the failure of the Servicer to qualify to do business or file reports in a given jurisdiction; or 

(vi) any commingling by the Servicer of Collections with other funds of the Servicer or any other Person (other than the
Issuer). 
 (d) Without limiting any other rights which the Administrative Agent or the Owners may have hereunder or under applicable law,
the Sponsor hereby agrees to indemnify each Indemnified Party for all Indemnified Amounts awarded against or incurred by any of them in any action or proceeding between the Sponsor (in its capacity as Sponsor) and any of the Indemnified Parties or
between any of the Indemnified Parties and any third party or otherwise arising out of or as a result of this Agreement, the other Transaction Documents, the ownership or maintenance, either directly or indirectly, of the Notes or any of the other
transactions contemplated hereby or thereby, in each case to the extent arising out of or as a result of any breach, default or misrepresentation of the Sponsor under this Agreement or any of the other Transaction Documents, excluding
(i) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts result from bad faith, gross negligence or willful misconduct on the part of an Indemnified Party seeking
indemnification or any material breach by an Indemnified Party of its obligations hereunder or under the Transaction Documents, (ii) Indemnified Amounts arising from a claim by an Indemnified Party against another Indemnified Party or
(iii) Indemnified Amounts to the extent the same include losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Receivables Obligor. Without limiting the
generality of the foregoing, and subject to the exclusions set forth in the immediately preceding sentence, the Sponsor shall indemnify each Indemnified Party for Indemnified Amounts arising out of or resulting from: 

(i) reliance on any representation or warranty made by the Sponsor (or any of its officers) under or in connection with this
Agreement and the other Transaction Documents or any other report, certificate or other written information prepared by the Sponsor delivered to any Purchaser or the Administrative Agent by the Sponsor pursuant hereto and thereto, which shall have
been false or incorrect when made; 
 (ii) the failure by the Sponsor to comply with any applicable law, rule or regulation
with respect to the Receivables (including any tax laws); 
 (iii) any failure by the Sponsor to perform its duties,
covenants or obligations in accordance with the provisions of this Agreement or any other Transaction Document; 
 (iv) any
litigation, investigation or proceeding, or liability claim or damage suit or other similar or related claim or action of whatever sort (except as expressly excluded above) relating to, arising out of or in connection with the Receivables, the Trust
Estate or the transactions contemplated by this Agreement or any other Transaction Documents in each case to the extent arising out of or resulting from the acts or omissions of the Sponsor in violation of the provisions of this Agreement or any
other Transaction Document; or 

  
 14 

 (v) the failure to file, or any delay in filing, financing statements,
continuation statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to all or any part of the Trust Estate and the proceeds thereof, which failure has an adverse effect
on the validity, perfected status or priority of the security granted to the Indenture Trustee under the Indenture. 
 (e) In the event that
for any reason, (i) the basis for calculation of interest on any Conduit’s share of the Note Balance shall change from the CP Cost to the Alternative Rate, (ii) the basis for calculation of interest on a Conduit’s share of the
Note Balance is the CP Cost and (a) such Conduit receives any repayment of its share of the Note Balance on a date other than a Payment Date, or (b) such Conduit does not receive repayment of its share of the Note Balance on a Payment Date
when notice of a Note Balance Decrease had been given pursuant to 2.08(b) of the Indenture, or (iii) (a) any Purchaser other than a Conduit receives any repayment of its share of the Note Balance on a date other than a Payment Date, or
(b) any Purchaser other than a Conduit does not receive repayment of its share of the Note Balance on a Payment Date when notice of a Note Balance Decrease had been given pursuant to 2.08(b) of the Indenture, then in any such case the
Issuer agrees to indemnify each affected Purchaser against, and to promptly pay on the Payment Date in the Collection Period following demand, to such Purchaser the amount equal to any loss suffered by such Purchaser as a result of such change or
such repayment, including, in the case of a Conduit, any loss, cost or expense suffered by such Conduit by reason of its issuance of Commercial Paper Notes or its incurrence of other obligations reasonably allocated by such Conduit to its funding or
the maintenance of its funding of its share of the Note Balance, or, in the case of any Purchaser, redeploying funds prepaid or repaid, in amounts which correspond to its share of the Note Balance. A statement setting forth in reasonable detail the
calculations of any additional amounts payable pursuant to this Section submitted by a Purchaser to the Issuer, the Administrative Agent, the Sponsor and the Servicer shall be conclusive absent manifest error. Any amounts payable under this clause
(e) by the Issuer will be payable solely from funds available to the Issuer for distribution pursuant to Section 8.06 of the Indenture (it being understood that, in the event that the Issuer has insufficient funds available to pay any such
amounts in full on any Payment Date, the remaining unpaid amounts shall be due and payable on each subsequent Payment Date until paid in full to the extent of available funds for such purpose in accordance with Section 8.06 of the Indenture on
each such Payment Date). 
 Section 2.07. Change in Law or Accounting; Capital Costs. 

(a) If after the date hereof (or, in the case of any assignee Owner of the Notes or any other Affected Person with respect thereto, after the
date of such assignment) (x) any change in any Requirement of Law or in the interpretation or application thereof or (y) the requirements of (1) the Dodd-Frank Wall Street Reform and Consumer Protection Act, (2) the FAS 166/167
Regulatory Capital Rules, or (3) the Basel Rules, or (z) the compliance with any guideline or request made after the date hereof from any Governmental Authority, either: 

(i) subjects an Owner or any of its related Affected Persons to any loss due to the recharacterization of any payments made
with respect to the Notes; or 
 (ii) imposes, modifies or holds applicable any reserve, special deposit, compulsory
Receivables or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by such Owner or related Affected Person; 

  
 15 

 and the result of any of the foregoing is to increase the cost to such Owner or such related Affected Person, by
an amount that such Owner deems to be material, of maintaining its interest in the Notes or to reduce any amount receivable hereunder in respect thereof (collectively, “Regulatory Costs”), then, and in any such case, after
submission by such Affected Person to the Issuer (with a copy to the Trustee) of a written request therefor (which shall include calculations in reasonable detail), the Issuer will pay to such Owner any additional amounts necessary to compensate
such Owner or related Affected Person for such Regulatory Costs. Such additional amounts payable hereunder with respect to Regulatory Costs will be payable solely from funds available to the Issuer for distribution pursuant to Section 8.06 of
the Indenture (it being understood that, in the event that the Issuer has insufficient funds available to pay any such amounts in full on any Payment Date, the remaining unpaid amounts shall be due and payable on each subsequent Payment Date until
paid in full to the extent of available funds for such purpose in accordance with Section 8.06 of the Indenture on each such Payment Date). 

(b) If after the date hereof (or, in the case of any assignee Owner that is not an Affiliate of the assignee Owner of the Notes as of the date
of such assignment or any Affected Person with respect thereto, after the date of such assignment) (x) any change in any Requirement of Law (including any new Requirement of Law) regarding capital adequacy (a “Capital
Guideline”) or in the interpretation or application thereof or (y) the requirements of (1) the Dodd-Frank Wall Street Reform and Consumer Protection Act, (2) the FAS 166/167 Regulatory Capital Rules, or (3) the Basel
Rules, and in each case, any regulations, rules, guidelines or directives issued or promulgated thereunder or in connection therewith or any change in the interpretation or application of the foregoing, either: 

(i) affects the amount of capital to be maintained by an Owner or any of its related Affected Persons and such Owner or such
Affected Person determines that the amount of such capital is increased as a direct or indirect consequence of its investment in the Notes; or 

(ii) has the effect of reducing the rate of return on such Owner’s or such other Affected Person’s capital as a
direct or indirect consequence of making or maintaining its investment in the Notes, to a level below that which such Owner or such other Affected Person would have achieved but for such requirement, change in or interpretation or application of
such Capital Guideline or compliance with such request or directive (taking into consideration such Owner’s or such entity’s or such other Affected Person’s policies with respect to capital adequacy) by an amount deemed by such Owner
to be material; 

  
 16 

 then, from time to time, upon demand (which shall include calculations in reasonable detail) by such Owner in
writing to the Issuer, the Issuer will pay to such Owner such additional amount or amounts as will compensate such Owner or such other Affected Person for the cost of maintaining such increased capital or such reduction in the rate of return on the
Owner’s or such other Affected Person’s capital (collectively, “Capital Costs”). Such additional amounts payable hereunder with respect to Capital Costs will be payable solely from funds available to the Issuer for
distribution pursuant to Section 8.06 of the Indenture (it being understood that, in the event that the Issuer has insufficient funds available to pay any such amounts in full on any Payment Date, the remaining unpaid amounts shall be due and
payable on each subsequent Payment Date until paid in full to the extent of available funds for such purpose in accordance with Section 8.06 of the Indenture on each such Payment Date). 

(c) Failure or delay on the part of any Owner to demand compensation pursuant to this Section shall not constitute a waiver of such
Owner’s right to demand such compensation; provided, that Issuer shall not be required to compensate an Owner or other Affected Person pursuant to this Section 2.07 for any increased costs or reductions incurred more than 180 days
prior to the date that such Owner notifies Seller in writing of the change in Requirement of Law or other circumstance giving rise to such increased costs or reductions and of such Owner’s intention to claim compensation therefor;
provided, further, that if the change in Requirement of Law or other circumstance giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of
retroactive effect thereof. 
 (d) Notwithstanding anything in this Section 2.07 to the contrary, if any Affected Person enters into
agreements for the acquisition or financing of interests in receivables, notes or other financial assets from one or more Persons, other than the Issuer, that has entered into a receivables purchase agreement, receivables transfer agreement, note
purchase agreement, loan agreement or funding agreement with such Person (“Other Issuers”) (or to provide liquidity or credit support therefor), such Affected Person shall ratably allocate the liability for any amounts under
this Section 2.07, which are generally imposed on or applicable to such Affected Party, to the Issuer and each Other Issuer to the extent the amounts hereunder are ratably attributable; provided, however, that if such amounts are solely
attributable to the Issuer and not attributable to any Other Issuer, as determined in such Affected Person’s reasonable discretion, the Issuer shall be solely liable for such amounts or if such amounts are attributable to Other Issuers and not
attributable to the Issuer, as determined in such Affected Person’s reasonable discretion, such Other Issuers shall be solely liable for such amounts 

Section 2.08. Taxes. 

(a) All payments made by the Issuer under any of this Agreement and the other Transaction Documents will be made free and clear of, and without
deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any taxing
authority (hereinafter called “Taxes”) unless required to be withheld under applicable law. If any Taxes (other than Excluded Taxes) are required to be withheld from any amounts payable to any Owner hereunder or thereunder, after
submission by such Owner to the Issuer of a written request therefor, the amounts so payable to such Owner will, at the written request of the Owner, be increased by the Issuer to the extent necessary to yield to such Owner

  
 17 

 
(after payment of all Taxes, other than Excluded Taxes) interest or any such other amounts payable hereunder or thereunder at the rates or in the amounts specified in any of this Agreement and
the other Transaction Documents. Whenever any Taxes are payable by the Issuer, as promptly as possible thereafter the Issuer will send to each Owner a certified copy of an original official receipt received by Issuer or other reasonable evidence
showing payment thereof. If the Issuer fails to pay any Taxes when due to the appropriate taxing authority, fails to remit to each Owner the required receipts or other required documentary evidence, or if any Taxes (other than Excluded Taxes) in
respect of a payment made by the Issuer under any of this Agreement and the other Transaction Documents are paid by any Owner, the Issuer will pay such Owner, solely from funds available to the Issuer for distribution pursuant to Section 8.06
of the Indenture (it being understood that, in the event that the Issuer has insufficient funds available to pay any such amounts in full on any Payment Date, the remaining unpaid amounts shall be due and payable on each subsequent Payment Date
until paid in full to the extent of available funds for such purpose in accordance with Section 8.06 of the Indenture on each such Payment Date), for any incremental taxes, reasonable costs or penalties that may become payable by such Owner as
a result of any such failure and reimburse any such Taxes paid directly by the Owner to the applicable taxing authority upon delivery to the Issuer by an Owner (with a copy to the Administrative Agent) of a certificate as to the amount of any such
liability or payment. Notwithstanding the foregoing or anything else herein to the contrary, no amounts will be paid pursuant to this Section 2.08 (collectively “Tax Costs”) to any Owner that is not a United States person for U.S.
federal income tax purposes if such Owner fails to comply with the requirements of Section 2.08(b). 
 (b) Each Owner and the
Administrative Agent, if required by law shall timely furnish the Issuer or its agents any U.S. federal income tax form or certification (such as IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY, IRS Form W-9 or IRS Form W-8ECI or any successors
to such IRS forms or any other certification that the Issuer may reasonably request) that the Issuer or its agents may reasonably request and shall update or replace such form or certification in accordance with its terms or its subsequent
amendments. Each Owner understands that the Issuer may require additional certification acceptable to it (a) to permit the Issuer to make payments to it without, or at a reduced rate of, withholding or (b) to enable the Issuer to qualify
for a reduced rate of withholding in any jurisdiction from or through which the Issuer receives payments on its assets. Each Owner agrees to provide any such certification applicable to it that is requested by the Issuer, unless the Owner determines
in good faith that providing such certificate could materially prejudice the legal or commercial position of such Owner or subject such Owner to unreimbursed costs or expenses. 

(c) If a payment made to an Owner under this Agreement or any Transaction Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Owner were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Owner shall deliver to the Issuer or its agent, at the
time or times prescribed by law and at such time or times reasonably requested by the Issuer, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Issuer as may be necessary for the Issuer to comply with its obligations under FATCA, to determine that such Owner has complied with such Owner’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. 

  
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 (d) If any party determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.08 (including by the payment of additional amounts pursuant to this Section 2.08), it shall pay to the Issuer an amount equal to such refund (but only to
the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant taxing authority with respect to such refund). Solely from funds available for distribution for such purpose by the Issuer, the Issuer, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (d) (plus any penalties, interest or other charges imposed by the relevant taxing authority) in the event that such indemnified party is required to repay such refund to such taxing authority. Notwithstanding anything
to the contrary in this paragraph (d), in no event will the indemnified party be required to pay any amount to the Issuer pursuant to this paragraph (d) the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its
Tax returns (or any other information relating to its Taxes that it deems confidential) to the Issuer or any other Person. 
 (e) The Issuer
shall indemnify and hold harmless any Owner from any present or future claim for liability for any stamp or other similar Tax and any penalties or interest with respect thereto, that may be assessed, levied or collected by any jurisdiction in
connection with the Notes or Indenture. The Issuer shall pay, or reimburse an Owner for, any and all amounts in respect of, all search, filing, recording and registration and other similar Taxes that may be payable or reasonably determined to be
payable in respect of the execution, delivery, performance and/or enforcement of the Notes or the Indenture except any amounts that are Other Connection Taxes imposed with respect to an assignment. 

Section 2.09. No Setoff. All payments to be made on behalf of the Issuer under this Agreement or the Indenture, whether on account
of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 2:00 p.m. (New York City time), on the due date thereof to the account specified by the applicable Owner, in Dollars and in
immediately available funds. 
 Section 2.10. Mitigation. 

(a) Each Owner agrees that it will use its commercially reasonable efforts to take any actions, including designating a different lending
office for purposes of its investment in the Notes, that will avoid the need for, or reduce the amount of, any Regulatory Costs, Capital Costs, Tax Costs or Indemnified Amounts (collectively, “Increased Costs”) owing to such
Owner or its related Affected Persons; provided, however, that: 

  
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 (i) no such Owner will be obligated to take any actions that would, in the
reasonable determination of such Owner, be materially disadvantageous to such Owner; 
 (ii) if any Increased Costs will not
be eliminated or reduced by the Owner taking such actions and payment therefor hereunder will not be waived by such Owner, the Issuer will have the right to replace the Owner hereunder with a new Owner (the “Replacement Owner”) that will
succeed to the rights of such Owner with respect to the Notes. Upon notice from the Issuer, an Owner being replaced hereunder shall assign, without recourse, its rights and obligations (if any) hereunder, or a ratable share thereof, to the
Replacement Owner or Replacement Owners designated and consented to as provided in this Section 2.10(a)(ii) for a purchase price equal to the sum of such Owner’s Note Balance so assigned, all accrued and unpaid interest thereon and any
other amounts (including fees and any Increased Costs) to which such Owner is entitled hereunder; and 
 (iii) no Owner will
be replaced hereunder (including, without limitation, pursuant to clause (ii) above) with a new Owner until such Owner has been repaid in full all amounts owed to it pursuant to this Agreement and the Transaction Documents. 

Section 2.11. Determination of Amounts. Each Owner or other Affected Person claiming Increased Costs will furnish to the Issuer a
certificate setting forth in reasonable detail the basis, calculation and amount of each request by such Owner or other Affected Person, as applicable. Each Owner’s determination of any Increased Cost will be conclusive, absent manifest error.

 Article III 
 CONDITIONS
PRECEDENT TO FUNDING BY THE PURCHASERS 
 The Purchasers, other than the Primary Note Purchaser under a Commitment Letter, have
no obligation to fund the Note Initial Increase or any Note Balance Increase. To the extent the Primary Note Purchaser enters into a Commitment Letter or the other Purchasers choose to fund the Note Initial Increase or any Note Balance Increase, the
obligation or election, as applicable, of the Purchasers (a) to fund the Note Initial Increase on the Note Initial Increase Date is subject to the satisfaction of each of the conditions set forth in this Article III and (b) to fund any
Note Balance Increase on any Note Balance Increase Date is subject to the satisfaction of the conditions set forth in Sections 3.02, 3.03, 3.04, 3.05, 3.06, 3.09, 3.10, [3.11,
]3.12, 3.13, [3.14, ]3.15 and 3.16. In accordance with the terms hereof, any conditions waived by the Primary Note Purchaser with respect to any Note Initial Increase or Note
Balance Increase shall be deemed satisfied for the terms hereof with respect to such Note Initial Increase or Note Balance Increase, as applicable. 

Section 3.01. Transaction Documents. On the Closing Date, the Administrative Agent shall have received counterparts of this
Agreement, the Indenture, the Servicing Agreement, the First Receivables Purchase Agreement, the Second Receivables Purchase Agreement, the Receivables Trust Agreement, and the Certificate of Trust (each, a “Closing Date Transaction
Document”), duly executed by the parties hereto and thereto. On the Closing Date, the ABL Lenders and the Purchasers shall have entered into the Intercreditor Agreement.
[On or before the Note Initial Increase Date, the Administrative Agent shall have received counterparts of the Backup Servicing Agreement, duly executed by the parties thereto.
]On or before the Note Initial Increase Date, the Issuer shall have taken such other action as required by the ABL Agreement to cause, the transactions contemplated hereby to be classified as
a Permitted ABS Transaction under the ABL Agreement. The Primary Note Purchaser confirms that the requirements of this
Section 3.01 have been satisfied as of the Effective Date. 

  
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 Section 3.02. The Notes. The Notes shall have been duly issued in accordance with the
Indenture. 
 Section 3.03. Corporate Proceedings and Information. The Administrative Agent shall have received
(x) copies of the articles of incorporation, by-laws, certificate of formation, limited liability company operating agreement or other organizational documents, as applicable, of the Issuer, the Receivables Trust, the Depositor, the Seller, and
the Servicer (each, a “Closing Date Transaction Party”), (y) copies of resolutions or written consents, as applicable, of each Closing Date Transaction Party authorizing the execution and delivery of this Agreement and
the other Closing Date Transaction Documents (or, with respect to any Note Balance Increase Date, any documents executed on such date) to which it is a party and performance of its obligations thereunder, and (z) copies of certificates dated as
of a recent date from the applicable authorities evidencing the good standing or existence, as applicable, of each Closing Date Transaction Party. 

Section 3.04. Incumbency Certificates. The Administrative Agent shall have received a certificate of incumbency certifying the
names, titles and specimen signatures for the officers of each Closing Date Transaction Party that has executed or will execute a Closing Date Transaction Document or, with respect to any Note Balance Increase Date, any documents executed on such
date). 
 Section 3.05. Financing Statements. The Administrative Agent shall have received evidence satisfactory to it [of the completion of all searches, recordings, registrations, and]that all filings as may be necessary [or, in the reasonable opinion of] the Administrative
Agent[, desirable ]to perfect or evidence the first priority (subject to Permitted Liens) sale of the Receivables by
[each of ]the [Sellers]2016-B Seller to the Depositor,
the sale of the Receivables by the Depositor to the Receivables Trust, the[ sale of the Trust Certificate by the Depositor to the Issuer and the] pledge by the Issuer to the Indenture Trustee of the Trust Estate and the proceeds
thereof and the pledge by the Receivables Trust to the Indenture Trustee of the Receivables Trust Estate and proceeds
thereof, have been delivered to the Administrative Agent for filing. 

Section 3.06. Officer’s Certificates. The Administrative Agent on behalf of the Purchasers shall have received on the [Closing]Note
 Balance Increase Date the following items, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent: 

(a) an Officer’s Certificate of the Servicer confirming the satisfaction of the conditions set forth in
Section 3.09(a) (as to representations and warranties of the Servicer only); 
 (b) an Officer’s Certificate of the
Depositor confirming the satisfaction of the conditions set forth in Section 3.09(a) (as to representations and warranties of the Depositor only); 

  
 21 

 (c) an Officer’s Certificate of the Issuer confirming the satisfaction of
the conditions set forth in conditions set forth in Section 3.09(a) (as to representations and warranties of the Issuer only); and 

(d) an Officer’s Certificate of Sponsor confirming the satisfaction of the conditions set forth in conditions set forth in
Section 3.09(a) (as to representations and warranties of the Sponsor only). 
 Section 3.07. Opinions of Counsel to the Closing
Date Transaction Parties and the Indenture Trustee. Counsel (including in-house counsel) to each Closing Date Transaction Party and the Indenture Trustee shall have delivered to the Administrative Agent favorable opinions, which have been requested
by the Administrative Agent
on or before the Effective Date, dated as of a date on or before
the Note
[Initial]
Balance Increase Date and reasonably satisfactory in form and substance to the Administrative Agent and its counsel and subject to customary assumptions and qualifications, relating to
corporate matters, legality, validity and enforceability of the [Closing Date Transaction Documents]Omnibus Amendment No. 3 and related documents, perfection[ and priority], no[ conflicts,] required governmental consents or filings, [the absence of litigation, the Investment Company Act, securities laws matters, tax matters
and such other matters as] the Administrative Agent [may reasonably request. In addition, on the Closing Date and on the Note Initial Increase Date, in-house counsel to the Closing Date Transaction Parties shall have provided to the
Administrative Agent a no-conflicts opinion dated as of a date on or before the Closing Date and the Note Initial Increase Date, as applicable, and reasonably satisfactory in form and substance to the Administrative Agent and its counsel and subject
to customary assumptions and qualifications]and securities laws
matters. 
 Section 3.08. Additional Opinions of Counsel to the
Seller. Counsel to the Seller[ as of a date on or before the Note Initial Increase Date] shall have delivered to the
Administrative Agent favorable opinions, which have been requested by the Administrative Agent on or before the Effective
Date, dated as of a date on or before the Note
[Initial]
Balance Increase Date and reasonably satisfactory in form and substance to the Administrative Agent and its counsel and subject to customary assumptions and qualifications, relating to
certain true sale [and non-consolidation
matters](in the form of a reliance letter with respect to the
opinion letter issued by Mayer Brown LLP on October 6, 2016 re: Conn’s Receivables Funding 2016-B, LLC; Certain Bankruptcy Matters). 

Section 3.09. Transaction Conditions. The following conditions shall have been satisfied on the Note Initial Increase Date and on
any Note Balance Increase Date: 
 (a) the representations and warranties of the Seller, the Depositor, the Servicer, the
Issuer, and the Sponsor contained in each of the Transaction Documents shall be true and correct in all material respects; and 

(b) No [Early Amortization Event, ]Servicer Default or Event of Default shall have occurred and be continuing. 

  
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 Section 3.10. Accounts. The Note Accounts shall have been established and in
accordance with the Indenture. The balance of the Reserve Account shall, immediately after the issuance of the Notes on the Note Initial Increase Date or any Note Balance Increase Date, equal the Required Cash Reserve Account Amount. 

Section 3.11. [Fees][Reserved]. [The Administrative Agent and each Purchaser shall have received all fees and all other amounts required to be paid to the Administrative Agent and such Purchaser pursuant to the Fee Letter
or otherwise on or prior to the Note Initial Increase Date or Note Balance Increase Date, as applicable. ] 

Section 3.12. Other Documents. The Issuer shall have furnished to the Administrative Agent such other information,
certificates, documents and opinions of counsel as the Administrative Agent may reasonably request in connection with the transactions contemplated by this Agreement and the other Transaction Documents. The Primary Note Purchaser confirms that the requirements of this Section 3.12 have been satisfied as of the Effective Date and
further document requests, if any, prior to the 2018 Warehouse Funding Date will not be subject to this Section 3.12 in the absence of an event constituting an Adverse Effect under clause (a) or (b) under the definition
thereof. 
 Section 3.13. Conditions. The commitment of the Primary Note Purchaser under any Commitment Letter and the
election of each other Purchaser to fund any Note Balance Increase shall be subject to the conditions precedent that, on the date of such funding, before and after giving effect thereto and to the application of any proceeds therefrom,
the following statements shall be true or the associated condition shall have been waived: 
 (a) the Note Balance
after giving effect to the requested Note Balance Increase shall not exceed the Note Maximum Balance (or the Note Maximum Balance is increased in accordance with the definition thereof and the Indenture) and the Target Overcollateralization Amount
is met; 
 (b) the representations and warranties made by the Seller, the Depositor, the Servicer, the Issuer, and the
Sponsor in the Transaction Documents to which it is a party shall be true and correct in all material respects as of the applicable Note Balance Increase Date as though made on that date (unless stated to relate solely to an earlier date, in which
case such representations and warranties shall be true and correct in all material respects as of such earlier day); 
 (c)
the Issuer, the Depositor, the Seller, and the Servicer are in compliance in all material respects with their respective obligations under the Transaction Documents; 

(d) no Event of Default, [Early Amortization Event,
]Servicer Default, Unmatured Event of Default, or Unmatured Servicer Default[ or Unmatured Early Amortization Event] (in the case of
an Unmatured Event of
Default[,]
 or Unmatured Servicer Default[ or Unmatured Early Amortization Event], only to the extent that the Issuer, the Depositor or the Servicer has actual knowledge thereof) shall have occurred and be continuing or shall occur as a result of such Note Balance Increase; and 

  
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 (e) the Issuer shall have delivered a Note Balance Increase Notice
pursuant to Section 2.08 of the Indenture [to each Noteholders]or other Officer’s Certificate to the Primary Note Purchaser, the Administrative Agent, the Indenture Trustee and the
Servicer, which Note Balance Increase Notice or Officer’s Certificate, as applicable, shall certify that all
conditions precedent to such Note Balance Increase have been, or on or prior to the applicable Note Balance Increase Date will
be, satisfied[;
and]. 

(f) [each other condition precedent to such Note Balance
Increase specified in Section 2.08 of the Indenture shall have been satisfied or
waived.][Reserved]. 
 Section 3.14.
[Interest Rate Hedge][Reserved].[ The Cap Condition is satisfied.] 

Section 3.15. Due Diligence. The Administrative Agent and each Purchaser shall each have completed its diligence on the Issuer,
the Servicer, the Depositor, the Seller and the Receivables to its satisfaction. The Primary Note Purchaser confirms that the
requirements of this Section 3.15 have been satisfied as of the Effective Date. 

Section 3.16. Collateral. The Collateral pool satisfies the Initial Pool Criteria and each Receivable, other than any 2016-B Ineligible Receivables, in such Collateral pool is an
Eligible Receivable as of the applicable Cut-Off Date. 

Article IV 
 REPRESENTATIONS
AND WARRANTIES OF THE ISSUER 
 The Issuer hereby makes the following representations and warranties by its execution of a Note Initial
Increase Notice, as of the Note Initial Increase Date and, by its execution of a Note Balance Increase Notice, as of each Note Balance Increase Date. 

Section 4.01. Issuer’s Organization. The Issuer is validly formed and existing and in good standing as a limited liability
company under the laws of the State of Delaware. The Issuer is not in violation of its certificate of formation or limited liability company operating agreement. 

Section 4.02. Power and Authority. The Issuer has all requisite limited liability company power and authority (i) to own its
properties and conduct its business as presently owned or conducted and (ii) to execute and deliver the Transaction Documents to which it is a party and to perform its obligations thereunder. 

Section 4.03. Qualification. The Issuer is duly qualified to do business and in receipt of all necessary licenses and approvals in
each jurisdiction where the failure to be so qualified, licensed or approved could reasonably be expected to have an Adverse Effect. 

Section 4.04. Issuer’s Authorization and Execution of Transaction Documents. The execution and delivery by the Issuer of each
of the Transaction Documents to which it is a party, and the performance of its obligations thereunder, including, without limitation, the issuance of the Notes, have been duly and validly authorized by all necessary limited liability company action
or proceedings. 

  
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 Section 4.05. Enforceability. Each of the Transaction Documents to which the Issuer
is a party constitute the legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with its terms, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
receivership and other laws affecting creditors’ rights generally and by general principles of equity (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law), and except as rights to indemnity
and contribution hereunder may be limited by federal or state securities laws or principles of public policy. 
 Section 4.06. No
Conflicts. Neither the execution and delivery by the Issuer of each of the Transaction Documents to which it is a party, nor the performance of its obligations thereunder, conflicts with or violates or results in a breach of any of the
provisions of, or constitutes a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Issuer is a party or by which the Issuer or any of its property is bound, which conflict, violation or
default could reasonably be expected to have an Adverse Effect. 
 Section 4.07. No Litigation. There are no legal or
administrative proceedings or investigations pending or, to the best of the Issuer’s knowledge, threatened, against the Issuer by any Governmental Authority or body or any arbitrator with respect to the Issuer, the Transaction Documents or any
of the transactions contemplated in the Transaction Documents. 
 Section 4.08. No Consents. No approval, authorization,
declaration or consent of, or registration with, any Governmental Authority, other than those approvals, authorizations, declarations, consents or registrations received or completed as of such date, is necessary for the execution or delivery by the
Issuer of any of the Transaction Documents to which it is a party, or the performance of its obligations thereunder, other than any such approval, authorization, declaration, consent or registration which the failure to receive or complete could not
reasonably be expected to have an Adverse Effect. 
 Section 4.09. Trust Indenture Act; Investment Company Act. The Indenture is
not required to be qualified under the Trust Indenture Act of 1939, as amended, and the Issuer is not required to be registered under the Investment Company Act. 

Section 4.10. Holder of Title. The Trust Certificate and other assets comprising the Trust Estate have been pledged to the
Indenture Trustee, for the benefit of the Indenture Trustee and the Noteholders, free and clear of any Lien arising through or under the Issuer on the Trust Estate and each Receivable is free and clear of any Lien arising by or through the
Receivables Trust. 
 Section 4.11. Notes Issued and Outstanding. As of the Note Initial Increase Date and any Note Balance
Increase Date, the Notes will have been duly and validly authorized. The Notes, when validly authenticated, issued and delivered by the Indenture Trustee in accordance with the Indenture and sold to the Purchasers as provided herein, will be validly
issued and outstanding and entitled to the benefits of the Indenture, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership and other laws affecting creditors’ rights
generally and by general principles of equity (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law), and except as rights to indemnity and contribution thereunder may be limited by federal or
state securities laws or principles of public policy. 

  
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 Section 4.12. No Registration. Assuming the accuracy of the representations and
warranties of the Purchasers under this Agreement and the Indenture, the issuance and sale of the Notes on the Note Initial Increase Date and any Note Balance Increase Date is exempt from the registration requirements of the Securities Act. 

Section 4.13. Tax Status. Since formation the Issuer has not been treated as an entity separate from its owner for U.S. federal
income tax purposes and has not made any tax election (e.g. pursuant to U.S. Treasury Regulation § 301.7701-3) to be classified as an entity taxable as a corporation. The Issuer has timely filed all tax returns which are required to be filed by
it and has paid all taxes due pursuant to such returns. As of the date hereof, there is no unresolved claim by a taxing authority concerning its tax liability for any period for which returns have been filed or were due, other than those contested
in good faith by appropriate proceedings and with respect to which adequate reserves have been established and are being maintained in accordance with GAAP 

Section 4.14. Accuracy of Information. No written information furnished by the Issuer or any of its agents or representatives to
the Purchasers or the Administrative Agent for purposes of or in connection with this Agreement, including, without limitation, any information relating to the Notes, is inaccurate in any material respect, or contains any material misstatement of
fact, or omits to state a material fact or any fact necessary to make the statements contained therein not materially misleading, in each case as of the date such information was stated or certified and as of the date such information was delivered
by the Issuer or any of its agents or representatives to the Purchasers or the Administrative Agent. 
 Article V 

COVENANTS OF THE ISSUER 

The Issuer hereby makes each of the following covenants and agreements for so long as any amount of the Notes shall be outstanding or any
monetary obligation arising hereunder is owing and shall remain unpaid, unless the Required Noteholders shall otherwise consent in writing. 

Section 5.01. The Issuer’s Existence; Conduct of Business. The Issuer will preserve and maintain its existence as a limited
liability company duly formed and existing under the laws of the State of Delaware. The Issuer will do all things necessary to remain duly formed, validly existing and in good standing under its jurisdiction of formation and to remain qualified to
do business, and maintain all requisite authority to conduct its business, in each jurisdiction in which its business is presently conducted and where the failure to be so qualified, licensed or approved could reasonably be expected to have an
Adverse Effect. 
 Section 5.02. Performance of Agreements. The Issuer shall perform on a timely basis each of its respective
agreements, warranties and indemnities under, and comply in all material respects with each of the respective terms and provisions applicable to it in, the Indenture and each other Transaction Document to which it is a party. 

  
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 Section 5.03. Event of Default
[or Early Amortization Event]. The Issuer shall furnish to each Owner, promptly after the occurrence of any Event of Default, a certificate of an appropriate
officer of the Issuer setting forth the circumstances of such Event of Default[ or Early Amortization Event, as applicable],
whether or not waived, and any action taken or proposed to be taken by or on behalf of the Issuer with respect thereto. 

Section 5.04. Copies of Documents; Information. If not already provided, the Issuer shall promptly furnish to the Administrative
Agent (i) a copy of each certificate, report, statement, notice or other communication furnished by it or on its behalf to the Depositor, any Seller or the Servicer concurrently therewith and furnish to the Administrative Agent promptly after
receipt thereof a copy of each notice, demand or other communication received by it or on its behalf pursuant to this Agreement or any other Transaction Document, and (ii) such other information, documents, records or reports respecting the
Receivables, the Issuer, the Depositor, any Seller or the Servicer which is in its possession or under its control, as the Administrative Agent may from time to time reasonably request. 

Section 5.05. Limitation on Indebtedness. The Issuer shall not (a) create, incur, assume or suffer to exist any indebtedness,
except (i) obligations incurred or owing to the Administrative Agent or the Purchasers under this Agreement, (ii) liabilities contemplated by the other Transaction Documents and any other documents and agreements entered into in connection
therewith and (iii) other indebtedness in an aggregate principal amount not to exceed $25,000 at any time outstanding or (b) guarantee indebtedness and other liabilities and obligations of any Person other than as contemplated by the
Transaction Documents. 
 Section 5.06. Limitation on Liens. It shall not create, incur, assume or suffer to exist any Lien upon
any of its property, assets or revenues, whether now owned or hereafter acquired, or assign or otherwise convey or encumber any existing or future right to receive any income or payments, except for (i) Liens created pursuant to this Agreement
or the other Transaction Documents, (ii) judgment liens in respect of judgments that do not constitute an Event of Default and (iii) liens of banks and securities intermediaries arising in the ordinary course of business. 

Section 5.07. Fundamental Changes. Except as contemplated by this Agreement and the other Transaction Documents, it shall not
enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, any of its property, business or assets
outside the ordinary course of its business. 
 Section 5.08. Other Actions. The Issuer shall execute and deliver to the
Administrative Agent all such documents and instruments and do all such other acts and things as may be necessary or reasonably required by the Administrative Agent to enable the Administrative Agent to exercise and enforce its rights under this
Agreement and the other Transaction Documents and to realize thereon, and shall record and file and re-record and re-file all such documents and instruments, at such time or times, in such manner and at such place or places, as may be necessary or
reasonably required by the Administrative Agent to validate, preserve, perfect and protect the position of the Purchasers under this Agreement and the other Transaction Documents or to more fully effect the purposes of this Agreement. 

  
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 Section 5.09. Tax Status. The Issuer shall not take (or permit any other Person to
take) any action that could (or could reasonably be expected to) cause the Issuer to be classified as other than a disregarded entity within the meaning of U.S. Treasury Regulation § 301.7701-3. The Issuer shall timely file all tax returns
which are required to be filed by it and shall pay all taxes due pursuant to such returns. 
 Section 5.10. Cooperation Regarding
Ratings. The Issuer agrees to take such action and furnish such documents as the Administrative Agent may reasonably request in connection with the maintenance of any ratings, and the Issuer shall use commercially reasonable efforts to furnish
such documents and take any such other action, in each case, to the extent the Notes are rated by any Rating Agency; provided that the Issuer or its Affiliates shall not be required to engage any Rating Agency in connection with the Notes or incur
any out-of-pocket expenses with respect to any Rating Agency rating the Notes unless the Administrative Agent directs the Issuer to undertake such engagement and agrees to reimburse the Issuer, Depositor and Servicer for all expenses related
thereto. 
 Section 5.11. Ratings. To the extent that any rating provided with respect to any commercial paper notes issued by
any Conduit by any rating agency is conditional upon the furnishing of documents or the taking of any other action by the Issuer in connection with the transactions contemplated by this Agreement, the Issuer shall use all commercially reasonable
efforts to furnish such documents and take any such other action. 
 Section 5.12. Amendment of Transaction Documents. The
Issuer shall not amend or modify any Transaction Document or waive any term thereof without the express written consent of the Administrative Agent and the Required Noteholders. 

Section 
5.13. Back-up Servicing Agreement and Cap Condition. No later than the date that is forty-five (45) days after the date
on which the Administrative Agent has delivered a written notice to the Issuer requesting that the Issuer cause the Back-up Servicing Agreement to be in full force and effect, the Issuer shall cause the Back-up Servicing Agreement to be in full
force and effect. No later than the date that is forty-five (45) days after the date the Administrative Agent has delivered a written notice to the Issuer requesting that the Issuer cause the Cap Condition to be satisfied, the Issuer shall
cause the Cap Condition to be satisfied. 
 Article VI 

REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR AND THE SPONSOR 

The Depositor (or, with respect to Section 6.13, the Sponsor) hereby makes the following representations and warranties to the Purchasers
and the Administrative Agent as of the Note Initial Increase Date, as of any Note Balance Increase Date and as of each sale of Receivables under the Second Receivables Purchase Agreement. 

Section 6.01. Depositor’s Organization. The Depositor is validly formed and existing and in good standing as a limited
liability company under the laws of the State of Delaware. The Depositor is not in violation of its certificate of formation or its limited liability company agreement. 

  
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 Section 6.02. Power and Authority. The Depositor has all requisite limited liability
company power and authority (i) to own its properties and conduct its business as presently owned or conducted and (ii) to execute and deliver the Transaction Documents to which it is a party and to perform its obligations thereunder. 

Section 6.03. Qualification. The Depositor is duly qualified to do business and in receipt of all necessary licenses and approvals
in each jurisdiction where the failure to be so qualified, licensed or approved could reasonably be expected to have an Adverse Effect. 

Section 6.04. Depositor’s Authorization and Execution of Transaction Documents. The execution and delivery by the Depositor
of each of the Transaction Documents to which it is a party, and the performance of its obligations thereunder, have been duly and validly authorized by all necessary limited liability company action or proceedings. 

Section 6.05. Enforceability. Each of the Transaction Documents to which the Depositor is a party constitute the legal, valid and
binding obligations of the Depositor, enforceable against the Depositor in accordance with its terms, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership and other laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law), and except as rights to indemnity and contribution hereunder may be
limited by federal or state securities laws or principles of public policy. 
 Section 6.06. No Conflicts. Neither the execution
and delivery by the Depositor of each of the Transaction Documents to which it is a party, nor the performance of its obligations thereunder, conflicts with or violates or results in a breach of any of the provisions of, or constitutes a default
under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Depositor is a party or by which the Depositor or any of its property is bound, which conflict, violation or default could reasonably be expected to
have an Adverse Effect. 
 Section 6.07. No Litigation. Except as otherwise disclosed by Conn Appliances, Inc. or the Depositor on or before
[such
date]the Effective Date, there are no legal or administrative proceedings or investigations pending or, to the best of the Depositor’s knowledge, threatened, against it by any Governmental Authority or body or any arbitrator with
respect to the Depositor, the Transaction Documents or any of the transactions contemplated in the Transaction Documents which could reasonably be expected to have an Adverse Effect. 

Section 6.08. No Consents. No approval, authorization, declaration or consent of, or registration with, any Governmental
Authority, other than those approvals, authorizations, declarations, consents or registrations received or completed as of such date, is necessary for the execution or delivery by the Depositor of any of the Transaction Documents to which it is a
party, or the performance of its obligations thereunder. 
 Section 6.09. Investment Company Act. The Depositor is not required
to be registered under the Investment Company Act. 

  
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 Section 6.10. Conveyance of Receivables. The Receivables have been transferred to the
Receivables Trust free and clear of any Lien arising by or through the Depositor. 
 Section 6.11. [Eligible Receivables. Each Receivable purported to have been transferred by the Depositor to the
Receivables Trust pursuant to the Second Receivables Purchase Agreement satisfies, on the date of such transfer, the criteria for an Eligible Receivable on and as of such date.][Reserved]. 

Section 6.12. Written Information. No written information furnished by the Depositor or any of its agents or representatives to
the Purchasers or the Administrative Agent for purposes of or in connection with this Agreement, including, without limitation, any information relating to the Notes, is inaccurate in any material respect, or contains any material misstatement of
fact, or omits to state a material fact or any fact necessary to make the statements contained therein not materially misleading, in each case as of the date such information was stated or certified and as of the date such information was delivered
by the Depositor or any of its agents or representatives to the Purchasers or the Administrative Agent. 
 Section 6.13. Compliance
with Credit Risk Retention Rules. The Sponsor has complied, and is the appropriate entity to comply, with all requirements imposed on the “sponsor of a securitization transaction” in accordance with the Credit Risk Retention Rules, in
each case directly or (to the extent permitted by the Credit Risk Retention Rules) through one or more Majority-Owned Affiliates. The Sponsor or one or more of its Majority-Owned Affiliates holds an Eligible Horizontal Residual Interest equal to at
least 5% of the fair value of all the ABS Interests issued as part of the transactions contemplated by the Transaction Documents, determined as of the Note Initial Increase Date and any Note Balance Increase Date using a fair value measurement
framework under United States generally accepted accounting principles (such interest, the “Retained Interest”). The Sponsor has determined such fair value of the Retained Interest based on its own valuation methodology, inputs and
assumptions and is solely responsible therefor. For the avoidance of doubt, the foregoing representation is not an argument or an admission that any Note Initial Increase or Note Balance Increase, as applicable, is a securitization transaction
subject to the Credit Risk Retention Rules. 
 Article VII 

COVENANTS OF THE DEPOSITOR AND THE SPONSOR 

The Depositor (or, with respect to Section 7.13, the Sponsor) hereby makes the following covenants and agreements for so long as any
amount of the Notes shall be outstanding or any monetary obligation arising hereunder is owing and shall remain unpaid, unless the Required Noteholders shall otherwise consent in writing. 

Section 7.01. The Depositor’s Existence; Conduct of Business. The Depositor will preserve and maintain its existence as a
limited liability company duly formed and existing under the laws of the State of Delaware. The Depositor will do all things necessary to remain duly formed, validly existing and in good standing under its jurisdiction of formation and to remain
qualified to do business, and maintain all requisite authority to conduct its business, in each jurisdiction in which its business is presently conducted and where the failure to be so qualified, licensed or approved could reasonably be expected to
have an Adverse Effect. 

  
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 Section 7.02. Performance of Agreements. The Depositor will perform on a timely basis
each of its respective agreements, warranties and indemnities under, and comply in all material respects with each of the respective terms and provisions applicable to it in and each Transaction Document to which it is a party. 

Section 7.03. Event of Default [ or Early Amortization
Event]. The Depositor will furnish to each Owner, promptly after the occurrence of, any Event of Default[ or Early Amortization Event], a certificate of an
appropriate officer of the Depositor setting forth the circumstances of such Event of Default[ or Early Amortization Event, as applicable], whether or not waived, and any action taken or proposed to be taken by or on behalf of the Depositor with respect thereto. 

Section 7.04. Copies of Documents; Information. If not already provided, the Depositor shall promptly furnish to the
Administrative Agent (i) a copy of each certificate, report, statement, notice or other communication furnished by it or on its behalf to the Issuer, any Seller or the Servicer concurrently therewith and furnish to the Administrative Agent
promptly after receipt thereof a copy of each notice, demand or other communication received by it or on its behalf pursuant to this Agreement or any other Transaction Document, and (ii) such other information, documents, records or reports
respecting the Receivables, the Depositor, the Issuer, any Seller or the Servicer which is in its possession or under its control, as the Administrative Agent may from time to time reasonably request. 

Section 7.05. Limitation on Indebtedness. The Depositor shall not (a) create, incur, assume or suffer to exist any
indebtedness, except (i) obligations incurred or owing to the Administrative Agent or the Purchasers under this Agreement, (ii) liabilities contemplated by the other Transaction Documents and any other documents and agreements entered into
in connection therewith, (iii) other indebtedness in an aggregate principal amount not to exceed $25,000 at any time outstanding or (iv) indebtedness incurred pursuant to a Permitted ABS Transaction, or (b) guarantee indebtedness and
other liabilities and obligations of any Person other than as contemplated by the Transaction Documents or any Permitted ABS Transaction. 

Section 7.06. Limitation on Liens. It shall not create, incur, assume or suffer to exist any Lien upon any of its property, assets
or revenues, whether now owned or hereafter acquired, or assign or otherwise convey or encumber any existing or future right to receive any income or payments, except for (i) Liens created pursuant to this Agreement or the other Transaction
Documents, (ii) judgment liens in respect of judgments that do not constitute an Event of Default, (iii) liens of banks and securities intermediaries arising in the ordinary course of business, and (iv) Liens pursuant to any other
Permitted ABS Transaction. 
 Section 7.07. Fundamental Changes. Except as contemplated by this Agreement and the other
Transaction Documents, it shall not enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, any of
its property, business or assets outside the ordinary course of its business. 

  
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 Section 7.08. Other Actions. Execute and deliver to the Administrative Agent all such
documents and instruments and do all such other acts and things as may be necessary or reasonably required by the Administrative Agent to enable the Administrative Agent to exercise and enforce its rights under this Agreement and the other
Transaction Documents and to realize thereon, and shall record and file and re-record and re-file all such documents and instruments, at such time or times, in such manner and at such place or places, as may be necessary or reasonably required by
the Administrative Agent to validate, preserve, perfect and protect the position of the Purchasers under this Agreement and the other Transaction Documents or to more fully effect the purposes of this Agreement. 

Section 7.09. Ratings. To the extent that any rating provided with respect to any commercial paper notes issued by any Conduit by
any rating agency is conditional upon the furnishing of documents or the taking of any other action by the Depositor in connection with the transactions contemplated by this Agreement, the Depositor shall use all commercially reasonable efforts to
furnish such documents and take any such other action. 
 Section 7.10. Inspection of Depositor. The Depositor will permit the
Administrative Agent or its agents or representatives (including any independent public accounting firm or other third-party auditors), at the sole cost and expense of the Depositor (up to an amount equal to $40,000 per annum, with the sum of all
amounts payable by the Servicer and the Depositor in accordance with this Section 7.10 and Section 9.05 not to exceed $40,000 per annum), in the aggregate collectively for the inspection of the Depositor under this Section 7.10 and
the Servicer under Section 9.05, to visit the offices the Depositor to examine all books, records and documents (including computer tapes and disks) relating to, and conduct an audit with respect to, the Notes. If the Administrative Agent
elects to visit the offices of the Depositor pursuant to the foregoing sentence, the Depositor, on at least thirty (30) days’ prior written notice to the Administrative Agent, shall establish a date for one such visit per calendar year
which may coincide with visits by counterparties on other financing transactions involving affiliates of the Depositor and which shall coincide with any visit pursuant to Section 9.05 hereof; provided, that if additional visits
are required for the Administrative Agent to verify or follow-up on results of such annual audit, such additional visits will not constitute additional visits but will be deemed to be part of the annual visit. In addition, if an [Early Amortization Event or an ]Event of Default has occurred and is continuing, the Administrative Agent may, upon reasonable
notice, make as many such visits as required in any calendar year at the sole cost and expense of the Depositor (without any cap on expenses). Nothing in this Section shall derogate from the obligation of the Issuer, the Depositor or the Servicer to
observe any applicable law prohibiting disclosure of information regarding the Receivables Obligors and the failure of the Depositor to provide access as provided in this Section as a result of any such obligation shall not constitute a breach of
this Section. For the avoidance of doubt any recovery of audit expenses shall also constitute a recovery for purpose of Section 9.05 hereof. 

Section 7.11. Cooperation Regarding Ratings. The Depositor agrees to take such action and furnish such documents as the
Administrative Agent may reasonably request in connection with the obtaining or maintenance of ratings in respect of the Notes, and the Depositor shall use commercially reasonable efforts to furnish such documents and take any such other action;
provided that the Depositor or its Affiliates shall not be required to engage any Rating Agency in connection with the Notes or incur any out-of-pocket expenses with respect to any Rating Agency rating the Notes unless the Administrative Agent
directs the Issuer to undertake such engagement and agrees to reimburse the Issuer, Depositor and Servicer for all expenses related thereto. 

  
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 Section 7.12. Amendment of Transaction Documents. The Depositor shall not amend or
modify any Transaction Document or waive any term thereof, without the express written consent of the Administrative Agent and the Required Noteholders. 

Section 7.13. Compliance with Credit Risk Retention Rules. The Sponsor or (to the extent permitted by the Credit Risk Retention
Rules) one or more Majority-Owned Affiliates will continue to comply with all requirements imposed on the “sponsor of a securitization transaction” by the Credit Risk Retention Rules for so long as those requirements are applicable,
including (i) holding the Retained Interest for the duration required in the Credit Risk Retention Rules, without any impermissible hedging, transfer or financing of the Retained Interest, and (ii) retaining more or additional ABS
Interests in connection with any Note Balance Increase, in which case such additional ABS Interests also will be deemed to be Retained Interests hereunder. The Sponsor is and will be solely responsible for compliance with the disclosure requirements
of the Credit Risk Retention Rules, including the contents of all such disclosures, ensuring that the required pre-sale disclosures were made to Purchasers, ensuring that any required post-closing disclosures are provided to Purchasers, and ensuring
that all pre-sale and post-closing disclosures required in connection with a Note Balance Increase are provided to Note Holders, in each case timely and by an appropriate method that does not require any involvement of the Primary Note Purchaser or
the Administrative Agent. To the extent that an Eligible Horizontal Residual Interest is retained as a Retained Interest in connection with any Note Balance Increase, the Sponsor will determine such fair value of the Retained Interest based on its
own valuation methodology, inputs and assumptions and will be solely responsible therefor. For the avoidance of doubt, the foregoing covenant is not an argument or an admission that any Note Initial Increase or Note Balance Increase, as applicable,
is a securitization transaction subject to the Credit Risk Retention Rules. 
 Article VIII 

REPRESENTATIONS AND WARRANTIES OF THE SERVICER 

The Servicer hereby makes the following representations and warranties to the Purchasers and the Administrative Agent, as of the Note Initial
Increase Date, as of any Note Balance Increase Date and as of each sale of Receivables under the Second Receivables Purchase Agreement. 

Section 8.01. Servicer’s Organization. The Servicer is validly incorporated and existing and in good standing as a
corporation under the laws of the State of Texas. The Servicer is not in violation of its certification of incorporation or by-laws. 

Section 8.02. Power and Authority. The Servicer has all requisite limited liability company power and authority (i) to own
its properties and conduct its business as presently owned or conducted and (ii) to execute and deliver the Transaction Documents to which it is a party and to perform its obligations thereunder. 

  
 33 

 Section 8.03. Qualification. The Servicer is duly qualified to do business and in
receipt of all necessary licenses and approvals in each jurisdiction where the failure to be so qualified, licensed or approved could reasonably be expected to have an Adverse Effect. 

Section 8.04. Servicer’s Authorization and Execution of Transaction Documents. The execution and delivery by the Servicer of
each of the Transaction Documents to which it is a party, and the performance of its obligations thereunder, have been duly and validly authorized by all necessary limited liability company action or proceedings. 

Section 8.05. Enforceability. Each of the Transaction Documents to which the Servicer is a party constitute the legal, valid and
binding obligations of the Servicer, enforceable against the Servicer in accordance with its terms, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership and other laws affecting
creditors’ rights generally and by general principles of equity (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law), and except as rights to indemnity and contribution hereunder may be
limited by federal or state securities laws or principles of public policy. 
 Section 8.06. No Conflicts. Neither the execution
and delivery by the Servicer of each of the Transaction Documents to which it is a party, nor the performance of its obligations thereunder, conflicts with or violates or results in a breach of any of the provisions of, or constitutes a default
under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which the Servicer or any of its property is bound, which conflict, violation or default could reasonably be expected to
have an Adverse Effect. 
 Section 8.07. No Litigation. There are no legal or administrative proceedings or investigations
pending or, to the best of the Servicer’s knowledge, threatened, against it by any Governmental Authority or body or any arbitrator with respect to the Servicer (except as otherwise disclosed by Conn Appliances, Inc. on or before the
[date
hereof]Effective Date), the Transaction Documents or any of the transactions contemplated in the Transaction Documents which could reasonably be expected to have an Adverse Effect. 

Section 8.08. No Consents. No approval, authorization, declaration or consent of, or registration with, any Governmental
Authority, other than those approvals, authorizations, declarations, consents or registrations received or completed as of the Closing Date, is necessary for the execution or delivery by the Servicer of any of the Transaction Documents to which it
is a party, or the performance of its obligations thereunder, other than any such approval, declaration, consent or registration which the failure to receive or complete could not reasonably be expected to have an Adverse Effect. 

Section 8.09. Accuracy of Information. No written information furnished by the Servicer or any of its Affiliates, agents or
representatives to the Purchasers or the Administrative Agent for purposes of or in connection with this Agreement, including, without limitation, any information relating to the Notes, is inaccurate in any material respect, or contains any material
misstatement of fact, or omits to state a material fact or any fact necessary to make the statements contained therein not materially misleading, in each case as of the date such information was stated or certified and as of the date such
information was delivered by the Issuer or any of its Affiliates, agents or representatives to the Purchasers or the Administrative Agent. 

  
 34 

 Article IX 

COVENANTS OF THE SERVICER 

The Servicer hereby makes the following covenants and agreements for so long as any amount of the Notes shall be outstanding or any monetary
obligation arising hereunder is owing and shall remain unpaid, unless the Required Noteholders shall otherwise consent in writing. 

Section 9.01. Performance of Agreements. The Servicer will perform on a timely basis each of its respective agreements, warranties
and indemnities under, and comply in all material respects with each of the respective terms and provisions applicable to it in, the Indenture and each other Transaction Document to which it is a party. 

Section 9.02. [Reserved]. 

Section 9.03. Copies of Documents; Information. If not already provided, the Servicer shall promptly furnish to the Administrative
Agent (i) a copy of each certificate, report, statement, notice or other communication furnished by it or on its behalf to the Issuer, any Seller or the Depositor concurrently therewith and furnish to the Administrative Agent promptly after
receipt thereof a copy of each notice, demand or other communication received by it or on its behalf pursuant to this Agreement or any other Transaction Document, and (ii) such other information, documents, records or reports respecting the
Receivables, the Issuer, the Depositor, any Seller or the Servicer which is in its possession or under its control, as the Administrative Agent may from time to time reasonably request. 

Section 9.04. Ratings. To the extent that any rating provided with respect to any commercial paper notes issued by any Conduit by
any rating agency is conditional upon the furnishing of documents or the taking of any other action by the Servicer in connection with the transactions contemplated by this Agreement, the Servicer shall use all commercially reasonable efforts to
furnish such documents and take any such other action. 
 Section 9.05. Inspection of Servicer. The Servicer will permit the
Administrative Agent or its agents or representatives (including any independent public accounting firm or other third party auditors), at the sole cost and expense of the Servicer (up to an amount equal to $40,000 per annum, with the sum of all
amounts payable by the Servicer and the Depositor in accordance with this Section 9.05 and Section 7.10 not to exceed $40,000 per annum), in the aggregate collectively with respect to the inspection of the Depositor under Section 7.10
and the Servicer under Section 9.05, to visit the offices the Servicer to examine all books, records and documents (including computer tapes and disks) relating to, and conduct an audit with respect to, the Notes. If the Administrative Agent
elects to visit the offices of the Servicer pursuant to the foregoing sentence, the Servicer, on at least thirty (30) days’ prior written notice to the Administrative Agent, shall establish a date for one such visit per calendar year which
may coincide with visits by counterparties on other financing transactions involving affiliates of the Servicer and which shall coincide with any visit pursuant to Section 7.10 hereof; provided, that if additional visits are 

  
 35 

 
required for the Administrative Agent to verify or follow-up on results of such annual audit, such additional visits will not constitute additional visits but will be deemed to be part of the
annual visit. In addition, if [an Early Amortization Event, ]a Servicer Default or an Event of Default has occurred and is
continuing, the Administrative Agent may, upon reasonable notice, make as many such visits as required in any calendar year at the sole cost and expense of the Servicer (without any cap on expenses). Nothing in this Section shall derogate from the
obligation of the Issuer, the Depositor or the Servicer to observe any applicable law prohibiting disclosure of information regarding the Receivables Obligors and the failure of the Servicer to provide access as provided in this Section as a result
of any such obligation shall not constitute a breach of this Section. For the avoidance of doubt any recovery of audit expenses shall also constitute a recovery for purpose of Section 7.10 hereof. 

Section 9.06. Agreed Upon Procedures Report. On or before April 30th
each year beginning April 30, 2018, the Servicer shall deliver or cause to be delivered, at the cost of the Servicer (up to an amount equal to $50,000 per annum, with the sum of all amounts payable by the Servicer and the Depositor in
accordance with this Section 9.06, Section 7.10 and Section 9.05 not to exceed $90,000 per annum), to the Administrative Agent, a written report demonstrating the result of certain agreed upon procedures, the scope of which is
described on Exhibit B attached hereto, performed by an independent audit and consulting firm specializing in securitization transactions selected by the Servicer and reasonably acceptable to the Administrative Agent. 

Section 9.07. Cooperation Regarding Ratings. The Servicer agrees to take such action and furnish such documents as the
Administrative Agent may reasonably request in connection with any attempt to rate the Notes, and the Servicer shall use commercially reasonable efforts to furnish such documents and take any such other action; provided that the Servicer or its
Affiliates shall not be required to engage any Rating Agency in connection with the Notes or incur any out-of-pocket expenses with respect to any Rating Agency rating the Notes unless the Administrative Agent directs the Issuer to undertake such
engagement and agrees to reimburse the Issuer, Depositor and Servicer for all expenses related thereto. 
 Section 9.08. Amendment
of Transaction Documents. The Servicer shall not amend or modify any Transaction Document or waive any term thereof without the express written consent of the Administrative Agent and the Required Noteholders. 

Article X 
 REPRESENTATIONS AND
WARRANTIES OF PURCHASERS 
 Each Purchaser party hereto on the Note Initial Increase Date and each Note Balance Increase Date, as to
itself only, represents and warrants to the Issuer, the Servicer, the Sponsor, and the Depositor that: 
 Section 10.01. Due
Authorization. Such Purchaser is duly authorized to enter into and perform this Agreement and has duly executed and delivered this Agreement; 

Section 10.02. [Reserved]. 

  
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 Section 10.03. Not for Distribution. Each Purchaser is purchasing its interest in the
Notes to be purchased by it solely for its own account as principal and not as nominee or agent for any other person, for investment and not with a view to, or for offer or sale in connection with, any distribution (within the meaning of the
Securities Act) or fractionalization thereof or with any intention of distributing or reselling its interest in the Notes or any part thereof, without prejudice, however, to the disposition of its property being at all times within its control. 

Section 10.04. Acknowledgments. It acknowledges that it has been advised by the Issuer, and hereby agrees, that: (i) the
Notes have not been registered under the Securities Act and, therefore, cannot be sold unless they are (x) registered under the Securities Act or are sold pursuant to an exemption from the registration provisions of the Securities Act and
(y) sold in compliance with any applicable state securities or “Blue Sky” laws, (ii) a legend (as set forth in Exhibit A to the Indenture) as to such restrictions on transfer will be placed on the Notes, and (iii) it may be
necessary for it to hold the Notes indefinitely and to continue to bear the economic risk of the investment in the Notes unless the Notes are subsequently registered under the Securities Act or exemptions from registration under the Securities Act
and any applicable state securities or “Blue Sky” laws are available. It acknowledges that it has no right to require the Issuer, the Depositor or any affiliate thereof to register under the Securities Act or any other securities law any
Note in which an interest is to be acquired by it pursuant to this Agreement. 
 Section 10.05. Evaluation of Transaction. It is
knowledgeable, sophisticated and experienced in business and financial matters and is capable of evaluating the merits and risks of an investment in the Notes. It fully understands its investment in the Notes and the limitations on transfer
described in this Agreement and the Indenture. It is able to bear the economic risk of its investment in the Notes and is currently able to afford the complete loss of such investment. 

Section 10.06. Accredited Investor. It is an “accredited investor” as such term is defined in Rule 501(a)(1),
(2) or (3) of Regulation D under the Securities Act. 
 Section 10.07. Information. It has received the copies of the
Transaction Documents, and it has been afforded the opportunity (i) to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Issuer, the Servicer, and the Depositor with respect to the Issuer, the
Notes, the Transaction Documents, the terms and conditions of the offering of the Notes and the merits and risks of investing in the Notes, and (ii) to obtain such additional information and documents which the Issuer, the Servicer, or the
Depositor possess or can acquire without unreasonable effort or expense that are necessary to make the decision whether to invest in the Notes. It acknowledges that it has received from the Issuer, the Servicer and the Depositor the information
requested by it with respect to the Notes and the assets of the Issuer. 
 Section 10.08. Reliance upon Purchasers’
Representations. It understands that the Issuer, the Servicer, and the Depositor and their respective counsel will rely upon the accuracy and truthfulness of the foregoing representations, and it hereby consents to such reliance. 

Section 10.09. Transfer Restrictions. It understands, and agrees to comply with, the restrictions on the transfer of the Notes set
forth in the Indenture and this Agreement, and it will sell its interest in such Notes only in compliance with such restrictions. 

  
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 Article XI 

MISCELLANEOUS 

Section 11.01. Term; Amendments. 

(a) This Agreement and any related Fee Letter shall continue in full force and effect from the Note Initial Increase Date or
Note Balance Increase Date to the earlier of (i) the first day on or after the Maturity Date on which all amounts due and owing to the Purchasers and the Indemnified Parties under this Agreement and the other Transaction Documents have been
indefeasibly paid in full and (ii) the day on which each of the parties hereto agrees in writing that this Agreement shall be terminated. 

(b) No consent given pursuant to this Agreement or the Fee Letter nor any amendment, supplement, waiver or other modification
(each, a “Modification”) of any provision of this Agreement or the Fee Letter shall in any event be effective unless such Modification shall be in writing and signed by the Issuer, the Servicer and the Administrative Agent.

 Section 11.02. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN, WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Section 11.03. Submission to Jurisdiction. EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST
ANY OTHER PARTY HERETO OR ANY OF THEIR PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 
 Section 11.04. Waiver of Jury
Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, OR RELATING TO AN INCIDENT TO
THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS. 

  
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 Section 11.05. No Waiver. Neither any failure nor any delay on the part of any party
in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise or the exercise of any other right, power or privilege. 

Section 11.06. Severability. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

Section 11.07. Assignments and Participations. 

(a) In General. This Agreement shall be binding upon, and inure to the benefit of, the Purchasers, the Indemnified
Parties, the Administrative Agent, the Servicer, the Depositor and the Issuer and their respective successors and permitted assigns, subject to the further provisions of this Section 11.07. Each Purchaser agrees that the Notes purchased by such
Purchaser pursuant to this Agreement will be acquired for investment only and not with a view to any public distribution thereof, and that such Purchaser will not offer or sell or otherwise dispose of the Notes so acquired by it (or any interest
therein) in violation of any of the registration requirements of the Securities Act or any other applicable state or other securities laws. Each Purchaser acknowledges and agrees that (i) it has no right to require the Issuer or the Indenture
Trustee to register under the Securities Act or any other securities law the Notes to be acquired by the Purchaser pursuant to this Agreement and (ii) the sale of the Notes is not being made by means of a private placement memorandum. Each
Purchaser hereby confirms and agrees that in connection with any syndication by it of an interest in the Notes, such Purchaser has not engaged in and will not engage in a general solicitation or general advertising including advertisements,
articles, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 (b) Restrictions Upon Transfer Relating to the Notes. 

(i) Subject to the transfer restrictions set forth in the Indenture, the Purchasers may at any time sell, assign or otherwise
transfer all or a portion of its rights or delegate or otherwise transfer any of its obligations (including, without limitation, the Note) to the extent of such Purchaser’s rights and obligations (each, an “Assignment”),
to any Permitted NPA Assignee; provided, that any Assignment shall be void unless such Assignee shall have entered into an Assignment and Assumption Agreement, with appropriate modifications, pursuant to which such Assignee has agreed in
writing to assume the applicable obligations of the assignor under this Agreement. Each Assignee shall provide to the Issuer or its agent appropriately executed copies of the forms required by Section 2.08(b) hereof with respect to each such
Assignee (A) prior to or promptly after any such assignment and (B) upon the occurrence of any event which would require the amendment or resubmission of any such form previously provided hereunder. 

  
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 (ii) Subject to the Indenture, any Purchaser may at any time grant to any
Participant participations in all or part of the payments due to it, and its rights under this Agreement, in a minimum amount of $1,000,000. The provisions of Sections 2.07 through 2.08 of this Agreement shall apply fully to any Participant;
provided, that no Participant shall be entitled to receive any amount pursuant to such Sections in excess of the amount the participating Purchaser would be entitled to receive thereunder. In connection with any such transfer to a
Participant, such Purchaser, at its sole discretion but subject to Section 11.15, shall be entitled to distribute to any Participant any information furnished to such Purchaser pursuant to this Agreement or the Indenture so long as the
Participant holds a Participation or similar interest in the obligation due to such Purchaser in respect of the Purchaser’s respective Note. Each Purchaser hereby acknowledges and agrees that any such disposition will not alter or affect in any
way whatsoever such Purchaser’s direct obligations hereunder and that neither the Issuer nor the Administrative Agent shall have any obligation to have any communication or relationship whatsoever with any Participant of such Purchaser in order
to enforce the obligations of such Purchaser hereunder. Each Purchaser shall promptly notify the Issuer in writing of the identity and interest of each Participant upon any such disposition. Such Purchaser shall provide the Issuer or its agent, with
respect to each Participant appropriately executed copies of the forms required by Section 2.08(b) hereof with respect to itself (including any amendments and resubmissions) (i) prior to or promptly after any such disposition and
(ii) upon the occurrence of any event which would require the amendment or resubmission of any such form previously provided hereunder. 

(c) Change of Investing Office. Any Purchaser or, subject to the provisions of this Section 11.07, any Participant
shall have the option to change the office where its investment or participation in the Notes is maintained, provided that such Purchaser or such Participant shall have complied with the provisions of the Indenture and this
Section 11.07, respectively, as such provisions relate to Taxes, and provided further that such Purchaser or such Participant shall not be entitled to any compensation otherwise payable under Section 2.07 or 2.08 hereof incurred as
a result of such change in office (unless such change of office was required by applicable law). 
 (d) Pledge. Any
Purchaser may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, its Note and any rights to payment of Yield) under this Agreement, and the foregoing provisions of this
Section 11.07 shall not apply to any such pledge or grant of a security interest; provided, that no such pledge or grant of a security interest shall release a Purchaser from any of its obligations hereunder, or substitute any such
pledgee or grantee for such Purchaser as a party hereto. 

  
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 Section 11.08. Notices; Payments; Rating Agencies. 

(a) All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
e-mail and facsimile communication) and mailed, facsimiled or delivered, as to each party hereto, (i) with respect to the Indenture Trustee or the Issuer, to the applicable address set forth in the Indenture, (ii) with respect to the
Depositor or the Servicer, to the applicable address set forth in the Servicing Agreement and (iii) with respect to a Purchaser, to its address set forth on the signature pages hereto or in the applicable Assignment and Assumption Agreement, or
at such other address as shall be designated by any such party in a written notice to the other parties hereto. All such notices and other communications shall be effective on receipt, addressed as aforesaid. Any party hereto may change the address
to which notices to it are to be sent by notice given to the other parties hereto. 
 (b) Unless otherwise directed by any
Noteholder, all payments to the Noteholders shall be made directly in immediately available funds in accordance with the wire instructions set forth on the signature pages hereto or in the applicable Assignment and Assumption Agreement. 

(c) A copy of any notice required to be delivered to a Rating Agency (whether or not any Rating Agency is then rating the
Notes) under this Agreement or any other Transaction Document shall be delivered to the Administrative Agent by the Person required to deliver such notice and, at any time when no Rating Agency is rating the Notes, the Administrative Agent shall
have the right to consent to any action requiring satisfaction of the Rating Agency Notice Requirement. 
 Section 11.09. Survival
of Representations and Warranties. All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement.

 Section 11.10. Exclusive Benefit. The rights and remedies of the Purchasers specified herein are for the sole and exclusive
benefit, use and protection of the Purchasers, and the Purchasers are entitled, but shall have no duty or obligation to the Issuer, the Indenture Trustee or otherwise, to exercise or to refrain from exercising any right or remedy reserved to the
Purchasers hereunder or cause the Indenture Trustee or any other party to exercise or to refrain from exercising any right or remedy available to it. 

Section 11.11. Counterparts. This Agreement may be executed in any number of copies, and by the different parties hereto on the
same or separate counterparts, each of which shall be deemed to be an original instrument. 
 Section 11.12. Entire Agreement.
This Agreement (including the provisions of the other Transaction Documents and the Definitions Schedule which are incorporated by reference herein) constitutes the entire agreement between the parties relative to the subject matter hereof. Any
previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement. Nothing in this Agreement, expressed or implied, is intended to confer upon any party other than the parties hereto any rights, remedies,
obligations or liabilities under or by reason of this Agreement. 
 Section 11.13. Headings. Article, Section and subsection
headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

  
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 Section 11.14. Nonpetition Agreements; Limited Recourse. 

(a) Notwithstanding any prior termination of this Agreement, each of the parties hereto covenants and agrees that it will not
at any time prior to the date that is one year and one day (or such longer preference period as shall then be in effect) after the payment in full of all outstanding commercial paper and similar debt issued by, or for the benefit of, a Purchaser
that is a Conduit, acquiesce, petition or otherwise invoke or cause any Person to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against a Purchaser that is a Conduit under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of a Purchaser or any substantial part of its property or ordering the winding up or liquidation of the
affairs of such Purchaser. 
 (b) No recourse under any obligation, covenant or agreement of any Purchaser that is a Conduit
contained in this Agreement, shall be had against any incorporator, stockholder, officer, director or employee of such Purchaser, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it
being expressly agreed and understood that this Agreement is solely a corporate obligation of each such Purchaser, and that no personal liability whatever shall attach to or be incurred by the incorporators, stockholders, officers, directors or
employees of any such Purchaser, or any of them under or by reason of any of the obligations, covenants or agreements of such Purchaser contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by any
such Purchaser of any such obligations, covenants or agreements either at common law or at equity, or by statute or under any constitution, of such Purchaser and every such incorporator, stockholder, officer, or director is hereby expressly waived
as a condition of and in consideration for the execution and delivery of this Agreement. Notwithstanding any provisions contained in this Agreement to the contrary, no Purchaser that is a Conduit shall have any obligation to pay any amounts owing
under this Agreement unless and until such Purchaser has received such amounts pursuant to this Agreement or the Notes. The parties hereto hereby agree that no amount owing hereunder (other than principal and interest) shall constitute a claim (as
defined in Section 101 or Title 11 of the United States Bankruptcy Code or any similar law in another
jurisdiction) against any Purchaser that is a Conduit, and such Purchaser shall not be required to pay such amounts, unless such Purchaser has received cash pursuant to this Agreement or the
Notes sufficient to pay such amounts, and such amounts are not necessary to pay outstanding indebtedness of such Purchaser. 

(c) Notwithstanding any prior termination of this Agreement, the Servicer, the Depositor, the Issuer, the Administrative Agent,
and each other Purchaser covenants and agrees that it shall not file, commence, join, or acquiesce in a petition or proceeding, or cause either the Depositor or the Issuer to file, commence, join, or acquiesce in a petition or proceeding, prior to
the date that is one year and one day (or such longer preference period as shall then be in effect) after the date the Notes (and, in the case of the Depositor, any indebtedness under any other Permitted ABS Transaction) are no longer Outstanding,
that causes (i) either the Depositor or the Issuer to be a debtor under any Debtor Relief Law or (ii) a trustee, conservator, receiver, liquidator, or similar official to be appointed for either the Depositor or the Issuer or any
substantial part of its property. 

  
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 (d) Notwithstanding anything to the contrary contained herein, no recourse under
or with respect to any obligation, covenant or agreement of the Issuer as contained in this Agreement or any of the other Transaction Documents or any other agreement, instrument or document to which the Issuer is a party shall be had against any
incorporator, stockholder, affiliate, officer, employee or director of the Issuer by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the
agreements of the Issuer contained in this Agreement and all other agreements, instruments and documents entered into pursuant hereto or in connection herewith are, in each case, solely corporate obligations of the Issuer. Notwithstanding any
provisions contained in this Agreement to the contrary, the Issuer shall not, and shall not be obligated to, pay any fees, costs, indemnified amounts or expenses due pursuant to this Agreement other than in accordance with the order of priorities
set forth in Section 8.06 of the Indenture. Any amount which the Issuer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the United States Bankruptcy Reform Act of 1978
(11 U.S.C. §101, et seq.), as amended from time to time) against or obligation of the Issuer for any such insufficiency unless and until funds are available for the payment of such amounts as aforesaid. 

(e) Notwithstanding anything to the contrary contained herein, no recourse under or with respect to any obligation, covenant or
agreement of the Depositor as contained in this Agreement or any of the other Transaction Documents or any other agreement, instrument or document to which the Depositor is a party shall be had against any incorporator, stockholder, affiliate,
officer, employee or director of the Depositor by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Depositor
contained in this Agreement and all other agreements, instruments and documents entered into pursuant hereto or in connection herewith are, in each case, solely corporate obligations of the Depositor. 

(f) The parties hereto agree that the obligations under this Section 11.14 shall survive termination of this Agreement.

 Section 11.15. Confidentiality. 

(a) The Issuer shall not, and shall not permit its Affiliates to, disclose, and shall cause its employees and officers not to
disclose, (i) the terms and conditions of the Fee Letter to anyone not a party hereto, (ii) any other nonpublic information with respect to the Purchasers and their respective businesses obtained by the Issuer or its Affiliates in
connection with the structuring, negotiating and execution of the transactions contemplated herein or (iii) the terms and conditions of this Agreement to anyone other than a Purchaser or prospective Purchaser. Notwithstanding the preceding
sentence, the Issuer and its Affiliates and its officers and employees may disclose such nonpublic information: (A) to the Issuer’s and such Affiliates’ officers, directors, employees, auditors and legal counsel; (B) as may be
required, in the Issuer’s judgment, by any law, rule or regulation or by any direction, request or order of any judicial, administrative or regulatory authority or proceedings, provided that if the Issuer is required, in its reasonable
judgment, to disclose any nonpublic information pursuant to any such law, rule or regulation, or is required to 

  
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disclose such information pursuant to direction, request or order of any judicial, administrative or regulatory authority or proceedings (other than as a result of a regulator’s review of
such Person’s files), the Issuer shall give each Purchaser prompt notice thereof to the extent permissible under the circumstances; (C) to any Rating Agency rating the Notes or any non-hired nationally recognized statistical rating
organization that provides to the Issuer or its agent the certification required by subsection (e) of Rule 17g-5, and who agrees to keep such information confidential as contemplated by Rule 17g-5, by posting such confidential information to a
password protected internet website accessible to each such nationally recognized statistical rating organization in connection with and subject to the terms of Rule 17g-5. 

(b) The Administrative Agent and the Purchasers shall not disclose, and shall cause each of their respective employees and
officers not to disclose, (i) the terms and conditions of the Fee Letter to anyone not a party hereto or (ii) any other nonpublic, confidential or proprietary information (the information described in the foregoing clauses (i) and
(ii), “Confidential Information”) with respect to the business of the Issuer, the Depositor, the Servicer, the Sponsor, any Seller or any of their respective parent and subsidiary companies or their respective representatives
and affiliates obtained in connection with the structuring, negotiating and execution of this Agreement and the Transaction Documents or performance of the transactions contemplated herein or therein. Notwithstanding the foregoing, the
Administrative Agent and the Purchasers may disclose such Confidential Information: (A) to a Purchaser or the Administrative Agent, as the case may be; (B) to any prospective or actual assignee, participant or pledgee of a Purchaser or the
Administrative Agent and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided that each such prospective or actual assignee, participant or pledgee agrees to be bound by this Section and
each such prospective assignee, participant or pledgee agrees to return or destroy such Confidential Information if it does not become an assignee, participant or pledgee; (C) to any rating agency rating the commercial paper notes of a Conduit
or any non-hired nationally recognized statistical rating organization that provides to a Conduit or its agent the certification required by subsection (e) of Rule 17g-5, and who agrees to keep such information confidential as contemplated by
Rule 17g-5, by posting such confidential information to a password protected internet website accessible to each such nationally recognized statistical rating organization in connection with and subject to the terms of Rule 17g-5, (D) pursuant
to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law), provided that if any Purchaser or the Administrative Agent is
required, in its reasonable judgment, to disclose any Confidential Information pursuant to any such law, rule or regulation, or is required to disclose such information pursuant to direction, request or order of any judicial, administrative or
regulatory authority or proceedings (other than as a result of a regulator’s review of such Person’s files), such Purchaser shall give the Issuer prompt notice thereof; (E) to any person in connection with the enforcement or defense
of its rights and remedies contemplated by the Transaction Documents; or (F) to any Person acting as a placement agent, dealer or investor with respect to any commercial paper (provided that any Confidential Information provided to any such
placement agent, dealer or investor does not reveal the identity of the Issuer or any of its Affiliates and is confined to information of the type that is typically provided to such entities by asset-backed commercial paper conduits). 

  
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 (c) For purposes hereof, Confidential Information shall not include information
that (i) was or becomes generally available to the public other than as a result of disclosure in breach of this Section; (ii) was or becomes available to a Purchaser on a nonconfidential basis from a source other than the Issuer or the
Servicer or any of their respective affiliates, officers, directors, employees, agents or representatives, provided that such source is not, to the knowledge of such Purchaser after reasonable inquiry, itself bound by a confidentiality
agreement with the Issuer, the Servicer or any affiliate thereof; (iii) was or becomes available to a Purchaser from the Issuer or the Servicer on a nonconfidential basis prior to its public disclosure by the Issuer or the Servicer; or
(iv) was known to, or in the possession of, a Purchaser without any obligation of confidentiality prior to its disclosure by the Issuer. 

(d) Notwithstanding any other provision herein, the Issuer (and its employees, representatives or other agents) may disclose
the terms and conditions of this Agreement, provided such disclosure is not prohibited by clauses (a), (b) or (c) of this Section 11.15. 

Section 11.16. Register. 

(a) The Administrative Agent, acting solely for this purpose as an agent of the Issuer, shall maintain at one of its offices a
register for the recordation of the names and addresses of the applicable Owners, and the principal amounts (and stated interest) of the Notes owing to, each Owner (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and the Issuer, the Administrative Agent and the Owners shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a lender hereunder for all purposes of this Agreement. The Register shall
be available for inspection by the Issuer and any Owner, at any reasonable time and from time to time upon reasonable prior notice. 

(b) Any Owner that that sells a participation or that makes an assignment under Section 11.07 shall, acting solely for
this purpose as an agent of the applicable Issuer, maintain a Register of each Assignee and/or Participant; provided that no Owner shall have any obligation to disclose all or any portion of the Register (including the identity of any Participant or
any information relating to a Participant’s interest in any Notes or its other obligations under any Transaction Document) to any Person except to the extent that such disclosure is necessary to establish that such interest or obligation that
is treated as indebtedness for U.S. federal income tax purposes is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Register shall be conclusive absent manifest error. 

  
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 Article XII 

THE ADMINISTRATIVE AGENT 

Section 12.01. Authorization and Action. Each Purchaser hereby designates and appoints Credit Suisse AG, New York Branch to act as
its agent hereunder and under each other Transaction Document, and authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Administrative by the terms of this Agreement and
the other Transaction Documents together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in any other Transaction Document, or
any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or any other Transaction Document or
otherwise exist for the Administrative Agent. In performing their functions and duties hereunder and under the other Transaction Documents, the Administrative Agent shall act solely as agent for the Purchasers, and the Administrative Agent shall not
be deemed to have assumed any obligation or relationship of trust or agency with or for the Issuer or any of the Issuer’s successors or assigns. The Administrative Agent shall not be required to take any action that exposes the Administrative
Agent to personal liability or that is contrary to this Agreement, any other Transaction Document or applicable law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible payment in full of all
Notes. Each Purchaser hereby authorizes the Administrative Agent to file each of the Uniform Commercial Code financing statements on behalf of such Purchaser (the terms of which shall be binding on such Purchaser). 

Section 12.02. Delegation of Duties. The Administrative Agent may execute any of their respective duties under this Agreement and
each other Transaction Document by or through agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct
of any agents or attorneys in fact selected and maintained by it with reasonable care. 
 Section 12.03. Exculpatory Provisions.
None of the Administrative Agent or any of their respective directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or any other
Transaction Document (except for its, their or such Person’s own bad faith, gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Purchasers for any recitals, statements, representations or warranties
made by any Transaction Party contained in this Agreement, any other Transaction Document or any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or any other
Transaction Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement, or any other Transaction Document or any other document furnished in connection herewith or therewith, or for any failure
of any Transaction Party to perform its obligations hereunder or thereunder, or for the satisfaction of any condition specified in Article III, or for the perfection, priority, condition, value or sufficiency of any collateral pledged in
connection herewith. The Administrative Agent shall not be under any obligation to any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or
any other Transaction Document, or to inspect the properties, books or records of the Transaction Parties. The Administrative Agent shall not be deemed to have knowledge of any actual or potential [Early Amortization Event or ]Event of Default unless the Administrative Agent has received notice from Issuer or a Purchaser.

  
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 Section 12.04. Reliance by Agent. 

(a) The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document
or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to Issuer), independent
accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other Transaction Document unless it shall first
receive such advice or concurrence of the Required Noteholders or all of the Purchasers, as applicable, as it deems appropriate and it shall first be indemnified to its satisfaction by the Purchasers, provided that unless and until the
Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Purchasers. The Administrative Agent shall
in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Noteholders or all of the Purchasers, as applicable, and such request and any action taken or failure to act pursuant thereto shall
be binding upon all the Purchasers. 
 Section 12.05. Non-Reliance on Administrative Agent and Other Purchasers. Each Purchaser
expressly acknowledges that none of the Administrative Agent or any of its respective officers, directors, employees, agents, attorneys in fact or affiliates has made any representations or warranties to it and that no act by the Administrative
Agent hereafter taken, including, without limitation, any review of the affairs of any Transaction Party, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each Purchaser represents and warrants to the
Administrative Agent that it has and will, independently and without reliance upon the Administrative Agent or any other Purchaser and based on such documents and information as it has deemed appropriate, made its own appraisal of [and]an
 investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of Issuer and the other Transaction Parties and made its own decision to
enter into this Agreement, the other Transaction Documents and all other documents related hereto or thereto. 

Section 12.06. Reimbursement and Indemnification. The Purchasers (other than any Purchasers who are Conduits) agree to reimburse
and indemnify the Administrative Agent and its officers, directors, employees, representatives and agents ratably according to their ratable shares of the Note Balance (in the case of any reimbursement and indemnity obligations owing to the
Administrative Agent), to the extent not paid or reimbursed by the Issuer, the Depositor or the Servicer (i) for any amounts for which the Administrative Agent, in its capacity as Administrative Agent, is entitled to reimbursement by the
Issuer, the Depositor or the Servicer hereunder or under any other Transaction Document and (ii) for any other expenses incurred by the Administrative Agent, in its capacity as Administrative Agent, in connection with the administration and
enforcement of this Agreement and the other Transaction Documents. 
 Section 12.07. Agents in their Individual Capacity. The
Administrative Agent, and each of its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with Issuer or any Affiliate of Issuer as though it were not the Administrative Agent hereunder. With respect to
the acquisition of interest in Notes pursuant to this Agreement, the Administrative Agent shall have the same rights and powers under this Agreement in its individual capacity as any Purchaser and may exercise the same as though it were not the
Administrative Agent “Purchaser” and “Purchasers” shall include the Administrative Agent in its individual capacity. 

  
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 Section 12.08. Successor Agent. The Administrative Agent may, upon five
(5) days’ prior notice to Issuer and the Purchasers, and the Administrative Agent shall, upon the direction of all of the Purchasers (other than the Administrative Agent, in its individual capacity) resign as Administrative Agent. If the
Administrative Agent shall resign or be removed, then the Required Noteholders during such five-day period may appoint from among the Purchasers a successor Administrative Agent; provided that the Issuer shall have received at least three
days’ prior written notice of such appointment; provided further, if no successor Administrative Agent is appoint by the Noteholders, the Administrative Agent may propose a successor Administrative Agent who will be approved unless
objected to within five (5) Business Days’ notice of such appointment. If for any reason no successor Administrative Agent is so appointed during such five-day period, then effective upon the termination of such five-day period, the
Purchasers shall perform all of the duties of the Administrative Agent hereunder and under the other Transaction Documents. After the effectiveness of any Administrative Agent’s resignation hereunder as Administrative Agent, the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Transaction Documents and the provisions of this Article XII shall continue in effect for its benefit with respect to any actions taken or
omitted to be taken by it while it was Administrative Agent under this Agreement and under the other Transaction Documents. 

Section 12.09. EU Bail-in Acknowledgement. Notwithstanding anything to the contrary in any Transaction Document or in any other
agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to
the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-in Action on any such
liability, including, if applicable; 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issues to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Transaction Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

  
 48 

 [Remainder of page intentionally left blank] 

  
 49 

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

			
	 CONN’S RECEIVABLES WAREHOUSE, LLC,

as Issuer

		
	By:	 	  

		 	Name:
		 	Title:

 Note Purchase Agreement Signature Page 

 
			
	CONN APPLIANCES RECEIVABLES FUNDING, LLC,
	as Depositor
		
	By:	 	  

		 	Name:
		 	Title:
	
	 CONN APPLIANCES, INC.,
 as
Servicer and as Sponsor

		
	By:	 	  

		 	Name:
		 	Title:

 Note Purchase Agreement Signature Page 

 
			
	 CREDIT SUISSE AG, NEW YORK BRANCH,

as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Note Purchase Agreement Signature Page 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Primary Note Purchaser and an Alternative Purchaser
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for Notices:
	
	c/o Credit Suisse [LLC]AG, New York Branch
	Securitized Products Finance 
	Eleven Madison Avenue, 3rd Floor
	New York, New York 10010[-3629]
	Attention: [Erin McCutcheon]Conduit and Warehouse Financing
	
	Telephone:[ (] 212[)
]-538-[2008]2007

	
	 Email:
 list.afconduitreports@credit-suisse.com

	
abcp.monitoring@credit-suisse.com 

jonathan.fisher@credit-suisse.com

patrick.hart@creditsuisse.com

erin.mccutcheon@credit-suisse.com

	
	Payment Instructions:
	
	Bank Name: Bank of New York, NY
	Acct Name: [Credit Suisse AG, Cayman Islands Branch]Alpine Securitization
LTD
	ABA #: 021-000-018
	Acct #: [8900492627]890-13-34871
	Attn: [Kenneth]Ken Aiani
(212[-325-0132)]) 325-0432
	Cesar Beltran (631) 930-7221
	Ref: [Conns’ Receivables Warehouse LLC]Conn’s

 Note Purchase Agreement Signature Page 

					
	Type of Purchaser:	 	GIFS CAPITAL COMPANY, LLC, as a Conduit Lender
		
	Conduit	 	
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
		 	Address for Notices:
		
		 	227 West Monroe Street, Suite 4900
		 	Chicago, Illinois 60606
		 	Attention: Operations
		 	Telephone: (312) 977-4560
		
		 	Email:
		
		 	 chioperations@guggenheimpartners.com

mark.matthews@guggenheimpartners.com

scott.chisholm@guggenheimpartners.com

lisa.gajewski@guggenheimpartners.com

jana.seagard@guggenheimpartners.com

 Note Purchase Agreement Signature Page 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT1 

Reference is made to the Note Purchase Agreement, dated as of February 24, 2017 (the “Agreement”), by and among
CONN’S RECEIVABLES WAREHOUSE, LLC, as issuer (the “Issuer”), CONN APPLIANCES RECEIVABLES FUNDING, LLC, as depositor (the “Depositor”), CONN APPLIANCES, INC., as servicer (the
“Servicer”), and as sponsor (the “Sponsor”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as primary note purchaser (the “Primary Note Purchaser”), THE CONDUITS FROM TIME TO TIME
PARTY THERETO, as Conduits (the “Conduits”), and CREDIT SUISSE AG, NEW YORK BRANCH, in its capacity as Administrative Agent (the “Administrative Agent”). Terms defined in the Agreement are used
herein as defined therein. 
 The undersigned (the “Assignor” and “Assignee”, respectively)
hereby agree as follows: 
 1. The Assignor hereby sells and assigns to the Assignee without recourse and without
representation or warranty (other than as expressly provided herein), and the Assignee hereby purchases and assumes from the Assignor, that interest in and to all of the Assignor’s rights and obligations under the Agreement as of the date
hereof which represents the amount of the Note Balance specified in the signature page hereto (the “Assigned Note Balance”). 

2. The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it
hereunder and that such interest is free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the
Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Agreement or any other instrument or document furnished pursuant thereto; and (iii) makes no representation or warranty and assumes no
responsibility with respect to the financial condition of any party to the Agreement or the performance or observance by any party to the Agreement or of any of their respective obligations under the Agreement or any Transaction Document or any
other instrument or document furnished pursuant thereto. 
 3. The Assignee (i) confirms that it has received a copy of
the Agreement, together with such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption Agreement; (ii) agrees that it will independently and
without reliance upon the Assignor or any other Purchaser and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement;
(iii) confirms that it is an eligible Assignee under Section 11.07 of the Agreement; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Agreement are required to be
performed by it as a Purchaser. 
  

	1	Note: This form may be modified as necessary (but on a basis consistent with this form) to accommodate assignments of balances by Conduits and other scenarios. 

  
 Exhibit A-1 

 4. Following the execution of this Assignment and Assumption Agreement by the
Assignor and the Assignee, an executed original hereof (together with all attachments) will be delivered to the Administrative Agent, the Issuer and the Indenture Trustee. The effective date of this Assignment and Assumption Agreement shall be the
date of execution hereof by the Assignor and the Assignee and the receipt of any consent of the Issuer to the extent required by Section 11.07 of the Agreement. 

5. Upon delivery of a fully executed original hereof (including if required pursuant to Section 11.07 of the Agreement,
the signatures of the Issuer) to the Administrative Agent, the Issuer and the Indenture Trustee, as of such date, (i) the Assignee shall be a party to the Agreement and, to the extent provided in this Assignment and Assumption Agreement, have
the rights and obligations of a Purchaser thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Assumption Agreement and except as provided in Sections 11.14 and 11.15 of the Agreement, relinquish its rights and
be released from its obligations under the Agreement (other than obligations arising prior to such assignment). 
 6. It is
agreed that the Assignee shall be entitled to interest on the Assigned Note Balance which accrues on and after the date hereof at rates agreed upon between Assignee and Assignor and notified to the Administrative Agent, the Issuer and the Indenture
Trustee, such interest to be paid by the Issuer. It is further agreed that all payments of principal made on the Assigned Note Balance which occur on and after the date hereof will be paid directly by the Issuer to the Assignee. Upon the execution
of the Agreement, the Assignee shall pay to the Assignor an amount specified by the Assignor in writing which represents the Assigned Note Balance. The Assignor and the Assignee shall make all appropriate adjustments in payment under the Agreement
for periods prior to the date hereof directly between themselves on the date hereof. 
 7. THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 Exhibit A-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be
duly executed as of the day and year first above written. 
  

					
		  	[ASSIGNOR]
			
		  	By	  	  

		  	Name	  	  

		  	Title	  	  

		
	Note Balance:                	  	[ASSIGNEE]
	$	  		  	
			
		  	By	  	  

		  	Name	  	  

		  	Title	  	  

  

			
	[Acknowledged and Consented to by:
	CONN’S RECEIVABLES WAREHOUSE, LLC, as Issuer
		
	By:	 	  

	Name:	 	
	Title:]2	 	

  

	2 	If applicable. 

  

 EXHIBIT B 

SCOPE OF AGREED UPON PROCEDURES REPORT 

  
 [Exhibit]B-[1]1 

 Consumer Receivables Procedures Scope3 

COMPANY: Conn Appliances, Inc. 
  

 

	3 	PARTIES AGREE THIS MAY BE UPDATED TO EXTENT NECESSARY AT TIME OF FUNDINGS. 

  
 [Exhibit]B-[2]2 

 Audit Standards 

Company: Conn’s Inc. 

“Conn’s, Inc.” or “The Company” 

Conduct the following procedures as it relates to the Company’s operations, books and records, policies and procedures, etc. (through inquiry and
observation, except where testing is noted). Document all discussions with and inquiries of management. All samples are judgmentally selected. 
 1.
Data Tape and Eligibility Testing 
  

	 	•	 	Select statistically significant sample of [200] loans from the cut-off date. The [200] loans will be provided by Credit Suisse. If any of those [200] loans are not included in the pool cut-off judgmentally select
additional samples to equal [200] samples in total. Additionally, if more than 4 errors are identified within the first sample testing of [200] credit files, an additional 40 samples will be required to be sampled. In addition, if 1 error is
identified within the additional testing of 40 samples, another 40 samples are to be sampled, and so on. Compare and confirm the following information noted in the data tape back to an unmodified electronic image of the underlying contract. Compare
compliance with Company credit policy (e.g., signed and completed application, driver’s license verification, net income verification, attached credit report, etc.) 

 

	 	•	 	Note, during engagement planning, work with Company and Bank management to confirm accuracy of the following anticipated data tape fields to be tested and revise the list as necessary. 

 

	 	•	 	Date of contract / contract number 

  

	 	•	 	Original contract financed amount 

  

	 	•	 	Current amount outstanding 

  

	 	•	 	Original contract term 

  

	 	•	 	Remaining contract term (recalculate and compare to data tape) 

  

	 	•	 	Interest rate (APR) 

  

	 	•	 	Required frequency of payments and installment amount 

  

	 	•	 	State of origination of contract 

  

	 	•	 	Original FICO score and Current FICO Score 

  

	 	•	 	Internal risk level (if applicable) 

  

	 	•	 	Ability to revolve 

  
 [Exhibit]B-[3-1]3 

	 	•	 	Maximum balance for revolvers 

  

	 	•	 	Delinquency Status as of cutoff date 

  

	 	•	 	# of Times Extended over life of the loan 

  

	 	•	 	Promotional Program 

  

	 	•	 	Insurance & RSM Unearned Promotions/ Rebates 

  

	 	•	 	Verify the following to the third party information used at underwriting: 

  

	 	•	 	Income (to the extent verified by Conn’s) 

 FICO 2. Operating Model / Policies & Procedures 

 

	 	•	 	Through management inquiry and review of supporting information provided, briefly document the Company’s operating model and supporting policies and procedures, including any material changes made that may have
occurred during the last 12 months, that pertain to the following list. Note that the following items are to be used as a guide but may not be all inclusive. 

  

	 	•	 	Consumer loan product types 

  

	 	•	 	Marketing 

  

	 	•	 	Customer acquisition 

  

	 	•	 	Originations & underwriting 

  

	 	•	 	Credit evaluation / use of proprietary credit scoring and Loan Origination Loan origination / pricing (also verification / determination of pledged collateral value). Note, as part of this it is important to
determine what specific credit policy criteria exist that may be subject to testing in below, and to consult with Credit Suisse accordingly to define the specific key criteria that will be tested in for credit policy compliance. Determine how
the Company determines the following: 

  

	 	•	 	Loans are written in accordance with established policies. 

  

	 	•	 	A credit review is performed on new customers prior to entering into a Loan (including obtaining and reviewing credit reports, and evaluating the financial condition of cosigners or guarantors). 

 

	 	•	 	Loans are properly approved by appropriate levels of management. 

  

	 	•	 	Exceptions to underwriting standards and policy deviations are properly approved by appropriate levels of management, and documentation related to such exceptions conforms to company policy. Underwriting exceptions and
policy deviations are made known to and periodically reviewed by senior management. 

  
 [Exhibit]B-[2]4 

	 	•	 	Management has established dollar limits and credit standards for customers and/or by product. 

  

	 	•	 	Any post-purchase actions with respect to loans, such as payment deferrals, extensions or other modifications of contract terms, are made by authorized individuals, in accordance with company policies and information on
deviations (if any) is made available to senior management on a regular and formalized basis.  

  

	 	•	 	The post-purchase quality control of loans (including post mortem reviews of defaulted loans) is a discrete function performed by personnel adequately segregated from origination, underwriting and closing functions.
Note whether each quality control review is evidenced by a completed worksheet, etc. Inquire if the results of such activities are communicated to and monitored by managers (including senior management). 

 

	 	•	 	Credit/collection and control policies are formally adopted by management and reviewed/updated periodically. 

  

	 	•	 	Discrete functions are adequately segregated by personnel, e.g. personnel responsible for collecting on loans and performing customer service functions are not involved in the underwriting and approval of the loans they
collect, in the application of customer payments on the loans they collect and do not have the ability to change the ongoing records relating to the status of the loan. 

 

	 	•	 	Documentation and Closing, Billing and Payment Processing 

  

	 	•	 	Describe how the Company determines if or how: 

  

	 	•	 	Documents supporting new Loans are inspected for proper form, completeness and accuracy by someone independent of the origination and underwriting functions. 

 

	 	•	 	Information submitted by the obligor as part of the application and utilized in underwriting decisions is verified for completeness and accuracy by someone independent of the origination and underwriting functions.

  

	 	•	 	Delivery documents are signed by obligors indicating acceptance of merchandise financed. 

  

	 	•	 	There is physical protection of original loan contracts and supporting documentation. 

  

	 	•	 	Loan transactions are properly identified, classified, and accounted for. 

  

	 	•	 	Loan originations are recorded accurately, completely and only once. 

  
 [Exhibit]B-[2]5 

	 	•	 	Loan originations are recorded in individual customer accounts. 

  

	 	•	 	Invoices/Loan Statements/Coupons are prepared accurately as to customer, payment due, remaining balance and terms. 

  

	 	•	 	Invoices/Loan Statements are matched with performance data and accounting records, and how differences are investigated in a timely manner. 

 

	 	•	 	Rates and methods used in determining late-fee charges are properly authorized and conform with the individual Loan. 

  

	 	•	 	Collections 

  

	 	•	 	Describe how the Company determines if or how: 

  

	 	•	 	Collection staff is making customer contact at appropriate times, documenting contact at the required level of detail and specificity, issuing written notices to Customers at the appropriate times and providing the
appropriate level of information to personnel responsible for directing repossessions and vehicle liquidations. 

  

	 	•	 	Loans are reviewed on a timely basis for collectibility, and charge-offs are recorded in accordance with Company policy. 

  

	 	•	 	Aging schedules are accurately and periodically prepared and are used to assess collectibility of loan cash flow streams 

  

	 	•	 	Control is maintained over delinquent or charged-off receivables. 

  

	 	•	 	Financial reports relating to non-accruals, delinquencies, charge-offs and recoveries are reviewed by management on a periodic (define) basis, and such reports agree to underlying accounting records. 

 

	 	•	 	Determine whether reasonable collection efforts continue after the date of charge-off or delinquency 

  

	 	•	 	Review the collection notes and compliance with the stated collection policy for 30 loans selected by Credit Suisse. 

  

	 	•	 	Discuss with Management and document if any future material changes to the above items are being planned and, if so, when the Company anticipates implementing such changes. 

 

	 	•	 	Discuss with management and briefly document (attach management-provided support to your report, as applicable, to supplement the following procedures). 

 

	 	•	 	Location and safekeeping of loan documents / collateral held – e.g., are original contracts in locked, fire proof cabinets? 

  

	 	•	 	Any quality control procedures in place to ensure compliance with policies and procedures 

  
 [Exhibit]B-[2]6 

	 	•	 	Ownership of overall “credit policy” and procedures for periodic review and/or altering of underwriting guidelines 

3. Write-offs/Loss Recognition 
  

	 	•	 	Through management inquiry and review of supporting information provided, briefly document the Company’s write-offs/loss recognition/repossessions process, including any material changes made that may have occurred
during the last 12 months. 

  

	 	•	 	Obtain a summary of charge-off rates and the allowance for credit / loan losses for the last 12 months indicating beginning balances, additions, charge-offs, recoveries and ending balances, as applicable. Inquire of
management as to any unusual trends noted. Indicate as to what level the information provided is for – e.g., the Company’s total consumer loan portfolio or the Company’s total managed portfolio level. 

 

	 	•	 	Obtain a summary of write-offs for the Company’s total consumer loan portfolio and select a sample of 25 loan write offs where the write-off amount was greater than $500 over the prior 6 months and have reached
resolution. Perform the following: 

  

	 	•	 	Review the files on each account and compare the loan balance at the time of write-off to the proceeds from any collateral auction or other recoveries (and the application of any such recoveries as per the
Company’s policy). Note the difference and document the reason for any loss. 

  

	 	•	 	As applicable, analyze the documentation files for principal balance at repossession, amount and date of write-off, the disposition method, the resale date and the sale proceeds amount. Describe the collateral
disposition process (if any), including an example timeline detailing the lag between the repossession and sale date. For each account, compute the recovery percentage and lag between the repossession and sale date. 

 

	 	•	 	Present this detailed information in a worksheet attached as an exhibit to your report. 

 4. Collection
Methodology 
  

	 	•	 	Obtain an understanding of the cash cycle. 

  

	 	•	 	Determine how cash, check, credit card ACH and other payments are properly applied and processed. Please include in your summary a description of the time lag and risks associated with each form of payment (including
ACH). 

  

	 	•	 	How are receipts identified as to customer and applied to proper accounts. 

  

	 	•	 	How are receipts completely and accurately accumulated in the underlying accounting records in the proper period? 

  

	 	•	 	How is rejected receipt data entered for processing accurately, completely and only once. 

  
 [Exhibit]B-[2]7 

	 	•	 	Determine how access to cash receipt processing functions and related data is properly restricted. Through discussion with Management, determine if adequate processes and controls are in place to avoid the commingling
of funds. 

  

	 	•	 	Obtain a current listing of the lockbox/collection account(s) into which collections on the purchased receivables are deposited and the banks with whom such lockboxes/collection account(s) are maintained. Examine the
most recent bank statement/general ledger reconciliation for the any lockbox/collection accounts receiving material amounts of collections, noting the time required to complete the reconciliation, materiality of any unreconciled variances and if it
was timely approved by someone independent from the preparer. 

  

	 	•	 	Attach management-provided support to your report, as applicable, to supplement the above procedures in terms of collection accounts (e.g., a cash flows diagram). 

 

	 	•	 	For collections remitted directly to the Company’s headquarters, ask management where (bank name & account number) these in-house receipts are eventually deposited and how promptly such collections are
being deposited into the bank account (e.g., are payments deposited within 2 business days?). 

  

	 	•	 	If management indicates the headquarters collections are estimated to exceed 5%, select a sample of 10 such collections from the Selected Servicer Report month and determine the period of time elapsed between their
receipt and deposit to a Dedicated Account or Dedicated Lockbox. 

  

	 	•	 	For the 200 loans previously selected within the Credit File Testing, review evidence of the most recent 3 payments. Include within the testing, the type of payment, where the payment was deposited, and when the payment
was posted within the servicing system. 

 5. Cash Applications – In Store Collections 

 

	 	•	 	Through management inquiry and review of supporting information provided, briefly document the Company’s cash collection and application process relating to in-store collections. Document the Company’s
processes including deposits, tracking procedures, Judgmentally select 50 in-store cash collections from the two most recent calendar months prior to the cutoff date. Trace the cash receipts from the initial deposit in the store, through the
collection account and to the payment servicing system. Note the time lag between when the payment was received in the store and deposited into a bank account and the date when the payment was applied to the account. In each case, note the time
taken to apply the cash to the customer’s account in the receivable system. 

 6. Computer Systems & Reporting 

 

	 	•	 	Through management inquiry and review of supporting information provided, briefly document the Company’s computer systems used in servicing the receivables, including any material changes made that may have
occurred during the last 12 months. Also inquire as to whether any changes are being planned and, if so, when the Company anticipates implementing such changes. 

  
 [Exhibit]B-[2]8 

	 	•	 	Discuss with management and document the Seller’s ability to segregate loans (and the related cash receipts) that will be sold into the proposed program. 

 

	 	•	 	Determine how sales contracts used as collateral for this loan can be identified on Company books and records. 

  

	 	•	 	Determine if the master data processing records can be marked with a legend. As applicable, obtain and include as an exhibit in your report evidence of the coding to be used to identify purchased loans on the system.
Briefly describe the legend and the coding in your report. 

  

	 	•	 	Will there be a header or note on the aging indicating that the receivables are no longer owned by the Sellers? 

  

	 	•	 	Inquire of management when the Servicer last tested its disaster recovery plan, what the results were, how any issues were addressed, and when the next disaster recovery test will be conducted. Discuss with management
and briefly document the procedures to ensure all systems relating to the transaction are backed up offsite. 

 7. Receivable Balance
Reconciliation & Aging Test 
  

	 	•	 	Reconcile the cut-off pool amounts to the to the aged trial balance & the general ledger (accounting for adjustments to pre-compute loans, and recognizing the GL will likely be at the Company’s total
consumer loan portfolio level rather than specific to the proposed portfolio subject to testing), and also a reconciliation between the general ledger and the Company’s audited or internal financial statements for the month of the cutoff date.

  

	 	•	 	Obtain from management and include in your report a summary of the Aging methodology. Confirm the modification policy is properly applied and monitored. Are high APR loans rolling over? 

 

	 	•	 	From the Company selected Credit Files, select 30 loan judgmentally from among the various aging categories and determine based on payment histories if the accounts are being aged in accordance with the Company’s
policies. Also perform same review as in #1. Data tape and Eligibility Testing (above) Note any accounts that may be aged in a non-conforming manner. Identify accounts that are modified or rewritten in some way and obtain the reason and the account
status. 

  

	 	•	 	Obtain the Company’s most recent month end static pool analysis for default rates. Recalculate and agree to the category totals listed to supporting documentation including the Company’s general ledger, if
applicable. 

 8. Licensing Regulations and Consumer Credit Regulations 

 

	 	a)	Discuss with Management the Company’s policies and procedures for ensuring compliance with regulatory lending requirements and consumer rule changes (online, audits manual checks, etc.). Include a summary of your
discussion in your discussion in your report. Inquire with management regarding any regulatory audits that have been performed during the past 12 months. Review a copy of the examination results and management responses. Briefly describe the results
of these procedures. 

  
 [Exhibit]B-[2]9 

	 	b)	Summarize the structure of the compliance department. Does the organizational structure include a Compliance Officer? Provide the name of the Compliance Officer and a brief description of his/her position including who
the Compliance Officer reports to directly. How many staff are included in the compliance department? 

  

	 	c)	Does the company provide compliance training? Provide a brief description of the training program(s) including how often training is conducted and a list of compliance related topics covered (i.e. Fair and Responsible
Lending, UDAP, FDCPA, OFAC, Red Flag Rule). 

  

	 	d)	Note if the Company maintains a Customer Complaint Department and how the Company documents and resolves such complaints. Discuss with Management consumer complaint trends/monitoring/resolution. Review historical
complaint volume/trend monitoring and include a summary of this reporting, including Management responses/explanations to trends as applicable. 

  
 [Exhibit]B-[2]10 

 EXHIBIT C 

FORM OF COMMITMENT LETTER 

Reference is made to the Note Purchase Agreement, dated as of February 24, 2017 (the “Agreement”), by and among
CONN’S RECEIVABLES WAREHOUSE, LLC, as issuer (the “Issuer”), CONN APPLIANCES RECEIVABLES FUNDING, LLC, as depositor (the “Depositor”), CONN APPLIANCES, INC., as servicer (the
“Servicer”), and as sponsor (the “Sponsor”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as primary note purchaser (the “Primary Note Purchaser”), THE CONDUITS FROM TIME TO TIME
PARTY THERETO, as Conduits (the “Conduits”), and CREDIT SUISSE AG, NEW YORK BRANCH, in its capacity as Administrative Agent (the “Administrative Agent”). Terms defined in the Agreement are used
herein as defined therein. 
 The undersigned (the “Primary Note Purchaser”) hereby agrees as follows: 

1. The Primary Note Purchaser consents and commits to fund, and shall so fund, in the amount of and [on]within
 the date range listed in Schedule I hereto such Note Initial Increase or Note Balance Increase, as applicable. 

2. Following the execution of this Commitment Letter by the Primary Note Purchaser, an executed original hereof (together with all
attachments) shall be delivered by the Primary Note Purchaser to the Administrative Agent, the Servicer, the Issuer and the Indenture Trustee. The effective date of this Commitment Letter shall be the date of execution hereof. 

3. In accordance with
that certain Escrow Letter dated as of [            ], 20[__], among Conn Appliances, Inc., the Depositor, Conn’s Receivables Funding 2016-B, LLC (the “2016-B
Issuer”), Conn’s Receivables Warehouse, LLC, the Administrative Agent, the Primary Note Purchaser and
Wells Fargo Bank, National Association, as indenture trustee (the “2016-B Trustee”) (as amended, restated, supplemented or otherwise modified from time to time, the “Escrow
Letter”), the Primary Note Purchaser agrees with the Issuer that it will deposit an amount (the
“Deposited
Amount”) at least equal to the Redemption Price (as defined in the Escrow Letter) of the Class B Notes
issued by the 2016-B Issuer into the “Collection Account” (as defined in the Escrow Letter, the
“2016-B Collection
Account”) no later than 4:00 p.m. New York time on
[            ], 20[__]. Subject to Article III of the Agreement, the Primary Note Purchaser agrees that it shall fund the portion of its commitment listed in Schedule I hereto equal to the
Deposited Amount by providing written confirmation to the 2016-B Trustee pursuant to the Escrow Letter authorizing the release of the Deposited Amount from the 2016-B Collection Account to effect the redemption of the Notes (as defined in the
Indenture defined in the Escrow Letter) on [            ], 20[__]. 

4. The parties agree that the Primary Note Purchaser shall provide the Issuer with the names of all parties acting as Purchasers prior to the
Note Initial Increase Date. 

  
 [Exhibit
B-3-1]C-1 

 5. THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 

  
 [Exhibit
B]C-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Commitment Letter to be duly executed as
of the day and year first above written. 
  

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Primary Note Purchaser and an Alternative Purchaser
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	Acknowledged and agreed:
	
	 CONN’S
RECEIVABLES WAREHOUSE, LLC, as Issuer

	
	
By:_________________________________

	 Name:

	 Title:

  
 [Exhibit
B]C-2 

 SCHEDULE I 
  

							
	 PURCHASER
	  	 FUNDING DATE

RANGE
	  	 [NOTE INITIAL INCREASE]
[NOTE BALANCE INCREASE]
	  	 AMOUNT

	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	  		  		  	

  
 [Exhibit
B-3-1]C-1 

 Annex D 
  

 
 SECOND RECEIVABLES PURCHASE
AGREEMENT 
 Dated as of February 24, 2017 

among 
 CONN’S RECEIVABLES
WAREHOUSE, LLC 
 as Purchaser, 

CONN APPLIANCES RECEIVABLES FUNDING, LLC 

as Seller, 
 CONN CREDIT I, LP, 

as Original
Seller 
 and 

CONN’S RECEIVABLES WAREHOUSE TRUST 

as Receivables Trust 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 SECTION 1.1
	 	 Certain Defined Terms
	  	 	1	 
	 SECTION 1.2
	 	 Accounting and UCC Terms
	  	 	2	 
		
	 ARTICLE II AMOUNTS AND TERMS OF THE PURCHASES
	  	 	2	 
			
	 SECTION 2.1
	 	 Purchase of Receivables
	  	 	3	 
	 SECTION 2.2
	 	 Purchase Price
	  	 	3	 
	 SECTION 2.3
	 	 Payment of Purchase Price
	  	 	3	 
	 SECTION 2.4
	 	 Returns and Refinancings
	  	 	3	 
	 SECTION 2.5
	 	 Allocations of Collections
	  	 	4	 
		
	 ARTICLE III CONDITIONS TO PURCHASES
	  	 	4	 
			
	 SECTION 3.1
	 	 Conditions Precedent to Receivables Trust’s Purchase
	  	 	4	 
	 SECTION 3.2
	 	 Conditions Precedent to Seller’s Sale
	  	 	5	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	5	 
			
	 SECTION 4.1
	 	 Representations and Warranties of the Parties
	  	 	5	 
	 SECTION 4.2
	 	 Additional Representations and Reaffirmation of the Seller
	  	 	6	 
	 SECTION 4.3
	 	 Additional Representations of the Seller
	  	 	7	 
		
	 ARTICLE V GENERAL COVENANTS
	  	 	8	 
			
	 SECTION 5.1
	 	 Affirmative Covenants of the Seller
	  	 	8	 
	 SECTION 5.2
	 	 Negative Covenants of the Seller
	  	 	12	 
		
	 ARTICLE VI ADMINISTRATION AND COLLECTION OF RECEIVABLES
	  	 	13	 
			
	 SECTION 6.1
	 	 Collection Procedures
	  	 	13	 
	 SECTION 6.2
	 	 Limitation on Liability of the Seller and Others
	  	 	14	 
	 SECTION 6.3
	 	 Responsibilities of the Seller
	  	 	14	 
	 SECTION 6.4
	 	 Repossessed Merchandise
	  	 	14	 
		
	 ARTICLE VII INDEMNIFICATION
	  	 	15	 
			
	 SECTION 7.1
	 	 Indemnities by the Seller
	  	 	15	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	15	 
			
	 SECTION 8.1
	 	 Amendments, Etc
	  	 	15	 
	 SECTION 8.2
	 	 Notices Etc
	  	 	15	 
	 SECTION 8.3
	 	 No Waiver; Remedies
	  	 	16	 
	 SECTION 8.4
	 	 Binding Effect; Governing Law
	  	 	16	 
	 SECTION 8.5
	 	 Costs, Expenses and Taxes
	  	 	16	 
	 SECTION 8.6
	 	 No Bankruptcy Petition
	  	 	16	 
	 SECTION 8.7
	 	 Acknowledgment of Assignments
	  	 	17	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 8.8
	 	 Waiver of Setoff
	  	 	17	 
	 SECTION 8.9
	 	 Severability
	  	 	17	 
	 SECTION 8.10
	 	 Counterparts
	  	 	17	 
	 SECTION 8.11
	 	 Jurisdiction; Consent to Service of Process
	  	 	17	 
	 SECTION 8.12
	 	 Third-Party Beneficiaries
	  	 	18	 
	 SECTION 8.13
	 	 Confirmation of Intent
	  	 	18	 
	 SECTION 8.14
	 	 Section and Paragraph Headings
	  	 	18	 
	 SECTION 8.15
	 	 Interest
	  	 	18	 
	 SECTION 8.16
	 	 Limitation of Liability
	  	 	19	 
	 SECTION 8.17
	 	 Effectiveness of Agreement
	  	 	19	 

  

			
	Exhibit A	  	Bill of Sale
	Schedule I	  	Receivables Schedule
	Schedule II	  	Offices Where Books, Records, Etc. Evidencing Receivables are Kept
	Schedule III	  	List of Trade Names
	Schedule IV	  	[2017]2018-PV1 Ineligible Receivables

  
 ii 

 SECOND RECEIVABLES PURCHASE AGREEMENT 

SECOND RECEIVABLES PURCHASE AGREEMENT dated as of February 24, 2017, by and among CONN APPLIANCES RECEIVABLES FUNDING, LLC, a Delaware
limited liability company, as seller (the “Seller”), solely with respect to Section 4.2., CONN CREDIT I, LP, as
original seller (the “Original Seller”), CONN’S RECEIVABLES WAREHOUSE, LLC, a Delaware limited liability company, as purchaser (the “Purchaser”) and CONN’S
RECEIVABLES WAREHOUSE TRUST, a Delaware statutory trust, as receivables trust (the “Receivables Trust”). 

W I T N E S S E T H: 

WHEREAS, from time to time, the Seller intends to sell Receivables originated by Conn Appliances, Inc. (the “Originator”), to
or at the direction of the Purchaser on the terms and subject to the conditions set forth in this Agreement; 
 WHEREAS, Purchaser[ is],
as the sole beneficial owner of the Receivables Trust
[and]as
 of the Note Initial Increase Date, desires that the Receivables and other assets sold hereunder be assigned directly by the Seller to the Receivables Trust. 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto agree as
follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1
Certain Defined Terms. Capitalized terms used in this Agreement but not defined herein shall have the meanings assigned to such terms in that certain Servicing Agreement, dated as of February 24, 2017 (as amended, restated, supplemented
or otherwise modified from time to time, the “Servicing Agreement”), among the Servicer, the Issuer, the Purchaser and Wells Fargo Bank, National Association, as indenture trustee. This Agreement is the Second Receivables Purchase
Agreement referred to in the Servicing Agreement. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Bill of Sale” means, with respect to each purchase of Receivables, a bill of sale substantially in the form of Exhibit A.

 “Cash Purchase Price” has the meaning assigned to that term in Section 2.3(a). 

“Contingent Liability” means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise
becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the
indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The
amount of any Person’s obligation under any Contingent Liability 

 
shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other
liability guaranteed thereby. 
 “Contract” means an Installment Contract related to a Receivable reflected on a Schedule
of Receivables set forth on Exhibit A to a Bill of Sale. 
 “Date of Processing” means, with respect to any transaction,
the date on which such transaction is first recorded in the Servicer’s computer files (without regard to the effective date of such recordation). 

“Highest Lawful Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time may be
contracted for, taken, reserved, charged or received under this Agreement, under laws applicable to the Seller and the Purchaser that are presently in effect or, to the extent allowed by law, under such applicable laws that may hereafter be in
effect and that allow a higher maximum nonusurious interest rate than applicable laws now allow. 
 “Purchase Date” has the
meaning assigned to that term in Section 2.1. 
 “Purchase Price” has the meaning assigned to that term in
Section 2.2.  
 “Solvent” means with respect to any Person that as of the date of determination both (A)(i)
the then fair saleable value of the property of such Person is (y) greater than the total amount of liabilities (including Contingent Liabilities) of such Person and (z) not less than the amount that will be required to pay the probable
liabilities on such Person’s then existing debts as they become absolute and matured considering all financing alternatives and potential asset sales reasonably available to such Person; (ii) such Person’s capital is not unreasonably
small in relation to its business or any contemplated or undertaken transaction; and (iii) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as
they become due; and (B) such Person is “solvent” within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any
contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

SECTION 1.2 Accounting and UCC Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP
applied on a basis consistent with the most recent audited financial statements of the Consolidated Parent before the Note Initial Increase Date; and all terms used in Article 9 of the UCC that are used but not specifically defined herein are used
herein as defined therein. 
 ARTICLE II 

AMOUNTS AND TERMS OF THE PURCHASES 

SECTION 2.1 Purchase of Receivables. 

(a) From time to time, when no [Early Amortization ]Event of Default has occurred
that is continuing on such date, with the written consent of the Administrative Agent and pursuant 

  
 2 

 
to a Bill of Sale, the Seller may sell, assign, transfer and convey directly to the Receivables Trust at the direction of the Purchaser (each such date, a “Purchase Date”), on the terms
and subject to the conditions specifically set forth herein, all of its right, title and interest, in, to and under (i) all rights (but not any obligations) to, in and under each Contract, including all Receivables related thereto and all
Collections received thereon after the applicable Cut-Off Date, reflected on the Schedule of Receivables set forth on Exhibit A of the related Bill of Sale, (ii) all Related Security, (iii) the First Receivables Purchase Agreement,
(iv) all other property described in such Bill of Sale, (v) all products and proceeds of the foregoing, including, without limitation, insurance proceeds, and (vi) all Recoveries relating thereto. 

(b) The parties to this Agreement intend that the transactions contemplated hereby shall be, and shall be treated as, a purchase by the
Receivables Trust and a sale by the Seller of the Receivables and not as a lending transaction. All sales of Receivables by the Seller hereunder shall be without recourse to, or representation or warranty of any kind (express or implied) by, the
Seller, except as otherwise specifically provided herein. The foregoing sale, assignment, transfer and conveyance does not constitute and is not intended to result in a creation or assumption by the Purchaser or the Receivables Trust of any
obligation of the Seller or any other Person in connection with the Receivables, the Contracts or any other agreements relating thereto, including, without limitation any obligation to any Receivables Obligor. 

SECTION 2.2 Purchase Price. The amount payable by the Purchaser (the “Purchase Price”) for the Receivables sold to the
Receivables Trust pursuant to each Bill of Sale shall be set forth in such Bill of Sale and shall be payable by the Purchaser on behalf of the Receivables Trust. 

SECTION 2.3 Payment of Purchase Price. 

(a) The Purchase Price for Receivables shall be paid by a cash payment made by the Purchaser to the Seller in the amount set forth in the
related Bill of Sale (the “Cash Purchase Price”) and by the increase in the value of the Seller’s equity interest in the Purchaser, and in turn the Purchaser’s equity interest in the Receivables Trust, equal to the
excess of the value of such Receivables over the Cash Purchase Price. 
 (b) All payments hereunder shall be made not later than 2:00 p.m.
(New York time) on the related Purchase Date in lawful money of the United States of America in same day funds to the bank account designated in writing by the Seller to the Purchaser. 

SECTION 2.4 Returns and Refinancings. The Seller may accept a return of Merchandise for full or partial credit to, or make an
adjustment (including, without limitation, any adjustment resulting from the exercise of any “12-Month Cash Option” or “18-Month Cash Option” under the Credit and Collection Policy) in, the principal amount or finance or other
charges accrued or payable with respect to the related Receivable and may refinance any Receivable in connection with the purchase of additional Merchandise or for other reasons, provided that, with respect to the related Receivables, such
credit, adjustment or refinancing is made in accordance with the Credit and Collection Policies. 

  
 3 

 SECTION 2.5 Allocations of Collections. For purposes of determining the Aggregate
Receivables Principal Balance of Receivables at any time, the Purchaser and the Seller agree that the Seller shall apply all Collections on a Receivable by Receivable basis. 

ARTICLE III 
 CONDITIONS TO
PURCHASES 
 SECTION 3.1 Conditions Precedent to Receivables Trust’s Purchase. The obligation of the Receivables Trust to
purchase, and the Purchaser to pay the Purchase Price for, each Contract and the related Receivables hereunder on the related Purchase Date is subject to the conditions precedent (any one or more of which can be waived by the Purchaser and by the
Administrative Agent) that (a) the Indenture and the other Transaction Documents shall be in full force and effect and all conditions to the related advance under the Indenture and the Note Purchase Agreement shall have been satisfied or
waived, (b) the Purchaser and the Administrative Agent shall have received the following, each in form and substance satisfactory to the Purchaser and the Administrative Agent and (c) the conditions set forth in clauses (iii),
(iv) and (v) shall have been satisfied: 
 (i) a copy of duly adopted resolutions of the Seller’s general
partner authorizing or ratifying the execution, delivery and performance of the Transaction Documents to which it is a party, certified by the Seller’s Secretary or Assistant Secretary; 

(ii) a duly executed certificate of the Seller’s Secretary or Assistant Secretary certifying the names and true signatures
of the officers authorized on behalf of the Seller to sign the Transaction Documents to which it is a party; 
 (iii) the
Seller
[shall]will
 have [filed]sent for filing and recorded with respect to itself and with respect to all
transfers of Contracts and Receivables from its Affiliates occurring hereunder, at its own expense, UCC-1 financing statements with respect to the Contracts and related Receivables in such manner and in such jurisdictions as are necessary or
desirable to perfect the Receivables Trust’s ownership interest thereof under the UCC and delivered a file-stamped copy of such UCC-1 financing statements or other evidence of such filings to the Purchaser within five Business Days of the Note
Initial Increase Date; and all other action necessary or desirable, in the opinion of the Purchaser, the Administrative Agent or the Indenture Trustee, to establish the Receivables Trust’s ownership of the Contracts and related Receivables
shall have been duly taken; 
 (iv) the Seller shall have delivered to the Administrative Agent, the Purchaser, the
Receivables Trust and the Indenture Trustee the Receivables Schedule with respect to such Purchase Date; 
 (v) the
Administrative Agent, the Purchaser and the Indenture Trustee shall have received photocopies of reports of UCC searches in the central filing office of the Originator and the Seller and any necessary local offices of the Originator and the Seller
with respect to the Receivables reflecting the absence of Liens thereon, except the Liens created hereunder, Liens against the Originator in favor of Conn Credit I,
[L.P.]LP
, Liens pursuant to the Indenture in favor of the Indenture Trustee and Liens as to which the 

  
 4 

 
Purchaser has received UCC termination statements or instruments executed by secured parties releasing any conflicting Liens in the Contracts, Receivables and other assets purchased pursuant to
Section 2.1(a); and 
 (vi) the Administrative Agent, the Purchaser, the Receivables Trust and the Indenture
Trustee shall have received such other approvals, documents, certificates and opinions as the Administrative Agent, Purchaser or the Indenture Trustee may request. 

SECTION 3.2 Conditions Precedent to Seller’s Sale. The obligation of the Seller to make sales hereunder is subject to the
conditions precedent that the Seller shall have received on or before the date of such sale the following, each (unless otherwise indicated) dated the day of such sale and in form and substance satisfactory to the Seller: 

(a) a copy of duly adopted resolutions of the Purchaser authorizing this Agreement, the documents to be delivered by the Purchaser hereunder
and the transactions contemplated hereby, certified by the Secretary or Assistant Secretary of the Purchaser; and 
 (b) a duly executed
certificate of the Secretary or Assistant Secretary of the Purchaser certifying the names and true signatures of the officers authorized on its behalf to sign this Agreement and the other documents to be delivered by it hereunder. 

SECTION 3.3 Effectiveness of Sale. Upon the Purchaser’s payment of the Purchase Price to the Seller in accordance with
Section 2.3 with respect to any Receivables, the sale of such Receivables and the other property described in Section 2.1(a) and the related Bill of Sale shall have occurred irrespective of whether the conditions precedent in
this Article III have been met; provided, notwithstanding the foregoing, nothing in this Section 3.3 shall constitute a waiver of any breach of any condition precedent in this Article III to be met or any claims or
other rights, in law or in equity, arising as a result of such failure. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Representations and Warranties of the Parties. The Purchaser, the Seller and the Receivables Trust each represents and
warrants as to itself, as of each Purchase Date, as follows: 
 (a) Each of the Seller, the Purchaser and the Receivables Trust has been duly
organized and is validly existing and in good standing under the laws of the state of its organization, with full power and authority to own its properties and to conduct its business as presently conducted. Each of the Seller, the Purchaser and the
Receivables Trust is duly qualified to do business and is in good standing as a foreign entity (or is exempt from such requirements), and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to
obtain such licenses and approvals would have an Adverse Effect on the conduct of the Seller’s, the Purchaser’s or the Receivables Trust’s business. 

(b) The sale of Contracts and related Receivables pursuant to this Agreement, the performance of its obligations under this Agreement and the
consummation of the transactions herein contemplated have been duly authorized by all requisite action and will not conflict with or 

  
 5 

 
result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to this
Agreement or the other Transaction Documents) upon any of its property or assets or upon that of the Seller, the Purchaser or the Receivables Trust, pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which it, the Seller, the Purchaser or the Receivables Trust is a party by which it, the Seller, the Purchaser or the Receivables Trust is bound or to which any property or assets of it, the Seller, the Purchaser or the Receivables
Trust is subject, nor will such action result in any violation of the provisions of its organizational documents or of any statute or any order, rule or regulation of any federal or state court or governmental agency or body having jurisdiction over
it, the Seller, the Purchaser or the Receivables Trust or any of their respective properties; and no consent, approval, authorization, order, registration or qualification of or with any such court or any such regulatory authority or other such
governmental agency or body is required to be obtained by or with respect to the Seller, the Purchaser or the Receivables Trust for the sale of the Contracts and related Receivables or the consummation of the transactions contemplated by this
Agreement. 
 (c) This Agreement has been duly executed and delivered by the Seller, the Purchaser and the Receivables Trust and constitutes
a valid and legally binding obligation of the Seller, the Purchaser and the Receivables Trust, respectively, enforceable against the Seller, the Purchaser and the Receivables Trust, respectively, in accordance with its terms, except that the
enforceability thereof may be subject to (a) the effects of any applicable bankruptcy, insolvency, reorganization, receivership, conservatorship or other laws, regulations and administrative orders affecting the rights of creditors generally
and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law). 
 (d)
There is no pending or, to its knowledge after due inquiry, threatened action or proceeding affecting it or any of its Subsidiaries before any court, governmental agency or arbitrator, that may reasonably be expected to materially and adversely
affect its condition (financial or otherwise), operations, properties or prospects, or that purports to affect the legality, validity or enforceability of this Agreement. None of the transactions contemplated hereby is or is threatened to be
restrained or enjoined (temporarily, preliminarily or permanently). 
 SECTION 4.2 Additional Representations and Reaffirmation of the Seller. The Seller [additionally represents and
warrants]and the Original Seller each represent and
warrant, as of each Purchase Date with respect to the Receivables sold on such Purchase Date, as follows: 

(a) Sale of Receivables. The Seller is, as of the time of the transfer to the Receivables Trust of each Receivable being sold to the
Receivables Trust by it hereunder on the applicable Purchase Date, the sole owner of such Receivable free from any Lien other than those released at or prior to such transfer. There is no effective financing statement (or similar statement or
instrument of registration under the law of any jurisdiction) now on file or registered in any public office filed by or against the Originator, the Seller or any Subsidiary of the Originator or the Seller or purporting to be filed on behalf of the
Originator, the Seller or any Subsidiary of the Originator or the Seller covering any interest of any kind in any Contracts and related Receivables being transferred to the Receivables Trust by it hereunder on such Purchase Date and the Originator
and the Seller will not execute nor will there be on file in any public office any effective financing statement (or similar statement or instrument of registration under the laws of any jurisdiction) or

  
 6 

 
statements relating to such Contracts and related Receivables, except (i) Contracts and related Receivables by Conn Credit
I[.
L.P.] LP
from the Originator, (ii) any financing statements filed in respect of and covering the purchase of such Contracts and related Receivables by the Receivables Trust and contribution to the Receivables Trust pursuant to this Agreement,
(iii) any financing statements filed in respect of the security interest created pursuant to the Indenture and (iv) financing statements for which a release of Lien has been obtained or that has been assigned to the Purchaser, Receivables
Trust or the Indenture Trustee. All filings and recordings (including pursuant to the UCC) required to perfect the title of the Receivables Trust in each Contract or related Receivable sold hereunder have been accomplished and are in full force and
effect, or will be accomplished and in full force and effect prior to the time required in clause (iii) of Section 3.1 and the Seller shall at its expense perform all acts and execute all documents necessary or reasonably requested
by the Purchaser, the Receivables Trust, the Issuer or the Indenture Trustee at any time and from time to time to evidence, perfect, maintain and enforce the title or the security interest of the Receivables Trust in the Contracts and related
Receivables and the priority thereof. 
 (b) Accuracy of Receivables Schedule Information. As of the applicable Cut-off Date,
the Receivables Schedule furnished by Seller will be in all material respects an accurate and complete listing of all the Contracts and related Receivables being transferred to the Receivables Trust and the information contained therein with respect
to such Contracts and related Receivables is true and correct as of such date. All information heretofore furnished by, or on behalf of, Seller to the Purchaser or the Indenture Trustee in connection with any Transaction Document, or any transaction
contemplated thereby, is true and accurate in every material respect. 
 (c) Contracts. With respect to each Contract being
transferred to the Receivables Trust on the applicable Purchase Date, [the]each related Receivable (other than any 2018-PV1 Ineligible Receivables) is an Eligible Receivable.

 (d)
Reaffirmation of Representations. The Original Seller acknowledges and agrees that, pursuant to the 2016-B First Receivables
Purchase Agreement, the Original Seller sold to the Seller each of the Contracts being sold by the Seller to the Receivables Trust hereunder on the Note Initial Increase Date. In connection with the Note Initial Increase, as of the Note Initial
Increase Date the Original Seller hereby (a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under the 2016-B First Receivables Purchase Agreement including, without limitation, its obligations
with respect to returns and refinancings under Section 2.5 of the 2016-B First Receivables Purchase Agreement and its obligations to purchase repossessed Merchandise under Section 6.6 of the 2016-B First Receivables Purchase Agreement;
provided that the Original Seller and Seller acknowledge and agree that any reference to in the 2016-B First Receivables Purchase Agreement to the Original Seller making a payment or deposit to the “Collection Account” shall from and after
the Note Initial Increase Date refer to the Collection Account specified in Section 8.02(a)(i) of the Indenture, (b) ratifies and reaffirms each transfer and grant of security interest made by it under the 2016-B First Receivables Purchase
Agreement and confirms that such liens and security interests continue to secure the obligations secured or purportedly secured under the 2016-B First Receivables Purchase Agreement, (c) represents and warrants that (1) each of the
representations and warranties of the Original Seller under the 2016-B First Receivables Purchase Agreement is true and correct as of the Note Initial Increase Date, except to the extent such representations and 

  
 7 

 
warranties specifically relate to an earlier date, in which case such
representations and warranties shall have been true and correct in all material respects (or in all respects, if qualified by any materiality or “Material Adverse Effect” or similar qualifier) on and as of such earlier date, and
(2) the 2016-B First Receivables Purchase Agreement is in full force and effect as of the Note Initial Increase Date and, except as amended or otherwise modified hereby, has not been amended, restated, supplemented or otherwise modified on or
prior to the Note Initial Increase Date, and (d) agrees that all such obligations, transfers, grants, representations and warranties described in clauses (a) through (c) above continue in full force and effect after giving effect to
the Note Initial Increase and the transfer of such Contracts to the Receivables Trust hereunder. The Original Seller acknowledges that it has received a copy of the Receivables Schedule delivered to the Indenture Trustee as of the Initial Note
Increase Date, and agrees that, to the extent the Original Seller at any time held an interest in any Receivable identified on such schedule, all such right, title and interest held by it was transferred pursuant to the 2016-B First Receivables
Purchase Agreement irrespective of whether any bill of sale or other instrument of transfer contemplated thereunder was executed pursuant the 2016-B First Receivables Purchase Agreement, and accordingly such the Original Seller does not hold any
interest in any such Receivable as of the Note Initial Increase Date. 

SECTION 4.3 Additional Representations of the Seller. The Seller additionally represents and warrants, as of each Purchase Date, as
follows: 
 (a) Location of Office and Records. The principal place of business and chief executive office of Seller is located at
4055 Technology Forest Blvd., Suite 210, The Woodlands, TX, 77381. Originals or duplicates of any incidental Records evidencing Contracts and related Receivables that may be kept by the Seller shall be kept at, and only at, said offices, and Seller
will not move its principal place of business and chief executive office or permit any Records or any books evidencing the Contracts and related Receivables that it may hold in its possession to be moved unless (i) the Seller shall have given
to the Administrative Agent, the Purchaser and the Indenture Trustee not less than 30 days’ prior written notice thereof, clearly describing the new location, and (ii) the Seller shall have taken such action, satisfactory to the
Administrative Agent, the Purchaser and the Indenture Trustee, to maintain the title or ownership of the Receivables Trust and any security interest of, or any filing in respect of title of, the Receivables Trust, in the Receivables at all times
fully perfected and in full force and effect. 
 (b) Trade Names. Set forth on Schedule III hereto is a complete and accurate
list of the trade names of the Seller for the five-year period preceding the date of this Agreement. 
 (c) Financial Statements. The
Seller has heretofore made available to the Purchaser, the Administrative Agent, and the Indenture Trustee copies of Consolidated Parent’s consolidated balance sheets and statements of income and changes in financial condition as of and for the
fiscal years ended January 31, 2015 and January 31, 2016, audited by and accompanied by the opinion of Ernst & Young independent public accountants. Except as disclosed to the Indenture Trustee and the Administrative Agent prior
to the date of this Agreement, such financial statements present fairly in all material respects the financial condition and results of operations of Consolidated Parent and its consolidated subsidiaries as of such dates and for such periods; such
balance sheets and the notes thereto disclose all liabilities, direct or contingent, of the Consolidated Parent and its 

  
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consolidated subsidiaries as of the dates thereof required to be disclosed by GAAP and such financial statements were prepared in accordance with GAAP applied on a consistent basis. Since
January 31, 2016, there has been no material adverse change in the condition (financial or otherwise), operations, properties, assets or prospects of the Seller and its Subsidiaries. 

(d) No Consent. No action, consent or approval of, registration or filing with or any other action by any Governmental Authority (other
than the UCC financing statements required to be filed hereby) is or will be required in connection with execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement, except such as
have been made or obtained and are in full force and effect. 
 (e) Back-Up Servicer Can Perform. Upon the delivery by the Seller to
the Back-Up Servicer, if any, of the computer tapes, disks, cassettes and
related materials (in a generally acceptable readable format) relating to the administration of the Receivables, the Back-Up
Servicer, if any, shall have been furnished with all materials and
data necessary to permit immediate collection of the Receivables by the Back-Up Servicer, if any, without the participation of the Seller, in such collection. 
 (f) Security Interest of
Receivables Trust. This Agreement and all related documents constitute a valid sale, transfer and assignment to the Receivables Trust of all right, title and interest in the Contracts being sold on the applicable Purchase Date and the
Receivables and Related Security related thereto and the proceeds thereof. Upon the filing of the financing statements described in Section 3.1(iii), the Receivables Trust shall have a first priority perfected security interest in all of
the property described in Section 2.1(a) (except to the extent such first priority perfected security interest was assigned to the Indenture Trustee pursuant to the Indenture). 

(g) Solvency. The Seller is Solvent. 

ARTICLE V 
 GENERAL COVENANTS 

SECTION 5.1 Affirmative Covenants of the Seller. So long as the Purchaser or the Receivables Trust shall have any interest in any
Contract and related Receivable sold hereunder, the Seller shall, unless the Administrative Agent and the Purchaser otherwise consent in writing: 

(a) Financial Statements, Reports, Etc. Deliver or cause to be delivered to the Administrative Agent, the Purchaser, the Receivables
Trust and the Indenture Trustee: 
 (i) as soon as available and in any event within 90 days after the end of each fiscal
year of the Consolidated Parent, a balance sheet of the Consolidated Parent as of the end of such year and statements of income and retained earnings and of source and application of funds of the Seller for the period commencing at the end of the
previous Fiscal Year and ending with the end of such year, in each case setting forth comparative figures for the previous Fiscal Year, certified without material qualification in a manner satisfactory to the Purchaser, the Administrative Agent, and
the Indenture Trustee by Ernst & Young or other nationally recognized, independent public accountants, together with a certificate of such accounting firm stating that in the course of the regular audit of the business of the Seller, which
audit was conducted in accordance with generally accepted auditing standards in the United States; and 

  
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 (ii) as soon as available and in any event within 45 days after the end of each
fiscal quarter, quarterly balance sheets and quarterly statements of source and application of funds and quarterly statements of income and retained earnings of the Consolidated Parent, certified by the chief financial or executive officer of the
Consolidated Parent (which certification shall state that such balance sheets and statements fairly present the financial condition and results of operations for such fiscal quarter, subject to year-end audit
adjustments). 
 For so long as Consolidated Parent is subject to the reporting requirements of Section 13(a) of the Exchange Act, its filing of the
annual and quarterly reports required under the Exchange Act, on a timely basis, shall be deemed compliance with clauses (i) and (ii) of this paragraph (a). 

(b) Compliance with Laws, Etc. Comply, and cause all of the Contracts related to Receivables to comply, in all material respects with
all applicable laws, rules, regulations and orders applicable to the Seller and the Receivables, including, without limitation, rules and regulations relating to truth in lending, retail installment sales, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices, privacy environmental matters, labor, taxation and ERISA, where in any such case failure to so comply could reasonably be expected to have an adverse impact on the Receivables or the amount
of Collections thereunder. It will comply in all material respects with its obligations under the Contracts related to Receivables. 
 (c)
Preservation of Existence. Preserve and maintain in all material respects its corporate existence, corporate rights (charter and statutory) and franchises. 

(d) Keeping of Records and Books of Account. Maintain and implement, or cause to be maintained or implemented, administrative and
operating procedures reasonably necessary or advisable for the administration of all Receivables, and, until the delivery to the Purchaser or its designee, keep and maintain, or cause to be kept and maintained, all documents, books, records and
other information necessary or advisable for the administration of all Receivables. 
 (e) Performance and Compliance. Duly fulfill
all obligations on its part to be fulfilled under or in connection with the Contracts and related Receivables, including complying with all requirements of law applicable thereto, and will do nothing to impair the right, title and interest of the
Receivables Trust in the Contracts and related Receivables; provided, however, that an adjustment or compromise of a Receivable pursuant to Section 2.4 shall not be deemed to be a violation of this paragraph. 

(f) Location of Records. Keep the chief executive office of the Seller located at 4055 Technology Forest Blvd., Suite 210, The
Woodlands, TX, 77381, and keep originals or duplicates of any Records related to Contracts and related Receivables sold hereunder that it maintains at, and only at, said offices, and the Seller will not move its chief executive office or permit any
Records and books evidencing the Contracts and related Receivables that it may maintain to be moved unless (i) the Seller shall have given to the Administrative Agent, the Purchaser, the Receivables Trust and the Indenture Trustee not fewer
than 45 days’ prior written notice thereof, clearly 

  
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describing the new location, and (ii) the Seller shall have taken such action, satisfactory to the Administrative Agent, the Purchaser and the Indenture Trustee, to maintain the title or
ownership of the Receivables Trust and any security interest of, or any filing in respect of title of, the Receivables Trust in the Contracts and related Receivables at all times fully perfected and in full force and effect. The Seller may not, in
any event, move the location where it conducts any administration of the Contracts and related Receivables sold hereunder from 4055 Technology Forest Blvd., Suite 210, The Woodlands, TX, 77381, without notice to the Indenture Trustee. 

(g) Insurance. Keep its insurable properties adequately insured at all times by financially sound and responsible insurers; maintain
such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies of the same or similar size in the same or similar businesses; maintain in full force
and effect public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it or any Subsidiary, as the case may be,
in such amounts and with such deductibles as are customary with companies of the same or similar size in the same or similar businesses and in the same geographic area; and maintain such other insurance as may be required by law. 

(h) Obligations and Taxes. Pay and discharge promptly when due all material obligations, all sales tax and all material taxes,
assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property before the same shall become in default, as well as all material lawful claims for labor, materials and supplies or otherwise
which, if unpaid, might become a Lien or charge upon such properties or any part thereof; provided, however, that it and each Subsidiary shall not be required to pay and discharge or to cause to be paid and discharged any such tax,
assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and for which the Seller shall have set aside on its books adequate reserves with respect thereto. 

(i) Furnishing Copies, Etc. Furnish to the Administrative Agent, the Purchaser, the Receivables Trust, the Issuer and the Indenture
Trustee (i) promptly after obtaining knowledge that a Receivable (other than a 2018-PV1 Ineligible Receivable) was, at the time of the Receivables Trust’s purchase thereof, not an Eligible Receivable, notice thereof; and (ii) promptly following request therefor, such other information, documents, records or
reports with respect to the Receivables or the underlying Contracts or the conditions or operations, financial or otherwise, of the Seller, as the Administrative Agent, the Purchaser or the Indenture Trustee may from time to time reasonably request.

 (j) Obligation to Record and Report. The Seller will treat the purchase of Contracts and related Receivables as a sale or
secured financing for tax and financial accounting purposes (as required by GAAP) and as a sale for all other purposes (including, without limitation, legal and bankruptcy purposes), on all relevant books, records, tax returns, financial statements
and other applicable documents. 

  
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 (k) Continuing Compliance with the Uniform Commercial Code. At its expense perform all
acts and execute all documents necessary or reasonably requested by the Administrative Agent, the Purchaser, the Receivables Trust, the Issuer or the Indenture Trustee at any time to evidence, perfect, maintain and enforce the title or the security
interest of the Receivables Trust in the Contracts and related Receivables sold hereunder and the priority thereof. The Seller will execute and deliver financing statements relating to or covering the Contracts and related Receivables sold hereunder
(reasonably satisfactory in form and substance to the Administrative Agent and the Purchaser) and the Seller will authorize the Purchaser and the Receivables Trust to file one or more financing statements relating to or covering the Contracts and
related Receivables and the other property described in Section 2.1(a). The Seller shall, on or prior to the date that is sixty (60) days after the related Purchase Date, cause each Contract related to a Receivable to be stamped in
a conspicuous place (other than with respect to Contracts the originals of which have been copied on microfilm or optically scanned and destroyed, in each case prior to such 60th day), with a legend stating that it has been sold, assigned and
transferred to the Receivables Trust. The Seller shall deliver the Receivable Files related to each Contract to the Custodian; provided that while any Records evidencing Contracts and related Receivables is in custody of the Seller, the Seller will
hold the same for the benefit of the Receivables Trust. The Seller will not file or authorize the filing of any effective financing statement (or similar statement or instrument of registration under the laws of any jurisdiction) or statements
relating to any Contracts and related Receivables sold hereunder, except any financing statements filed or to be filed in respect of and covering the purchase of the Contracts and related Receivables (i) by the Seller pursuant to those certain
purchase agreements, dated the date hereof, by and between (I) the Seller, the Receivables Trust and the Purchaser and (II) [Purchaser]the Seller and [Conn Credit I,
L.P.]the 2016-B Seller, respectively, and (ii) by the Receivables Trust pursuant to this Agreement and the security interest created in favor of the Indenture Trustee pursuant to the Indenture. 

(l) Proceeds of Receivables. In the event that the Seller receives any Collections in respect of Contracts and related Receivables
(including, without limitation, any in-store payments) sold hereunder, use its best efforts to deposit or otherwise credit, or cause to be deposited or otherwise credited, in accordance with the procedures set forth in Section 2.02 of
the Servicing Agreement. 
 (m) Sales Tax Refunds. Claim all amounts which may be recovered from the State of Texas or any other state
as a rebate or refund of sales taxes paid with respect to Receivables which became Defaulted Receivables and pay such amounts to the Purchaser as soon as practical upon receipt from the related state refunding such amounts. 

(n) Financing Statement Changes. Within 30 days after the Seller makes any change in its, name, identity or corporate structure that
would make any financing statement filed in accordance with this Agreement seriously misleading within the meaning of Section 9-506 of the UCC, the Seller shall give the Administrative Agent and the Purchaser notice of any such change and shall
file such financing statements or amendments to previously filed financing statements as may be necessary to continue the perfection of the interest of the Receivables Trust in the Contracts and related Receivables, the Related Security and the
Receivables Files, and the proceeds of the foregoing. 
 (o) Insurance Premiums. The Seller shall, within sixty (60) days
following the Initiation Date for any Receivable, pay to the appropriate insurance underwriters or agents writing insurance in connection with the Contracts and related Receivables sold hereunder the amount of insurance premiums financed in
accordance with the Credit and Collection Policies with respect to such Receivable. 

  
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 SECTION 5.2 Negative Covenants of the Seller. So long as the Purchaser or the Receivables
Trust shall have any interest in any Contracts and related Receivables sold hereunder, the Seller shall not, unless the Administrative Agent and the Purchaser otherwise consents in writing: 

(a) Liens. Sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Lien upon or with
respect to, any Receivables sold hereunder, or any Contracts with respect thereto, or assign any right to receive proceeds in respect thereof except as created or imposed by this Agreement, the Indenture or the other Transaction Documents.

 (b) Change in Business. Make any material change in the nature of its business as carried on at the date hereof or engage in or
conduct any business or activity that is materially inconsistent with such business. 
 (c) Change in Payment Instructions to Receivables
Obligors. Instruct the Receivables Obligors on any Receivables to make any payments with respect to such Receivables to any place other than the places specified in Section 6.1. 

(d) Cause a Default. Take any action which would cause the Purchaser to be in default under the Indenture, a copy of which has been
furnished to the Seller. 
 (e) Mergers; Sales of Assets. Sell all or substantially all of its property and assets to, or consolidate
with or merge into, any other corporation, if the effect of such sale or merger would cause an Event of Default, [Early Amortization Event, ]Unmatured Event of Default, [Unmatured Early Amortization Event, ]Servicer
Default or Unmatured Servicer Default under this Agreement or the Indenture. The Seller shall promptly provide written notice to each Rating Agency (if any Rating Agency then provides a rating on the Notes) of any such sale, consolidation or merger
which would cause an Event of Default, [Early Amortization Event, ]Unmatured Event of Default, [Early Amortization
Event]Servicer Default or Unmatured Servicer Default under this Agreement or the Indenture. 
 (f) Accounting
Changes. Make any material change (i) in accounting treatment and reporting practices except as permitted or required by GAAP, (ii) in tax reporting treatment except as permitted or required by law, (iii) in the calculation or
presentation of financial and other information contained in any reports delivered hereunder, or (iv) in any financial policy of the Seller if such change could reasonably be expected to have an Adverse Effect on the Receivables or the
collection thereof. 
 (g) Maintenance of Separate Existence. (i) Fail to do all things necessary to maintain its existence
separate and apart from the Purchaser including, without limitation, maintaining appropriate books and records (including current minute books); (ii) except as required by applicable law, suffer any limitation on the authority of its own
directors and officers or partners to conduct its business and affairs in accordance with their independent business judgment, or authorize or suffer any Person other than its own officers and directors or partners to act on its behalf with respect
to matters (other than matters customarily delegated to others under powers of 

  
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attorney) for which a limited liability company’s or limited partnership’s own officers and directors or partners would customarily be responsible; (iii) fail to (A) maintain
or cause to be maintained by an agent of the Seller under the Seller’s control physical possession of all its books and records, (B) maintain capitalization adequate for the conduct of its business, (C) account for and manage all of
its liabilities separately from those of any other Person, including, without limitation, payment by it of all payroll and other administrative expenses and taxes from its own assets, (D) segregate and identify separately all of its assets from
those of any other Person, (E) maintain employees, or pay its employees, officers and agents for services performed for the Seller or (F) allocate shared overhead fairly and reasonably; or (iv) commingle its funds with those of the
Purchaser or use the Purchaser’s funds for other than the uses permitted under the Transaction Documents. 
 ARTICLE VI 

ADMINISTRATION AND COLLECTION OF RECEIVABLES 

SECTION 6.1 Collection Procedures. 

(a) On or before the Note Initial Increase Date, the Seller and the Purchaser shall have established and shall maintain thereafter the system
of collecting and processing Collections of Receivables in accordance with Section 2.02 of the Servicing Agreement. 
 (b) The
Seller shall cause all in-store payments to be (i) processed as soon as possible after such payments are received by the Seller but in no event later than the Business Day after such receipt, and (ii) delivered to the Servicer or, if a
Daily Payment Event has occurred, deposited in the Collection Account, no later than the second Business Day following the date of such receipt. 

(c) The Seller and the Purchaser shall deliver to the Servicer or, if a Daily Payment Event has occurred, deposit into the Collection Account,
all Recoveries received by it within two Business Days after the date of receipt for such Recovery. 
 (d) Any funds held by the Seller
representing Collections of Receivables shall, until delivered to the Servicer or deposited in the Collection Account, be held in trust by the Seller on behalf of the Indenture Trustee as part of the Trust Estate. 

(e) The Seller hereby irrevocably waives any right to set off against, or otherwise deduct from, any Collections. 

(f) The Seller acknowledges that Seller shall not have any right, title or interest in and to any Note Account. 

SECTION 6.2 Limitation on Liability of the Seller and Others. No recourse under or upon any obligation or covenant of this Agreement, or
the Receivables, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, employee, agent, limited partner, officer or director, in its capacity as such, past, present or future, of the
Seller or of any successor thereto, either directly or through the Seller, whether by virtue of any constitutory statute, or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this
Agreement and the obligations issued hereunder 

  
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are solely its obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by the incorporators, shareholders, employees, agents, limited partners,
officers or directors, as such, of the Seller or of any successor thereto, or any of them, because of the creation of the obligations hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Agreement or
in the Receivables or implied therefrom; and that any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder,
employee, agent, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations or covenants contained in this Agreement or in the Receivables or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Agreement. The Seller, the Purchaser and the Indenture Trustee and any director or officer or employee or agent of the Seller, the Purchaser or the
Indenture Trustee may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. 

SECTION 6.3 Responsibilities of the Seller. Notwithstanding anything herein to the contrary (i) the Seller shall perform all of
its obligations under the Credit and Collection Policies related to the Receivables to the same extent as if such Receivables had not been transferred to the Receivables Trust hereunder, (ii) the exercise by the Purchaser or Receivables Trust
of any of its rights hereunder shall not relieve the Seller from its obligations with respect to such Receivables and (iii) except as provided by law, the Purchaser and the Receivables Trust shall not have any obligation or liability with
respect to any Receivables or the underlying Contracts, nor shall the Purchaser or Receivables Trust be obligated to perform any of the obligations or duties of the Seller thereunder. 

SECTION 6.4 Repossessed Merchandise. The Seller agrees to purchase Merchandise repossessed by the Purchaser or the Receivables Trust
from a Receivables Obligor. The purchase price payable by the Seller will be the fair market value of such unit of repossessed Merchandise as mutually agreed upon between the Purchaser and the Seller. Additionally, if any Receivable becomes a
Defaulted Receivable, the Seller agrees to return to the Purchaser the amount (up to the Receivables Principal Balance of such Receivable) of any unearned premium for credit insurance and unearned premium (which is the amount paid by Conn’s to
fund the servicer agreements) for repair service agreements (unless such amount has been paid directly to the Purchaser by the applicable insurance company). Any amounts due to the Purchaser in accordance with this Section (i) shall be paid in
cash by the Seller on the next Business Day following such purchase or cancellation, (ii) shall constitute Recoveries and (iii) shall be deposited in the Collection Account. The Purchaser shall be responsible for delivering repossessed
Merchandise to the Seller location. 
 ARTICLE VII 

INDEMNIFICATION 
 SECTION 7.1
Indemnities by the Seller. Without limiting any other rights that the Purchaser may have hereunder or under applicable law, the Seller hereby agrees to indemnify the Purchaser and the Receivables Trust (and their respective assignees) and its
officers, directors, agents, trustees and employees (each an “PSA Indemnified Party”) from and against any and all claims, losses and liabilities (including, without limitation, reasonable attorneys’ fees and disbursements) (all the
foregoing being collectively referred to as “PSA Indemnified Amounts”) 

  
 15 

 
awarded against or incurred by any of them arising out of or resulting from the Seller’s failure to perform its obligations under this Agreement excluding, however, PSA Indemnified Amounts
to the extent resulting from gross negligence (it being the intention of the parties that the PSA Indemnified Party shall be indemnified for its own ordinary negligence) or willful misconduct on the part of such PSA Indemnified Party. Such indemnity
shall survive the execution, delivery, performance and termination of this Agreement. 
 ARTICLE VIII 

MISCELLANEOUS 

SECTION 8.1 Amendments, Etc. 

(a) This Agreement may be amended from time to time by the parties hereto, with the consent of each Required Noteholder and the Administrative
Agent. 
 (b) Prior to the execution of any amendment pursuant to this Section 8.1, the Purchaser shall provide written
notification of the substance of such amendment to each Rating Agency (if any Rating Agency then provides a rating on the Notes) and promptly after the execution of any such amendment, the Issuer shall furnish a copy of such amendment to such Rating
Agency (if any Rating Agency then provides a rating on the Notes). 
 SECTION 8.2 Notices Etc. All notices and other communications
provided for hereunder shall be in writing (including telegraphic, telex, facsimile or cable communication) and mailed, telegraphed, telexed, transmitted, cabled or delivered, if to the Seller, at its address at 4055 Technology Forest Blvd., Suite
210, The Woodlands, TX, 77381; if to the Purchaser, at its address at 4055 Technology Forest Blvd., Suite 210, The Woodlands, TX, 77381; if to the Receivables Trust, at its address at 4055 Technology Forest Blvd., Suite 210, The Woodlands, TX,
77381; or, as to each party, at such other address as shall be designated by such party in a written notice to the other parties. All such notices and communications shall when mailed or telecopied be effective when deposited in the mails, or
transmitted by telecopier, respectively, except that notices to the Purchaser pursuant to Article II shall not be effective until received by the Purchaser. 

SECTION 8.3 No Waiver; Remedies. No failure on the part of the Purchaser or the Receivables Trust to exercise, and no delay in
exercising, any right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right 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 8.4 Binding Effect; Governing Law. This Agreement shall
be binding upon and inure to the benefit of the Seller, the Purchaser and the Receivables Trust and their respective successors and assigns, except that the Seller shall not have the right to assign its rights hereunder or any interest herein
without the prior written consent of the Purchaser. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time that neither the
Purchaser nor the Receivables Trust shall not have any interest in any Receivables and all obligations of the Seller hereunder shall have been paid in full; provided, however, that the indemnification provisions of Article VIII shall be continuing
and shall survive any termination of this Agreement. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Texas without regard to the conflict of laws principles thereof. 

  
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 SECTION 8.5 Costs, Expenses and Taxes. In addition to the rights of indemnification
granted to the Purchaser and Receivables Trust under Article VIII, the Seller agrees to pay on demand all costs and expenses of the Purchaser, the Receivables Trust, the Administrative Agent, and the Indenture Trustee in connection with the
preparation, execution and delivery of the Transaction Documents and the other agreements and documents to be delivered hereunder and thereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Purchaser, the Receivables Trust and the Indenture Trustee with respect thereto and with respect to advising the Purchaser, the Receivables Trust and the Indenture Trustee as to their rights and remedies under this Agreement, and all costs and
expenses (including, without limitation, reasonable counsel fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement and the documents to be delivered hereunder. In
addition, the Seller agrees to pay any and all stamp and other taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement or the other documents to be delivered hereunder,
and agrees to hold the Purchaser and the Receivables Trust harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omitting to pay such taxes and fees. 

SECTION 8.6 No Bankruptcy Petition. The Seller covenants and agrees that prior to the date which is one year and one day after the date
on which the Notes are no longer Outstanding, it will not institute against, or join any other Person in instituting against, the Purchaser or the Receivables Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any federal or state bankruptcy or similar law. Each of the Receivables Trust and Purchaser covenants and agrees that prior to the date which is one year and one day after the date on which the Notes are no longer
Outstanding and any indebtedness under any other Permitted ABS Transaction is no longer outstanding, it will not institute against, or join any other Person in instituting against, the Seller any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law. This Section 8.6 shall survive the termination of this Agreement. 

SECTION 8.7 Acknowledgment of Assignments. The Seller hereby acknowledges and consents to the assignment by the Purchaser and
Receivables Trust of Contracts, Receivables, Related Assets and other property transferred hereunder, the rights of the Purchaser under this Agreement to the Receivables Trust, and by the Receivables Trust to the Indenture Trustee pursuant to the
Indenture. The Seller further acknowledges that, in accordance with the terms of the Transaction Documents, the Receivables Trust and the Indenture Trustee may, under certain circumstances exercise some or all of the rights of the Purchaser
hereunder and the Indenture Trustee may, under certain circumstances, exercise some or all of the rights of the Receivables Trust hereunder. The parties hereto acknowledge and agree that each of the Purchaser and the Receivables Trust and each
assignee of their respective rights hereunder shall be an assignee of any rights of the Seller with respect to refunds of sales taxes. 

  
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 SECTION 8.8 Waiver of Setoff. All payments hereunder by the Seller to the Purchaser, by
the Purchaser to Seller, by the Seller to the Receivables Trust or by the Receivables Trust to the Seller shall be made without setoff, counterclaim or other defense and each of the Purchaser, the Seller and the Receivables Trust hereby waives any
and all of its rights to assert any right of setoff, counterclaim or other defense to the making of a payment due hereunder to the Seller, the Purchaser or the Receivables Trust, as the case may be; provided, however; that, notwithstanding the
foregoing, each of the Purchaser and Receivables Trust hereby reserves any and all of its rights to assert any such right of setoff, counterclaim or other defense against the Seller with respect to the Purchase Price of Receivables purchased from
the Seller hereunder in the ordinary course of the Purchaser’s and Receivables Trust’s business. 
 SECTION 8.9
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law,
such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

SECTION 8.10 Counterparts. This Agreement and any amendment or supplement hereto or any waiver granted in connection herewith may be
executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. 

SECTION 8.11 Jurisdiction; Consent to Service of Process. 

(a) The Seller, the Purchaser and the Receivables Trust hereby submit to the nonexclusive jurisdiction of any United States District Court for
the Southern District of New York and of any New York state court sitting in New York, New York for purposes of all legal proceedings arising out of, or relating to, the Transaction Documents or the transactions contemplated thereby. The Seller, the
Purchaser and the Receivables Trust hereby irrevocably waive, to the fullest extent possible, any objection it may now or hereafter have to the venue of any such proceeding and any claim that any such proceeding has been brought in an inconvenient
forum. Nothing in this Section 8.11 shall affect the right of the Indenture Trustee or any Noteholder to bring any action or proceeding against the Seller, the Purchaser and the Receivables Trust or any of their respective property in
the courts of other jurisdictions. 
 (b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, ANY TRANSACTION DOCUMENT OR ANY MATTER ARISING THEREUNDER. 

SECTION 8.12 Third-Party Beneficiaries. Each of the Secured Parties shall be third-party beneficiaries of this Agreement. 

SECTION 8.13 Confirmation of Intent. It is the express intent of the parties hereto that the sale to the Receivables Trust pursuant to
Section 2.1 hereof of all of the Seller’s right, title and interest, in, to and under (i) all rights (but not any obligations) to, in and under each Contract, including all Receivables related thereto and all Collections
received thereon after the applicable Cut-Off Date, reflected on the Schedule of Receivables set forth on Exhibit A of each Bill of Sale, (ii) all Related Security, (iii) the First Receivables Purchase Agreement, (iv) all other
property described in the related Bill of Sale, (v) all products and proceeds of the foregoing, including, 

  
 18 

 
without limitation, insurance proceeds, and (vi) all Recoveries relating thereto, in each case shall be treated under applicable state law and Federal bankruptcy law as a sale by the Seller
to the Receivables Trust. However, if it is determined contrary to the express intent of the parties that the transfer is not a sale and that all or any portion of the assets described in Section 2.1(a) continue to be property of the
Seller, then the Seller hereby grants to the Receivables Trust a security interest in all of the Seller’s right, title and interest in, to and under all such assets, whether now owned or existing or hereafter arising or acquired, to secure the
Seller’s obligations under this Agreement, and this Agreement shall constitute a security agreement under applicable law. The Seller, the Purchaser and the Receivables Trust shall, to the extent consistent with the Transaction Documents, take
such action as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the assets described in Section 2.1(a), such interest would be deemed to be a perfected security interest of first priority
under applicable law and will be maintained as such throughout the terms of this Agreement and the Indenture. 
 SECTION 8.14 Section and
Paragraph Headings. Section and paragraph headings used in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. 

SECTION 8.15 Interest. Without limitation to the express intent of the parties set forth in the first sentence of
Section 8.13, if the sales contemplated under this Agreement are ever determined to constitute financing arrangements, the parties hereto intend that Purchaser shall conform strictly to usury laws applicable to it, if any. Accordingly,
if the transactions contemplated hereby would be usurious under applicable law, if any, then, in that event, notwithstanding anything to the contrary in this Agreement or any other agreement entered into in connection with this Agreement, it is
agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is contracted for, taken, reserved, charged or received by Purchaser under this Agreement or under any other agreement entered into
in connection with this Agreement shall under no circumstances exceed the Highest Lawful Rate and any excess shall be canceled automatically and, if theretofore paid, shall at the option of Purchaser be applied on the principal amount due Purchaser
or refunded by Purchaser to the Seller and (ii) in the event that the maturity of any amount due is accelerated or in the event of any prepayment or repurchase, then such consideration that constitutes interest under law applicable to
Purchaser, may never include more than the Highest Lawful Rate and excess interest, if any, to Purchaser, provided for in this Agreement or otherwise shall be canceled automatically as of the date of such acceleration, prepayment or repurchase and,
of theretofore paid, shall, at the option of Purchaser be credited by Purchaser on the principal amount due to Purchaser or refunded by Purchaser to the Seller. All sums paid or agreed to be paid to Purchaser for the use, forbearance or detention of
sums due hereunder shall, to the extent permitted under applicable law, be amortized, prorated, allocated and spread throughout the full term of the payments until payment in full so that the rate or amount of interest or account of such payments
does not exceed the applicable usury ceiling. 
 SECTION 8.16 Limitation of Liability. It is expressly understood and agreed by the
parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust, National Association (“WTNA”), not individually or personally but solely as Receivables Trust Trustee of the Purchaser, in the exercise of the
powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Purchaser is made and 

  
 19 

 
intended not as personal representations, undertakings and agreements by WTNA but is made and intended for the purpose of binding only the Purchaser, (c) nothing herein contained shall be
construed as creating any liability on WTNA, individually or personally, to perform any covenant either expressed or implied contained herein of the Purchaser, all such liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto, (d) WTNA has made no investigation as to the accuracy or completeness of any representations and warranties made by the Purchaser in this Agreement and (e) under no circumstances
shall WTNA be personally liable for the payment of any indebtedness or expenses of the Purchaser or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Purchaser under this Agreement
or any other related documents. 
 SECTION 8.17 Effectiveness of Agreement. Notwithstanding anything to the contrary herein, this
Agreement, including each grant of security interest hereunder and the representations, warranties, covenants and other obligations of the Seller, the Purchaser and the Receivables Trust
[shall
become]became effective
 on August 8, 2017. 
 [signature page follows] 

  
 20 

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

			
	CONN’S RECEIVABLES WAREHOUSE TRUST,
	as Receivables Trust
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Receivables Trust Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	 CONN’S RECEIVABLES WAREHOUSE, LLC,

as Purchaser

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	 CONN APPLIANCES RECEIVABLES FUNDING, LLC,

as Seller

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 Second Receivables Purchase Agreement Signature Page 

 
			
	Solely with respect to Section 4.2.
	
	 CONN CREDIT I, LP,

as Original Seller

		
	By:	 	  

	Name:	 	
	Title: 	 	

 Second Receivables Purchase Agreement Signature Page 

 EXHIBIT A 

BILL OF SALE 
 EFFECTIVE
AS OF [            ] [        ], 20[        ] (the “Effective Date”), FOR VALUE RECEIVED,
CONN APPLIANCES RECEIVABLES FUNDING, LLC (the “Seller”), pursuant to the terms and conditions of the Second Receivables Purchase Agreement, dated as of February 24, 2017 (as heretofore amended, the “Second Receivables Purchase
Agreement”), by and among the Seller, CONN’S RECEIVABLES WAREHOUSE TRUST (the “Receivables Trust”) and CONN’S RECEIVABLES WAREHOUSE, LLC (the “Purchaser”), does hereby grant a
security interest, sell, assign, transfer and convey, at the direction of the Purchaser, directly to the Receivables Trust, all of its right, title and interest in, to and under the following: 

1. All rights (but not any obligations) to, in and under each Contract, including all Receivables related thereto and all Collections received thereon after
the applicable Cut-Off Date, reflected on the Schedule of Receivables set forth on Exhibit A hereto, including the 2018-PV1
Ineligible Receivables set forth in Schedule 1 thereto; 
 2. All Related Security; 

3. The 2016-B First Receivables Purchase Agreement; 

4. The 2016-B Assignment of Assets, dated
as of February 15, 2018, among Conn’s Receivables 2016-B Trust, Conn’s Receivables Funding 2016-B, LLC and the Seller; 

5. All products and proceeds of the foregoing, including, without limitation, insurance proceeds; and 
 [5.]6.
 All Recoveries relating thereto. 
 TO HAVE AND TO HOLD the same unto the
Purchaser and the Receivables Trust, their successors and assigns, forever. The Cut-Off Date for the Receivables is
[[            ] [        ],
20[        ].]January 31,
2018. 
 This Bill of Sale is made pursuant to and is subject to the terms
and provisions of the Second Receivables Purchase Agreement. Any capitalized terms used but not defined in this Bill of Sale shall have the respective meanings assigned to them, or incorporated into, the Second Receivables Purchase Agreement. 

It is expressly understood and agreed by the parties hereto that (a) this Bill of Sale is executed and delivered by Wilmington Trust,
National Association (“WTNA”), not individually or personally but solely as Receivables Trust Trustee of the Receivables Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Receivables Trust is made and intended not as personal representations, undertakings and agreements by WTNA but is made and intended for the purpose of binding only the Receivables Trust,
(c) nothing herein contained shall be construed as creating any liability on WTNA, individually or personally, to perform any covenant either expressed or implied contained herein of the Receivables Trust, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or under the parties 
 Bill of Sale: Exhibit A

 
hereto, (d) WTNA has made no investigation as to the accuracy or completeness of any representations and warranties made by the Receivables Trust in this Bill of Sale and (e) under no
circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of the Receivables Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the
Receivables Trust under this Bill of Sale or any other related documents. 

 IN WITNESS WHEREOF, the Receivables Trust, the Seller and the Purchaser have caused this
instrument to be executed by one of its officers duly authorized to be effective as of the date first above written. 
  

			
	CONN’S RECEIVABLES WAREHOUSE TRUST,
	as Receivables Trust
	
	By: Wilmington Trust, National Association, not in its individual capacity but solely as Receivables Trust Trustee
		
	By:	 	
                     
            

	Name:	 	
	Title:	 	
	
	 CONN’S RECEIVABLES WAREHOUSE, LLC,

as Purchaser

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CONN APPLIANCES RECEIVABLES FUNDING, LLC,

as Seller

		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 

SCHEDULE OF RECEIVABLES 

  
 Bill of Sale: Exhibit A

Schedule 1 

2018-PV1 Ineligible
Receivables 

  
 Bill of Sale: Schedule [I]1
 

 SCHEDULE I 

RECEIVABLES SCHEDULE 
 [Attached as Exhibit A to the Bill of Sale] 

  
 Schedule I 

 SCHEDULE II 

OFFICES WHERE BOOKS, RECORDS, ETC. 

EVIDENCING RECEIVABLES ARE KEPT 

4055 Technology Forest Blvd. 

Suite 210, The Woodlands, TX, 77381 

  
 Schedule II

 SCHEDULE III 

LIST OF TRADE NAMES 
 CONN’S
APPLIANCES RECEIVABLES FUNDING, LLC 

  
 Schedule III

SCHEDULE IV 

2018-PV1 INELIGIBLE
RECEIVABLES 

[Attached as Schedule 1 to
Exhibit A to the Bill of Sale] 

  
 Schedule IVEX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

by and among 
 GNC HOLDINGS,
INC. 
 and 
 HARBIN
PHARMACEUTICAL GROUP HOLDINGS CO., LTD. 
 Dated as of February 13, 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	2	 
			
	 1.1
	 	 Definitions
	  	 	2	 
	 1.2
	 	 Terms Defined Elsewhere
	  	 	12	 
	 1.3
	 	 Other Definitional and Interpretative Provisions
	  	 	13	 
		
	 ARTICLE 2 PURCHASE AND SALE OF STOCK; CLOSING
	  	 	14	 
			
	 2.1
	 	 Issuance, Sale and Purchase of the Shares; Use of Proceeds
	  	 	14	 
	 2.2
	 	 Closing; Payment and Deliveries
	  	 	14	 
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	15	 
			
	 3.1
	 	 Corporate Organization
	  	 	15	 
	 3.2
	 	 Capitalization
	  	 	16	 
	 3.3
	 	 Authority; Execution and Delivery; Enforceability
	  	 	17	 
	 3.4
	 	 No Conflicts
	  	 	18	 
	 3.5
	 	 Registration; General Solicitation; No Integration
	  	 	19	 
	 3.6
	 	 Valid Issuance
	  	 	19	 
	 3.7
	 	 SEC Documents; Financial Statements; Undisclosed Liabilities
	  	 	19	 
	 3.8
	 	 Absence of Certain Changes or Events
	  	 	21	 
	 3.9
	 	 Listing and Maintenance Requirements
	  	 	21	 
	 3.10
	 	 Information Supplied
	  	 	21	 
	 3.11
	 	 Legal Proceedings
	  	 	21	 
	 3.12
	 	 Compliance with Laws and Orders
	  	 	22	 
	 3.13
	 	 Permits
	  	 	22	 
	 3.14
	 	 Employee Benefit Plans
	  	 	22	 
	 3.15
	 	 Employee and Labor Matters
	  	 	24	 
	 3.16
	 	 Environmental Matters
	  	 	24	 
	 3.17
	 	 Real Property; Title to Assets
	  	 	25	 
	 3.18
	 	 Tax Matters
	  	 	26	 
	 3.19
	 	 Material Contracts
	  	 	27	 
	 3.20
	 	 Intellectual Property
	  	 	27	 
	 3.21
	 	 Broker’s Fees
	  	 	29	 
	 3.22
	 	 Opinion of Financial Advisor
	  	 	29	 
	 3.23
	 	 Investment Company Act
	  	 	29	 
	 3.24
	 	 No State Takeover Statutes
	  	 	29	 
	 3.25
	 	 Insurance
	  	 	30	 
	 3.26
	 	 Foreign Corrupt Practices Act
	  	 	30	 
	 3.27
	 	 OFAC
	  	 	30	 
	 3.28
	 	 Related-Party Transactions
	  	 	30	 
	 3.29
	 	 No Other Representations or Warranties
	  	 	31	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF INVESTOR
	  	 	31	 

  
 i 

							
	 4.1
	 	 Corporate Organization
	  	 	31	 
	 4.2
	 	 Authority, Execution and Delivery; Enforceability
	  	 	31	 
	 4.3
	 	 No Conflicts
	  	 	32	 
	 4.4
	 	 Litigation
	  	 	32	 
	 4.5
	 	 Financing
	  	 	32	 
	 4.6
	 	 Proxy Statement; Other Information
	  	 	33	 
	 4.7
	 	 Ownership of Company Common Stock
	  	 	33	 
	 4.8
	 	 Securities Act Representations
	  	 	33	 
	 4.9
	 	 Anti-Money Laundering, Anti-Terrorism and Similar Laws
	  	 	33	 
	 4.10
	 	 Brokers
	  	 	34	 
	 4.11
	 	 Guarantee
	  	 	34	 
	 4.12
	 	 No Other Representations and Warranties;
Non-Reliance
	  	 	34	 
		
	 ARTICLE 5 COVENANTS; ADDITIONAL AGREEMENTS
	  	 	35	 
			
	 5.1
	 	 Conduct of Business by the Company Pending the Closing
	  	 	35	 
	 5.2
	 	 Access to Information; Confidentiality
	  	 	36	 
	 5.3
	 	 No Solicitation
	  	 	37	 
	 5.4
	 	 SEC Filings; Other Proceedings
	  	 	41	 
	 5.5
	 	 Appropriate Proceeding; Consents; Filings
	  	 	42	 
	 5.6
	 	 CFIUS
	  	 	44	 
	 5.7
	 	 Ownership and Control of Investor
	  	 	45	 
	 5.8
	 	 PRC Approvals
	  	 	45	 
	 5.9
	 	 Certain Notices
	  	 	45	 
	 5.10
	 	 Public Announcements
	  	 	46	 
	 5.11
	 	 Debt Refinancing Undertakings
	  	 	46	 
	 5.12
	 	 China Joint Venture
	  	 	47	 
	 5.13
	 	 Takeover Statutes
	  	 	47	 
	 5.14
	 	 Reservation of Common Stock
	  	 	47	 
	 5.15
	 	 Integration
	  	 	47	 
	 5.16
	 	 Listing
	  	 	47	 
	 5.17
	 	 Securities Laws. Investor acknowledges and agrees that:
	  	 	47	 
	 5.18
	 	 Board of Directors
	  	 	49	 
	 5.19
	 	 Certificate of Designation and Company Bylaws
	  	 	50	 
	 5.20
	 	 Certain Adjustments
	  	 	50	 
	 5.21
	 	 Escrow Agreement
	  	 	51	 
	 5.22
	 	 Subsidiary Assignment
	  	 	51	 
	 5.23
	 	 Letter of Credit
	  	 	51	 
		
	 ARTICLE 6 CONDITIONS TO CLOSING
	  	 	51	 
			
	 6.1
	 	 Conditions to Obligations of Each Party Under This Agreement
	  	 	51	 
	 6.2
	 	 Conditions to Obligations of the Company Under This Agreement
	  	 	52	 
	 6.3
	 	 Conditions to Obligations of Investor Under This Agreement
	  	 	52	 
		
	 ARTICLE 7 TERMINATION, AMENDMENT AND WAIVER
	  	 	53	 

  
 ii 

							
	 7.1
	 	 Termination
	  	 	53	 
	 7.2
	 	 Effect of Termination
	  	 	53	 
	 7.3
	 	 Company Termination Fee
	  	 	55	 
	 7.4
	 	 Investor Termination Fee
	  	 	57	 
	 7.5
	 	 Amendment
	  	 	58	 
	 7.6
	 	 Waiver
	  	 	58	 
		
	 ARTICLE 8 GENERAL PROVISIONS
	  	 	58	 
			
	 8.1
	 	 Non-Survival of Representations and Warranties
	  	 	58	 
	 8.2
	 	 Fees and Expenses
	  	 	59	 
	 8.3
	 	 Notices
	  	 	59	 
	 8.4
	 	 Severability
	  	 	60	 
	 8.5
	 	 Entire Agreement
	  	 	60	 
	 8.6
	 	 Assignment
	  	 	60	 
	 8.7
	 	 No Third Party Beneficiaries
	  	 	61	 
	 8.8
	 	 Governing Law; Dispute Resolution
	  	 	61	 
	 8.9
	 	 Counterparts
	  	 	62	 
	 8.10
	 	   Specific Performance
	  	 	62	 

  
  

			
	Exhibit A	  	Form of Certificate of Designations
	Exhibit B	  	Form of Director Confidentiality Agreement
	Exhibit C	  	Form of Registration Rights Agreement
	Exhibit D	  	Form of Stockholders Agreement
	Exhibit E	  	China JV Term Sheet
	Exhibit F	  	Amended and Restated Company Bylaws

  
 iii 

 SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT, dated as of February 13, 2018 (this “Agreement”), is made by
and between Harbin Pharmaceutical Group Holdings Co., Ltd., a corporation incorporated in the People’s Republic of China (“Investor”), and GNC Holdings, Inc., a Delaware corporation (the “Company”). All
capitalized terms used in this Agreement shall have the meanings assigned to such terms in Section 1.1 or as otherwise defined elsewhere in this Agreement unless the context clearly indicates otherwise. 

RECITALS 

WHEREAS, the Company desires to issue and sell to Investor, and Investor desires to purchase from the Company, 299,950 shares
of the Company’s Convertible Preferred Stock, on the terms and conditions contained herein; 
 WHEREAS, as
consideration for the issuance and sale of Convertible Preferred Stock by the Company, Investor shall pay to the Company cash in the aggregate amount of $299,950,000; 

WHEREAS, in connection with such sale and purchase, the Company is willing to make certain representations and warranties and
to agree to observe certain covenants set forth herein for the benefit of Investor, and Investor will rely on such representations, warranties and covenants as a material inducement to its purchase of the Convertible Preferred Stock; 

WHEREAS, in connection with such sale and purchase, Investor is willing to make certain representations and warranties, and
to agree to observe certain covenants set forth herein for the benefit of the Company, and the Company will rely on such representations, warranties and covenants as a material inducement to its sale of the Convertible Preferred Stock; 

WHEREAS, in order to induce the Company to enter into this Agreement, simultaneously with the execution of this Agreement,
Infinite Benefits Limited (the “Guarantor”) has delivered to the Company a limited guarantee (the “Guarantee”), pursuant to which the Guarantor has agreed to guarantee the obligations of Investor to pay the Investor
Termination Fee pursuant to Section 7.4; and 
 WHEREAS, the Board of Directors of the Company
(the “Board”) has, upon the terms and subject to the conditions set forth herein, (i) approved this Agreement and the other Transaction Documents and the consummation of the Transactions, including the issuance of shares of
Convertible Preferred Stock in accordance with this Agreement, (ii) determined that the terms of the Agreement and the other Transaction Documents and the Transactions, including the issuance of shares of Convertible Preferred Stock in
accordance with this Agreement, are fair to, and in the best interests of, the Company and its stockholders, (iii) directed that the issuance of shares of Convertible Preferred Stock in accordance with this Agreement be submitted to the
stockholders of the Company at a special meeting for approval, (iv) recommended approval by the Company’s stockholders of the Company Proposals in accordance with this Agreement and 

 (v) declared that this Agreement and the other Transaction Documents and the Transactions,
including the issuance of shares of Convertible Preferred Stock in accordance with this Agreement, are advisable. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing, and the covenants, premises, representations and warranties and agreements
contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, the parties to this Agreement agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1    Definitions. As used herein, the following terms have the following meanings: 

“Acceptable Confidentiality Agreement” means a confidentiality agreement that contains confidentiality
provisions that are no less favorable in the aggregate to the Company than those contained in the Confidentiality Agreement. 

“affiliate” means, as to any Person, any other Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, the first-mentioned Person. The parties agree that (i) CITIC Capital Group, its affiliated investment funds and its and their respective controlled affiliates shall be
deemed to be “affiliates” of Investor, and (ii) no Governmental Entity shall be deemed to be an “affiliate” of either party. 

“beneficial ownership” (and related terms such as “beneficially owned” or “beneficial
owner”) has the meaning set forth in Rule 13d-3 under the Exchange Act. 

“Business Day” means a day other than Saturday, Sunday or any day on which banks located in New York, New
York are authorized or obligated by applicable Law to remain closed or close prior to 5:00 p.m. Eastern time. 

“Certificate of Designations” means that certain Certificate of Designations of the Company establishing the
Convertible Preferred Stock, in the form attached hereto as Exhibit A. 
 “CFIUS” means the
Committee on Foreign Investment in the United States or any successor entity. 
 “CFIUS Clearance” means
that any review or investigation (if any) by CFIUS of the transaction shall have been concluded and: (i) the parties have received written notice from CFIUS that CFIUS has concluded that the transactions contemplated by this Agreement are not
“covered transactions” under Section 721 of the DPA; (ii) the parties have received written notice from CFIUS that the review and further investigation (if any) under Section 721 of the DPA of the transactions contemplated
by this Agreement have been concluded, and CFIUS has determined that there are no unresolved national security concerns with respect to the transactions contemplated by this Agreement; or (iii) CFIUS shall have sent a report to the President of
the United States requesting a decision on the CFIUS notice submitted by the parties 

  
 2 

 
and either (A) the period under which the President may announce his decision to take action to suspect, prohibit or place any limitations on the transaction shall have expired without any
such action being taken or (B) the President shall have announced a decision not to take any action to suspend, prohibit or place any limitations on the transaction. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Company Incentive Plans” means the GNC Holdings, Inc. 2015 Stock and Incentive Plan, as amended and restated
(formerly known as the GNC Holdings, Inc. 2011 Stock and Incentive Plan), the GNC Acquisition Holdings Inc. 2007 Stock Incentive Plan, as amended, and all other plans, programs, agreements or arrangements (including inducement award agreements)
pursuant to which equity and/or equity-based incentive awards have been or may be issued. 
 “Company Intellectual
Property” means the Intellectual Property that is owned or licensed by the Company or any of its Subsidiaries and that is used in the business of the Company and its Subsidiaries. 

“Company Material Adverse Effect” means any change, event, occurrence or development (an
“Effect”) that, individually or in the aggregate, has or would reasonably be expected to have a material adverse effect on the business, financial condition or results of operations of the Company and its Subsidiaries, taken as a
whole; provided, however, that adverse Effects arising out of, resulting from or attributable to the following shall not constitute or be deemed to contribute to a Company Material Adverse Effect, and shall not otherwise be taken into
account in determining whether a Company Material Adverse Effect has occurred or would reasonably be expected to occur, except that Effects with respect to clauses (b) and (c) of the below shall be so considered to the extent such Effect
disproportionately impacts the Company relative to other companies operating in the same industry: (a) changes or proposed changes in applicable Law, GAAP or the interpretation or enforcement thereof, (b) changes in general economic,
business, labor or regulatory conditions, or changes in securities, credit or other financial markets, including interest rates or exchange rates, in the United States or globally, or changes generally affecting the industries (including seasonal
fluctuations) in which the Company or its Subsidiaries operate in the United States or globally, (c) changes in global or national political conditions (including the outbreak or escalation of war (whether or not declared), military action,
sabotage or acts of terrorism), changes due to natural disasters or changes in the weather or changes due to the outbreak or worsening of an epidemic, pandemic or other health crisis, (d) actions or omissions taken or not taken at the request
of, or with the consent of, Investor or any of its affiliates, (e) the negotiation, announcement, pendency or consummation of this Agreement and the Transactions, including the identity of, Investor or any of its affiliates or any communication
by Investor or any of its affiliates regarding plans, proposals or projections with respect to the Company, its Subsidiaries or their employees (including any impact on the relationship of the Company or any its Subsidiaries, contractual or
otherwise, with its customers, suppliers, distributors, vendors, lenders, employees or partners), (f) any Proceeding arising from allegations of breach of fiduciary duty or violation of Law relating to this Agreement or the Transactions contemplated
hereby, (g) a decrease in the trading price or trading volume of, or suspension of trading in, the Shares, or any changes in the trading prices of, or defaults under, the Credit Agreement, any asset based indebtedness permitted to be incurred
pursuant to the Credit Agreement or the Convertible Notes Indenture, provided that the 

  
 3 

 
underlying cause of such failure (unless such underlying cause would otherwise be excluded from this definition) shall be taken into account in determining whether a Company Material Adverse
Effect has occurred, or (h) any failure by the Company or any of its Subsidiaries to meet any revenue, earnings or other financial projections or forecasts, provided that the underlying cause of such failure (unless such underlying cause would
otherwise be excluded from this definition) shall be taken into account in determining whether a Company Material Adverse Effect has occurred. 

“Company Owned Intellectual Property” means Company Intellectual Property that is owned by the Company or any
of its Subsidiaries. 
 “Company Proposals” means the Company’s proposal to approve the sale and
issuance of the maximum number of shares of Company Common Stock upon conversion of the Convertible Preferred Stock, based on the then applicable Conversion Price, in accordance with NYSE Rule 312.03(c) and NYSE Rule 312.03(d), as applicable. 

“Company Stockholder Approval” means the affirmative vote of a majority of the holders of the Company’s
shares present in person or represented by proxy at the Company Meeting and entitled to vote to approve the sale and issuance of the maximum number of shares of Company Common Stock upon conversion of the Convertible Preferred Stock, based on the
then applicable Conversion Price, in accordance with NYSE Rule 312.03(c) and NYSE Rule 312.03(d), as applicable. 

“Competition Laws” means applicable supranational, national, federal, state, provincial or local Law designed
or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolizing or restraining trade or lessening competition in any other country or jurisdiction, including the HSR Act, the Sherman Act, the Clayton Act, and the
Federal Trade Commission Act, in each case, as amended and other similar competition or antitrust laws of any jurisdiction other than the United States. 

“Contract” means any of the agreements, arrangements, contracts, leases (whether for real or personal
property), powers of attorney, notes, bonds, mortgages, indentures, deeds of trust, loans, evidences of Indebtedness, letters of credit, settlement agreements, franchise agreements, undertakings, covenants not to compete, employment agreements,
licenses, purchase and sale orders and other legally binding commitments, whether written or oral, to which in each case a Person is a party or to which any of the properties or assets of such Person is subject. 

“control” (including the terms “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of capital stock or other Equity Interests, as trustee or executor, by Contract or credit
arrangement or otherwise. 
 “Conversion Price” means the initial $5.35 per share conversion price for the
Shares. 
 “Convertible Notes” means the Company’s 1.5% Convertible Senior Notes, issued on
August 10, 2015 pursuant to the Convertible Notes Indenture, in an original aggregate principal amount of $287,500,000, due in 2020. 

  
 4 

 “Convertible Notes Indenture” means that certain Indenture,
dated as of August 10, 2015, by and among the Company, the Subsidiary guarantors party thereto and Bank of New York Mellon Trust Company, N.A., as Trustee. 

“Convertible Preferred Stock” means the class of preferred stock of the Company titled the “Series A
Convertible Preferred Stock.” 
 “Credit Agreement” means the Credit Agreement, dated as of
November 26, 2013, among GNC Corporation, General Nutrition Centers, Inc., the lenders and other parties party thereto from to time, and JPMorgan Chase Bank, N.A. as administrative agent, as amended and/or supplemented by the First Amendment,
dated December 9, 2013 and by the Replacement and Incremental Facility Amendment, dated March 4, 2016, and as may be amended, supplemented or otherwise modified from time to time. 

“Credit Agreement Refinancing” means (i) the amendment of, and/or waiver under, the Credit Agreement,
(ii) the refinancing or repayment, in whole or in part, of the Indebtedness outstanding as of the date hereof under the Credit Agreement, and/or (iii) the entering into and incurrence of indebtedness under any asset-based indebtedness
permitted to be incurred pursuant to the Credit Agreement, in the case of clauses (i) through (iii) above, on terms and conditions reasonably satisfactory to the Investor (such consent not to be unreasonably withheld, conditioned or delayed) provided that, in the aggregate, at least ninety percent (90%) of the principal amount outstanding of the “Tranche B Term Loans” (as defined in the Credit Agreement) thereunder, as of the
date hereof, shall have been repaid (other than with proceeds of any revolving facility under the Credit Agreement or the Credit Agreement Refinancing Documentation) or extended their maturity date to March 4, 2021 (without regard to any
potential acceleration or springing maturity terms); provided, further, that the proposed terms and conditions of any such amendment, waiver, refinancing, repayment or incurrence shall be deemed to be reasonably satisfactory to Investor if,
following written notice of such terms and conditions by the Company, Investor does not object in writing within three (3) Business Days after receipt of the Company’s written notice. 

“Credit Agreement Refinancing Documentation” means any documentation governing any Credit Agreement
Refinancing. 
 “Debt Refinancing” means the Credit Agreement Refinancing and, if necessary in connection
with the consummation of the Transactions, the repayment, discharge, prepayment, refinancing, conversion, redemption or repurchase of the Convertible Notes, in whole or in part, as may be required by the Convertible Notes Indenture. 

“Director” means any director of the Company. 

“Director Confidentiality Agreement” means a Confidentiality Agreement, substantially in the form attached as
Exhibit B hereto. 
 “Environmental Claims” means any Proceeding, investigation, order, demand,
allegation, accusation or notice (written or oral) by any Person or entity alleging actual or potential liability or violation arising out of or relating to any Environmental Laws, Environmental Permits or the presence in, or Release into, the
environment of, or exposure to, any Hazardous Materials, but shall not include any claims relating to products liability. 

  
 5 

 “Environmental Laws” means any and all applicable, federal,
state, provincial, local or foreign Laws, and all rules or regulations promulgated thereunder, regulating or relating to Hazardous Materials, pollution, protection or clean-up of the environment (including
ambient air, surface water, ground water, drinking water, land surface, subsurface strata, wildlife, plants or other natural resources), and/or the protection of health and safety of persons from exposures to Hazardous Materials. 

“Environmental Permits” means any permit, certificate, consent, registration, notice, approval,
identification number, license or other authorization required under any applicable Environmental Law. 
 “Equity
Interest” means any share, capital stock, partnership, limited liability company, member or similar equity interest in any Person, and any option, warrant, right or security (including debt securities) convertible, exchangeable or
exercisable into or for any such share, capital stock, partnership, limited liability company, member or similar equity interest. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations
promulgated thereunder. 
 “ERISA Affiliate” means any employer that would be considered a single employer
with the Company under Section 4001(b) of ERISA or Sections 414(b) or (c) of the Code or, solely for purposes of Title IV of ERISA, Sections (m) or (o) of the Code. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Expenses” includes all expenses (including all fees and expenses of counsel,
accountants, investment bankers, financing sources, experts and consultants to a party hereto and its affiliates) incurred by a party or on its behalf in connection with or related to the authorization, preparation, negotiation, execution and
performance of this Agreement and the transactions contemplated hereby, including the preparation, printing, filing and mailing of the Proxy Statement and all other matters related to the transactions contemplated by this Agreement. 

“GAAP” means generally accepted accounting principles, as applied in the United States. 

“Government List” means any list maintained by any agency or department of any Governmental Entity in the
United States of Persons, organizations or entities subject to international trade, export, import or transactions restrictions, controls or prohibitions, including (i) the Denied Persons List and Entities List maintained by the U.S. Department
of Commerce, (ii) the List of Specially Designated Nationals and Blocked Persons and the List of Sectoral Sanctions Identification maintained by the U.S. Department of Treasury, (iii) the Foreign Terrorist Organizations List and the
Debarred Parties List maintained by the U.S. Department of State and (iv) those Persons, organizations and entities listed in the Annex to, or are otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing
(effective September 21, 2004). 

  
 6 

 “Governmental Entity” means (i) any national, federal,
state, county, municipal, local or foreign government, or other political subdivision thereof, (ii) any entity exercising executive, legislative, judicial, regulatory, taxing, administrative or prosecutorial functions of or pertaining to
government, (iii) any arbitrator, arbitral body or mediator and (iv) any self-regulatory organization (including the NYSE, or any other securities market). 

“Handling” means the access, acquisition, compilation, use, storage, processing, transmission, safeguarding,
disposal, destruction, disclosure or exploitation of data. 
 “Hazardous Materials” means any pollutants,
chemicals, contaminants or any other toxic, infectious, carcinogenic, reactive, radioactive, corrosive, ignitable, flammable or otherwise hazardous substance or waste, whether solid, liquid or gas, that is subject to regulation, control or
remediation under any Environmental Laws, including any quantity of asbestos in any form, urea formaldehyde, PCBs, radon gas, mold, crude oil or any fraction thereof, all forms of natural gas, petroleum products or
by-products or derivatives. 
 “HSR Act” means the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations thereunder. 

“Indebtedness” means, of any Person and as of any time, the aggregate amount of the following, without
duplication: (a) the outstanding principal amount of any indebtedness for borrowed money; (b) all other obligations evidenced by bonds, debentures, notes or similar instruments of indebtedness; (c) all capitalized lease obligations
that are classified as a balance sheet liability in accordance with GAAP; (d) all letters of credit, performance bonds, surety bonds, banker’s acceptances or similar obligations issued for the account of such Person; (e) all
guarantees and keepwell arrangements issued by such Person; (f) to the extent not otherwise included, all indebtedness of another Person secured by a Lien on any asset owned by such first Person, whether or not such indebtedness is assumed by
such first Person; (g) all obligations due and payable under any interest rate swap agreements or interest rate hedge agreements and similar agreements to which any such Person is a party; (h) all obligations issued or assumed as the
deferred purchase price of property or services with respect to which any Person is liable, contingent or otherwise (including conditional sale obligations and “earn-out” obligations but excluding
trade payables arising in the ordinary course of business); and (i) any interest owed with respect to the indebtedness referred to above and prepayment penalties, premiums, breakage or fees and expenses due and payable with respect thereto.

 “Independent Investor Designee” means an Investor Designee that (i) at no time during the three
(3) year period prior to his or her appointment to the Board has been or is an employee, director, officer of, or consultant or other service provider to, any member of the Investor Group, or has received or is receiving compensation from any
member of the Investor Group, and (ii) qualifies as an “independent” director under the rules of the NYSE and any guidelines adopted by the Board or the Nominating and Corporate Governance Committee that are applicable to all of the
Company’s directors, as determined in good faith by the Nominating and Corporate Governance Committee. 

“Intellectual Property” means all intellectual property rights in any jurisdiction, including:
(a) patents and patent applications; (b) trademarks, service marks, trade dress, logos, 

  
 7 

 
slogans, brand names, trade names, Internet domain names, social media accounts and corporate names (whether or not registered), and other indicia of origin, and all applications and
registrations in connection therewith; (c) copyrights (whether or not published), rights of attribution, publicity and privacy, and all applications and registrations in connection therewith; (d) intellectual property rights in Software
Programs; (e) mask works and industrial designs, and all applications and registrations in connection therewith; and (f) trade secrets and other intellectual property rights in confidential and proprietary information, inventions, ideas,
research and development information, know-how, recipes, formulas, compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, research records, test
information, financial, marketing and business data, customer and supplier lists, algorithms and information, pricing and cost information, business and marketing plans and proposals, databases and compilations of data, methods and techniques, and
manuals and specifications of operating and promoting retail health, wellness and performance stores and franchises. 

“Investor Group” means Investor and any of its affiliates and Subsidiaries. 

“Investor Related Parties” means Investor, each of its affiliates or any of their respective former, current
or future direct or indirect equity holders, general or limited partners, controlling Persons, stockholders, members, managers, directors, officers, employees, agents, affiliates, Representatives or assignees or any former, current or future direct
or indirect equity holder, general or limited partner, controlling Person, stockholder, member, manager, director, officer, employee, agent, affiliate, Representative or assignee of any of the foregoing. 

“Investor Termination Fee” means an amount equal to $18,000,000. 

“IRS” means the United States Internal Revenue Service. 

“IT Systems” means the information and communications technologies owned, leased or licensed by the Company
or any of its Subsidiaries, including hardware, software, websites, networks, Application Programming Interfaces and all other information technology equipment of the Company and its Subsidiaries. 

“Knowledge” means (a) when used with respect to the Company, the actual knowledge, after inquiry of
direct reports deemed in good faith to be reasonable, of the individuals listed in Section 1.1(a) of the Company Disclosure Schedule; and (b) when used with respect to Investor, the actual knowledge, after inquiry of
direct reports deemed in good faith to be reasonable, of Hao Shi jun, the General Manager of Investor. 

“Law” means any applicable United States or foreign federal, national, provincial, state, municipal and local
laws, statutes, ordinances, decrees, rules, regulations or Orders of any Governmental Entity, in each case, having the force of law. 

“Lien” means, with respect to any property, equity interest or asset, any mortgage, deed of trust,
hypothecation, lien, encumbrance, pledge, charge, security interest, right of first refusal, right of first offer, adverse claim, restriction on transfer, covenant or option in respect of such property, equity interest or asset. 

  
 8 

 “MOFCOM” means the Ministry of Commerce of the PRC or its
competent local counterparts. 
 “NDRC” means the National Development and Reform Commission of the PRC or
its competent local counterparts. 
 “Nominating and Corporate Governance Committee” means the nominating
and corporate governance committee of the Board, or another committee performing the functions of nominating or selecting Persons for election or appointment to the Board. 

“NYSE” means the New York Stock Exchange. 

“Order” means any judgment, order, decision, ruling, determination, writ, injunction, decree or arbitration
award. 
 “Permitted Liens” means (a) Liens for Taxes (i) not yet due or delinquent or subject to
penalties or (ii) that are being contested in good faith by appropriate Proceedings and (in the case of this clause (ii)) for which appropriate reserves have been made in accordance with GAAP, (b) Liens in favor of landlords, lessors,
vendors, carriers, warehousemen, repairmen, mechanics, workmen, materialmen, construction or similar liens or encumbrances arising by operation of Law in the ordinary course of business for amounts not yet delinquent,
(c) non-exclusive licenses of Intellectual Property, (d) (i) matters of record, (ii) Liens that would be disclosed by a current, accurate survey or physical inspection of such Company Real
Property, (iii) applicable building, zoning and land use regulations, and (iv) other minor imperfections or irregularities in title, restrictions, easements, rights of way and other non-monetary
Liens which, in each of cases (i), (ii), (iii) and (iv) are not violated in any material respect by, and do not materially impair the use (as of the date hereof), operation or occupancy of the Company Real Property to which they relate,
(e) Liens arising under the Credit Agreement or Credit Agreement Refinancing Documentation and (f) Liens described in Section 1.1(b) of the Company Disclosure Schedule. 

“Person” means an individual, corporation, limited liability company, partnership, association, trust,
unincorporated organization, other entity or group (as defined in Section 13(d) of the Exchange Act). 

“Personal Information” means any (a) information that identifies an individual or, in combination with
any other information or data in the possession or control of the Company or any of its Subsidiaries, could be used to identify an individual; and (b) sensitive information regarding individuals or regarding their employment, family, sexual,
political, health, financial or location status, such as Governmental Entity-issued identifiers, or credit card or other financial information, including bank account information. 

“PRC” means the People’s Republic of China, excluding for purposes of this Agreement only, Hong Kong
Special Administrative Region, Macao Special Administrative Region and Taiwan. 
 “PRC Approvals” means,
the filings with, decisions by and approvals from PRC Governmental Entities with respect to the transactions contemplated hereby, including (i) the approval from SASAC, (ii) the filing with and/or confirmation from NDRC with respect to the

  
 9 

 
consummation of the transactions contemplated hereby, (iii) the filing with and/or the issuance of the certificate of outbound investment by enterprises by MOFCOM with respect to the
consummation of the Transactions contemplated hereby and (iv) the foreign exchange registration conducted by authorized banks under SAFE’s supervision in connection with the transactions contemplated hereby. 

“Proceedings” means all actions, suits, claims, mediations, arbitrations or proceedings, in each case, by or
before any Governmental Entity. 
 “Proxy Statement” means a proxy statement on Schedule 14A filed with the
SEC relating to the Company Stockholder Approval. 
 “Registration Rights Agreement” means a Registration
Rights Agreement substantially in the form attached hereto as Exhibit C, to be entered into by the Company and Investor at the Closing. 

“Release” means disposing, discharging, injecting, spilling, leaking, pumping, pouring, leaching, dumping,
emitting, escaping or emptying into or upon the indoor or outdoor environment, including any soil, sediment, subsurface strata, surface water, drinking water, ground water, ambient air, the atmosphere or any other media. 

“Representatives” means, with respect to a Person, such Person’s directors, officers, employees,
accountants, consultants, legal counsel, investment bankers, advisors, agents and other representatives acting on such Person’s behalf in connection with the Transactions. 

“Restricted Entity” means a Person principally engaged in the business of owning, operating, managing,
franchising or branding retail nutrition supplement stores, or developing or manufacturing nutritional supplements, that, in each case, competes with the Company and is listed on Schedule 1.1A attached hereto. 

“SAFE” means the State Administration of Foreign Exchange of the PRC or its competent local counterparts.

 “SASAC” means the State-owned Assets Supervision and Administration Commission of the State Council of
the PRC or its competent local counterparts. 
 “SEC” means the United States Securities and Exchange
Commission. 
 “Section 721 of the DPA” means Section 721 of the Defense Production
Act of 1950, as amended, 50 U.S.C. Section 4565. 
 “Securities Act” means the Securities Act of 1933,
as amended, and the rules and regulations promulgated thereunder. 
 “Software Programs” means computer
programs (whether in source code, object code or other form), including any and all software implementations of algorithms, models and methodologies, and all documentation, including user manuals and training materials, related to any of the
foregoing. 

  
 10 

 “Stockholders Agreement” means a Stockholders Agreement
substantially in the form attached hereto as Exhibit D, to be entered into by the Company and Investor at the Closing. 

“Subsidiary” of Investor, the Company or any other Person means any corporation, limited liability company,
partnership, joint venture or other legal entity of which Investor, the Company or such other Person, as the case may be (either alone or through or together with any other Subsidiary), owns, directly or indirectly, a majority of the capital stock
or other Equity Interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation, limited liability company, partnership, joint venture or other legal entity, or
otherwise owns, directly or indirectly, such capital stock or other Equity Interests that would confer control of any such corporation, limited liability company, partnership, joint venture or other legal entity, or any Person that would otherwise
be deemed a “subsidiary” under Rule 12b-2 promulgated under the Exchange Act. 

“Tax” or “Taxes” means (a) any and all federal, state, local or foreign taxes,
assessments, fees, levies, duties, imposts or other similar charges, in each case, imposed by a Governmental Entity, including income, franchise, windfall or other profits, gross receipts, real property, personal property, sales, use, goods and
services, capital stock, business license, occupation, commercial activity, customs, alternative or add-on minimum, environmental, payroll, employment, social security, workers’ compensation, unemployment
compensation, excise, estimated, withholding, ad valorem, stamp, transfer, registration, value-added, transactional and gains tax, and additions to tax, interest and penalties with respect to any of the foregoing, and (b) any liability for the
payment of any amounts of the type described in clause (a) as a result of being a member of an affiliated, consolidated, combined or unitary group, as a result of any tax sharing or tax allocation agreement, or as a result of being liable for
another Person’s taxes as a transferee or successor, by Contract or otherwise; provided, that any liability under clause (b) shall not include any liability arising from any customary tax indemnification provisions in ordinary
course commercial agreements or Contracts, in each case, that are not primarily related to taxes. 
 “Tax
Return” means any report, return (including information return), claim for refund, election, estimated tax filing or declaration required to be filed or actually filed with a Governmental Entity, including any schedule or attachment
thereto, and including any amendments thereof. 
 “Third Party” shall mean any Person other than Investor,
the Company and their respective affiliates. 
 “Transaction Documents” means this Agreement, the Escrow
Agreement, the Stockholders Agreement, the Guarantee, the Letter of Credit, the Certificate of Designations and the Registration Rights Agreement. 

“Transactions” means the issuance, sale and purchase of the Shares in accordance with this Agreement,
including any issuance of Underlying Shares, and the other transactions contemplated by this Agreement and the other Transaction Documents. 

  
 11 

 “Transfer Agent” means American Stock Transfer & Trust
Company, LLC, the Company’s transfer agent. 
 “Treasury Regulations” means the final and temporary
regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Underlying Shares” means the shares of Company Common Stock issued and issuable upon conversion of the
Convertible Preferred Stock and issued and issuable in lieu of the cash payment of dividends on the Convertible Preferred Stock in accordance with the Certificate of Designations. 

“Union” means a labor union, trade union, works council or any other employee representative body. 

1.2    Terms Defined Elsewhere. The following terms are defined elsewhere in this Agreement, as
indicated below:  
  

			
	 Acquisition Proposal
	  	 Section 5.3(g)(i)

	 Agreement
	  	 Preamble

	 Board
	  	 Recitals

	 Board Recommendation
	  	 Section 3.3(b)

	 Change of Board Recommendation
	  	 Section 5.3(a)

	 China JV
	  	 Section 5.12

	 Closing
	  	 Section 2.2(a)

	 Closing Date
	  	 Section 2.2(a)

	 Closing Date Payment
	  	 Section 2.2(b)

	 Company
	  	 Preamble

	 Company Benefit Plan
	  	 Section 3.14(a)

	 Company Bylaws
	  	 Section 3.1

	 Company Charter
	  	 Section 3.1

	 Company Common Stock
	  	 Section 3.2(a)

	 Company Designees
	  	 Section 5.18(a)

	 Company Disclosure Schedule
	  	 Article 3

	 Company Financial Statements
	  	 Section 3.7(c)

	 Company Leased Real Property
	  	 Section 3.17(a)

	 Company Material Contract
	  	 Section 3.19

	 Company Meeting
	  	 Section 5.4(b)

	 Company Options
	  	 Section 3.2(a)

	 Company Owned Real Property
	  	 Section 3.17(a)

	 Company Preferred Stock
	  	 Section 3.2(a)

	 Company Real Property
	  	 Section 3.17(a)

	 Company RSUs
	  	 Section 3.2(a)

	 Company SEC Documents
	  	 Section 3.7(a)

	 Company Termination Fee
	  	 Section 7.3(a)

  
 12 

			
	 Competing China JV Proposal
	  	 Section 5.3(h)

	 Confidentiality Agreement
	  	 Section 5.2(b)

	 DGCL
	  	 Section 4.7

	 Dispute
	  	 Section 8.8(b)

	 ECL Claims
	  	 Section 7.4(c)

	 Escrow Agent
	  	 Section 5.21

	 Escrow Agreement
	  	 Section 5.21

	 FCPA
	  	 Section 3.26

	 Guarantor
	  	 Recitals

	 Guarantee
	  	 Recitals

	 ICDR
	  	 Section 8.8(b)

	 Intervening Event
	  	 Section 5.3(g)(v)

	 Investor
	  	 Preamble

	 Investor Designees
	  	 Section 5.18(a)

	 Investor Sub
	  	 Section 5.22

	 Investor Termination Fee Release Event
	  	 Section 7.4(a)

	 Letter of Credit
	  	 Section 5.23

	 Minority Transaction Termination Fee
	  	 Section 7.3(a)

	 OFAC
	  	 Section 3.27

	 Outside Date
	  	 Section 7.1(d)

	 Per Share Price
	  	 Section 2.1

	 Proposed Changed Terms
	  	 Section 5.3(d)(ii)

	 Purchase Price
	  	 Section 2.1

	 Service Provider
	  	 Section 3.14(a)

	 Shares
	  	 Section 2.1

	 Superior Majority Proposal
	  	 Section 5.3(g)(ii)

	 Superior Minority Proposal
	  	 Section 5.3(g)(iii)

	 Superior Proposal
	  	 Section 5.3(g)(iv)

 1.3    Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified.
All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein
shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or 

  
 13 

 
contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person.
References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to any applicable Law shall be deemed to refer to such law or
applicable Law as amended from time to time, except as otherwise specified herein, and to any rules or regulations promulgated thereunder. All references to “days” shall mean calendar days unless otherwise indicated. The parties have
participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 
 ARTICLE 2 

PURCHASE AND SALE OF STOCK; CLOSING 

2.1        Issuance, Sale and Purchase of the Shares; Use of Proceeds. Subject
to the terms and conditions of this Agreement, at the Closing, the Company shall issue and sell to Investor, and Investor shall purchase and acquire from the Company, 299,950 shares of Convertible Preferred Stock (the “Shares”) at a
purchase price of $1,000.00 per share (the “Per Share Price”). The aggregate purchase price for the Shares shall be equal to $299,950,00 (the number of Shares multiplied by the Per Share Price) (the “Purchase
Price”). The Company shall use the proceeds for the repayment, in whole or in part, of the Indebtedness outstanding as of the Closing under the Credit Agreement, payment of fees and expenses incurred in connection with the Transactions and
other general corporate purposes as may be mutually agreed by the Company and Investor. 

2.2        Closing; Payment and Deliveries.  

(a)    Upon the terms and subject to the conditions set forth in this Agreement, the closing (the
“Closing”) of the issuance, purchase and sale of the Shares shall take place at 10:00 a.m., New York City time, on the third Business Day after satisfaction or waiver of all of the applicable conditions set forth in Article 6
(other than those conditions that by their nature are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions at the Closing) at the offices of Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022,
or at such other place, time or date as may be mutually agreed upon in writing by the Company and Investor (the date on which the Closing actually occurs, the “Closing Date”). 

(b)    Upon the terms and subject to the conditions set forth in this Agreement, at the Closing,
(i) Investor shall cause a wire transfer to be made in immediately available funds to an account of the Company designated in writing by the Company in an amount (the “Closing Date Payment”) equal to, at Investor’s
election, either (x) the Purchase Price or (y) the Purchase Price less the Investor Termination Fee, and (ii) the Company shall deliver, or cause to be delivered, to Investor evidence from the Transfer Agent of the issuance of the
Shares in the name of Investor by book entry on the stock ledger of the Company (or, if Shares are to be represented in certificated form, a certificate representing the Shares), with the legends contemplated by
Section 5.17(d). 

  
 14 

 (c)    At the Closing, (i) if Investor delivers or
causes to be delivered the Purchase Price in accordance with Section 2.2(b)(i)(x), then Investor and the Company shall deliver a joint written notice (a “Joint Release Notice”) to the Escrow Agent (pursuant
to the terms of the Escrow Agreement and containing such information as is required by the Escrow Agreement) instructing the Escrow Agent to deliver the Investor Termination Fee to Investor (or its designee) by wire transfer of immediately available
funds to an account of Investor (or its designee), as specified in the Joint Release Notice, and (ii) if Investor delivers or causes to be delivered the Closing Date Payment in accordance with Section 2.2(b)(i)(y),
then Investor and the Company shall deliver a Joint Release Notice to the Escrow Agent (pursuant to the terms of the Escrow Agreement and containing such information as is required by the Escrow Agreement) instructing the Escrow Agent to deliver the
Investor Termination Fee to the Company (or its designee), by wire transfer of immediately available funds to an account of the Company (or its designee), as specified in the Joint Release Notice. 

(d)    Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, each of
Investor and the Company shall execute and deliver the Registration Rights Agreement and the Stockholders Agreement. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except (a) as set forth in the disclosure schedule delivered by the Company to Investor (the “Company Disclosure
Schedule”) prior to the execution of this Agreement (with specific reference to the representations and warranties in this Article 3 to which the information in such schedule relates; provided, that, disclosure in the Company
Disclosure Schedule as to a specific representation or warranty shall qualify any other sections of this Agreement to the extent (notwithstanding the absence of a specific cross reference) it is reasonably apparent from the face of such disclosure
that such disclosure relates to such other sections), and (b) as otherwise disclosed or identified in the Company SEC Documents filed prior to the date hereof (other than any forward-looking disclosures contained in the “Forward Looking
Statements” and “Risk Factors” sections of the Company SEC Documents), the Company hereby represents and warrants to Investor as follows: 

3.1        Corporate Organization. Each of the Company and its Subsidiaries is
a corporation or other entity duly organized, validly existing and, to the extent applicable, in good standing under the laws of the jurisdiction of its organization and has the requisite corporate or other entity power and authority to own or lease
all of its properties and assets and to carry on its business as it is now being conducted. Each of the Company and its Subsidiaries is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by
it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed or qualified, has not had and would not reasonably be expected to have,
individually or in the aggregate, a Company Material Adverse Effect. The copies of the Amended and Restated Certificate of Incorporation (the “Company Charter”) and Amended and Restated Bylaws (the “Company Bylaws”)
of the Company, as most recently filed with the Company SEC Documents, are true, complete and correct copies of such documents as in effect as of the date of this Agreement. The 

  
 15 

 
Company is not in violation of any of the provisions of the Company Charter or the Company Bylaws. 

3.2        Capitalization. 

(a)    The authorized capital stock of the Company consists of three hundred million (300,000,000) shares
of Class A common stock, par value $0.001 per share (“Company Common Stock”), and sixty million (60,000,000) shares of preferred stock, par value $0.001 per share (“Company Preferred Stock”). As of
December 31, 2017, (i) 83,566,954 shares of Company Common Stock (other than treasury shares) were issued and outstanding, all of which were duly authorized, validly issued, fully paid and nonassessable and free of preemptive rights, of which
378,784 were restricted stock awards subject to forfeiture restrictions, (ii) 45,991,443 shares of Company Common Stock were held in the treasury of the Company or by its Subsidiaries, (iii) 4,627,292 shares of Company Common Stock were reserved for
issuance under the Company Incentive Plans (including under any inducement award program), (iv) 2,605,167 shares of Company Common Stock were subject to outstanding options to purchase Company Common Stock (“Company Options”), (v)
660,596 shares of Company Common Stock were available for issuance upon the vesting of the Company’s outstanding restricted stock unit awards (“Company RSUs”), (vi) 757,568 performance shares with market condition restricted
stock awards were available for issuance (assuming maximum achievement) and (vii) no shares of Company Preferred Stock were issued and outstanding. Except as set forth in the immediately preceding sentence, there are no options, restricted
stock units, restricted stock, profits interests, stock appreciation rights, phantom equity rights, warrants or other rights, agreements, arrangements or commitments of any character to which the Company or any of its Subsidiaries is a party or by
which the Company or any of its Subsidiaries is bound relating to, or the value of which is based on, the issued or unissued capital stock or other Equity Interests of the Company, or securities convertible into or exchangeable for such capital
stock or other Equity Interests, or obligating the Company to issue or sell any shares of its capital stock or other Equity Interests, or securities convertible into or exchangeable for such capital stock of, or other Equity Interests in, the
Company. Since December 31, 2017 and as of the date of this Agreement, except for the issuance of Company Common Stock under the Company Incentive Plans in accordance with their terms, the Company has not issued any shares of its capital stock
or other Equity Interest, or securities convertible into or exchangeable for such capital stock or other Equity Interests, have been issued other than shares of Company Common Stock issued in respect of the exercise of Company Options or vesting of
Company RSUs in the ordinary course of business and the number of shares authorized for issuance under the Company Incentive Plans has not increased. The Company does not have outstanding shareholder purchase rights or “poison pill” or any
similar arrangement in effect as of the date hereof. 
 (b)    All outstanding shares of Company Common
Stock are duly authorized, validly issued, fully paid and nonassessable, and are not subject to and were not issued in violation of any preemptive or similar right, purchase option, call or right of first refusal or similar right. Except as set
forth in Section 3.2(a), the Company has not issued any securities, the holders of which have the right to vote with the stockholders of the Company on any matter. Except as provided in the Transaction Documents, there are
no outstanding contractual obligations of the Company or any of its Subsidiaries (i) restricting the transfer of, (ii) affecting the voting rights of, (iii) requiring the repurchase, redemption or disposition of, or containing any

  
 16 

 
right of first refusal with respect to, (iv) requiring the registration for sale of, or (v) granting any preemptive or antidilutive right, with respect to any shares of capital stock
of, or other Equity Interests in, the Company or any of its Subsidiaries. 
 (c)    None of the Company
or any of its Subsidiaries holds an Equity Interest in any Person other than other Subsidiaries. Each outstanding share of capital stock of or other Equity Interest in each Subsidiary of the Company is duly authorized, validly issued, fully paid,
nonassessable and free of preemptive rights and is owned, beneficially and of record, by the Company or one or more of its wholly-owned Subsidiaries free and clear of all Liens. There are no options, warrants or other rights, agreements,
arrangements or commitments of any character to which any Subsidiary of the Company is a party or by which any Subsidiary of the Company is bound relating to the issued or unissued capital stock or other Equity Interests of such Subsidiary, or
securities convertible into or exchangeable for such capital stock or other Equity Interests, or obligating any Subsidiary of the Company to issue or sell any shares of its capital stock or other Equity Interests, or securities convertible into or
exchangeable for such capital stock of, or other Equity Interests in, such Subsidiary. There are no outstanding contractual obligations of the Company or any of its Subsidiaries to provide funds to, or make any investment (in the form of a loan,
capital contribution or otherwise) in, any Subsidiary of the Company or any other Person, other than guarantees by the Company of any Indebtedness or other obligations of any wholly-owned Subsidiary of the Company or any of its Subsidiaries of any
Indebtedness under the Credit Agreement, the Credit Agreement Refinancing Documentation and the Convertible Notes Indenture. 

3.3        Authority; Execution and Delivery; Enforceability. 

(a)    The Company has all necessary power and authority to execute and deliver this Agreement and the
other Transaction Documents, to perform and comply with each of its obligations hereunder and thereunder and, subject to the receipt of the Company Stockholder Approval, to consummate the Transactions. The execution and delivery by the Company of
this Agreement and the other Transaction Documents, the performance and compliance by the Company with each of its obligations herein and therein, and the consummation by it of the Transactions have been duly authorized by all necessary corporate
action on the part of the Company, subject to receipt of the Company Stockholder Approval, and no other corporate proceedings on the part of the Company and no other stockholder votes are necessary to authorize this Agreement and the other
Transaction Documents, or the consummation by the Company of the Transactions. The Company has duly and validly executed and delivered this Agreement and will (as of the Closing) duly and validly execute and deliver the other Transaction Documents
and, assuming the due authorization, execution and delivery by Investor of this Agreement and the other Transaction Documents to which it is party, this Agreement constitutes and the other Transaction Documents will constitute (as of the Closing)
legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as limited by Laws affecting the enforcement of creditors’ rights generally or by general equitable principles. 

(b)    The Board, at a meeting duly called and held, adopted resolutions (i) approving this
Agreement and the other Transaction Documents and the consummation of the Transactions, including the issuance of shares of Convertible Preferred Stock and any 

  
 17 

 
Underlying Shares in accordance with this Agreement, (ii) determining that the terms of the Agreement and the other Transaction Documents and the Transactions, including the issuance of
shares of Convertible Preferred Stock and any Underlying Shares in accordance with this Agreement, are fair to, and in the best interests of, the Company and its stockholders, (iii) directing that the Company Proposals be submitted to the
stockholders of the Company at a special meeting for approval, (iv) recommending approval by the Company’s stockholders of the Company Proposals in accordance with this Agreement (the “Board Recommendation”) and
(v) declaring that this Agreement and the other Transaction Documents and the Transactions, including the issuance of shares of Convertible Preferred Stock and any Underlying Shares in accordance with this Agreement, are advisable. 

(c)    The Company Stockholder Approval is the only vote of holders of any class or series of Company
Common Stock or other Equity Interests of the Company necessary to approve the Transactions. No other vote of the holders of Company Common Stock or any other Equity Interests of the Company is necessary to consummate the Transactions. 

3.4        No Conflicts. 

(a)    The execution and delivery of this Agreement and the other Transaction Documents does not and will
not, and the performance by the Company of this Agreement and the other Transaction Documents will not, (i) assuming the Company Stockholder Approval is obtained, conflict with or violate any provision of the Company Charter or the Company
Bylaws or any equivalent organizational documents of any Subsidiary of the Company, (ii) assuming that all consents, approvals, authorizations and permits described in Section 3.4(b) have been obtained and all filings
and notifications described in Section 3.4(b) have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any Law applicable to the Company or any of its Subsidiaries or by which
any property or asset of the Company or any of its Subsidiaries is bound or affected or (iii) except as set forth in Section 3.4 of the Company Disclosure Schedule, require any consent or approval under, result in any
breach of or any loss of any benefit under, constitute a change of control or default (or an event which with notice or lapse of time or both would become a default) under or give to others any right of termination, vesting, amendment, acceleration
or cancellation of, or result in the creation of a Lien on any property or asset of the Company or any of its Subsidiaries pursuant to, any Contract or Permit to which the Company or any of its Subsidiaries is party, except, with respect to clauses
(ii) and (iii), for any such conflicts, violations, breaches, defaults or other occurrences which would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

(b)    Assuming the accuracy of the representations and warranties of Investor in
Section 4.3(b), the execution and delivery by the Company of this Agreement and the other Transaction Documents does not and will not, and the consummation by the Company of the Transactions and compliance by the Company
with any of the terms or provisions hereof will not, require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Entity, except (i) under the Exchange Act and the rules and regulations of the
NYSE, (ii) under the HSR Act, (iii) the PRC Approvals, (iv) as may be required under Section 721 of the DPA and (v) where failure to obtain such consents, approvals, authorizations or permits, or to make such filings or
notifications, would not reasonably be expected to, 

  
 18 

 
individually or in the aggregate, have a Company Material Adverse Effect and would not prevent or materially delay the transactions contemplated by this Agreement or any other Transaction
Document to which the Company is a party. 
 3.5        Registration; General
Solicitation; No Integration. Subject to, and in reliance on, the representations, warranties and covenants made herein by Investor, the offer and sale of the Convertible Preferred Stock pursuant to this Agreement and any issuance of Underlying
Shares is, or will be, as the case may be, exempt from the registration and prospectus delivery requirements of the Securities Act and the rules and regulations promulgated thereunder. Other than with respect to Investor and its affiliates, neither
the Company nor any other Person or entity authorized by the Company to act on its behalf has (i) engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to
offers or sales of the Shares or the Underlying Shares or (ii) directly or indirectly, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) of the Company or its
affiliates under circumstances that would require registration of the Shares or the Underlying Shares under the Securities Act or cause the offering under this Agreement to be integrated with any prior offering of securities of the Company for
purposes of the Securities Act. 
 3.6        Valid Issuance. Upon issuance,
the Shares will be duly authorized for issuance and sale to Investor pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the Purchase Price, will be validly issued, fully paid, non-assessable and will be delivered to Investor free and clear of all Liens (other than (i) Liens created by Investor or any of its affiliates and (ii) transfer restrictions under applicable securities
Laws and the Transaction Documents). The issuance of the Shares pursuant to this Agreement is not subject to preemptive or other similar rights. The Underlying Shares shall be duly authorized and, when issued pursuant to the terms of the Certificate
of Designations, will be validly issued, fully paid, and nonassessable, and will be free and clear of all Liens (other than (i) Liens created by Investor or any of its affiliates and (ii) transfer restrictions under applicable securities
Laws and the Transaction Documents). The issuance of the Underlying Shares will not be subject to preemptive or other similar rights. The respective rights, preferences, privileges and restrictions of the Shares and the Underlying Shares are as
stated in the Company Charter (including the Certificate of Designations) and the Stockholders Agreement. The Underlying Shares to be issued upon any conversion of the Shares have been duly reserved for such issuance. 

3.7        SEC Documents; Financial Statements; Undisclosed Liabilities. 

(a)    The Company has timely filed or furnished all reports, schedules, forms, statements, registration
statements, prospectuses and other documents required to be filed or furnished by the Company with the SEC under the Securities Act or the Exchange Act since January 1, 2016 (the “Company SEC Documents”). None of the
Subsidiaries of the Company is required to make any filings with the SEC. 
 (b)    As of its
respective filing date, and, if amended, as of the date of the last amendment prior to the date of this Agreement, each Company SEC Document complied in all material respects with the requirements of the Exchange Act or the Securities Act, as the
case 

  
 19 

 
may be, and the rules and regulations of the SEC promulgated thereunder applicable to such Company SEC Document and did not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the date hereof, there are no material outstanding or unresolved
comments in comment letters received from the SEC with respect to any of the Company SEC Documents. 

(c)    The consolidated financial statements of the Company included in the Company SEC Documents
(including, in each case, any notes or schedules thereto) (the “Company Financial Statements”) fairly present, in all material respects, the consolidated financial condition and the consolidated results of operations, cash flows and
changes in stockholders’ equity of the Company and its Subsidiaries (on a consolidated basis) as of the respective dates of and for the periods referred to in the Company Financial Statements, and were prepared in accordance with GAAP applied
on a consistent basis during the periods involved (except as may be indicated in the notes thereto), subject, in the case of any interim unaudited Company Financial Statements, to normal year-end adjustments
and the absence of notes and other presentation items. 
 (d)    The Company has established and
maintains disclosure controls and procedures and internal control over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 and paragraph (e) of
Rule 15d-15 under the Exchange Act) as required by Rules 13a-15 and 15d-15 under the Exchange Act. The Company’s
disclosure controls and procedures are designed to ensure that all information (both financial and non-financial) required to be disclosed by the Company in the reports that it files or furnishes under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such information is accumulated and communicated to the Company’s management as appropriate to allow
timely decisions regarding required disclosure and to make the certifications required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act. The Company’s management has completed an assessment of the effectiveness of the
Company’s disclosure controls and procedures and, to the extent required by applicable Law, presented in any applicable Company SEC Document that is a report on Form 10-K or Form 10-Q, or any amendment thereto, its conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by such report or amendment based on such evaluation. Based on
the Company’s management’s most recently completed evaluation of the Company’s internal control over financial reporting, (i) the Company had no significant deficiencies or material weaknesses in the design or operation of its
internal control over financial reporting that would reasonably be expected to adversely affect the Company’s ability to record, process, summarize and report financial information and (ii) the Company does not have Knowledge of any fraud,
whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. As of the date of this Agreement, to the Knowledge of the Company, there is no reason
that its chief executive officer and chief financial officer will not be able to give the certifications and attestations required pursuant to the rules and regulations adopted pursuant to Section 404 of the Sarbanes-Oxley Act, without
qualification, when next due. 
 (e)    The Company and its Subsidiaries do not have any liabilities or
obligations of any nature (whether absolute or contingent, asserted or unasserted, known or 

  
 20 

 
unknown, primary or secondary, direct or indirect, and whether or not accrued) required by GAAP to be reflected or reserved on a consolidated balance sheet of the Company (or the notes thereto)
except (i) as disclosed, reflected or reserved against in the most recent balance sheet included in the Company Financial Statements or the notes thereto, (ii) for liabilities and obligations incurred in the ordinary course of business
since the date of the most recent balance sheet included in the Company Financial Statements, (iii) for liabilities and obligations arising out of or in connection with this Agreement or the other Transaction Documents, the Transactions or
disclosed in Section 3.7(e) of the Company Disclosure Schedule and (iv) for liabilities and obligations that, individually or in the aggregate, have not had, and would not reasonably be expected to have, a Company
Material Adverse Effect. 
 3.8      Absence of Certain Changes or Events. Since
September 30, 2017 through the date of this Agreement, except for the discussion and negotiation of this Agreement and the Transactions, (a) there has not been any change, event, development, condition or occurrence that, individually or
in the aggregate, has had or would reasonably be expected to have a Company Material Adverse Effect and (b) neither the Company nor any of its Subsidiaries has taken any action that, if taken during the period from the date of this Agreement to
the Closing Date, would require consent from Investor pursuant to Sections 5.1(b), (e) or (f). 

3.9      Listing and Maintenance Requirements. The Company Common Stock is registered
pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which to the Knowledge of the Company is reasonably likely to, have the effect of, terminating the registration of the Company Common Stock under
the Exchange Act nor has the Company received as of the date of this Agreement any notification that the SEC is contemplating terminating such registration. The Company Common Stock is presently listed on the NYSE and the Company has not received
any written notice from the NYSE to the effect that the Company is not in compliance with the maintenance requirements of such exchange. 

3.10      Information Supplied. None of the information supplied or to be supplied by the
Company for inclusion or incorporation by reference in the Proxy Statement will, at the date that the Proxy Statement or any amendment or supplement thereto is mailed to holders of Company Common Stock and at the time of the Company Meeting, contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they are made, not misleading (except that no representation or warranty is made by the Company
to such portions thereof that are supplied by or on behalf of Investor, in writing, for inclusion or incorporation by reference therein). The Proxy Statement will comply as to form in all material respects with the requirements of the Exchange Act
and other applicable Law. 
 3.11      Legal Proceedings. There are no
Proceedings pending, or to the Knowledge of the Company, threatened against, the Company or any of its Subsidiaries or any of their respective assets or properties or any of the officers or directors of the Company (in their capacities as such),
except, in each case, for those that, individually or in the aggregate, have not had, and would not, if adversely determined, reasonably be expected to have, a Company Material Adverse Effect. To the Knowledge of the Company, there are no
investigations by any Governmental Entity pending against the Company or any of its Subsidiaries or any of their respective assets or properties or any of the officers or directors of the Company (in their 

  
 21 

 
capacities as such), except, in each case, for those that, individually or in the aggregate, have not had, and would not reasonably be expected to have, a Company Material Adverse Effect. As of
the date of this Agreement, there are no Proceedings pending or, to the Knowledge of the Company, threatened against, the Company or any of its Subsidiaries or any of their respective assets or properties or any of the officers or directors of the
Company (in their capacities as such) that, if adversely determined, would reasonably be expected to impair the ability of the Company to perform its obligations under the Transaction Documents. Neither the Company nor any of its Subsidiaries nor
any of their respective assets or properties is or are subject to any Order, except for those that, individually or in the aggregate, have not had, and would not reasonably be expected to have, a Company Material Adverse Effect. 

3.12      Compliance with Laws and Orders. The Company and its Subsidiaries are in
compliance and since January 1, 2017 have been in compliance with all Laws and Orders applicable to the Company or any of its Subsidiaries or any assets or properties owned or used by any of them, except (a) for such past noncompliance as
has been remedied and imposes no continuing obligations or costs on the Company or its Subsidiaries and (b) where any non-compliance, individually or in the aggregate, has not had and would not reasonably
be expected to have, a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received any written communication since January 1, 2017 from a Governmental Entity that alleges that the Company or any of its
Subsidiaries is not in compliance with any Law or Order, except where any non-compliance, individually or in the aggregate, has not had and would not reasonably be expected to have, a Company Material Adverse
Effect. 
 3.13      Permits. The Company and each of its Subsidiaries have all
required governmental licenses, permits, certificates, approvals, orders, billing and authorizations (“Permits”) necessary for the conduct of their business and the use of their properties and assets, as presently conducted and
used, and each of the Permits is valid, subsisting and in full force and effect, except where the failure to have or maintain such Permit, individually or in the aggregate, has not had and would not reasonably be expected to have, a Company Material
Adverse Effect. The operation of the Company and its Subsidiaries as currently conducted is not, and has not been since January 1, 2017, in violation of, nor is the Company or its Subsidiaries in default or violation under, any Permit (except
for such past violation or default as has been remedied and imposes no continuing obligations or costs on the Company or its Subsidiaries), and, to the Knowledge of the Company, no event has occurred which, with notice or the lapse of time or both,
would constitute a default or violation of any term, condition or provision of any Permit, except where such default or violation of such Permit, individually or in the aggregate, has not had and would not reasonably be expected to have, a Company
Material Adverse Effect. There are no actions pending or, to the Knowledge of the Company, threatened, that seek the revocation, cancellation or modification of any Permit, except where such revocation, cancellation or modification, individually or
in the aggregate, has not had and would not reasonably be expected to have, a Company Material Adverse Effect. 

3.14      Employee Benefit Plans. 

(a)    “Company Benefit Plan” means each (i) “employee benefit plan” as
defined in Section 3(3) of ERISA, whether or not subject to ERISA, (ii) end of service or severance, termination protection, retirement, pension, profit sharing, deferred compensation, 

  
 22 

 
equity or equity-based, health or welfare, employment, independent contractor, vacation, change in control, transaction, retention, bonus or other incentive, fringe benefit or similar plan,
agreement, arrangement, program or policy, or (iii) other plan, Contract, policy or arrangement providing compensation or benefits, in each case whether or not written, in the case of clauses (i)-(iii), that is sponsored, maintained,
administered, contributed to or entered into by the Company or its Subsidiaries, for the benefit of any of its current or former directors, officers, employees or individual independent contractors (each, a “Service Provider”), or
for which the Company or any of its Subsidiaries has any direct or indirect liability. No Company Benefit Plan that is subject to Laws of any jurisdiction other than the United States is a defined benefit pension plan. 

(b)    Except as has not had or would not reasonably be expected to have, individually or in the
aggregate, a Company Material Adverse Effect: (i) each Company Benefit Plan has been administered in accordance with its terms and all applicable Laws, including ERISA and the Code, (ii) no Proceeding has been brought, or to the Knowledge
of the Company is threatened, against or with respect to any such Company Benefit Plan, including any audit or inquiry by the IRS or United States Department of Labor (other than routine claims for benefits) and (iii) respect to the Company
Benefit Plans, no event has occurred and, to the Knowledge of the Company, there exists no condition or set of circumstances which could subject the Company or any of its Subsidiaries to any Tax, lien, fine or penalty under ERISA or the Code. 

(c)    Each Company Benefit Plan that is intended to be qualified under Section 401(a) of the Code
has received or is the subject of a favorable determination, opinion or advisory letter from the IRS regarding its tax-qualified status, and to the Knowledge of the Company, no fact or event has occurred since
the date of such letter or letters from the IRS that could reasonably be expected to adversely affect the qualified status of any such Company Benefit Plan or the exempt status of any such trust. 

(d)    Neither the Company nor any ERISA Affiliate maintains, contributes to, or sponsors (or has in the
past six years maintained, contributed to or sponsored), or otherwise has any liability in respect of, a multiemployer plan as defined in Section 3(37) of ERISA or plan subject to Title IV or Section 302 of ERISA or Section 412 of the
Code and no condition exists that presents a risk to the Company or any ERISA Affiliate of incurring any liability in respect of any such plan. No Company Benefit Plan provides post-employment health or welfare benefits for any current or former
director, officer, employee or individual independent contractor of the Company or any of its Subsidiaries (or their dependents), other than as required under Section 4980B of the Code and at the participant’s sole expense. 

(e)    No amount that could be received (whether in cash or property or the vesting of property), as a
result of the consummation of the transactions contemplated by this Agreement (alone or in conjunction with any other event, including any termination of employment), by any employee, officer, director or other Person with respect to the Company or
any of its Subsidiaries who is a “disqualified individual” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan would reasonably be expected
to be characterized as an “excess parachute payment” (as defined in Section 280G(b)(1) of the Code). No Company Benefit Plan provides for the gross-up or reimbursement of Taxes under
Section 4999 or Section 409A of the Code or otherwise. 

  
 23 

 (f)    Neither the execution of this Agreement nor the
consummation of the Transactions (alone or in conjunction with any other event, including any termination of employment) will (i) entitle any current or former Service Provider to any additional material compensation or benefit (including any
bonus, retention or severance pay), (ii) accelerate the time of payment or vesting or result in any material increase, payment or funding of compensation or benefits under any of the Company Benefit Plans, or (iii) result in any forgiveness of
Indebtedness, trigger any funding obligations under any Company Benefit Plan or limit or restrict the right of the Company or any of its Subsidiaries to amend or terminate any Company Benefit Plan. 

3.15        Employee and Labor Matters. 

(a)    Neither the Company nor any of its Subsidiaries is a party to, or otherwise bound by, any
collective bargaining agreement or other Contract with a Union. No employee of the Company or any of its Subsidiaries is represented by a Union. To the Knowledge of the Company, there are no Union organizing activities or demands of any Union for
recognition or certification pending or threatened against the Company or any of its Subsidiaries, and there have been no such activities or demands for the past three (3) years. No petition has been filed or proceedings instituted by an
employee or group of employees of the Company or any of its Subsidiaries with any labor relations board seeking recognition of a bargaining representative. There is not presently, and for the past three (3) years there has not been, any
collective labor strike, dispute, lockout, slowdown or stoppage pending or, to the Knowledge of the Company, threatened against or affecting the Company or any Subsidiary. 

(b)    The Company and its Subsidiaries are and have been in compliance with all applicable Laws
respecting employment and employment practices including, without limitation, all Laws respecting terms and conditions of employment, health and safety, wage payment, wages and hours, classification of employees and independent contractors, child
labor, immigration and work authorizations, employment discrimination, harassment and retaliation, disability rights or benefits, equal opportunity, plant closures and layoffs, affirmative action, workers’ compensation, labor relations, social
welfare obligations and unemployment insurance, except for noncompliance as, individually or in the aggregate, has not had and would not reasonably be expected to have, a Company Material Adverse Effect. 

(c)    To the Knowledge of the Company, no current executive, or other key employee has given notice of
termination of employment or otherwise disclosed plans to terminate employment with the Company or any of its Subsidiaries within the twelve (12) month period following the date hereof. 

3.16        Environmental Matters. 

(a)    Except as has not had or would not reasonably be expected to have, individually or in the
aggregate, a Company Material Adverse Effect, the Company and each of its Subsidiaries (i) is in compliance with all, and is not subject to any liability with respect to noncompliance with any, Environmental Laws, (ii) has and holds, or
has applied for, all Environmental Permits necessary for the conduct of their business and the use of their properties 

  
 24 

 
and assets, as currently conducted and used, and (iii) is in compliance with their respective Environmental Permits. 

(b)    Except as has not had or would not reasonably be expected to result in material liability for the
Company or any of its Subsidiaries under Environmental Laws: (i) there are no Environmental Claims pending nor, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries; and (ii) none of the Company or any
of its Subsidiaries has received any written notification of any allegation of actual or potential responsibility for any Release or threatened Release regarding any Hazardous Materials, the subject matter of which has not been resolved. 

(c)    None of the Company or any of its Subsidiaries (i) has any material unresolved obligations
pursuant to any consent decree or consent order or is otherwise subject to any material unresolved obligations pursuant to any judgment, decree, or judicial or administrative order relating to compliance with Environmental Laws, Environmental
Permits or to the investigation, sampling, monitoring, treatment, remediation, response, removal or cleanup of Hazardous Materials and no Proceeding is pending or, to the Knowledge of the Company, threatened with respect thereto, or (ii) is an
indemnitor by contract or otherwise in connection with any claim, demand, suit or action threatened or asserted by any third-party for any material liability under any Environmental Law or otherwise relating to any Hazardous Materials. 

(d)    The Company and each of its Subsidiaries have not treated, stored, disposed of, arranged for or
permitted the disposal of, transported, handled, released, or exposed any Person to, any Hazardous Materials, at any location or owned or operated any property or facility contaminated by any Hazardous Materials, in a manner so as to give rise to
any current or future material liabilities pursuant to any Environmental Laws. 

3.17        Real Property; Title to Assets. 

(a)    The Company or a Subsidiary of the Company has good and valid title in fee simple to all real
property and interests in real property owned by the Company or any of its Subsidiaries (the “Company Owned Real Property”) free and clear of all Liens (other than Permitted Liens) and has good and valid title to the leasehold
estates in all real property and interests in real property leased by the Company or any of its Subsidiaries (the “Company Leased Real Property” and, together with the Company Owned Real Property, the “Company Real
Property”), in each case, free and clear of all Liens (other than Permitted Liens) except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect. 

(b)    Except as has not had and would not reasonably be expected to have, individually or in the
aggregate, a Company Material Adverse Effect, (i) the Company Owned Real Property is in compliance with all existing Laws applicable to such Company Owned Real Property, (ii) neither the Company nor any of its Subsidiaries has received
written notice of any Proceedings in eminent domain, condemnation or other similar Proceedings that are pending, and to the Company’s Knowledge there are no such Proceedings threatened, affecting any portion of the Company Owned Real Property
and (iii) the buildings, structures, fixtures, equipment and machinery of the Company and each of its Subsidiaries are sufficient in all material respects for 

  
 25 

 
the conduct of the business as currently conducted and are in all material respects structurally sound, in good operating condition and repair (ordinary wear and tear expected) and are adequate
for the uses to which they are being put. 
 (c)    The Company or a Subsidiary of the Company has good
and valid title to, or a valid and binding leasehold or other interest in, all tangible personal property necessary for the conduct of the business of the Company and its Subsidiaries, taken as a whole, as currently conducted, free and clear of all
Liens (other than Permitted Liens) except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. 

3.18      Tax Matters. Except as has not had or would not reasonably be expected to have,
individually or in the aggregate, a Company Material Adverse Effect. 
 (a)    all Tax Returns that are
required by applicable Law to be filed by or with respect to any of the Company or its Subsidiaries have been timely filed (taking into account any extension of time within which to file), and all such Tax Returns are true, complete, and accurate;

 (b)    each of the Company and its Subsidiaries has timely paid all Taxes due and owing by it,
including any Taxes required to be withheld from amounts owing to, or collected from, any employee, creditor, or other third party (in each case, whether or not shown on any Tax Return), other than Taxes that are being contested in good faith in
appropriate Proceedings and for which adequate reserves have been established in accordance with GAAP on the financial statements of the Company and its Subsidiaries; 

(c)    no deficiencies for Taxes have been claimed, proposed or assessed by any Governmental Entity in
writing against the Company or any of its Subsidiaries except for deficiencies which have been fully satisfied by payment, settled or withdrawn or adequately reserved for in accordance with GAAP on the financial statements of the Company and its
Subsidiaries; 
 (d)    there are no audits, examinations, investigations or other Proceedings ongoing
or pending against or with respect to the Company or any of its Subsidiaries with respect to any Taxes and no written notification has been received by the Company or any of its Subsidiaries that such an audit or other Proceeding has been proposed
or, to the Knowledge of the Company, threatened; 
 (e)    neither the Company nor any of its
Subsidiaries has constituted a “distributing corporation” or a “controlled corporation” (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under Section 355(a) of the Code (or any similar provision of state, local, or non-U.S. Law) in the two years prior to the date of this Agreement; 

(f)    neither the Company nor any of its Subsidiaries is a party to any Tax allocation, sharing,
indemnity, or reimbursement agreement or arrangement (other than any customary Tax indemnification provisions in ordinary course commercial agreements or arrangements, in each case, that are not primarily related to Taxes); 

  
 26 

 (g)    within the past six (6) years, neither the
Company nor any of its Subsidiaries have been a member of a consolidated tax group other than a group of which the Company or one of its Subsidiaries has been the common parent; 

(h)    the Company is not and never has been a “United States real property holding
corporation” within the meaning of Code Section 897(c)(2) of the Code within the past five (5) years; 

(i)    there are no Liens for Taxes upon any property or assets of the Company or its Subsidiaries,
except for Permitted Liens; and 
 (j)    neither the Company nor any of its Subsidiaries has entered
into any “listed transaction” as defined in Section 6707A(c)(1) of the Code and Treasury Regulation Section 1.6011-4(b)(2). 

3.19      Material Contracts. The Company has previously disclosed in the Company SEC
Documents true, correct and complete copies of each Contract or agreement which is a “material contract” within the meaning of Item 601(b)(10) of Regulation S-K to be performed in whole or in part
after the date of this Agreement and required to be disclosed under applicable Law prior to the date hereto (each, a “Company Material Contract”). Except as would not reasonably be expected to have, individually or in the aggregate,
a Company Material Adverse Effect: (i) to the Knowledge of the Company, each of the Company Material Contracts is valid and binding on the Company and its Subsidiaries, as applicable, and in full force and effect; (ii) the Company and each
of its Subsidiaries, as applicable, are in compliance with and have performed all obligations required to be performed by them to date under each Company Material Contracts; and (iii) as of the date hereof, neither the Company nor any of its
Subsidiaries has received notice of any material violation or default (or any condition which with the passage of time or the giving of notice or both would cause such a violation of or a default) by any party under any Company Material Contracts
nor, to the Company’s Knowledge, has such notice been threatened. 

3.20      Intellectual Property. 

(a)    Except as, individually or in the aggregate, has not had and would not reasonably be expected to
have a Company Material Adverse Effect, the Company and its Subsidiaries own or possess rights to use all Intellectual Property used in or necessary for the conduct of their respective businesses as currently conducted. 

(b)    Except as would not, individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect, neither the execution and delivery of this Agreement by the Company, nor the performance of this Agreement by the Company, will result in the loss, forfeiture, termination, or impairment of, or give rise to a right of any
Person to limit, terminate, or consent to the continued use of, any rights of the Company or any of its Subsidiaries in any Intellectual Property. 

(c)    Except as would not, individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect, all patents, registered trademarks, and registered copyrights (including applications therefor) included in the Company Owned Intellectual Property are subsisting and unexpired and, to the Knowledge of the Company, valid

  
 27 

 
and enforceable, and, to the Knowledge of the Company, all actions required to keep such rights pending or in effect or to provide full available protection, including payment of filing,
examination, annuity and maintenance fees and filing for renewals, statements of use and other similar actions, have been taken. Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect, none of the Company Owned Intellectual Property is involved in any opposition, cancellation, nullity, reissue, reexamination or other proceeding or action challenging the validity, enforceability or ownership of such Company Owned
Intellectual Property. The Company owns the Company Owned Intellectual Property free and clear of all Liens (other than Permitted Liens) except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Company
Material Adverse Effect. 
 (d)    To the Knowledge of the Company, except as would not, individually
or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, neither the Company nor any of its Subsidiaries is infringing, misappropriating, diluting, or otherwise violating the Intellectual Property rights of any Person,
or has entered into any agreement that impairs or restricts the use of any Company Owned Intellectual Property. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, neither the
Company nor any of its Subsidiaries has received any charge, complaint, claim, demand, or notice since January 1, 2017 (or earlier, if presently not resolved) alleging any such infringement, misappropriation, dilution, or violation (including
any claim that the Company or any of its Subsidiaries must license or refrain from using any Intellectual Property rights of any Person). To the Knowledge of the Company, except as would not, individually or in the aggregate, reasonably be expected
to have a Company Material Adverse Effect, no Person is infringing, misappropriating, diluting or otherwise violating any Company Owned Intellectual Property. Neither the Company nor any of its Subsidiaries has made or asserted any charge,
complaint, claim, demand or notice since January 1, 2017 (or earlier, if presently not resolved) alleging any such infringement, misappropriation, dilution, or violation. 

(e)    Except as would not, individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect, all Company Owned Intellectual Property that derives independent economic value, actual or potential, from not being generally known to the public or to other persons who can obtain economic value from its disclosure or use
has been maintained in confidence in accordance with protection procedures that are adequate for protection, and in accordance with procedures customarily used in the industry to protect rights of like importance. Except as would not, individually
or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, to the Knowledge of the Company, there has been no unauthorized use or disclosure of any Company Intellectual Property. Except as, individually or in the
aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect, all former and current officers, directors, employees, personnel, consultants, advisors, agents, and independent contractors of the Company and
its Subsidiaries, and each of their predecessors, who have contributed to or participated in the conception and development of Intellectual Property for such entities have entered into valid and binding proprietary rights agreements with the Company
or one of its Subsidiaries or predecessors, vesting ownership of such Intellectual Property in the Company or one of its Subsidiaries. 

  
 28 

 (f)    Except as, individually or in the aggregate, has not
had and would not reasonably be expected to have a Company Material Adverse Effect, the IT Systems operate in accordance with their documentation and functional specifications and otherwise as required by the Company and its Subsidiaries and have
not materially malfunctioned or failed in the last three (3) years. To the Knowledge of the Company, except as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect, there
has been no breach of or unauthorized access to the IT Systems, which resulted in the unauthorized access, modification, encryption, corruption, disclosure, transfer, use, or misappropriation of, any information contained therein. 

(g)    Except as, individually or in the aggregate, has not had and would not reasonably be expected to
have a Company Material Adverse Effect, all Handling of Personal Information by the Company or any of its Subsidiaries is in compliance with all Laws, Contracts and privacy policies applicable to the Company or any Subsidiary or to any such Personal
Information. The Company and its Subsidiaries maintain written policies and procedures regarding Handling of data and maintain administrative, technical and physical safeguards that are reasonable and, in any event, in compliance with all applicable
Laws and Contracts, except as, individually or in the aggregate, has not had and would not reasonably be expected to have, a Company Material Adverse Effect. 

3.21      Broker’s Fees. Except for the financial advisors’ fees
payable to Goldman Sachs & Co. and Valuation Research Corporation, the Company’s financial advisors, neither the Company nor any of its Subsidiaries nor any of their respective officers, directors, employees or agents on behalf of the
Company or such Subsidiaries has employed any financial advisor, broker or finder or incurred any liability for any financial advisory fees, broker’s fees, commissions or finder’s fees in connection with any of the Transactions. 

3.22      Opinion of Financial Advisor. Valuation Research Corporation, the
Company’s financial advisor, has delivered to the Board its opinion in writing or orally, in which case, such opinion will be subsequently confirmed in writing, to the effect that, as of the date thereof and based upon and subject to the
factors and assumptions set forth therein, the Conversion Price for the Shares to be issued in the Transactions is fair from a financial point of view to the Company. 

3.23      Investment Company Act. Neither the Company nor any of its Subsidiaries is, and
immediately following receipt of the Purchase Price will not be, an investment company within the meaning of the Investment Company Act of 1940, as amended, or, directly or indirectly, controlled by or acting on behalf of any Person which is an
investment company, within the meaning of said Act. 
 3.24      No State Takeover
Statutes. The Company has taken all necessary action so that, assuming compliance by Investor with its respective obligations hereunder and the accuracy of the representations and warranties made by Investor herein, no state or foreign
“fair price,” “moratorium,” “control share acquisition,” “business combination” or other similar anti-takeover statute, regulation or similar Laws would (i) prohibit or restrict the Company’s ability
to perform its obligations under this Agreement or to consummate the Transactions (including the issuance and sale of the Shares and the Underlying Shares to Investor), (ii) have the effect of invalidating 

  
 29 

 
or voiding this Agreement, or (iii) subject Investor to any impediment or condition in connection with the exercise of any of its rights under this Agreement. 

3.25      Insurance. The Company and each Subsidiary of the Company is insured by
reputable institutions with policies in such amounts and with such deductibles and covering such risks as the Company reasonably believes are generally deemed adequate and customary for its industry. The Company has no reason to believe that it or
any of its Subsidiaries will not be able (a) to renew its existing insurance coverage as and when such policies expire or (b) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its
business as now conducted and at a cost that would not have a Company Material Adverse Effect. To the Knowledge of the Company, nether the Company nor any of its Subsidiaries has been denied any insurance coverage for which it has applied, except as
would not have, and would not reasonably be expected to have, a Company Material Adverse Effect. Without limiting the generality of the foregoing, the Company carries director and officer insurance with customary coverage limits for a Company of its
size. 
 3.26      Foreign Corrupt Practices Act. Except as has not had and would not
reasonably be expected to, individually or in the aggregate, have a Company Material Adverse Effect, neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any director, officer, agent, employee or other person acting
on behalf of the Company or any of its Subsidiaries has during the past three (3) years, in the course of its actions for, or on behalf of, the Company or any of its Subsidiaries (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any domestic government official “foreign official” (as defined in the U.S. Foreign Corrupt Practices
Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”)) or employee from corporate funds; (iii) violated or is in violation of any provision of the FCPA or any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic government official, such foreign official or
employee. 
 3.27      OFAC. Except as has not had and would not reasonably be expected
to, individually or in the aggregate, have a Company Material Adverse Effect, neither the Company nor any of its Subsidiaries nor, to the Knowledge of the Company, any director, officer, or employee acting on behalf of the Company or any of its
Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds herefrom, or
lend, contribute or otherwise make available such proceeds to any Subsidiary or any joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in any country or territory, that
currently is subject to any U.S. sanctions administered by OFAC or in any other manner that will result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of
U.S. sanctions administered by OFAC. 
 3.28      Related-Party Transactions. Except as
set forth in the Company SEC Documents, there are no Contracts involving the Company or any of its Subsidiaries or any other Person of 

  
 30 

 
the type required to be disclosed in the Company SEC Documents pursuant to Item 404 of Regulation S-K. 

3.29        No Other Representations or Warranties. Except for the
representations and warranties expressly set forth in this Article 3, none of the Company, any of its affiliates or any other Person on behalf of the Company makes any express or implied representation or warranty with respect to the Shares
or the Company, its Subsidiaries or their respective businesses or with respect to any other information provided, or made available, to Investor or its affiliates or Representatives in connection with the transactions contemplated hereby, including
the accuracy or completeness thereof. Without limiting the foregoing, neither the Company nor any other Person will have or be subject to any liability or other obligation to Investor or its affiliates or Representatives or any other Person
resulting from Investor’s or its affiliates’ or Representatives’ use of any information, documents, projections, forecasts or other material made available to Investor or its affiliates or Representatives, including any information
made available in the electronic data room maintained by the Company for purposes of the transactions contemplated by this Agreement, teaser, marketing material, confidential information memorandum, management presentations, functional “break-out” discussions, responses to questions submitted on behalf of Investor or its affiliates or Representatives or in any other form in connection with the transactions contemplated by this Agreement,
unless and to the extent any such information is expressly included in a representation or warranty contained in this Article 3. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF INVESTOR 

Investor hereby represents and warrants to the Company as follows: 

4.1        Corporate Organization. Investor is a corporation duly organized,
validly existing and, to the extent applicable, in good standing under the laws of the People’s Republic of China and has the requisite corporate power and authority to own or lease all of its properties and assets and to carry on its business
as it is being conducted on the date hereof. Investor is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by
it makes such licensing or qualification necessary, except for those licenses or qualifications where the absence of which would not prevent or materially delay the transactions contemplated by this Agreement or any other Transaction Document to
which Investor is a party. 
 4.2        Authority, Execution and Delivery;
Enforceability. Investor has all necessary power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is party, to perform and comply with each of its obligations hereunder and thereunder and to
consummate the Transactions. The execution and delivery by Investor of this Agreement and the other Transaction Documents to which it is party, the performance and compliance by Investor with each of its obligations herein and therein and the
consummation by Investor of the Transactions have been duly authorized by all necessary corporate action on the part of Investor and no other corporate proceedings on the part of Investor and no stockholder votes are necessary to authorize this
Agreement, the other Transaction Documents to which it is party or the consummation by Investor of the Transactions. Investor has duly and validly executed and delivered this Agreement, and the other Transaction Documents to which it is party will
be duly 

  
 31 

 
executed and delivered by Investor and, assuming the due authorization, execution and delivery by the Company of this Agreement and the other Transaction Documents, this Agreement and the other
Transaction Documents to which Investor is party constitutes or will constitute Investor’s legal, valid and binding obligation, enforceable against Investor in accordance with its terms, except as limited by Laws affecting the enforcement of
creditors’ rights generally or by general equitable principles. 

4.3        No Conflicts. 

(a)    The execution and delivery of this Agreement or the other Transaction Documents by Investor does
not and will not, and the performance by Investor of this Agreement and the other Transaction Documents to which it is party will not, (i) conflict with or violate any provision of the organizational documents of Investor, (ii) assuming
that all consents, approvals, authorizations and permits described in Section 4.3(b) have been obtained and all filings and notifications described in Section 4.3(b) have been made and any waiting
periods thereunder have terminated or expired, conflict with or violate any Law applicable to Investor or Investor’s affiliates, or by which any property or asset of Investor is bound or affected or (iii) require any consent or approval
under, result in any breach of or any loss of any benefit under, constitute a change of control or default (or an event which with notice or lapse of time or both would become a default) under or give to others any right of termination, vesting,
amendment, acceleration or cancellation of, or result in the creation of a Lien on any property or asset of Investor, pursuant to, any Contract or Permit to which Investor is a party, except, with respect to clauses (ii) and (iii), for any such
conflicts, violations, breaches, defaults or other occurrences which would not reasonably be expected, individually or in the aggregate, to prevent or materially delay the transactions contemplated by this Agreement or any other Transaction Document
to which Investor is a party. 
 (b)    Assuming the accuracy of the representations and warranties of
the Company in Section 3.4, the execution and delivery by Investor of this Agreement and the other Transaction Documents to which it is party does not and will not, and the consummation by Investor of the Transactions and
compliance by Investor with any of the terms or provisions hereof will not, require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Entity, except (i) under the Exchange Act and the rules
and regulations of the NYSE, (ii) under the HSR Act, (iii) the PRC Approvals, (iv) as may be required under Section 721 of the DPA and (v) where failure to obtain such consents, approvals, authorizations or permits, or to
make such filings or notifications would not reasonably be expected, individually or in the aggregate, to prevent or materially delay the transactions contemplated by this Agreement or any other Transaction Document to which Investor or any of its
affiliates is a party. 
 4.4        Litigation. There is no
Proceeding pending, or, to the Knowledge of Investor, threatened that, individually or in the aggregate, would reasonably be expected to prevent or materially delay the transactions contemplated by this Agreement or any other Transaction Document to
which Investor is a party, and Investor is not subject to any outstanding Order that, individually or in the aggregate, would reasonably be expected to prevent or materially delay the transactions contemplated by this Agreement or any other
Transaction Document to which Investor is a party. 

  
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 4.5        Financing. Investor has
delivered to the Company evidence satisfactory to the Company of cash and cash equivalents on deposit with an authorized branch of a major international bank sufficient to fund the full Purchase Price. Neither Investor nor any of its affiliates has
entered into any agreement, side letter or other understanding or arrangement relating to the financing of the Purchase Price. Investor understands and acknowledges that under the terms of this Agreement, Investor’s obligation to consummate the
Transactions is not in any way contingent upon or otherwise subject to Investor’s consummation of any financing arrangements, Investor’s obtaining of any financing or the availability, grant provision or extension of any financing to
Investor. 
 4.6        Proxy Statement; Other Information. None of the
information supplied or to be supplied by Investor in writing for inclusion or incorporation by reference in the Proxy Statement will, at the date that the Proxy Statement or any amendment or supplement thereto is mailed to holders of Company Common
Stock and at the time of the Company Meeting, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances in which they are made, not misleading (except
that no representation or warranty is made by Investor to such portions thereof that relate expressly to the Company or any of its Subsidiaries or to statements made therein based on information supplied by or on behalf of Company for inclusion or
incorporation by reference therein). 
 4.7        Ownership of Company Common
Stock. None of Investor nor any of its affiliates beneficially owns any Company Common Stock. Investor is not, nor at any time during the last three years has it been, an “interested stockholder” of the Company as defined in
Section 203 of the General Corporation Law of the State of Delaware (the “DGCL”) (other than as contemplated by this Agreement). 

4.8        Securities Act Representations. Investor is an accredited investor
(as defined in Rule 501 of the Securities Act) and is aware that the issuance and sale of the Shares is being made in reliance on a private placement exemption from registration under the Securities Act. Investor is acquiring the Shares for its own
account, and not with a view toward, or for sale in connection with, any distribution thereof in violation of any federal or state securities or “blue sky” Law, or with any present intention of distributing or selling the Shares in
violation of the Securities Act. Investor has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Shares and is capable of bearing the economic risks
of such investment. Neither Investor nor any of its affiliates is acting in concert, and neither Investor nor any of its affiliates has any agreement or understanding, with any Person that is not an affiliate of Investor, and is not otherwise a
member of a “group” (as such term is defined in Section 13(d)(3) of the Exchange Act), with respect to the Company or its Equity Interests. 

4.9        Anti-Money Laundering, Anti-Terrorism and Similar Laws. 

(a)    None of Investor or any of its affiliates, or, to Investor’s knowledge, after reasonable
review of publicly available information, any of Investor’s beneficial owners is included on a Government List or is owned in any amount or controlled by any Person on a Government List, as amended from time to time. 

  
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 (b)    None of Investor or any of its affiliates, or, to
Investor’s knowledge, after reasonable review of publicly available information, any of Investor’s beneficial owners is acting, directly or indirectly, on behalf of terrorists, terrorist organizations or narcotics traffickers, including
those Persons or entities that appear on any Government List, as amended from time to time. 

(c)    None of the funds to be used to purchase the Shares or in connection with the Transactions shall
be knowingly derived from any activities that contravene any applicable Laws concerning money laundering, terrorism, narcotics trafficking, or bribery, or from any Person, entity, country, or territory on a Government List. 

4.10      Brokers. Except for the financial advisors’ fees payable to Morgan
Stanley & Co. LLC, Investor’s financial advisor, neither Investor nor any of its affiliates nor any of their respective officers or directors on behalf of Investor or such affiliate has employed any financial advisor, broker or finder
or incurred any liability for any financial advisory, broker’s fees, commissions or finder’s fees in connection with any of the Transactions. 

4.11      Guarantee. Concurrently with the execution of this Agreement, the Guarantor has
delivered to the Company the Guarantee dated as of the date hereof. The Guarantee is in full force and effect and is a valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, except as limited
by Laws affecting the enforcement of creditors’ rights generally, by general equitable principles or by the discretion of any Governmental Entity before which any Proceeding seeking enforcement may be brought (regardless of whether enforcement
is sought in a proceeding at law or in equity). No event has occurred which, with or without notice, lapse of time or both, would constitute a default on the part of Guarantor under the Guarantee. 

4.12      No Other Representations and Warranties;
Non-Reliance. Investor has conducted its own independent review and analysis of the business, operations, assets, Intellectual Property, technology, liabilities, results of operations, financial condition
and prospects of the Company and Investor acknowledges that it and its Representatives have received access to such books and records, facilities, equipment, contracts and other assets of the Company that it and its Representatives have requested to
review, and that it and its Representatives have had full opportunity to meet with the management of the Company and to discuss the business and assets of the Company. Investor acknowledges that neither the Company nor any Person on behalf of the
Company makes, and Investor has not relied upon, any express or implied representation or warranty with respect to the Shares or the Company or any of its Subsidiaries or with respect to any other information provided to Investor in connection with
the Transactions including the accuracy or completeness thereof other than the representations and warranties contained in Article 3. Investor acknowledges and agrees that neither the Company nor any other Person will have or be subject to
any liability or other obligation to Investor or its affiliates or 

  
 34 

 
Representatives or any other Person resulting from Investor’s or its affiliates’ or Representatives’ use of any information, documents, projections, forecasts or other material
made available to Investor or its affiliates or Representatives, including any information made available in the electronic data room maintained by the Company for purposes of the transactions contemplated by this Agreement, teaser, marketing
material, confidential information memorandum, management presentations, functional “break-out” discussions, responses to questions submitted on behalf of Investor or its affiliates or
Representatives or in any other form in connection with the transactions contemplated by this Agreement, unless and to the extent any such information is expressly included in a representation or warranty contained in Article 3. 

ARTICLE 5 
 COVENANTS;
ADDITIONAL AGREEMENTS 
 5.1        Conduct of Business by the Company
Pending the Closing. The Company agrees that, between the date of this Agreement and the earlier of the Closing and the termination of this Agreement in accordance with Article 7, except as set forth in
Section 5.1 of the Company Disclosure Schedule or as otherwise contemplated by this Agreement or with the prior written consent of Investor (not to be unreasonably withheld, conditioned or delayed), the Company will, and
will cause each of its Subsidiaries to, use commercially reasonable efforts to (i) conduct its operations in the ordinary course of business in a manner consistent with past practice, and (ii) preserve the goodwill and current
relationships with customers, suppliers and other Persons with which the Company or any of its Subsidiaries has business relations. Without limiting the foregoing, except as set forth in Section 5.1 of the Company
Disclosure Schedule or as otherwise contemplated by this Agreement or with the prior written consent of Investor (not to be unreasonably withheld, conditioned or delayed), the Company shall not, and shall not permit any of its Subsidiaries to,
between the date of this Agreement and the earlier of the Closing and the termination of this Agreement in accordance with Article 7, take any of the following actions without the prior written consent of Investor (not to be unreasonably
withheld, conditioned or delayed): 
 (a)    (i) change or amend the certificate of incorporation,
bylaws or other organizational documents of the Company or any of its Subsidiaries, except as otherwise required by Law; or (ii) authorize for issuance, issue, grant, sell, deliver, dispose of, pledge or otherwise encumber any Equity Interests
of the Company or any of its Subsidiaries, except for issuances of shares of Company Common Stock upon the exercise of existing Company Options or the issuance of incentive equity awards under Company Incentive Plans as in effect on the date hereof
in the ordinary course of business, consistent with past practice; 
 (b)    except as required by the
terms of any Company Incentive Plans as in effect on the date hereof, purchase, repurchase or redeem any Equity Interest of the Company; 

(c)     (i) appoint or remove any member of the Board, otherwise than in accordance with the
Company’s organizational documents or (ii) increase or decrease the size of the Board; 

(d)    make or declare any dividend or distribution to the stockholders of the Company; 

  
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 (e)    sell, assign, transfer, convey, lease or otherwise
dispose of any material assets or properties, except pursuant to existing Contracts or for sales of products in the ordinary course of business consistent with past practice; 

(f)    make any material loans or material advances of money to any Person (other than the Company and
its Subsidiaries), except for (i) loans made pursuant to Company Benefit Plans, (ii) advances to employees or officers of the Company or any of its Subsidiaries for expenses incurred in the ordinary course of business consistent with past
practice or (iii) trade credit extended to customers, franchisees and other business counterparties in the ordinary course of business consistent with past practice; 

(g)    except as required by the terms of any Company Benefit Plan as in effect on the date hereof, pay
or enter into any agreement to pay any transaction-related, retention, or severance compensation or benefits to any director, officer or key employee of the Company or any of its Subsidiaries; 

(h)    merge or consolidate the Company or any of its Subsidiaries with any Person or adopt a plan of
complete or partial liquidation or resolutions providing for a complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization of the Company or any of its Subsidiaries, except with respect to any wholly-owned
Subsidiary of the Company; 
 (i)    commence any bankruptcy or receivership proceeding; 

(j)    acquire (including by merger, consolidation, or acquisition of stock or assets) any Person or
assets, other than (i) acquisitions of inventory, raw materials and other property in the ordinary course of business consistent with past practice and (ii) any other acquisitions with a purchase price of less than $25 million,
including the assumption of Indebtedness and liabilities outside of the ordinary course of business; 

(k)    incur any Indebtedness or assume, guarantee or endorse, or otherwise as an accommodation become
responsible for (whether directly, contingently or otherwise), the Indebtedness of any Person, except (i) for Indebtedness under the Credit Agreement Refinancing Documentation, (ii) for borrowings and/or letters of credit issued under the
Credit Agreement in the ordinary course of business, (iii) issuances of commercial paper for working capital and general corporate purposes in the ordinary course of business or consistent with past practice or industry standards, and
(iv) Indebtedness not to exceed $25 million in any single transaction or series of related transactions; or 

(l)    authorize or enter into any Contract or otherwise make any commitment to do any of the foregoing.

 5.2        Access to Information; Confidentiality.  
 (a)    From the date of this Agreement to the
earlier of the Closing and the termination of this Agreement in accordance with Article 7, the Company shall: (i) upon reasonable notice to the Company and during normal business hours in such a manner as not to interfere unreasonably
with the business conducted by the Company, (A) afford to Investor and 

  
 36 

 
its Representatives reasonable access to its officers, properties, offices and other facilities and to all of its books and records and (B) afford Investor and its Representatives with the
opportunity to consult with its officers from time to time as Investor may reasonably request regarding the affairs, finances and accounts of the Company and its Subsidiaries, and (ii) provide audited annual and unaudited quarterly financial
statements to Investor; provided, however, that the Company shall not be required to afford such access or furnish such information to the extent that the Company believes that doing so would: (A) result in the loss of
attorney-client privilege (but the Company shall use its reasonable efforts to allow for such access or disclosure in a manner that does not result in a loss of attorney-client privilege), (B) result in the disclosure of any trade secrets of third
parties or violate any obligations of the Company with respect to confidentiality to any Third Party or otherwise breach, contravene or violate any then effective Contract to which the Company is a party or (C) breach, contravene or violate any
applicable Law (including Competition Laws). 
 (b)    The Confidentiality Agreement, dated
July 18, 2017, by and between the General Nutrition Centers, Inc., a Subsidiary of the Company, and CITIC Capital Partners Management Limited, an affiliate of Investor (the “Confidentiality Agreement”), shall apply with respect
to information furnished under this Section 5.2 by the Company, its Subsidiaries and their Representatives. Prior to the Closing, Investor shall not, and shall cause their respective Representatives not to, contact or
otherwise communicate with the employees (other than members of the Company’s senior leadership team), customers, suppliers, distributors, franchisees or lenders of the Company or its Subsidiaries, or, except as required pursuant to
Section 5.5, any Governmental Entity, regarding the business of the Company, this Agreement or the Transactions without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned
or delayed. 
 5.3        No Solicitation. 

(a)    Except as expressly permitted by this Section 5.3, from and after the
date hereof until the Closing, or, if earlier, the termination of this Agreement in accordance with Article 7, (i) the Company shall not, and shall cause its Subsidiaries not to, and shall instruct its Representatives not to on behalf of the
Company, initiate, solicit or intentionally encourage the submission of any Acquisition Proposal or engage in any discussions or negotiations with respect thereto or in connection with any Acquisition Proposal or proposal reasonably likely to lead
to an Acquisition Proposal, disclose or furnish non-public information or afford access to its properties, books or records to any Third Party (other than informing any Third Party of the existence of the
provisions contained in this Section 5.3); provided, that, prior to the receipt of the Company Stockholder Approval, the Company may ascertain facts from any Person making an Acquisition Proposal for the purpose of
the Board informing itself about such Acquisition Proposal and the Third Party making it; and (ii) neither the Board nor any committee thereof shall (A) approve or recommend, or publicly propose to approve or recommend, any Acquisition
Proposal, (B) withdraw, change or qualify, in a manner adverse to Investor, the Board Recommendation, (C) approve or cause the Company to enter into any stock purchase agreement, merger agreement, letter of intent or other similar
agreement relating to any Acquisition Proposal (other than an Acceptable Confidentiality Agreement), or (D) resolve or agree to do any of the foregoing (any action set forth in the foregoing clauses (A), (B), (C) or (D) of this
sentence (to the extent related to the foregoing clauses (A) or (B) of this sentence), a 

  
 37 

 
“Change of Board Recommendation”). The Company shall promptly cease and cause to be terminated any discussion or negotiation with any Persons conducted prior to the date hereof
by the Company, its Subsidiaries or any of their Representatives with respect to any Acquisition Proposal and direct such Persons to return or destroy any non-public information furnished to such party in
connection with its evaluation of an Acquisition Proposal. 
 (b)    Notwithstanding anything to the
contrary contained in Section 5.3(a), if at any time following the date hereof and prior to the receipt of the Company Stockholder Approval (i) the Company has received a bona fide written Acquisition Proposal from a
Third Party and (ii) the Board (or a duly authorized committee thereof) determines in good faith, after consultation with its financial advisor and outside counsel, based on information then available, that such Acquisition Proposal constitutes
or would reasonably be expected to lead to a Superior Majority Proposal or a Superior Minority Proposal, then the Company may (A) furnish information with respect to the Company and its Subsidiaries to the Third Party making such Acquisition
Proposal, its Representatives and potential sources of financing pursuant to one or more Acceptable Confidentiality Agreements and (B) participate in discussions or negotiations with the Third Party making such Acquisition Proposal regarding
such Acquisition Proposal; provided, however, that any material non-public information concerning the Company or its Subsidiaries provided or made available to any Third Party shall, to the
extent not previously provided or made available to Investor, be provided or made available to Investor as promptly as reasonably practicable (and in no event later than 24 hours) after it is provided or made available to such Third Party, except to
the extent providing Investor with such information would violate any applicable Law. 
 (c)    From
and after the date hereof until the receipt of the Company Stockholder Approval, or, if earlier, the termination of this Agreement in accordance with Article 7, the Company shall promptly (and in any event within 24 hours) notify Investor in
writing (including by email) in the event that the Company receives an Acquisition Proposal or any request for non-public information relating to the Company or any of its Subsidiaries other than requests for
information in the ordinary course of business or, in the good faith judgment of the Board, unrelated to an Acquisition Proposal. The Company shall promptly (and in any event within 24 hours) notify Investor in writing of the identity of the Third
Party and provide to Investor a copy of such Acquisition Proposal (or, where no such copy is available, a reasonable description of such Acquisition Proposal). The Company shall promptly (and in any event within 24 hours) notify Investor in writing
of any decision of the Board as to whether to enter into discussions or negotiations with any Third Parties concerning any Acquisition Proposal or to disclose or furnish non-public information with respect to
the Company or any of its Subsidiaries to any Person. 
 (d)    Notwithstanding anything to the
contrary contained in Section 5.3(a), if the Company has received a bona fide written Acquisition Proposal that the Board (or any duly authorized committee thereof) determines, after consultation with its financial advisors
and outside counsel, constitutes a Superior Proposal and that failure to take such action would reasonably be expected to be inconsistent with the fiduciary duties of the Company’s directors, the Board may at any time prior to the receipt of
the Company Stockholder Approval, (i) effect a Change of Board Recommendation with respect to such Superior Proposal or fail to include the Board Recommendation in the Proxy Statement or (ii) solely in the case of a Superior Majority

  
 38 

 
Proposal, terminate this Agreement to enter into a definitive agreement with respect to such Superior Majority Proposal, in either case subject to the requirements of this
Section 5.3(d), provided that the Company shall not terminate this Agreement pursuant to clause (ii) and any purported termination shall be void and of no force or effect unless the Company, in advance of or
concurrently with such termination, pays the Company Termination Fee and promptly thereafter enters into a definitive agreement with respect to such Superior Majority Proposal. The Company shall not be entitled to effect a Change of Board
Recommendation pursuant to this Section 5.3(d) or terminate this Agreement pursuant to this Section 5.3(d) and Section 7.1(f) unless the Company shall have provided to
Investor at least five (5) Business Days’ prior written notice (the “Notice Period”) of the Company’s intention to take such action, which notice shall specify the material terms and conditions of such Acquisition
Proposal (which shall be required to include the identity of the Third Party making such Acquisition Proposal), and shall have provided to Investor a copy of the available proposed transaction agreement to be entered into in respect of such
Acquisition Proposal, and: 
 (i)    during the Notice Period, if requested by Investor, the Company
shall have, and shall have caused its legal and financial advisors to have, engaged in good faith negotiations with Investor regarding any amendment to this Agreement proposed in writing by Investor and intended to cause the relevant proposal to no
longer constitute a Superior Proposal; and 
 (ii)    the Board shall have considered any adjustments
and/or proposed amendments to this Agreement (including a change to the price terms hereof) and the other agreements contemplated hereby that may be irrevocably offered in writing by Investor (the “Proposed Changed Terms”) no later
than 11:59 a.m., New York City time, on the last day of the Notice Period and shall have determined in good faith that the Superior Proposal would continue to constitute a Superior Proposal if such Proposed Changed Terms were to be given effect.

 In the event of any material revisions to such Superior Proposal offered in writing by the party making such Superior
Proposal, the Company shall be required to deliver a new written notice to Investor and to again comply with the requirements of this Section 5.3(d) with respect to such new written notice, except that the Notice Period
shall be three (3) Business Days with respect to any such revised Superior Proposal, but no such new written notice shall shorten the original Notice Period. 

(e)    Notwithstanding anything to the contrary contained in Section 5.3(a),
the Board (or a duly authorized committee thereof) may at any time prior to the receipt of the Company Stockholder Approval effect a Change of Board Recommendation if (i) the Board (or a duly authorized committee thereof) determines that an
Intervening Event has occurred and is continuing and (ii) the Board (or a duly authorized committee thereof) determines, after consultation with its legal advisor, that the failure to effect a Change of Board Recommendation in response to such
Intervening Event would reasonably be expected to be inconsistent with its fiduciary duties to the stockholders of the Company. The Company shall not be entitled to effect a Change of Board Recommendation pursuant to this
Section 5.3(e) unless the Company shall have provided to Investor written notice within the Notice Period of the Company’s intention to take such action, which notice shall specify the material reasons for such Change
of Board Recommendation, and, during the Notice Period, if requested by Investor, the Company shall 

  
 39 

 
have, and shall have caused its legal and financial advisors to have, engaged in good faith negotiations with Investor regarding any amendment to this Agreement proposed in writing by Investor,
and the Board shall have considered the Proposed Changed Terms offered in writing by Investor no later than 11:59 a.m., New York City time, on the last day of the Notice Period and shall have determined in good faith that the Intervening Event would
continue to constitute an Intervening Event and that failure to make a Change of Board Recommendation would reasonably be expected to be inconsistent with the fiduciary duties of the Company’s directors if such Proposed Changed Terms were to be
given effect. 
 (f)    Nothing contained in this Section 5.3 shall prohibit
the Company or the Board (or a committee thereof) from (i) disclosing to the stockholders of the Company a position contemplated by Rule 14e-2(a), Rule 14d-9 and
Item 1012(a) of Regulation M-A promulgated under the Exchange Act, (ii) the accurate disclosure of factual information regarding the business, financial condition or results of operations of the Company;
or (iii) the accurate disclosure of the fact that an Acquisition Proposal has been made, the identity of the party making such Acquisition Proposal, the material terms of such Acquisition Proposal and/or the operation of this Agreement with
respect thereto; provided that nothing in this Section 5.3(f) shall alter the consequences of a Change of Board Recommendation. The issuance by the Company or the Board of a “stop, look and listen” statement
pending disclosure of its position, as contemplated by Rules 14d-9 and 14e-2(a) promulgated under the Exchange Act, shall not in and of itself constitute a Change of
Board Recommendation. 
 (g)    For purposes of this Agreement: 

(i)    “Acquisition Proposal” means any offer or proposal from a Third Party concerning
(A) a merger, consolidation or other business combination transaction involving the Company, (B) a sale, lease or other disposition by merger, consolidation, business combination, share exchange, joint venture or otherwise, of assets of
the Company (including Equity Interests of any Subsidiary of the Company) or its Subsidiaries for consideration, representing 25% or more of the consolidated assets of the Company and its Subsidiaries, based on their fair market value as determined
in good faith by the Board (or any duly authorized committee thereof), (C) an issuance (including by way of merger, consolidation, business combination or share exchange) of Equity Interests representing 25% or more of the voting power of the
Company, or (D) any combination of the foregoing (in each case, other than the Transactions). 

(ii)    “Superior Majority Proposal” means a bona fide written Acquisition Proposal
(except the references therein to “25%” shall be replaced by “50.01%”) that the Board (or a duly authorized committee thereof) determines in good faith, after consultation with its financial advisor and outside counsel, taking
into account such factors as the Board (or any duly authorized committee thereof) considers in good faith to be appropriate (including the conditionality, timing and likelihood of consummation of such proposal), is more favorable from a financial
point of view to the Company and its stockholders than the Transactions. 
 (iii)    “Superior
Minority Proposal” means a bona fide written Acquisition Proposal (except the references therein to “25% or more” shall be replaced by “between 40% and 50.01%”) that the Board (or a duly authorized committee thereof)
determines 

  
 40 

 
in good faith, after consultation with its financial advisor and outside counsel, taking into account such factors as the Board (or any duly authorized committee thereof) considers in good faith
to be appropriate (including the conditionality, timing and likelihood of consummation of such proposal), is more favorable from a financial point of view to the Company and its stockholders than the Transactions. 

(iv)    “Superior Proposal” means a Superior Majority Proposal or a Superior Minority
Proposal, as applicable. 
 (v)    “Intervening Event” means any event, circumstance,
change, effect, development, state of facts, condition or occurrence (including any acceleration or deceleration of existing changes or developments) that is material to the Company and its Subsidiaries that (A) was not known or reasonably
foreseeable (or, if known, the consequences of which were not known or reasonably foreseeable) to the Board as of or prior to the date of this Agreement, and (B) does not involve an Acquisition Proposal. 

(h)    From the date of this Agreement until December 31, 2018 or the earlier termination of this
Agreement (other than as a result of a Superior Minority Proposal that is not accompanied by a Competing China JV Proposal), the Company shall not, and shall cause its Subsidiaries not to, and shall instruct its Representatives not to on behalf of
the Company, (x) initiate, solicit or intentionally encourage the submission of any proposal for, or engage in any discussions or negotiations with respect to or in connection with any joint venture involving, or acquisition of, the
Company’s business in the PRC (a “Competing China JV Proposal”), (y) disclose or furnish non-public information or afford access to its properties, books or records to any Third Party in
connection with a Competing China JV Proposal (other than informing any Third Party of the existence of the provisions contained in this Section 5.3) or (z) enter into any definitive agreement, letter of intent or
similar agreement related to a Competing China JV Proposal; provided, that the foregoing shall not apply to any such discussions or negotiations with or to such disclosure of non-public information or
such access provided to a Third Party in the event that (i) the Company receives an Acquisition Proposal from such Third Party that contains or is conditioned upon a Competing China JV Proposal and (ii) the Board (or a duly authorized
committee thereof) determines in accordance with Section 5.3(b) to enter into discussions or negotiations with such Third Party or to disclose non-public information to such Third
Party in response to such Acquisition Proposal. The Company shall promptly cease and cause to be terminated any discussion or negotiation with any Persons conducted prior to the date hereof by the Company, its Subsidiaries or any of their
Representatives with respect to any Competing China JV Proposal and direct such Persons to return or destroy any non-public information furnished to such party in connection with its evaluation of a Competing
China JV Proposal. 
 5.4        SEC Filings; Other Proceedings. 

(a)    As promptly as reasonably practicable, but no later than fifteen (15) Business Days after the
date hereof, the Company shall prepare and file the Proxy Statement with the SEC, which shall, subject to Section 5.3, include the Board Recommendation. Investor and its counsel shall be given a reasonable opportunity to
review the Proxy Statement before it is filed with the SEC, and the Company shall give due consideration to any reasonable additions, 

  
 41 

 
deletions or changes suggested thereto by Investor or its counsel. The Company shall use its commercially reasonable efforts to respond as promptly as reasonably practicable to comments by the
SEC staff in respect of the Proxy Statement and to cause the definitive Proxy Statement to be mailed to the Company’s stockholders as of the record date established for the Company Meeting as promptly as practicable after the date of this
Agreement, and in no event more than (i) fifteen (15) Business Days after the date on which the SEC confirms that it has no further comments on the Proxy Statement or (ii) fifteen (15) Business Days after the filing of the preliminary
Proxy Statement if the SEC has provided no comments to such Proxy Statement. The Company shall provide Investor and its counsel with copies of any written comments, and shall provide them a summary of any oral comments, that the Company or its
counsel receive from the SEC or its staff with respect to the Proxy Statement as promptly as practicable after receipt of such comments, and any written or oral responses thereto. Investor and its counsel shall be given a reasonable opportunity to
review any such responses and the Company shall give due consideration to the reasonable additions, deletions or changes suggested thereto by Investor and its counsel. Investor shall furnish all information that is customarily included in a proxy
statement prepared in connection with transactions of the type contemplated by this Agreement concerning themselves and their affiliates as promptly as practicable after the date hereof. 

(b)    Subject to the other provisions of this Agreement, the Company shall (i) take all action
necessary in accordance with the DGCL, the NYSE, the Company Charter, and the Company Bylaws to duly call, give notice of, convene and hold a meeting of its stockholders promptly following the mailing of the Proxy Statement for the purpose of
obtaining the Company Stockholder Approval (the “Company Meeting”), with the record date to be selected after reasonable consultation with Investor and meeting date of the Company Meeting to be not more than thirty (30) days
after the mailing of the Proxy Statement, and (ii) subject to a Change of Board Recommendation in accordance with Section 5.3, shall include the Board Recommendation in the Proxy Statement and use its commercially
reasonable efforts to solicit from its stockholders proxies in favor of the adoption of this Agreement. The Company may also postpone or adjourn the Company Meeting from time to time (A) with the consent of Investor, (B) if a quorum has
not been established, (C) to allow reasonable additional time for the filing and mailing of any supplemental or amended disclosure which the Board has determined in good faith, after consultation with its outside legal advisors and Investor, is
necessary under applicable Law and for such supplemental or amended disclosure to be disseminated and reviewed by the Company’s stockholders prior to the Company Meeting, (D) to allow, subject to the consent of Investor (not to be
unreasonably withheld, conditioned or delayed), reasonable additional time (but not more than ten (10) Business Days) to solicit additional proxies if necessary in order to obtain the Company Stockholder Approval or (E) if required by
applicable Law. 
 5.5        Appropriate Proceeding; Consents; Filings. 

(a)    Subject to the terms and conditions of this Agreement, including
Section 5.6 with respect to the CFIUS Clearance, Investor and Company shall use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable
under applicable Law to consummate the Transactions by the Outside Date, including (i) preparing and filing as promptly as practicable with any Governmental Entity 

  
 42 

 
or other third party all documentation to effect all necessary filings, notices, petitions, statements, registrations, submissions of information, applications and other documents and
(ii) obtaining and maintaining all approvals, consents, registrations, permits, authorizations and other confirmations required to be obtained from any Governmental Entity or other third party that are necessary to consummate the Transactions,
including the CFIUS Clearance and PRC Approvals. 
 (b)    In furtherance and not in limitation of the
foregoing, each of Investor and Company shall make (i) the filing of a Notification and Report Form pursuant to the HSR Act as promptly as practicable after the date hereof and in any event within twenty (20) Business Days after the date
hereof and (ii) any other required filings pursuant to applicable Competition Laws as promptly as practicable after the date hereof and in any event within twenty (20) Business Days after the date hereof. Each of Investor and Company shall
supply as promptly as practicable any additional information and documentary material that may be requested pursuant to the HSR Act and any other applicable Competition Laws and shall take all other actions necessary or desirable to cause the
expiration or termination of the applicable waiting periods under the HSR Act and any other Competition Laws as soon as practicable and in any event prior to the Outside Date. Each party shall promptly inform the other party of any oral
communication with, and provide copies of written communications with, any Governmental Entity regarding any such filings or any such transaction. No party shall independently participate in any formal meeting with any Governmental Entity in respect
of any such filings, investigation, or other inquiry without giving the other party prior notice of the meeting and, to the extent permitted by such Governmental Entity, the opportunity to attend and/or participate. Subject to applicable Law, the
parties will consult and cooperate with one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of any party relating to proceedings under the
HSR Act or any other Competition Laws. 
 (c)    If any objections are asserted or concerns expressed
with respect to the Transactions from any Governmental Entity (including under the HSR Act or any other applicable Competition Law) or if any Proceeding is instituted or threatened by any Governmental Entity or any private party challenging any of
the transactions contemplated by this Agreement or any other Transaction Document as violative of any applicable Law (including the HSR Act or any other Competition Law), each party shall, and shall cause its Subsidiaries to, use reasonable best
efforts to take any and all actions necessary to obtain consents, clearances or approvals required from any such Governmental Entity (including under the HSR Act or any other applicable Competition Law), and to enable all waiting periods under the
HSR Act or any other Competition Law to expire, in each case, to cause the Transactions to occur prior to the Outside Date. 

(d)    Notwithstanding anything to the contrary in this Agreement, in connection with the receipt of any
necessary approvals or clearances of a Governmental Entity (including under the HSR Act or any other applicable Competition Law), none of the Company, Investor, or any of their respective Subsidiaries or affiliates, shall be required to sell, hold
separate or otherwise dispose of or conduct their business in a specified manner, or agree to sell, hold separate or otherwise dispose of or conduct their businesses in a specified manner, or enter into or agree to enter into a voting trust
arrangement, proxy arrangement, “hold separate” agreement or arrangement or similar agreement or arrangement with respect to the assets, operations or 

  
 43 

 
conduct of their business in a specified manner, or permit the sale, holding separate or other disposition of, any assets of the Company, Investor, their respective Subsidiaries or their
respective affiliates. 
 (e)    Nothing contained in this Agreement shall give Investor, directly or
indirectly, the right to control or direct the operations of the Company prior to the Closing. Prior to the Closing, the Company shall exercise, consistent with the terms and conditions of this Agreement, complete unilateral control and supervision
over its business operations. 
 5.6        CFIUS. 

(a)    Each of Investor and the Company shall use its reasonable best efforts to obtain the CFIUS
Clearance as promptly as practicable. Without limiting the foregoing, as promptly as practicable after the execution of this Agreement, Investor and the Company shall prepare, prefile a draft joint voluntary notice, and then as soon as reasonably
practicable thereafter, file with CFIUS a joint voluntary notice pursuant to Section 721 of the DPA with respect to the Transactions. Each party to this Agreement shall provide CFIUS with any additional or supplemental information requested by
CFIUS or its constituent agencies during the CFIUS review process as promptly as practicable, and in all cases within the amount of time allowed by CFIUS. 

(b)    Without limiting the generality of Investor’s obligations under
Section 5.6(a), Investor and the Company shall take, or cause to be taken, all actions that are customarily undertaken or reasonably achieved to obtain CFIUS Clearance so as to enable the Closing to occur as promptly as
practicable, including promptly making any pre-notification and notification filings required in connection with CFIUS Clearance, and providing any information requested by CFIUS or any other agency or branch
of the United States government in connection with their review of the transactions contemplated by this Agreement. Such efforts also shall include, to the extent necessary to obtain CFIUS Clearance, the execution of mitigation agreements containing
terms customarily included in such mitigation agreements, provided however that no party shall be required to enter into any agreement that materially interferes with the Investor’s ability to exercise any and all rights accorded to it pursuant
to the terms of this Agreement in any material respect. With respect to any mitigation, the Investor and the Company shall be entitled to a reasonable period of time to engage in discussions and negotiations with CFIUS and between themselves on the
nature and scope of such measures, to ensure that any agreed upon measures are reasonable without any adverse material effect on the Investor, the Company or its Subsidiaries. Notwithstanding the foregoing, except as set forth on Schedule
5.6(b) hereto, Investor shall not be required to enter into any agreement, consent decree or other commitment to sell the Shares or delete any data belonging to the Company, and the Company shall not be required to sell or divest material assets
of the Company or its Subsidiaries to a third party as a condition to receiving the CFIUS Clearance. 

(c)    Each of Investor and the Company shall promptly furnish to the other copies of any notices or
written communications received by such party or any of its affiliates from CFIUS or any of its constituent agencies with respect to the transactions contemplated by this Agreement, unless otherwise prohibited by CFIUS or applicable Laws, and each
of Investor and the Company shall permit the other’s counsel to have an opportunity to review in advance, 

  
 44 

 
and such party shall consider in good faith the views of such counsel in connection with, any proposed communications by such party or its affiliates to CFIUS concerning the transactions
contemplated by this Agreement. Notwithstanding the foregoing, each of Investor and the Company may, as either party deems advisable and necessary, reasonably designate any competitively sensitive materials or information provided to the other party
under this Section 5.6(c) as “outside counsel only.” Such materials and the information contained therein shall be given only to the outside legal counsel of the other party, and such party shall cause such
outside counsel not to disclose such materials or information to any employees, officers, directors or other representatives of the Company, unless express written permission is obtained in advance from the party providing such materials and
information. 
 5.7        Ownership and Control of Investor. Investor shall
provide the Company a complete and accurate schedule no later than ten (10) Business Days after the date hereof that identifies: 

(a)    all individuals and entities that, to the knowledge of Investor, hold, own, or control equity or
voting interests in Investor of five percent or greater (whether directly or indirectly); 
 (b)    all
individuals and entities that are affiliated with any foreign government or may be “foreign government controlled” under Section 721 of the DPA, regardless of the magnitude of their ownership interests in Investor; and 

(c)    any foreign government or Person controlled by or acting on behalf of a foreign government that
(i) holds, owns, or controls ownership interests, including convertible voting interests in Investor; (ii) has the right or power to appoint any of the principal officers or members of the board of directors (or equivalent body) of
Investor; (iii) holds any contingent interest in Investor; or (iv) has any other affirmative or negative rights or powers that reasonably could be deemed relevant to the evaluation by CFIUS of the transactions contemplated by this
Agreement or the other Transaction Documents. 
 5.8        PRC Approvals. As
promptly as reasonably practicable following the date of this Agreement, and in furtherance of Investor’s obligations under Section 5.5, Investor shall: 

(a)    make all appropriate filings required in connection with the PRC Approvals as promptly as
practicable within the applicable period required by applicable Law, and supply as promptly as practicable any additional information and documentary material that may be requested pursuant to applicable Law in connection with the PRC Approvals; and

 (b)    to the extent permitted by applicable Law, promptly inform the Company of any oral
communication with, and provide copies of written communications with, any Governmental Entity regarding the PRC Approvals and share with the Company any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made
or submitted by or on behalf of Investor relating to the PRC Approvals; 
 provided, that in each case above, the
Company shall reasonably cooperate with Investor to provide the information and documents required for obtaining the PRC Approvals and shall assist Investor in promptly responding to any requests for information and/or

  
 45 

 
documents from any Governmental Entity in connection with making such applications and/or filings to obtain the PRC Approvals. 

5.9        Certain Notices. From and after the date of this Agreement until the
earlier of the Closing or the termination of this Agreement in accordance with Article 7, unless prohibited by applicable Law, each party shall give prompt notice to the other party if any of the following occur: (a) receipt of any
notice or other communication in writing from any Person alleging that the consent or approval of such Person is or may be required in connection with the Transactions; (b) receipt of any notice or other communication from any Governmental
Entity in connection with the Transactions; or (c) such party becoming aware of the occurrence of an event that would reasonably be expected to prevent or delay beyond the Outside Date the consummation of the Transactions or that would
reasonably be expected to result in any of the conditions to the Closing set forth in Article 6 not being satisfied. Any such notice pursuant to this Section 5.9 shall not affect any representation, warranty,
covenant or agreement contained in this Agreement and any failure to make such notice (in and of itself) shall not be taken into account in determining whether the conditions set forth in Article 6 have been satisfied or give rise to any
right of termination set forth in Article 7. 
 5.10      Public Announcements.
So long as this Agreement is in effect, Investor, on the one hand, and the Company, on the other, shall not issue any press release or make any public statement with respect to the Transactions or this Agreement without the prior written consent of
the other party (which consent shall not be unreasonably withheld, conditioned or delayed), except (a) as may be required by applicable Law or the rules or regulations of any applicable Governmental Entity to which the relevant party is
subject, in which case the party required to make the release or announcement shall use its commercially reasonable efforts to allow each other party reasonable time to comment on such release or announcement in advance of such issuance,
(b) any public statement in response to questions from the press, analysts, investors or those attending industry conferences, internal announcements to employees and or disclosures in Company SEC Documents, so long as such statements are
consistent with previous press releases, public disclosures or public statements made jointly by the parties (or individually, if approved by the other party), or (c) with respect to any press release or other public statement by the Company
permitted by Section 5.3. The Company shall file a current report on Form 8-K with the SEC attaching the joint press release announcing this Agreement and copy of this Agreement
and the other Transaction Documents as exhibits. 
 5.11        Debt
Refinancing Undertakings. 
 (a)    The Company shall use reasonable best efforts to obtain
the Debt Refinancing and shall keep Investor reasonably informed of any material developments in respect of the Company’s efforts to arrange the Debt Refinancing. Without limiting the generality of the foregoing, the Company shall give Investor
prompt notice (A) of any material breach or default by any financing source under the Credit Agreement Refinancing Documentation of which the Company obtains Knowledge, and (B) of the receipt or delivery of any written notice or other
written communication, in each case from any Person with respect to (x) any breach, default, termination or repudiation by any financing source under the Credit Agreement Refinancing Documentation of its material commitments or obligations
thereunder or (y) any material dispute or disagreement between the Company, on the one hand, and any 

  
 46 

 
financing source, on the other hand, with respect to the obligation to fund and/or make available the Credit Agreement Refinancing. 

(b)    The Company and Investor shall use commercially reasonable efforts to identify alternative
financing arrangements for the Company’s Indebtedness, including (x) the refinancing of the Indebtedness under the Credit Agreement Refinancing Documents and (y) the repayment, discharge, prepayment, refinancing, conversion,
redemption or repurchase of the Convertible Notes, in whole or in part. 
 5.12      China
Joint Venture. The Company, Investor and their respective affiliates shall, until the earlier of the Closing and the termination of this Agreement pursuant to Article 7, use their respective reasonable best efforts to negotiate in good
faith definitive documentation with respect to a commercial joint venture in China on the terms and conditions set forth in the term sheet attached as Exhibit E hereto (the “China JV”), to be entered into at or prior to the
Closing. 
 5.13      Takeover Statutes. If any state takeover Law or state Law that
purports to limit or restrict business combinations or the ability to acquire or vote the Shares or the Underlying Shares (including any “control share acquisition,” “fair price,” “business combination” or other similar
takeover Law) becomes or is deemed to be applicable to the Company, Investor or the Transactions, then the Company and the Board shall take all action reasonably available to it to render such Law inapplicable to the foregoing. 

5.14      Reservation of Common Stock. At any time that any Convertible Preferred Stock
is outstanding, the Company shall from time to time take all lawful action within its control to cause the authorized capital stock of the Corporation to include a sufficient number of authorized but unissued shares of Company Common Stock to
satisfy the conversion requirements of all shares of Convertible Preferred Stock then outstanding (including any Company Common Stock issuable on account of dividends on the Convertible Preferred Stock). All shares of Company Common Stock delivered
upon conversion of the Convertible Preferred Stock shall be newly issued shares or shares held in treasury by the Company, shall have been duly authorized and validly issued and shall be fully paid and nonassessable, and free of any Lien (other than
(i) Liens created by Investor or any of its affiliates and (ii) transfer restrictions under applicable securities Laws and the Transaction Documents). 

5.15      Integration. The Company shall not sell, offer for sale or solicit offers to
buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares or the Underlying Shares in a manner that would require the registration under
the Securities Act of the sale of the Shares or the Underlying Shares to Investor. 

5.16      Listing. The Company shall submit an application to the NYSE for the listing of
the Underlying Shares and use its reasonable best efforts to cause the Underlying Shares to be approved for listing on the NYSE and Investor shall reasonably cooperate with the Company with respect to such listing. 

5.17      Securities Laws. Investor acknowledges and agrees that: 

  
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 (a)    as of the Closing Date, the Shares have not been
registered under the Securities Act or the securities laws of any state and that they may be sold or otherwise disposed of only in one or more transactions registered under the Securities Act and, where applicable, such laws, or as to which an
exemption from the registration requirements of the Securities Act and, where applicable, such laws, is available; 

(b)    except as provided in the Registration Rights Agreement with respect to the Shares, Investor has
no right to require the Company or any of its Subsidiaries to register the Shares; 
 (c)    the
Company Common Stock is listed on the NYSE and the Company is required to file reports containing certain business and financial information with the SEC and may be required to file a copy of this Agreement and the other Transaction Documents with
the SEC, pursuant to the reporting requirements of the Exchange Act and that it is able to obtain copies of such reports; and 

(d)    the certificates or book-entry position representing the Shares will bear or reflect, as
applicable, legends substantially similar to the following: 
 “THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (III) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH THE SECURITIES ACT AND ANY OTHER
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND (B) THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM SUCH HOLDER OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. THE COMPANY MAY REQUIRE THE
DELIVERY OF A WRITTEN OPINION OF COUNSEL, CERTIFICATIONS AND/OR ANY OTHER INFORMATION IT REASONABLY REQUIRES TO CONFIRM THE SECURITIES ACT EXEMPTION FOR SUCH TRANSACTION.” 

Additionally, for so long as a holder of Shares is subject to any transfer restrictions set forth in the Stockholders
Agreement or the other Transaction Documents, the certificates or book-entry position representing such holder’s Shares will bear or reflect a legend substantially similar to the following: 

  
 48 

 “THIS SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A
STOCKHOLDERS AGREEMENT, DATED FEBRUARY 13, 2018 (AS IT MAY BE AMENDED FROM TIME TO TIME), BY AND AMONG THE COMPANY AND CERTAIN OTHER PARTIES THERETO, COPIES OF WHICH ARE PUBLICLY FILED OR ON FILE WITH THE SECRETARY OF THE ISSUER.” 

5.18      Board of Directors. 

(a)    The Board shall take all necessary action to increase the number of directors on the Board to
eleven (11), to be effective as of the Closing. As of the Closing and subject to the qualifications and procedures set forth in this Section 5.18, the Board shall be comprised of (i) the Company’s chief executive
officer, (ii) five (5) individuals who meet the Designee Qualifications designated by Investor (the “Investor Designees”), at least two (2) of whom must be Independent Investor Designees, and (iii) five (5)
individuals who are independent Directors immediately prior to Closing and are designated by the independent Directors prior to the Closing (the “Company Designees”). 

(b)    As promptly as practicable and, in any event, no later than thirty (30) Business Days prior
to the anticipated Closing Date, each of the Company and Investor shall identify its designees to the Board by written notice to the other party. The Board shall use its best efforts to cause each individual designated by the Company or Investor, as
applicable, in accordance with this Section 5.18, who meets the Designee Qualifications as determined in accordance with this Section 5.18, to be appointed to the Board, effective as of the
Closing. 
 (c)    Each Investor Designee and Company Designee shall, as determined by the Nominating
and Corporate Governance Committee, acting reasonably and in good faith and in a manner consistent with the fiduciary duties of each director, the rules of the NYSE and applicable Law, at the time of his or her appointment as a Director: 

(i)    meet and comply in all material respects with any and all policies, procedures, processes, codes,
rules, standards and guidelines of the Company applicable to all non-employee Board members, including the Company’s code of business conduct and ethics, securities trading policies and corporate
governance guidelines; 
 (ii)    meet and comply in all material respects with any and all applicable
qualifications, standards and other requirements for service as a Director as set forth in the NYSE’s rules; 

(iii)    not be involved, during the ten (10) year period prior to his or her nomination or
appointment as a Director, in any of the events enumerated in Item 2(d) or Item 2(e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K; 

(iv)    not be subject to any Order of any Governmental Entity prohibiting service as a director of any
public company; 

  
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 (v)    not be an employee, officer, or director of, or
consultant to, or be receiving any compensation or benefits from, any Restricted Entity (unless otherwise agreed to by the Nominating and Corporate Governance Committee); 

(vi)    have demonstrated, in all material respects, good judgment, character and integrity in his or her
personal and professional dealings and have relevant financial, investment, management, international business and/or other business experience, qualification and background for purposes of serving as a Director; 

(vii)    have demonstrated proficiency and financial literacy in the English language for purposes of
serving as a Director, including with respect to the reading, comprehension and analysis of English language materials (including financial materials) furnished in advance of and in connection with meetings of the Board (and committees thereof) and
the ability to participate on a conversant basis in the English language meetings of the Board (and committees thereof) and the topics covered therein, including financial discussions; and 

(viii)    if such Investor Designee is an Independent Investor Designee, meet the criteria set forth in
the definition of “Independent Investor Designee” in Section 1.1 (the requirements set forth in this Section 5.18(c), Section 5.18(d) and
Section 5.18(e) being referred to, collectively, as the “Designee Qualifications”). 

(d)    As a condition to an Investor Designee’s appointment or subsequent nomination for election as
a Director, such Investor Designee shall have executed and delivered to the Company a Director Confidentiality Agreement in the same form required from the Company Designees. 

(e)    Each Investor Designee, as a condition to his or her appointment to the Board pursuant to this
Section 5.18, must be willing to be interviewed by the Nominating and Corporate Governance Committee on the same basis as any other new candidate for appointment or election to the Board and must be reasonably satisfactory
to the Nominating and Corporate Governance Committee acting in good faith. Investor, in its capacity as a stockholder of the Company on behalf of itself and other members of the Investor Group, and each Investor Designee, shall deliver such
questionnaires and otherwise provide such information as are reasonably requested by the Company in connection with assessing qualification, independence and other criteria applicable to Directors, or required to be or customarily provided by
directors, candidates for director, and their affiliates and representatives for inclusion in a proxy statement or other filing required by applicable Law and the rules of the NYSE, in each case to substantially the same extent requested or required
of other candidates for appointment or election to the Board after the date hereof. 
 (f)    The
Company shall use commercially reasonable efforts to cause any member of the Board prior to Closing that is not a Company Designee or the CEO to resign from the Board effective as of the Closing, in each case in accordance with the Company Bylaws
and Company Charter. 
 5.19      Certificate of Designation and Company Bylaws. Prior
to the Closing, the Board shall take all necessary action to cause (a) the Certificate of Designations to be adopted and filed 

  
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with the Secretary of State of the state of Delaware and (b) the Company Bylaws to be amended and restated as set forth in Exhibit F hereto. 

5.20      Certain Adjustments. If any occurrence since the date hereof until the Closing
would have resulted in an adjustment to the Conversion Price (as defined in the Certificate of Designations) pursuant to the Certificate of Designations if the Convertible Preferred Stock had been issued and outstanding since the date hereof, the
Company shall adjust the Conversion Price, effective as of the Closing, in the same manner as would have been required by the Certificate of Designations if the Convertible Preferred Stock had been issued and outstanding since the date hereof. 

5.21      Escrow Agreement. The Company and Investor shall, and Investor shall direct
Guarantor to, use reasonable best efforts to promptly, but not later than fifteen (15) Business Days after the date hereof, negotiate and execute an escrow agreement (together with any exhibits and as amended from time to time, the
“Escrow Agreement”) with JPMorgan Chase Bank, N.A., Hong Kong Branch (or another internationally recognized bank with a branch in Hong Kong reasonably acceptable to the Company and Guarantor) as the escrow agent (the “Escrow
Agent”) in a form customary for escrow arrangements of this type and reasonably acceptable to the Company, Investor and Guarantor, pursuant to which (i) Guarantor shall deposit within fifteen (15) Business Days after the date
hereof an amount in cash equal to the Investor Termination Fee into the escrow account set up pursuant to the Escrow Agreement, and (ii) Investor and the Company are authorized to release the Investor Termination Fee from the escrow account
pursuant to a Joint Release Notice; provided, that either party may extend such fifteen (15) Business Day period by up to an additional five (5) Business Days with the prior written consent of the other party (not to be unreasonably
withheld, conditioned or delayed). 
 5.22      Subsidiary Assignment. Prior to
Closing, Investor shall assign this Agreement to Harbin Pharmaceutical Group Co., Ltd (SHA: 600664) (“Investor Sub”), and shall take all appropriate action to cause Investor Sub to accept and assume this Agreement, subject to any
required regulatory approvals related to such assignment or the approval of such assignment by Investor Sub’s shareholders; provided that such assignment shall not impede or delay the consummation of the Transactions or otherwise impede
the rights of the Company under this Agreement. Notwithstanding the foregoing, Investor irrevocably and unconditionally guarantees the full performance of all obligations of Investor Sub under this Agreement. 

5.23      Letter of Credit. As promptly as reasonably practicable following the date
hereof, Investor shall cause a letter of credit from a reputable international bank in an amount equal to the Purchase Price to be issued in favor of the Company (the “Letter of Credit”), in a form reasonably acceptable to the
Company and the Investor, pursuant to which the Company will have the right to draw down the full amount of the Letter of Credit, if (a) all of the conditions set forth in Sections 6.1 and 6.3 (other than conditions that by their
nature can only be satisfied on the Closing Date) have been satisfied, (b) the Company has confirmed in writing that it is prepared to consummate the Closing, and (c) Investor fails to consummate the Closing within five (5) Business
Days following delivery of such written confirmation by the Company to Investor. 

  
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 ARTICLE 6 

CONDITIONS TO CLOSING 

6.1        Conditions to Obligations of Each Party Under This
Agreement. The respective obligations of each party to consummate the Transactions shall be subject to the satisfaction (or waiver, if permissible under Law) at or prior to the Closing of each of the following conditions: 

(a)    The Company Stockholder Approval shall have been obtained. 

(b)    No order, decree or judgment of any Governmental Entity having competent jurisdiction shall have
been issued that prohibits or makes illegal the Transactions or the Credit Agreement Refinancing. 

(c)    (i) Any applicable waiting period under the HSR Act relating to the transactions contemplated
hereby shall have expired or been terminated, (ii) the PRC Approvals shall have been obtained, other than such PRC Approvals as Investor shall have determined to waive and (iii) the CFIUS Clearance shall have been obtained. 

(d)    The Company and Investor have entered into, or will enter into as of the Closing, the China JV.

 6.2        Conditions to Obligations of the Company Under
This Agreement. The obligation of the Company to effect the Transactions is further subject to the fulfillment (or waiver by the Company) of the following conditions: 

(a)    Each representation and warranty of Investor contained in this Agreement, without giving effect to
any qualifications as to materiality or material adverse effect or other similar qualifications contained therein, shall be true and correct at and as of the date hereof and as of the Closing Date as though made on the Closing Date, except for
representations and warranties that relate to a specific date or time (which need only be true and correct as of such date or time), and except as has not had and would not reasonably be expected to have, individually or in the aggregate with all
other failures to be true or correct, a material adverse effect on the ability of Investor or its affiliates to perform its obligations hereunder or under any of the Transaction Documents. 

(b)    Investor shall have performed or complied in all material respects with all covenants and
agreements required to be performed or complied with by it under this Agreement at or prior to the Closing Date. 

(c)    Investor shall have delivered to the Company a certificate, dated the Closing Date and signed by
an executive officer of Investor, certifying to the effect that the conditions set forth in Sections 6.2(a) and 6.2(b) have been satisfied. 

(d)    Investor shall have delivered to the Company executed copies of the Registration Rights Agreement
and the Stockholders Agreement. 

  
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 6.3        Conditions to Obligations
of Investor Under This Agreement. The obligations of Investor to effect the Transactions are further subject to the fulfillment (or waiver by Investor) of the following conditions: 

(a)    (i) Each representation and warranty of the Company set forth in
Section 3.1, Section 3.3, Section 3.6 and Section 3.21 shall be true and correct at and as of the date hereof and as of the Closing Date as
though made on the Closing Date, except for representations and warranties that relate to a specific date or time (which need only be true and correct in all material respects as of such date or time), (ii) the representations and warranties of the
Company set forth in Section 3.2(a) shall be true in all but de minimis respects as of the date hereof and as of the Closing Date as though made on the Closing Date, and (iii) each other representation and
warranty of the Company set forth in Article 3, without giving effect to any qualifications as to materiality or Company Material Adverse Effect contained therein, shall be true and correct at and as of the date hereof and as of the Closing
Date as though made on the Closing Date, except for representations and warranties that relate to a specific date or time (which need only be true and correct as of such date or time), except as has not had and would not reasonably be expected to
have, individually or in the aggregate with all other failures to be true or correct, a Company Material Adverse Effect. 

(b)    The Company shall have performed and complied in all material respects with all covenants and
agreements required to be performed or complied with by it under this Agreement at or prior to the Closing Date. 

(c)    The Company shall have delivered to Investor a certificate, dated the Closing Date and signed by
an executive officer of the Company, certifying to the effect that the conditions set forth in Sections 6.3(a) and 6.3(b) have been satisfied. 

(d)    The Company shall have completed the Credit Agreement Refinancing. 

(e)    The Company shall have delivered to Investor a good standing certificate of the Company. 

(f)    Each member of the Board that is not a Company Designee or the CEO shall have resigned from the
Board effective as of the Closing. 
 (g)    The Board shall have caused each individual designated by
the Company or Investor, as applicable, in accordance with Section 5.18 to be appointed to the Board, effective as of the Closing. 

(h)    The Company shall have filed the Certificate of Designations and Company Bylaws with the Secretary
of State of the State of Delaware and delivered to Investor a copy of the Company Charter and Company Bylaws, certified by the Secretary of the Company. 

(i)    The Company shall have made any required filings and submitted any required certifications
regarding the issuance or listing of additional shares with the NYSE. 

  
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 (j)    The Company shall have delivered to Investor executed
copies of the Registration Rights Agreement and the Stockholders Agreement. 
 ARTICLE 7 

TERMINATION, AMENDMENT AND WAIVER 

7.1    Termination. This Agreement may be terminated, and the Transactions may be abandoned, by
action taken or authorized by the board of directors of the terminating party or parties (whether before or, subject to the terms hereof, after obtaining Company Stockholder Approval): 

(a)    By mutual written consent of Investor and the Company, by action of their respective boards of
directors, at any time prior to the Closing; 
 (b)    By either the Company or Investor, if the
Company Stockholder Approval shall not have been obtained upon a vote taken at the Company Meeting duly convened therefor or any adjournment or postponement thereof; 

(c)    By either the Company or Investor, if any court of competent jurisdiction or other Governmental
Entity of competent jurisdiction shall have issued an Order or taken any other action, in each case, permanently restraining, enjoining or otherwise prohibiting, prior to the Closing, the consummation of the Transactions, and such Order or
other action shall have become final and non-appealable, provided that the right to terminate this Agreement pursuant to this Section 7.1(c) shall be available only if the party
seeking to terminate this Agreement shall have complied with its obligations under Section 5.5 before asserting the right to terminate under this Section 7.1(c); provided, further, that this right
of termination shall not be available to any party whose failure to comply with its obligations under this Agreement has been the primary cause of or resulted in such Order or action; 

(d)    By either the Company or Investor if (i) the Closing shall not have occurred on or before
November 13, 2018 (the “Outside Date”); provided that if on the Outside Date all the conditions to Closing contained in Article 6 have been satisfied (other than conditions that by their nature can only be satisfied at
the Closing) other than (x) the conditions set forth in Section 6.1(c) or (y) the condition set forth in Section 6.1(b) to the extent relating to any Competition Law, the PRC Approvals or
CFIUS, then Company or Investor may, by written notice to the other party, extend the Outside Date by an additional three (3) month period, and all references to the term “Outside Date” shall be deemed to mean the Outside Date as so
extended; provided, further, that the right to terminate this Agreement under this Section 7.1(d) shall not be available to any party hereto whose material breach of any of its obligations under this Agreement
has been the primary cause of, or resulted in, the failure of the Closing to have occurred; 

(e)    By Investor, at any time prior to the receipt of the Company Stockholder Approval, if (i) the
Board shall have effected a Change of Board Recommendation, whether or not in compliance with Section 5.3 (it being understood and agreed that any written notice of the Company’s intention to make a Change of Board
Recommendation prior to effecting such 

  
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Change of Board Recommendation in accordance with Section 5.3(d) or Section 5.3(e) shall not result in Investor having any termination rights
pursuant to this Section 7.1(e)) or the Company shall have failed to include the Board Recommendation in the Proxy Statement, or (ii) the Company shall have entered into a merger agreement, stock purchase agreement,
letter of intent or other similar agreement relating to an Acquisition Proposal; provided, that Investor’s right to terminate this Agreement pursuant to this Section 7.1(e) shall expire at 5:00 p.m. (New York
City time) on the tenth (10th) calendar day following the date on which the event first permitting such termination occurred; 

(f)    By the Company, at any time prior to the receipt of the Company Stockholder Approval, if the Board
determines to accept a Superior Majority Proposal, but only if the Company shall have complied in all material respects with its obligations under Section 5.3 with respect to such Superior Majority Proposal;
provided, however, that the Company shall, prior to or concurrently with such termination, pay the Company Termination Fee to or for the account of Investor pursuant to Section 7.3; 

(g)    By Investor, at any time prior to the Closing, if: (i) there has been a breach by the Company
of the Company’s representations, warranties or covenants contained in this Agreement, in either case, such that any condition to the Transactions contained in Sections 6.3(a) or 6.3(b) is not reasonably capable of being satisfied
while such breach is continuing, (ii) Investor shall have delivered to the Company written notice of such breach and (iii) such breach is not capable of cure in a manner sufficient to allow satisfaction of the conditions in Sections
6.3(a) and 6.3(b) prior to the Outside Date or at least 30 days shall have elapsed since the date of delivery of such written notice to the Company and such breach shall not have been cured in all material respects; provided,
however, that Investor shall not be permitted to terminate this Agreement pursuant to this Section 7.1(g) if there has been any material breach by Investor of Investor’s material representations, warranties or
covenants contained in this Agreement, and such breach shall not have been cured in all material respects; or 

(h)    By the Company, at any time prior to the Closing, if: (i) there has been a breach by Investor
of any of Investor’s representations, warranties or covenants contained in this Agreement, in either case, such that any condition to the Transactions contained in Section 6.2(a) or 6.2(b) is not reasonably
capable of being satisfied while such breach is continuing, (ii) the Company shall have delivered to Investor written notice of such breach and (iii) either such breach is not capable of cure in a manner sufficient to allow satisfaction of
the conditions in Sections 6.2(a) and 6.2(b) prior to the Outside Date or at least 30 days shall have elapsed since the date of delivery of such written notice to Investor and such breach shall not have been cured in all
material respects; provided, however, that the Company shall not be permitted to terminate this Agreement pursuant to this Section 7.1(h) if there has been any material breach by the Company of the
Company’s material representations, warranties or covenants contained in this Agreement, and such or breach shall not have been cured in all material respects. 

(i)    By the Company, if (i) all of the conditions set forth in Sections 6.1 and 6.3 (other than
conditions that by their nature can only be satisfied on the Closing Date) have been satisfied, (ii) the Company has confirmed in writing that it is prepared to consummate the Closing, and (iii) Investor fails to consummate the Closing
within five (5) Business Days following delivery of such written confirmation by the Company to Investor. 

  
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 7.2        Effect of Termination.
In the event of termination of this Agreement by either the Company or Investor as provided in Section 7.1, written notice thereof shall be given to the other party or parties, specifying the provisions hereof pursuant to
which such termination is made and the basis therefor described in reasonable detail, and this Agreement shall forthwith become void and have no further force and effect (other than Sections 7.2, 7.3, 7.4 and 7.4(d) and
Article 8, each of which shall survive termination of this Agreement), and, subject to the foregoing, there shall be no liability or obligation on the part of Investor or the Company or their respective Subsidiaries, officers, directors,
Representatives or affiliates, whether arising before or after such termination, based on, arising out of or relating to this Agreement or the negotiation, execution, performance or subject matter hereof (whether in contract, tort or otherwise, or
whether at law (including at common law or by statute) or in equity); provided, that, subject to Section 7.3 (including the limitations on liability contained therein), nothing herein shall relieve any party from
liabilities or damages incurred or suffered as a result of a willful and material breach of, or any willful and material failure to perform any obligation under, any covenant or agreement contained in this Agreement. For the avoidance of doubt, the
Confidentiality Agreement shall continue in full force and effect in accordance with its terms. 

7.3        Company Termination Fee. 

(a)    The parties hereto agree that if this Agreement is terminated by Investor pursuant to
Section 7.1(e) or the Company pursuant to Section 7.1(f), then the Company shall pay to Investor prior to or concurrently with such termination, in the case of a termination by the Company, or
within two (2) Business Days thereafter, in the case of a termination by Investor, the Company Termination Fee; provided, that if (i) this Agreement is terminated by Investor pursuant to Section 7.1(e) and
(ii) prior to such termination, the Board shall have effected a Change of Board Recommendation with respect to a Superior Minority Proposal, then the Company shall pay to Investor, in lieu of the Company Termination Fee, within two
(2) Business Days after such termination, the Minority Transaction Termination Fee. The “Company Termination Fee” means $10,000,000. The Minority Transaction Termination Fee means $18,000,000. 

(b)    The parties hereto agree that if (x) this Agreement is terminated by the Company or Investor
pursuant to Section 7.1(b) as a result of the failure to obtain the Company Stockholder Approval (y) after the date hereof and prior to the date of the Company Meeting, an Acquisition Proposal has been publicly
announced and not withdrawn and (z) the Company enters into a definitive agreement with respect to any Acquisition Proposal within nine (9) months after such termination and the transaction contemplated by such definitive agreement is
consummated at any time, then the Company shall pay the Company Termination Fee to Investor prior to or concurrently with the consummation of such transaction. For purposes of this Section 7.3(b), the term
“Acquisition Proposal” shall have the meaning assigned to such term in Section 5.3(g)(i), except that the references to “25%” shall be deemed to be references to “40%”.

 (c)    The parties hereto agree that if this Agreement is terminated pursuant to
Section 7.1(b) and prior to such termination the Board shall have effected a Change of Board Recommendation with respect to a Superior Minority Proposal, then the Company shall pay to Investor the reasonable documented out-of-pocket costs, fees and expenses incurred by Investor in connection with the negotiation and documentation of this Agreement and the transactions

  
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contemplated hereby, such amount not to exceed $3,000,000 in the aggregate. In the event the foregoing payment is paid to Investor and the Company Termination Fee thereafter becomes payable
pursuant to Section 7.3(b), the Company Termination Fee otherwise payable shall be reduced by the amounts previously paid to Investor pursuant to this Section 7.3(c). 

(d)    All payments under this Section 7.3 shall be made by wire transfer of
immediately available funds to an account designated in writing by Investor, or in the absence of such designation, an account established for the sole benefit of Investor. 

(e)    Each of the parties acknowledges that the agreements contained in this
Section 7.3 are an integral part of the transactions contemplated by this Agreement, and that without these agreements, Investor and the Company would not enter into this Agreement. For the avoidance of doubt, in no event
shall the Company be required to pay the Company Termination Fee or the Minority Transaction Termination Fee on more than one occasion or be required to pay both the Minority Transaction Termination Fee and the Company Termination Fee. 

(f)    In circumstances where the Company Termination Fee or the Minority Transaction Termination Fee is
payable in accordance with Section 7.3(a) or Section 7.3(b), Investor’s receipt of the Company Termination Fee or the Minority Transaction Termination Fee, as applicable, (if received) from or
on behalf of the Company shall be Investor’s sole and exclusive remedy (whether based in contract, tort or strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any statute, regulation or
applicable Laws or otherwise) against the Company and its Subsidiaries and any of their respective former, current or future direct or indirect equity holders, general or limited partners, controlling persons, stockholders, members, managers,
directors, officers, employees, agents, affiliates or assignees (collectively, the “Company Related Parties”) for all losses and damages suffered as a result of the failure of the transactions contemplated by this Agreement to be
consummated, for any breach or failure to perform hereunder or otherwise, and upon payment of such amount, no such Person shall have any further liability or obligation relating to or arising out of this Agreement or the transactions contemplated
hereby. 
 7.4        Investor Termination Fee. 

(a)    The parties agree that if this Agreement is terminated (i) by the Company pursuant to
Section 7.1(h) or Section 7.1(i) (or by either party pursuant to Section 7.1(d) in circumstances in which the Company could terminate this Agreement pursuant to Sections
7.1(h) or 7.1(i)), or (ii) by Investor or the Company pursuant to (A) Section 7.1(d), but only in the event that (x) one or more of the conditions set forth in Section 6.1(b) (if the
failure to meet such condition relates to the HSR Act, the PRC Approvals or CFIUS Clearance), Section 6.1(c) have not been satisfied and (y) all of the other conditions set forth in Article 6 have been satisfied
or waived (other than conditions that by their nature can only be satisfied on the Closing Date) or (B) Section 7.1(c) (if such Order is related to the HSR Act, the PRC Approvals or CFIUS Clearance) (each such
termination set forth in clauses (i) or (ii), an “Investor Termination Fee Release Event”), then immediately following such termination, Investor shall pay the Investor Termination Fee to the Company and each of the Company and
Investor shall take all actions 

  
 57 

 
necessary, required or advisable (including any Joint Release Notice required pursuant to the Escrow Agreement) to cause the Investor Termination Fee to be immediately released to the Company
pursuant to the terms of the Escrow Agreement. 
 (b)    Immediately following the occurrence of any
termination of this Agreement other than an Investor Termination Fee Release Event, each of the Company and Investor shall take all actions necessary, required or advisable (including executing any Joint Release Notice required pursuant to the
Escrow Agreement) to cause the Investor Termination Fee to be immediately released to Investor pursuant to the terms of the Escrow Agreement. 

(c)    Each of the parties acknowledges and agrees that the agreements contained in this
Section 7.4 are an integral part of the transactions contemplated by this Agreement, and that without these agreements, Investor and the Company would not enter into this Agreement. Accordingly, if either Investor or the
Company fails to cause the Investor Termination Fee to be released when due pursuant to the terms of this Section 7.4, such party shall also pay to the other party any documented reasonable out-of-pocket costs and expenses (including reasonable attorney fees) incurred by the other party in connection with any legal action to enforce this Agreement that results in a judgment against the party
failing to cause the Investor Termination Fee to be released pursuant to this Section 7.4. 

(d)    Except in the event of a willful and material breach of, or any willful and material failure to
perform any obligation under, any covenant or agreement contained in this Agreement, with respect to which the limitations set forth in this Section 7.4(d) shall not apply, in circumstances where the Investor Termination Fee is payable in
accordance with Section 7.4(a), Company’s receipt of the Investor Termination Fee (if received) from or on behalf of Investor shall be the Company’s sole and exclusive remedy (whether based in contract, tort or
strict liability, by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any statute, regulation or applicable Laws or otherwise) against the Investor Related Parties for all losses and damages suffered as a result
of the failure of the transactions contemplated by this Agreement to be consummated, for any breach or failure to perform hereunder or otherwise, and upon payment of such amount, no such Person shall have any further liability or obligation relating
to or arising out of this Agreement or the transactions contemplated hereby. 

7.5        Amendment. This Agreement may be amended by each of the Company and
Investor by action taken by or on behalf of its board of directors at any time prior to the Closing; provided, however, that, after receipt of the Company Stockholder Approval, no amendment may be made which, by Law or in accordance
with the rules of any relevant stock exchange, requires further approval by the Company’s stockholders, unless the Company Stockholder Approval is obtained again with respect to the effectiveness of such amendment. This Agreement may not be
amended except by an instrument in writing signed by the parties hereto. 

7.6        Waiver. At any time prior to the Closing, Investor, on the one hand,
and the Company, on the other hand, may (a) extend the time for the performance of any of the obligations or other acts of the other, (b) waive any breach of the representations and warranties of the other contained herein or in any
document delivered pursuant hereto or (c) waive compliance by the other with any of the agreements or covenants contained herein; provided, 

  
 58 

 
however, that after receipt of the Company Stockholder Approval, there may not be any extension or waiver of this Agreement which, by Law or in accordance with the rules of any relevant
stock exchange, requires further approval by the Company’s stockholders, unless the Company Stockholder Approval is obtained again with respect to the effectiveness of such extension or waiver. Any such extension or waiver shall be valid only
if set forth in an instrument in writing signed by the party or parties to be bound thereby, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver
of, or estoppel with respect to, any subsequent or other failure. 
 ARTICLE 8 

GENERAL PROVISIONS 

8.1        Non-Survival of Representations
and Warranties. The representations and warranties in this Agreement shall survive until the twelve (12) month anniversary of the Closing, except that this Section 8.1 shall not limit any covenant or agreement of
the parties which by its terms contemplates performance after the Closing, which shall survive to the extent expressly provided for herein. 

8.2        Fees and Expenses. Subject to
Section 7.2, all Expenses incurred by the parties hereto shall be borne solely and entirely by the party which has incurred the same. 

8.3        Notices. Any notices or other communications required or permitted
under, or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered or sent if delivered in Person or sent by facsimile transmission (provided confirmation of facsimile
transmission is obtained); provided that any notice received by facsimile transmission or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (addressee’s local time) shall be deemed to have been received at 9:00 a.m.
(addressee’s local time) on the next Business Day, (b) on the fifth Business Day after dispatch by registered or certified mail (provided, that such form of notice may only be used if dispatched from the country in which the recipient is
located), (c) on the next Business Day if transmitted by national or international overnight courier or (d) on the date delivered if sent by email (provided confirmation of email receipt is obtained), in each case, as follows (or to such other
Persons or addressees as may be designated in writing by the party to receive such notice): 
 If to Investor, addressed to
it at: 
 c/o CITIC Capital Holdings Limited 

28/F, CITIC Tower, 1 Tim Mei Avenue, 

Central, Hong Kong SAR 

Fax: +852 2523 8312 

Attention: Eric Xin 

Yong Kai Wong 

Hans Allegaert 

Email: exin@citiccapital.com 

yongkaiwong@citiccapital.com 

hansallegaert@citiccapital.com 

with a copy to (for information purposes only): 

Ropes & Gray LLP 

1211 Avenue of the Americas 

New York, NY 10036 

Tel: (212) 596-9160 

Attention: Michael R. Littenberg 

        Daniel Yeh 

Email: Michael.Littenberg@ropesgray.com 

  
 59 

          Daniel.Yeh@ropesgray.com 

If to the Company, addressed to it at: 

GNC Holdings, Inc. 

300 Sixth Avenue 

Pittsburgh, Pennsylvania 15222 

Tel: (412) 288-4600 

Fax: (412) 288-4764 

Attention: Kenneth A. Martindale 

        Tricia Tolivar 

Email: ken-martindale@gnc-hq.com 

            
tricia-tolivar@gnc-hq.com 
 with a copy to (for information purposes only): 

Latham & Watkins LLP 

330 N. Wabash Ave 

Suite 2800 

Chicago, IL 60611 

Tel: (312) 876-7700 

Fax: (312) 993-9767 

Attention: Bradley C. Faris 

        Jason Morelli 

Email: Bradley.faris@lw.com 

            Jason.morelli@lw.com 

8.4        Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

8.5        Entire Agreement. This Agreement (together with the Exhibits
and Company Disclosure Schedule, the other Transaction Documents and the other documents delivered pursuant hereto) and the Confidentiality Agreement constitute the entire agreement of the parties and supersede all prior agreements and undertakings,
both written and oral, among the parties, or any of them, with respect to the subject matter hereof and, except as otherwise expressly provided herein or therein, are not intended to confer upon any other Person any rights or remedies hereunder or
thereunder. Notwithstanding the foregoing or anything to the contrary set forth therein, each of the Confidentiality Agreement and that certain letter agreement regarding 

  
 60 

 
confidentiality, dated October 11, 2017, by and between the General Nutrition Centers, Inc. and Harbin Pharmaceutical Group Holding Co., Ltd, shall terminate at Closing. 

8.6        Assignment. Subject to Section 5.22,
neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto, in whole or in part (whether by operation of law or otherwise), without the prior written consent of the other parties,
and any attempt to make any such assignment without such consent shall be null and void. With the prior written consent of the Company, Investor or Investor Sub may assign this agreement to HPGC Renmintongtai Pharmaceutical Corp (SHA600829). Subject
to the last sentence of Section 5.22, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. 

8.7        No Third Party Beneficiaries. This Agreement shall be
binding upon and inure solely to the benefit of the parties and their respective successors and assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement. 
 8.8        Governing
Law; Dispute Resolution. 
 (a)    This Agreement and all claims and causes of
action arising in connection herewith shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without regard to Laws that may be applicable under conflicts of laws principles (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 

(b)    Any dispute, claim, controversy or difference arising out of or in connection with this Agreement
or the transactions contemplated hereby, including any question regarding its existence, validity, interpretation, performance or termination or any dispute regarding any noncontractual obligation arising out of or in connection with it (a
“Dispute”), shall be determined by arbitration administered by the International Centre for Dispute Resolution of the American Arbitration Association (“ICDR”) in accordance with its International Arbitration Rules.
The award may be entered in any court having jurisdiction thereof. 
 (c)    There shall be three
(3) arbitrators. The parties agree that one arbitrator shall be appointed by the claimant side of any arbitration (whether there are one or more claimants) and one arbitrator shall be appointed by the respondent side of any arbitration (whether
there are one or more respondents). Such arbitrators shall be selected within twenty (20) days of receipt by respondent (or respondents as the case may be) of the notice of arbitration; the third, presiding, arbitrator shall be selected by
agreement of the two (2) party-appointed arbitrators within fourteen (14) days of the selection of the party-appointed arbitrators. If any arbitrators are not selected within these time periods, the ICDR shall, at the written request of
any party, complete the appointments that have not been made.  . 
 (d)    The seat or place
of arbitration shall be New York, New York. The language of the arbitration shall be English. 

  
 61 

 (e)    This agreement to arbitrate shall be binding upon the
parties, their successor and assigns. The arbitrators shall issue the award within six (6) months after all arbitrators have been appointed, unless the arbitrators determine that the interest of justice requires that such limit be extended. The
arbitrators shall have no authority to award consequential, special or punitive damages. The arbitrators shall award to the prevailing party, if any, as determined by the arbitrators, its reasonable attorneys’ fees and costs. 

(f)    Except as may be required by Law, no party may disclose the existence, content (including all
submissions made to the arbitral tribunal and the transcript of any proceedings) or any and all orders, decisions, and awards issued by the arbitral tribunal without the prior written consent of the other parties, unless necessary to protect or
pursue a legal right, including the right to seek annulment, recognition, and/or enforcement of any award. 

8.9        Counterparts. This Agreement may be signed in any number of
counterparts, including by facsimile or other electronic transmission each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each
party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall
have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The exchange of a fully executed Agreement (in counterparts or otherwise) by electronic transmission in .PDF format or by
facsimile shall be sufficient to bind the parties to the terms and conditions of this Agreement. 

8.10      Specific Performance. 

(a)    The parties hereto agree that if any of the provisions of this Agreement are not performed in
accordance with their specific terms or are otherwise breached, irreparable damage would occur, no adequate remedy at Law would exist and damages would be difficult to determine, and accordingly, subject to the limitations set forth in this
Section 8.10(a), (i) the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to specific performance of the terms hereof, (ii) the parties waive any requirement for the
securing or posting of any bond in connection with the obtaining of any specific performance or injunctive relief and (iii) the parties will waive, in any action for specific performance, the defense of adequacy of a remedy at Law. The
Company’s or Investor’s pursuit of specific performance at any time will not be deemed an election of remedies or waiver of the right to pursue any other right or remedy to which such party may be entitled. 

(b)    Notwithstanding anything to the contrary contained herein, under no circumstances shall the
Company be permitted or entitled to receive both a grant of specific performance pursuant to this Section 8.10 to consummate the transactions contemplated by this Agreement and release to the Company of the Investor
Termination Fees; provided, that, the parties acknowledge and agree that the provisions set forth in Section 7.4 (1) are not intended to and do not adequately compensate for the harm that would result from a
breach of this Agreement and (2) shall not be construed to diminish or otherwise impair in any respect any party’s right to specific enforcement. 

  
 62 

 [Signature page follows] 

  
 63 

 IN WITNESS WHEREOF, Investor and the Company have caused this Agreement to be
executed as of the date first written above by their respective officers or managers thereunto duly authorized. 
  

			
	 Investor:

	
	 Harbin Pharmaceutical Group Holdings Co., Ltd.

		
	 By:
	 	 /s/ Eric Xin

		 	 Name: Eric Xin

		 	Title: Director of the Board, Harbin Pharmaceutical Group Holdings Co., Ltd.

 [Signature Page to Securities Purchase Agreement] 

 
			
	 The Company:

	
	 GNC Holdings, Inc.

		
	 By:
	 	 /s/ Kenneth A. Martindale

		 	 Name:  Kenneth A. Martindale

		 	 Title:    Chief Executive Officer

 [Signature Page to Securities Purchase Agreement] 

 Exhibit A 

GNC HOLDINGS, INC. 

CERTIFICATE OF DESIGNATIONS OF PREFERENCES, 

RIGHTS AND LIMITATIONS 

OF 
 SERIES A CONVERTIBLE
PREFERRED STOCK 
 PURSUANT TO SECTION 151 OF THE 

DELAWARE GENERAL CORPORATION LAW 

The undersigned, [ 🌑 ], does hereby certify that: 

1.        They are the duly elected and acting
[ 🌑 ] of GNC Holdings, Inc., a Delaware corporation (the “Corporation”). 

2.        The Corporation is authorized to issue 60,000,000 shares of preferred stock,
none of which have been issued. 
 3.        The following resolutions were duly
adopted by the board of directors of the Corporation (the “Board of Directors”), which resolutions remain in full force and effect on the date hereof: 

WHEREAS, the Amended and Restated Certificate of Incorporation of the Corporation, dated as of May 24, 2013 as amended,
provides for a class of its authorized stock known as preferred stock, consisting of 60,000,000 shares, $0.001 par value per share, issuable from time to time in one or more series; 

WHEREAS, the Board of Directors is authorized to fix the dividend rights, dividend rate, voting rights, conversion rights,
rights and terms of redemption and liquidation preferences of any wholly unissued series of preferred stock and the number of shares constituting any series and the designation thereof, of any of them; and 

WHEREAS, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, and as set forth in this
Certificate of Designations of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (the “Certificate of Designations”), to designate the rights, preferences, restrictions and other matters relating to the
Series A Convertible Preferred Stock, which shall consist of up to 1,000,000 shares of the preferred stock which the Corporation has the authority to issue. 

NOW, THEREFORE, BE IT RESOLVED, that pursuant to the provisions of the Amended and Restated Certificate of Incorporation of
the Corporation and applicable law, the Board of Directors does hereby provide for the creation and issuance of a series of preferred stock for cash or the exchange of other securities, rights or property and does hereby fix and determine the
rights, preferences, restrictions and other matters relating to such series of preferred stock as follows: 

 TERMS OF PREFERRED STOCK 

Section 1.        Definitions. For the purposes hereof, the following
terms shall have the following meanings: 
 “Affiliate” means, as to any Person, any other Person that
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the first-mentioned Person. 

“Board of Directors” shall have the meaning set forth in the preamble to this Certificate of Designations.

 “Business Day” means any day other than a Saturday, a Sunday or any day on which the Federal Reserve
Bank of New York is authorized or required by law or executive order to close prior to the Close of Business or remain closed. 

“Close of Business” means 5:00 p.m., New York City time. 

“Common Stock” means the Corporation’s Class A common stock, par value $0.001 per share, and stock
of any other class of securities into which such securities may hereafter be reclassified or changed. 
 “Common
Stock Change Event” shall have the meaning set forth in Section 8(b). 

“Conversion Date” shall have the meaning set forth in Section 6(a). 

“Conversion Price” means $5.35 per share of Common Stock, subject to adjustment as provided in this
Certificate of Designations (including Exhibit B hereto). 
 “Conversion Shares” means,
collectively, the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in accordance with the terms hereof. 

“Convertible Notes” means the Corporation’s 1.50% Convertible Senior Notes due 2020 issued on
August 10, 2015 pursuant to the Convertible Notes Indenture in an original aggregate principal amount of $287,500,000. 

“Convertible Notes Conversion Price” has the meaning ascribed to “Conversion Price” in the
Convertible Notes Indenture. 
 “Convertible Notes Indenture” means that certain Indenture, dated as of
August 10, 2015, by and among the Corporation, the subsidiary guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee. 

“Corporation” shall have the meaning set forth in the preamble to this Certificate of Designations. 

“Corporation Redemption” shall have the meaning set forth in Section 7(a). 

“Corporation Redemption Amount” shall have the meaning set forth in Section 7(a).

  
 2 

 “Corporation Redemption Condition” means, with respect to any
Corporation Redemption, that the Last Reported Sale Price per share of Common Stock equals or exceeds 130% of the Conversion Price for each of at least twenty (20) consecutive Trading Days in any thirty (30) consecutive Trading Day period
ending on the date of the applicable Notice of Redemption. 
 “Corporation Redemption Notice” shall have
the meaning set forth in Section 7(a). 
 “Corporation Target Redemption Date”
shall have the meaning set forth in Section 7(a). 
 “Dividend Payment Date”
shall have the meaning set forth in Section 3(a). 
 “Equity Securities” means
any and all (i) shares, interests, participations or other equivalents (however designated) of capital stock or other voting securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person
(other than a corporation), (ii) securities convertible into or exchangeable for shares, interests, participations or other equivalents (however designated) of capital stock or voting securities of (or other ownership or profit or voting interests
in) such Person, and (iii) any and all warrants, rights or options to purchase any of the foregoing, whether voting or nonvoting, and, in each case, whether or not such shares, interests, participations, equivalents, securities, warrants,
options, rights or other interests are authorized or otherwise existing on any date of determination. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Fundamental Change” shall mean the occurrence of any of the following changes at any time after the Original
Issue Date: (i) any “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Corporation, its wholly owned Subsidiaries and the employee benefit plans of the Corporation and its wholly
owned Subsidiaries, files a Schedule TO, Schedule 13D, or other filing indicating that it has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the
Common Stock representing more than 50% of the voting power of the Corporation’s Common Stock; (ii) the Corporation consummates (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting
from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Corporation pursuant
to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of related transactions of all or substantially all of the consolidated
assets of the Corporation and its Subsidiaries, taken as a whole, to any Person other than one of the Corporation’s wholly owned Subsidiaries; provided, however, that a transaction described in this clause (ii) in which the
holders of all classes of the Corporation’s Common Stock immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Stock of the continuing or surviving corporation, or transferee, or the parent
thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (ii); (iii) the stockholders of the Corporation
approve any plan or proposal for the liquidation, dissolution or winding up of the Corporation; or (iv) the Common Stock ceases to be 

  
 3 

 
listed or quoted on a national securities exchange; provided, however, that a transaction or transactions described in clause (ii) above shall not constitute a Fundamental
Change, if (A) at least 90% of the consideration received, to be received or otherwise held by the holders of Common Stock in connection with such transaction or transactions (excluding cash payments for fractional shares or pursuant to
dissenters rights) consists of shares of common stock that is listed or quoted on The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when
issued or exchanged in connection with such transaction or transactions; and (B) as a result of such transaction or transactions the shares of Preferred Stock become convertible (pursuant to Section 8(b)) into such
consideration, which consideration (x) has a fair market value (as determined in good faith by the Board of Directors), as of the effective date of the transaction or transactions, per share of Preferred Stock that is not less than the
Liquidation Preference per share of Preferred Stock as of such effective date; and (y) to the extent consisting of shares of common stock, is freely tradable under the Securities Act by Persons who are not, and have not been at any time during
the preceding three (3) months, an Affiliate of the issuer thereof (or is covered by an effective registration statement under the Securities Act registering the resale thereof). Any transaction or event described in both clause (i) and
(ii) above shall be deemed to have occurred solely pursuant to clause (ii). 
 “Fundamental Change Redeeming
Holder” shall have the meaning set forth in Section 7(b). 
 “Fundamental Change Redemption
Date” means the date, which date shall be between twenty (20) and thirty-five (35) Business Days following the effective date of a Fundamental Change, on which any shares of Preferred Stock as to which the Holder Redemption Right
has been duly exercised will be repurchased by the Corporation pursuant to Section 7(b). Such date shall be chosen by the Corporation in its sole discretion. 

“Holder” means any Person in whose name any share of Preferred Stock is registered. 

“Holder Redemption Amount” shall have the meaning set forth in Section 7(b). 

“Holder Redemption Right” shall have the meaning set forth in Section 7(b). 

“Indebtedness” means, of any Person and as of any time, the aggregate amount of the following, without
duplication: (a) the outstanding principal amount of any indebtedness for borrowed money; (b) all other obligations evidenced by bonds, debentures, notes or similar instruments of indebtedness; (c) all capitalized lease obligations
that are classified as a balance sheet liability in accordance with GAAP; (d) all letters of credit, performance bonds, surety bonds, banker’s acceptances or similar obligations issued for the account of such Person; (e) all
guarantees and keepwell arrangements issued by such Person; (f) to the extent not otherwise included, all indebtedness of another Person secured by a lien on any asset owned by such first Person, whether or not such indebtedness is assumed by
such first Person; (g) all obligations due and payable under any interest rate swap agreements or interest rate hedge agreements and similar agreements to which any such Person is a party; (h) all obligations issued or assumed as the
deferred purchase price of property or services with respect to which any Person is liable, contingent or otherwise (including conditional sale obligations and “earn-out” obligations but excluding
trade payables arising in the ordinary course of business); and (i) any interest owed with respect to the indebtedness referred to above and prepayment penalties, premiums, breakage or fees and expenses related thereto. 

“Investor” shall have the meaning set forth in the Stockholders Agreement. 

  
 4 

 “Investor Designee” shall have the meaning set forth in the
Stockholders Agreement. 
 “Junior Securities” means the Common Stock and all other Equity Securities of
the Corporation ranking junior to the Preferred Stock with respect to payment of dividends and distribution of assets upon any Liquidation pursuant to Section 5; provided that it is understood and agreed that
any Indebtedness of the Corporation, including any convertible indebtedness, shall be deemed senior to the Preferred Stock in that regard. 

“Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share
(or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock
on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange
on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as
reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid
price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm selected by the Corporation. 

“Liquidation” shall have the meaning set forth in Section 5. 

“Liquidation Preference” means, with respect to any share of Preferred Stock on any given date, the Stated
Value of such share plus any accumulated and unpaid dividends on such share of Preferred Stock as of such date. 

“Market Disruption Event” means, with respect to any date, the occurrence or existence, during the one hour
period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of any suspension or limitation imposed on trading
(by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options, contracts or futures contracts relating to the Common Stock. 

“Notice of Conversion” shall have the meaning set forth in
Section 6(a). 
 “Notice of Fundamental Change” shall have the
meaning set forth in Section 7(b). 
 “Original Issue Date” means, with respect
to a share of Preferred Stock, the date of the first issuance of any such share of Preferred Stock regardless of the number of transfers of any such share of Preferred Stock and regardless of the number of certificates, which may be issued to
evidence such Preferred Stock. 
 “Person” means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

  
 5 

 “Preferred Stock” shall have the meaning set forth in
Section 2. 
 “Reference Property” shall have the meaning set forth in
Section 8(b). 
 “Reference Property Unit” shall have the meaning set forth in
Section 8(b). 
 “Regular Record Date” shall have the meaning set forth in
Section 3(a). 
 “Schedule 13D” shall have the meaning given under the Exchange
Act. 
 “Schedule TO” shall have the meaning given under the Exchange Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Share Delivery Date” shall have the meaning set forth in
Section 6(b)(i). 
 “Stated Value” shall have the meaning
set forth in Section 2. 
 “Stockholders Agreement” means that certain
Stockholders Agreement, dated as of February 13, 2018, by and among the Corporation and Harbin Pharmaceutical Group Holdings Co., Ltd. 

“Subsidiary” of any Person means any corporation, limited liability company, partnership, joint venture or
other legal entity of which such Person (either alone or through or together with any other Subsidiary), owns, directly or indirectly, a majority of the capital stock or other Equity Securities the holders of which are generally entitled to vote for
the election of the board of directors or other governing body of such corporation, limited liability company, partnership, joint venture or other legal entity, or otherwise owns, directly or indirectly, such capital stock or other Equity Securities
that would confer control of any such corporation, limited liability company, partnership, joint venture or other legal entity, or any Person that would otherwise be deemed a “subsidiary” under Rule
12b-2 promulgated under the Exchange Act. 
 “Trading Day” means
any day on which (i) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional
securities exchange, on the principal other market on which the Common Stock is then traded; and (ii) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day. 

“Transfer Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of
the Corporation with a mailing address of 6201 15th Avenue, Brooklyn, New York, 11219 and a telephone number of (800) 937-5449, or any successor transfer
agent of the Corporation. 

  
 6 

 Section 2.        Designation,
Amount and Par Value. The series of preferred stock shall be designated as its Series A Convertible Preferred Stock (the “Preferred Stock”) and the number of shares so designated shall be up to 1,000,000 (which may be increased
by action of the Board of Directors without the written consent of the Holders of a majority of the Preferred Stock). Each share of Preferred Stock shall have a par value of $0.001 per share and an initial stated value equal to $1,000.00 (the
“Stated Value,” which will be subject to adjustment pursuant to Section 3(a)). The Preferred Stock shall rank senior to the Common Stock and to all other Junior Securities and junior to the
Corporation’s Indebtedness, in each case with respect to payment of dividends and distribution of assets upon any Liquidation pursuant to Section 5. 

Section 3.        Dividends. 

(a)        Dividends in Cash or in Kind. From and after the Original Issue
Date, the Holder of each share of Preferred Stock shall be entitled to receive cumulative dividends at the rate per share (as a percentage of the Stated Value of such share) of six and one-half percent (6.50%)
per annum, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each calendar year, beginning on the first such date after the applicable Original Issue Date (each such date, a “Dividend
Payment Date”); provided that if any Dividend Payment Date is not a Business Day, then (x) the applicable payment shall be due on the next succeeding Business Day; (y) no interest or additional dividends will accrue
as a result thereof; and (z) for purposes of interpreting this Certificate of Designations, if paid in accordance with clause (x), such payment will be deemed to have been paid on such Dividend Payment Date, to the Holder of such share as of
the Close of Business on the immediately preceding March 15, June 15, September 15 and December 15, respectively (each, a “Regular Record Date”). Any such payment may be made at the Corporation’s option (as
determined by the Board of Directors) (1) in cash paid from legally available funds, (2) by issuing duly authorized, validly issued, fully paid and non-assessable shares of Preferred Stock having an
aggregate initial Stated Value equal to the amount of the payment being made in shares of Preferred Stock (provided, that, at the Corporation’s election, in lieu of issuing new shares of Preferred Stock pursuant to this clause
(2), the Corporation may increase the Stated Value of each share of Preferred Stock by the amount of the payment being made in shares of Preferred Stock, in which case (x) the Corporation may place any applicable notations on the certificates
representing such shares and (y) for purposes of interpreting this Certificate of Designations, such amount will be deemed to have been paid by issuing shares of Preferred Stock), or (3) by any combination of clause (1) and (2) above;
provided that to the extent not paid on the Dividend Payment Date, dividends on any share of Preferred Stock shall accumulate from the applicable Dividend Payment Date whether or not declared by the Board of Directors and shall remain
accumulated until paid pursuant hereto or converted pursuant to Section 6. All accumulated dividends on the Preferred Stock shall be prior and in preference to any dividend on any Junior Securities and shall be fully
declared and paid before any dividends are declared and paid, or any other distributions or redemptions are made, on any Junior Securities other than to (i) declare or pay any dividend or distribution payable on the Common Stock or any other
Junior Securities in shares of Common Stock or any other Junior Securities, (ii) purchases of Common Stock or other Junior Securities pursuant to a contractually binding requirement to buy Common Stock or other Junior Securities existing as of
the last Dividend Payment Date for which all accumulated and unpaid dividends on the Preferred Stock were paid in accordance with this Certificate of Designations, including under a contractually binding stock repurchase plan, (iii) repurchase
Common Stock held by directors, officers, employees or 

  
 7 

 
consultants of the Corporation or its Subsidiaries upon termination of their employment or services pursuant to agreements providing for such repurchase and approved by the Board of Directors,
(iv) purchases of fractional interests in shares of Common Stock or other Junior Securities pursuant to the conversion or exchange provisions of such shares of Common Stock or other Junior Securities or any securities exchangeable for or
convertible into shares of Common Stock or other Junior Securities, (v) any dividends or distributions of rights or Common Stock or Junior Securities in connection with a shareholders’ rights plan or any redemption or repurchase of rights
pursuant to any shareholders’ rights plan, and (vi) the exchange or conversion of Junior Securities for or into other Junior Securities and the payment of cash in lieu of fractional shares. 

(b)        Dividend Calculations. Dividends on the Preferred Stock shall be
calculated on the basis of a 360-day year, consisting of twelve (12) thirty (30) calendar day periods, and shall accrue from the applicable Original Issue Date, and shall be deemed to accrue from such
date whether or not earned or declared and whether or not there are profits, surplus or other funds of the Corporation legally available for the payment of dividends. Dividends shall cease to accrue on the Conversion Date with respect to any
Preferred Stock converted, provided that, the Corporation actually delivers the Conversion Shares within the time period required by Section 6(b)(i) herein. Except as otherwise provided herein, if at any time
the Corporation pays dividends partially in cash and partially in shares, then such payment shall be distributed ratably among the Holders based upon the number of shares of Preferred Stock held by each Holder on such Dividend Payment Date. 

Section 4.        Voting Rights. 

(a)        Voting Generally. Each Holder shall be entitled to vote with the
holders of outstanding shares of Common Stock, voting together as a single class, with respect to any and all matters presented to the stockholders of the Corporation for their action or consideration (whether at a meeting of stockholders of the
Corporation, by written action of stockholders in lieu of a meeting or otherwise), except as provided by applicable law or by Section 4(b). In any such vote, each share of Preferred Stock shall be entitled to a number of
votes equal to the number of Conversion Shares to which such share of Preferred Stock is entitled as of the record date for such vote or written consent or, if there is no specified record date, as of the date of such vote or written consent;
provided that for these purposes, the number of votes of each Holder will be calculated based on the aggregate number of shares of Preferred Stock held by such Holder as of the relevant record date and disregarding any fractional
Conversion Share into which such aggregate number is convertible. Each Holder of outstanding shares of Preferred Stock shall be entitled to notice of all stockholder meetings (or requests for written consent) in accordance with the
Corporation’s bylaws. 
 (b)        Without limiting the generality of
Section 4(a), for so long as any shares of Preferred Stock are outstanding, the Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred Stock, amend
its certificate of incorporation, bylaws or other charter documents, including this Certificate of Designations, in any manner that adversely affects any rights, preferences, privileges or voting powers of the Holders and the Preferred Stock. For
these purposes, the authorization or creation of any class or series of Junior Securities, any increase in the amount of authorized but unissued shares of such class or series of Junior Securities or the issuance of any shares of such class or
series of Junior 

  
 8 

 
Securities will be deemed not to adversely affects any rights, preferences, privileges or voting powers of the Holders and the Preferred Stock. 

(c)        Investor shall have the right (but not the obligation) to designate the
Investor Designees in accordance with the terms and subject to the conditions set forth in the Stockholders Agreement. 

Section 5.        Liquidation. Upon any liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary (a “Liquidation”), the Holders of the then outstanding Preferred Stock shall be entitled to receive out of the assets, whether capital
or surplus, of the Corporation available for distribution to its stockholders, before any payment shall be made to the holders of the Junior Securities by reason of their ownership thereof, an amount in cash equal to the greater of (a) the
aggregate Liquidation Preference of the Preferred Stock held by such Holder, plus all unpaid and accumulated dividends on all such Preferred Stock (whether or not declared) and (b) the per share amount of all cash, securities or other property
(such securities or other property having a value equal to its fair market value as reasonably determined by the Board of Directors) to be distributed in respect of the Common Stock such Holder would have been entitled to receive had it converted
such Preferred Stock immediately prior to the date fixed for such liquidation, dissolution or winding up of the Corporation. If the assets of the Corporation shall be insufficient to pay in full such amounts, then the entire assets to be distributed
to the Holders shall be ratably distributed among the Holders in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were paid in full. For purposes of this Section 5,
a Fundamental Change, a Common Stock Change Event or any merger, amalgamation or consolidation of the Corporation with or into any other company or other entity, or the sale, lease or other transfer in one transaction or a series of related
transactions of all or substantially all of the consolidated assets of the Corporation and its Subsidiaries, taken as a whole, will not constitute a Liquidation. The Corporation shall mail written notice of any such Liquidation, not less than twenty
(20) days prior to the payment date stated therein, to each Holder. 

Section 6.        Conversion. 

(a)        Conversions at Option of Holder. Each share of Preferred Stock shall
be convertible, at any time and from time to time from and after the applicable Original Issue Date at the option of the Holder thereof, into that number of shares of Common Stock determined by dividing the Liquidation Preference of such share of
Preferred Stock as of the relevant Conversion Date by the Conversion Price in effect on such Conversion Date; provided that if such quotient is not a whole number, then, in lieu of delivering any fractional Conversion Share, the
Corporation will deliver cash in an amount equal to the product of such fraction and the Last Reported Sale Price per share of Common Stock on such Conversion Date. To effect the conversion of any shares of Preferred Stock, the Holder thereof shall
(i) provide the Corporation with conversion notice in the form attached hereto as Exhibit A (a “Notice of Conversion”), duly completed and executed as provided below, (ii) surrender to the Corporation each Preferred
Stock certificate or certificates representing such shares, and (iii) pay to the Corporation a sum sufficient to pay any tax or duty payable by such Holder pursuant to Section 6(b)(v). The date such Holder satisfies
the requirements set forth in the preceding sentence with respect to the conversion of any share of Preferred Stock will be deemed to be the “Conversion Date” with 

  
 9 

 
respect to such conversion. To effect conversions of shares of Preferred Stock, to the extent such shares are certificated, a Holder shall be required to surrender the certificate(s) representing
the shares of Preferred Stock to the Corporation. In the event less than all of the shares of Preferred Stock represented thereby are so converted, the Corporation shall, effective at the Conversion Date, issue a replacement certificate to such
Holder reflecting the unconverted shares of Preferred Stock represented by the delivered certificate; provided that the failure of the Corporation to deliver such certificate shall not affect the rights of the Holder to submit a further
Notice of Conversion or to elect to have its Preferred Stock redeemed pursuant to the terms hereof. Shares of Preferred Stock converted into Common Stock in accordance with the terms hereof shall be canceled and shall not be reissued, and all rights
with respect to such shares shall immediately cease and terminate as of such time. 
 Notwithstanding anything to the
contrary in this Certificate of Designations, if the Conversion Date for any share of Preferred Stock is after any Regular Record Date and on or before the next Dividend Payment Date and the Corporation has, as of such Regular Record Date, declared
a dividend to be paid on the Preferred Stock on such Dividend Payment Date, then, for purposes of such conversion, (x) the Liquidation Preference of such share of Preferred Stock will not include the amount of such declared dividend payable on
such share; and (y) the Holder of such share of Preferred Stock as of the Close of Business on such Conversion Date will be entitled to receive such dividend notwithstanding such conversion. 

(b)        Mechanics of Conversion. 

(i)        Delivery of Conversion Shares Upon Conversion. Except as otherwise
provided in Exhibit B hereto, not later than the second (2nd) Trading Day after each Conversion Date (the “Share Delivery Date”), the Corporation shall deliver, or cause to be delivered, to the converting Holder
(A) the number of uncertificated, book-entry shares representing the number of Conversion Shares being acquired upon the conversion of the Preferred Stock, which Conversion Shares shall be subject to restrictive legends and trading restrictions
under applicable law and in accordance with the terms and conditions of the Stockholders Agreement, and (B) a bank check in the amount of any cash payable in lieu of any fractional Conversion Share. Notwithstanding anything to the contrary
herein, Conversion Shares shall be kept in uncertificated, book-entry form with the Transfer Agent as permitted by the Bylaws of the Corporation and the Delaware General Corporation Law. 

(ii)        Failure to Deliver Conversion Shares. If, in the case of any
Notice of Conversion, such Conversion Shares are not delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to the Corporation at any time on or before its receipt of
such Conversion Shares, to rescind such conversion, in which event the Corporation shall promptly return to the Holder any original Preferred Stock certificate delivered to the Corporation and the Holder shall promptly return to the Corporation the
Conversion Shares issued to such Holder pursuant to the rescinded Notice of Conversion. Nothing herein shall limit a Holder’s right to pursue actual damages for the Corporation’s failure to deliver Conversion Shares within the period
specified herein and such Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity, including, without limitation, specific performance or injunctive relief. The exercise of any such

  
 10 

 
rights shall not prohibit a Holder from seeking to recover damages pursuant to any other section hereof or under applicable law. 

(iii)        Reservation of Shares Issuable Upon Conversion. The Corporation
covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Preferred Stock, as herein provided, free from preemptive rights or any
other actual contingent purchase rights of Persons other than the Holders, not less than such aggregate number of shares of the Common Stock as shall be issuable (taking into account adjustments made pursuant to Section 8)
from time to time upon the conversion of the then outstanding shares of Preferred Stock. The Corporation covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and
nonassessable. The Corporation will use reasonable best efforts to cause such shares of Common Stock to be approved for listing on the principal national securities exchange or market on which the Common Stock is then listed or admitted for trading
(including any over-the-counter market). 

(iv)        Calculation of Conversion Shares. If a Holder converts more than
one share of Preferred Stock on a single Conversion Date, then the consideration due in respect of such conversion will be computed based on the total number of shares of Preferred Stock converted on such Conversion Date by such Holder. 

(v)        Transfer Taxes and Expenses. The issuance of Conversion Shares on
conversion of this Preferred Stock shall be made without charge to any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion Shares, provided that the Corporation
shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the Holders and the Corporation shall not be
required to issue or deliver such Conversion Shares unless or until the Person or Persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax or shall have established to the reasonable satisfaction of the
Corporation that such tax has been paid. The Corporation shall pay all Transfer Agent fees required for processing of any Notice of Conversion. 

(vi)        Holder of Record of Conversion Shares. The Person in whose name
any share of Common Stock is issuable upon conversion of any Preferred Stock will be deemed to become the holder of record of such shares as of the Close of Business on the Conversion Date for such conversion. 

Section 7.        Redemption. 

(a)        Corporation Redemption Right. On any date (such date, the
“Corporation Target Redemption Date”) following the fourth (4th) anniversary of the Original Issue Date, upon the occurrence of the Corporation Redemption Condition, the
Corporation may redeem (each, a “Corporation Redemption”) all or any portion of the outstanding Preferred Stock in accordance with this Section 7. To exercise its right to make a Corporation Redemption of
any shares of Preferred Stock, the Corporation must provide notice (a “Corporation Redemption Notice”) to the Holders of such shares at least twenty (20) calendar days before the applicable Corporation

  
 11 

 
Target Redemption Date, which notice must state such Corporation Target Redemption Date and certify that the Corporation has set aside available cash in the amount of the aggregate projected
Corporation Redemption Amount for use in effecting the redemption. Any Corporation Redemption shall be applied ratably to all of the Holders in proportion to the number of shares of Preferred Stock held by each Holder as of the date of the
Corporation Redemption Notice. Each Holder, at its option, may elect to convert all or any portion of its Preferred Stock (including but not limited to the portion that is the subject of the Corporation Redemption) in accordance with the terms
hereof after the receipt of a Corporation Redemption Notice until the Close of Business on the Business Day immediately prior to the Corporation Target Redemption Date, and the amount of the Preferred Stock to be redeemed shall not exceed the amount
which remains outstanding as of the date of payment of the Corporation Redemption Amount. The “Corporation Redemption Amount” for each share of Preferred Stock being redeemed will be the Liquidation Preference of such share as of
the date of payment thereof. 
 (b)        Holder Redemption Right upon a
Fundamental Change. Within twenty (20) calendar days of the effective date of a Fundamental Change, the Corporation shall provide the Holders with notice of the occurrence of such Fundamental Change (the “Notice of Fundamental
Change”), stating (i) the events causing the Fundamental Change, (ii) the effective date of the Fundamental Change, (iii) the Fundamental Change Redemption Date, and (iv) the Conversion Price and any adjustments to the
Conversion Price. Following delivery of the Corporation’s Notice of Fundamental Change, any Holder (such Holder, a “Fundamental Change Redeeming Holder”) shall have the right (“Holder Redemption Right”),
exercisable before the Close of Business on the second (2nd) Business Day prior to the Fundamental Change Redemption Date, to elect to have, out of funds legally available therefor, the
Corporation redeem all or any whole number of shares of the outstanding Preferred Stock held by such Fundamental Change Redeeming Holder (the “Fundamental Change Holder Redemption”) for the Holder Redemption Amount, to be
paid by wire transfer of immediately available funds to such Holder, by surrendering to the Corporation the certificate(s) representing the Fundamental Change Redeeming Holder’s Preferred Stock to be so redeemed before the Close of Business on
the second (2nd) Business Day prior to the Fundamental Change Redemption Date. A Fundamental Change Redeeming Holder, at its option, may continue to convert all or any portion of its Preferred
Stock (including but not limited to the portion that is the subject of the Fundamental Change Holder Redemption) in accordance with the terms hereof until the Fundamental Change Redeeming Holder receives payment of the Holder Redemption Amount, and
the amount of the Preferred Stock to be redeemed shall not exceed the amount which remains outstanding as of the date of payment of the Holder Redemption Amount. Unless otherwise indicated by the Holder in the applicable Notice of Conversion, any
shares of Preferred Stock converted during the period from the date of the Notice of Fundamental Change until the date the Holder Redemption Amount is paid in full shall be considered to have been one of the shares of Preferred Stock that was
subject to such Fundamental Change Holder Redemption, and the number of shares of Preferred Stock converted during such period shall be deducted from the number of shares of Preferred Stock that are subject to such Fundamental Change Holder
Redemption. The “Holder Redemption Amount” for each share of Preferred Stock being redeemed will be the Liquidation Preference of such share as of the date of payment thereof. 

(c)        Redemption in Part. In the event less than all of the shares of
Preferred Stock represented by any certificate(s) surrendered to the Corporation pursuant to this Section 7 are redeemed, the Corporation shall, effective at the redemption date, issue a replacement certificate

  
 12 

 
to such Holder reflecting the unredeemed shares of Preferred Stock represented by the delivered certificate; provided that the failure of the Corporation to deliver such certificate shall
not affect the rights of the Holder to submit a Notice of Conversion or further redeem its Preferred Stock pursuant to the terms hereof. 

Section 8.        Certain Adjustments. 

(a)        Generally. The Conversion Price will be subject to adjustment as
provided in Exhibit B hereto. 
 (b)        Effect of Common Stock
Change Events. If there occurs any: 
 (i)        recapitalization,
reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value
and (z) stock splits and stock combinations that do not involve the issuance of any other series or class of securities); 

(ii)        consolidation, merger, combination or binding or statutory share exchange
involving the Corporation; 
 (iii)        sale, lease or other transfer of all or
substantially all of the assets of the Corporation and its Subsidiaries, taken as a whole, to any Person; or 

(iv)        other similar event, 

and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to
receive, other securities, cash or other property, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference Property,” and the
amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional
portion of any security or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in this Certificate of Designations: 

(1)        from and after the effective time of such Common Stock Change Event,
(I) the consideration due upon conversion of any share of Preferred Stock will be determined in the same manner as if each reference to any number of shares of Common Stock in this Certificate of Designations and Exhibit B hereto were
instead a reference to the same number of Reference Property Units; (II) for purposes of Section 7(a) and the definition of Corporation Redemption Condition, each reference to any number of shares of Common Stock will
instead be deemed to be a reference to the same number of Reference Property Units; and (III) for purposes of the definition of “Fundamental Change,” the term “Common Stock” will be deemed to mean the common equity
(including depositary receipts representing common equity), if any, forming part of such Reference Property; and 

(2)        for these purposes, the Last Reported Sale Price of any Reference Property
Unit or portion thereof that does not consist of a class of securities will be the fair value of such 

  
 13 

 
Reference Property Unit or portion thereof, as applicable (as determined in good faith by, or at the direction of, the Board of Directors) (or, in the case of cash denominated in U.S. dollars,
the face amount thereof). 
 If the Reference Property consists of more than a single type of consideration to be
determined based in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be (x) the weighted average, per share of Common Stock, of the types and amounts of consideration received by
the holders of Common Stock that affirmatively make such an election; or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration actually received, per share of Common Stock, by the holders
of Common Stock. The Corporation will notify Holders of the weighted average as soon as practicable after such determination is made. 

The Corporation shall not effect any Common Stock Change Event unless, prior to the consummation thereof, the successor
Person (if other than the Corporation) resulting from such Common Stock Change Event shall assume, by written instrument substantially similar in form and substance to this Certificate of Designations, the obligation to deliver to the Holders of
Preferred Stock, upon conversion thereof, the Reference Property due thereupon in accordance with the foregoing provisions. 

(c)        Notice of Adjustment to Conversion Price. Whenever the
Conversion Price is adjusted pursuant to Exhibit B hereto, the Corporation shall deliver to each Holder by facsimile or email a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. 
 Section 9.        Miscellaneous.

 (a)        Withholding Taxes. Each Holder of Preferred Stock will timely
furnish the Corporation and any applicable withholding agent with any tax forms or certifications (including, without limitation, Internal Revenue Service Form W-9, an applicable Internal Revenue Service Form W-8 (together will all applicable attachments), or any successors to such Internal Revenue Service forms) (i) to permit the Corporation and any applicable withholding agent to make payments to such Holder
without, or at a reduced rate of, deduction or withholding and (ii) to enable the Corporation and any applicable withholding agent to satisfy reporting and other obligations under applicable law or regulation, and each Holder of Preferred Stock
will update or replace such tax forms or certifications in accordance with their terms and applicable law or regulation. Each Holder of Preferred Stock will also provide the Corporation and any applicable withholding agent with any correct, complete
and accurate information or documentation that may be required for the Corporation to comply with FATCA and the FATCA legislation of any applicable jurisdiction and to prevent the imposition of taxes under FATCA. Amounts withheld on payments
(including payments being made in shares of Preferred Stock whether by issuance of such shares or by increasing the Stated Value of each share of Preferred Stock) hereunder by the Corporation or any applicable withholding agent that are required to
be withheld (whether in the form of cash or shares of Preferred Stock) pursuant to applicable law or regulation will be treated as having been paid to the Holder of Preferred Stock. 

  
 14 

 (b)        Notices. Any and all
notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile or
e-mail, or sent by a nationally recognized overnight courier service, addressed to the Corporation, at the address set forth above Attention: Kenneth A. Martindale and Tricia K. Tolivar, facsimile
number (412) 288-4764, e-mail address ken-martindale@gnc-hq.com, tricia-tolivar@gnc-hq.com, or such other facsimile number, e-mail address or address as the Corporation may specify for such purposes by notice to the Holders delivered in
accordance with this Section 9(b). Any and all notices or other communications or deliveries to be provided by the Corporation hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on
the books of the Corporation, or if no such facsimile number, e-mail address or address appears on the books of the Corporation, at the principal place of business of such Holder, as set forth in the stock
records of the Corporation (or at such other address for a stockholder as shall be specified in a notice given to the Corporation in accordance with this Section 9(b)). Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or
e-mail at the e-mail address set forth in this Section on any Trading Day, (ii) the second Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (iii) upon actual receipt by the party to whom such notice is required to be given. 

(c)        Lost or Mutilated Preferred Stock Certificate. If a Holder’s
Preferred Stock certificate shall be mutilated, lost, stolen or destroyed, the Corporation shall execute and deliver, in exchange and substitution for and upon cancellation of a mutilated certificate, or in lieu of or in substitution for a lost,
stolen or destroyed certificate, a new certificate for the shares of Preferred Stock so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such certificate, and of the ownership hereof
reasonably satisfactory to the Corporation. 
 (d)        Governing Law. This
Certificate of Designations shall be governed by and construed in accordance with the laws of the State of Delaware. In any judicial proceeding involving any dispute, controversy or claim between the parties hereto arising out of or relating to this
Certificate of Designations, each of the parties hereto, by execution and delivery of this Certificate of Designations, unconditionally accepts and consents to the exclusive jurisdiction and venue of the Delaware Court of Chancery and any state
appellate court to which orders and judgments thereof may be appealed within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of
Delaware), including but not limited to the in personam and subject matter jurisdiction of those courts, or if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of
Delaware, and the appellate courts to which orders and judgments thereof may be appealed, waives any objections to such jurisdiction on the grounds of venue or forum non conveniens, the absence of in personam or subject
matter jurisdiction and any similar grounds or any other manner permitted by law, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Certificate of Designations. In any such judicial proceeding, the parties
agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by 

  
 15 

 
law, service of process may be made by delivery provided pursuant to the directions in Section 9(b). EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS CERTIFICATE OF DESIGNATIONS. 

(e)        Severability. If any provision of this Certificate of Designations
is invalid, illegal or unenforceable, the balance of this Certificate of Designations shall remain in effect so long as the legal substance of the Preferred Stock is not altered in any manner materially adverse to any Holder, and if any provision is
inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing
usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. 

(f)        Next Business Day. Whenever any payment or other obligation
hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day. 

(g)        Headings. The headings contained herein are for convenience only, do
not constitute a part of this Certificate of Designations and shall not be deemed to limit or affect any of the provisions hereof. 

(h)        Status of Converted or Redeemed Preferred Stock. If any shares of
Preferred Stock shall be converted, redeemed or reacquired by the Corporation, such shares shall resume the status of authorized but unissued shares of preferred stock and shall no longer be designated as Series A Convertible Preferred Stock. 

********************* 

  
 16 

 IN WITNESS WHEREOF, the undersigned have executed this Certificate this [ 🌑 ] day of [ 🌑 ], 2018. 
  

	
	  

	 Name:

	 Title:

 EXHIBIT A 

NOTICE OF CONVERSION 
 (TO BE
EXECUTED BY THE REGISTERED HOLDER IN ORDER TO CONVERT SHARES OF PREFERRED STOCK) 
 The undersigned hereby elects to convert the number of
shares of Series A Convertible Preferred Stock indicated below into shares of common stock, par value $0.001 per share (the “Common Stock”), of GNC Holdings, Inc., a Delaware corporation (the “Corporation”),
according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is
delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Stockholder Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes. 

Number of shares of Preferred Stock owned prior to conversion:
                                         
                                

Number of shares of Preferred Stock to be converted:
                                         
                                         
        
 Certificate number of such shares of Preferred Stock:
                                         
                                         
         
 Number of shares of Preferred Stock subsequent to conversion:
                                         
                                  

Address for Delivery:
                                         
                        
  

			
	 [HOLDER]

		
	By:	 	 
		 	 Name:

		 	 Title:

  
 A-1 

 EXHIBIT B 

ANTI-DILUTION ADJUSTMENT PROVISIONS 

Section 1.        Definitions. Capitalized terms used in this Exhibit
B without definition have the respective meanings ascribed to them in the Certificate of Designations. In addition, for purposes of this Exhibit B, the following terms have the respective definitions set forth below: 

“Affiliate” has the meaning given in Rule 144 under the Securities Act. 

“Effective Price” has the meaning set forth in Section 2(f) of this Exhibit
B. 
 “Ex-Dividend Date” means, with respect to an
issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution
(including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate
ticker symbol or CUSIP number will not be considered “regular way” for this purpose. 
 “Open of
Business” means 9:00 a.m., New York City time. 

“Spin-Off” has the meaning set forth in
Section 2(c)(ii) of this Exhibit B. 

“Spin-Off Valuation Period” has the meaning set forth in
Section 2(c)(ii) of this Exhibit B. 
 “Tender/Exchange Offer Expiration
Date” has the meaning set forth in Section 2(e) of this Exhibit B. 

“Tender/Exchange Offer Expiration Time” has the meaning set forth in Section 2(e)
of this Exhibit B. 
 “Tender/Exchange Offer Valuation Period” has the meaning set forth in
Section 2(e) of this Exhibit B. 

Section 2.        Adjustments to the Conversion Price. The Conversion
Price in effect at any time will be adjusted from time to time as follows: 

(a)        Stock Dividends, Splits and Combinations. If the
Corporation issues solely shares of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the Corporation effects a stock split or a stock combination of the Common Stock (in each case excluding an
issuance solely pursuant to a Common Stock Change Event, as to which Section 8(b) of the Certificate of Designations will apply), then the Conversion Price will be adjusted based on the following formula: 

  
 B-1 

 

 
  

					
	 where:
	 		    	
			
	 CP0
	 	=	    	 the Conversion Price in effect immediately before the Open of Business on the
Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective date of such stock split or stock combination, as applicable;

			
	 CP1
	 	=	    	 the Conversion Price in effect immediately after the Open of Business on such
Ex-Dividend Date or the Open of Business on such effective date, as applicable;

			
	 OS0
	 	=	    	 the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and

			
	 OS1
	 	=	    	 the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock
split or stock combination.

 For the avoidance of doubt, any adjustment made under this
Section 2(a) of this Exhibit B shall become effective as provided in the definition of CP1 above. If any dividend, distribution, stock split or stock
combination of the type described in this Section 2(a) of this Exhibit B is declared or announced, but not so paid or made, then the Conversion Price will be readjusted, effective as of the date the Board of
Directors determines not to pay such dividend or distribution or to effect such stock split or stock combination, to the Conversion Price that would then be in effect had such dividend, distribution, stock split or stock combination not been
declared or announced. 
 (b)        Rights, Options and
Warrants. If the Corporation distributes, to all or substantially all holders of Common Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which the provisions set
forth in Section 2(c)(i) and Section 4 of this Exhibit B will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the record
date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on,
and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Price will be decreased based on the following formula: 
  

 

  
 B-2 

 
					
	 where:
	 		    	
			
	 CP0
	 	=	    	 the Conversion Price in effect immediately before the Open of Business on the
Ex-Dividend Date for such distribution;

			
	 CP1
	 	=	    	 the Conversion Price in effect immediately after the Open of Business on such
Ex-Dividend Date;

			
	 OS
	 	=	    	 the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;

			
	 X
	 	=	    	 the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

			
	 Y
	 	=	    	 a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights,
options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is
announced.

 Any decrease made under this Section 2(b) of
this Exhibit B shall be made successively whenever such rights, options, or warrants are distributed and, for the avoidance of doubt, shall become effective as provided in the definition of
CP1 above. To the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not
being exercised), the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the decrease to the Conversion Price for such distribution been made on the basis of delivery of only the number of shares of Common
Stock actually delivered upon exercise of such rights, option or warrants. To the extent such rights, options or warrants are not so distributed, the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the Ex-Dividend Date for the distribution of such rights, options or warrants not occurred. 

For purposes of this Section 2(b) of this Exhibit B, in determining whether
any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date of the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights,
options or warrants, there will be taken into account any consideration the Corporation receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by
the Board of Directors. 

  
 B-3 

 (c)        Spin-Offs and Other
Distributed Property. 
 (i)        Distributions Other than
Spin-Offs. If the Corporation distributes shares of its capital stock, evidences of its indebtedness or other assets or property of the Corporation, or rights, options or warrants to acquire capital stock of the Corporation or other securities,
to all or substantially all holders of the Common Stock, excluding: 

a.        dividends, distributions, rights, options or warrants for
which an adjustment to the Conversion Price is required pursuant to Section 2(a) or Section 2(b) of this Exhibit B; 

b.        dividends or distributions paid exclusively in cash for
which an adjustment to the Conversion Price is required pursuant to Section 2(d) of this Exhibit B; 

c.        rights issued or otherwise distributed pursuant to a
stockholder rights plan, except to the extent provided in Section 4 of this Exhibit B; 

d.        Spin-Offs for which an adjustment to the Conversion Price
is required pursuant to Section 2(c)(ii) of this Exhibit B; and 

e.        a distribution solely pursuant to a Common Stock Change
Event, as to which Section 8(b) of the Certificate of Designations will apply, 
 then the
Conversion Price will be decreased based on the following formula: 
  
 

 
  

					
	 where:
	 		    	
			
	 CP0
	 	=	    	 the Conversion Price in effect immediately before the Open of Business on the
Ex-Dividend Date for such distribution;

			
	 CP1
	 	=	    	 the Conversion Price in effect immediately after the Open of Business on such
Ex-Dividend Date;

			
	 SP
	 	=	    	 the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days
ending on, and including, the Trading Day immediately before such Ex-Dividend Date; and

			
	 FMV
	 	=	    	 the fair market value (as determined in good faith by the Board of Directors), as of such
Ex-Dividend Date, of the shares of capital stock, evidences of indebtedness, assets,

  
 B-4 

					
		 		    	 property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution.

 For the avoidance of doubt, any decrease under this
Section 2(c) of this Exhibit B shall become effective as provided in the definition of CP1 above. Notwithstanding the foregoing, if FMV is equal to or
greater than SP, then, in lieu of the foregoing adjustment to the Conversion Price, each Holder will receive, for each share of Preferred Stock held by such Holder on the record date for such distribution, at the same time and on the same
terms as holders of Common Stock, the amount and kind of shares of capital stock, evidences of indebtedness, assets, property, rights, options or warrants that a Person would have received in such distribution if such Person then held a number of
shares of Common Stock equal to the Liquidation Preference of such share of Preferred Stock as of such record date divided by the Conversion Price in effect on such record date. 

To the extent such distribution is not so paid or made, or such rights, options or warrants are not exercised
before their expiration (including as a result of being redeemed or terminated), the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the adjustment been made on the basis of only the distribution, if any,
actually made or paid or on the basis of the distribution of only such rights, options or warrants, if any, that were actually exercised, if at all. 

(ii)        Spin-Offs. If the Corporation distributes or
dividends shares of capital stock of any class or series, or similar equity interest, of or relating to an Affiliate, a Subsidiary or other business unit of the Corporation to all or substantially all holders of the Common Stock (other than solely
pursuant to a Common Stock Change Event, as to which Section 8(b) of the Certificate of Designations will apply), and such capital stock or equity interest is listed or quoted (or will be listed or quoted upon the
consummation of the transaction) on a Canadian or U.S. national securities exchange (a “Spin-Off”), then the Conversion Price will be decreased based on the following formula: 

 
 

 
  

					
	 where:
	 		    	
			
	 CP0
	 	=	    	 the Conversion Price in effect immediately prior to the Close of Business on the last Trading Day of the Spin-Off Valuation Period;

			
	 CP1
	 	=	    	 the Conversion Price in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;

  
 B-5 

					
			
	 FMV
	 	=	    	 the product of (x) the average of the Last Reported Sale Prices per share or unit of the capital stock or equity
interests distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the “Spin-Off Valuation Period”) beginning on, and
including, such Ex-Dividend Date (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price and Trading Day were instead references to such capital stock or
equity interests); and (y) the number of shares or units of such capital stock or equity interests distributed per share of Common Stock in such Spin-Off; and

			
	 SP
	 	=	    	 the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.

 To the extent any dividend or distribution of the type set forth in
this Section 2(c)(ii) of this Exhibit B is declared but not made or paid, the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the adjustment been made on the basis of only
the dividend or distribution, if any, actually made or paid. 

(d)        Cash Dividends or Distributions. If any cash
dividend or distribution is made to all or substantially all holders of Common Stock, then the Conversion Price will be decreased based on the following formula: 
  

 
  

					
	 where:
	 		    	
			
	 CP0
	 	=	    	 the Conversion Price in effect immediately before the Open of Business on the
Ex-Dividend Date for such dividend or distribution;

			
	 CP1
	 	=	    	 the Conversion Price in effect immediately after the Open of Business on such
Ex-Dividend Date;

			
	 SP
	 	=	    	 the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and

			
	 D
	 	=	    	 the cash amount distributed per share of Common Stock in such dividend or distribution;

 provided, however, that if D is equal to or greater than SP,
then, in lieu of the foregoing adjustment to the Conversion Price, each Holder will receive, for each share of Preferred 

  
 B-6 

 
Stock held by such Holder on the record date for such dividend or distribution, at the same time and on the same terms as holders of Common Stock, the amount of cash that a Person would have
received in such dividend or distribution if such Person then held a number of number of shares of Common Stock equal to the Liquidation Preference of such share of Preferred Stock as of such record date divided by the Conversion Price in
effect on such record date. 
 To the extent such dividend or distribution is declared but not made or paid,
the Conversion Price will be readjusted to the Conversion Price that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. 

(e)        Tender Offers or Exchange Offers. If the Corporation
or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the value (determined as of the Tender/Exchange Offer Expiration Time in good faith by the Board of Directors) of the cash and other consideration paid per share of Common
Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock on the Trading Day immediately after the last date (the “Tender/Exchange Offer Expiration Date”) on which tenders or exchanges may
be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Price will be decreased based on the following formula: 
  

 
  

					
	 where:
	 		    	
			
	 CP0
	 	=	    	 the Conversion Price in effect immediately before the time (the “Tender/Exchange Offer Expiration Time”) such
tender or exchange offer expires;

			
	 CP1
	 	=	    	 the Conversion Price in effect immediately after the Tender/Exchange Offer Expiration Time;

			
	 AC
	 	=	    	 the aggregate value (determined as of the Tender/Exchange Offer Expiration Time in good faith by the Board of Directors) of
all cash and other consideration paid for shares of Common Stock purchased in such tender or exchange offer;

			
	 OS0
	 	=	    	 the number of shares of Common Stock outstanding immediately before the Tender/Exchange Offer Expiration Time (before
giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);

  
 B-7 

					
			
	 OS1
	 	=	    	 the number of shares of Common Stock outstanding immediately after the Tender/Exchange Offer Expiration Time (excluding all
shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and

			
	 SP
	 	=	    	 the average of the Last Reported Sale Prices per of Common Stock over the ten (10) consecutive Trading Day period (the
“Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day immediately after the Tender/Exchange Offer Expiration Date;

 provided, however, that the Conversion Price will in no event be adjusted
upwards pursuant to this Section 2(e) of this Exhibit B, except to the extent provided in the immediately following paragraph. The adjustment to the Conversion Price pursuant to this
Section 2(e) of this Exhibit B will be calculated as of the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period but will be given effect immediately after the Tender/Exchange Offer
Expiration Time, with retroactive effect. If a share of Preferred Stock is converted and the Conversion Date occurs during the Tender/Exchange Offer Valuation Period, then, notwithstanding anything to the contrary in this Exhibit B or the
Certificate of Designations, the Corporation will, if necessary, delay the settlement of such conversion until the fifth (5th) Business Day after the last day of the Tender/Exchange Offer Valuation Period. 

To the extent such tender or exchange offer is announced but not consummated (including as a result of the
Corporation being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Price will be readjusted to the
Conversion Price that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. 

(f)        Adjustments to the Conversion Rate of the Convertible
Notes. If the Corporation shall, at any time or from time to time after the Original Issue Date, (i) effect any amendment or modification to the Convertible Notes Indenture that would increase the “Conversion Rate” (as defined
therein) or decrease the Convertible Notes Conversion Price, such that the Convertible Notes Conversion Price is less than the Conversion Price then in effect or (ii) effect any conversion of the Convertible Notes at a Convertible Notes
Conversion Price that is less than the Conversion Price then in effect (such Convertible Notes Conversion Price in clause (i) or (ii), as applicable, the “Effective Price”), then, effective as of the Close of Business on the
date of such amendment or modification, or the “Conversion Date” (as defined in the Convertible Notes Indenture) for such conversion, as applicable, the Conversion Price will be decreased to an amount equal to: 

 
 

 

  
 B-8 

 
					
	 where:
	 		    	
			
	 CP
	 	=	    	 the Conversion Price in effect immediately before giving effect to the adjustment required by this Section 2(f)
of this Exhibit B;

			
	 OS
	 	=	    	 the number of shares of Common Stock outstanding immediately before such amendment, modification or conversion, as
applicable (excluding, for the avoidance of doubt, any shares issued pursuant to any conversion of Convertible Notes giving rise to the adjustment required by this Section 2(f) of this Exhibit B);

			
	 EP
	 	=	    	 such Effective Price; and

			
	 X
	 	=	    	 (x) if the event giving rise to the adjustment required by this Section 2(f) of this Exhibit B occurred pursuant to
clause (i) above, an amount equal to the total number of shares of Common Stock issuable, in accordance with the Convertible Notes Indenture, upon conversion of the Convertible Notes then outstanding at such Convertible Notes Conversion Price;
and (y) if the event giving rise to the adjustment required by this Section 2(f) of this Exhibit B occurred pursuant to clause (ii) above, the total number of shares of Common Stock issuable, in accordance with the Convertible Notes
Indenture, upon the conversion referred to in such clause (ii);

 provided, however, that (1) if the Conversion Price is adjusted
pursuant to this Section 2(f) of this Exhibit B on account of an amendment or modification referred to in clause (i) above, then no subsequent conversion of the Convertible Notes will require an adjustment
pursuant to clause (ii) above if such conversion is at a Convertible Notes Conversion Price that is equal to or greater than the Convertible Notes Conversion Price applied in such adjustment pursuant to clause (i) above; and (2) in no
event will the Conversion Price be increased pursuant to this Section 2(f) of this Exhibit B. 

Section 3.        No Adjustment Where Holders Participate in the Transaction
Or Event Without Conversion. Notwithstanding anything to the contrary in Section 2 of this Exhibit B, the Corporation will not be obligated to adjust the Conversion Price on account of a transaction or
other event otherwise requiring an adjustment pursuant to Section 2 of this Exhibit B (other than an adjustment pursuant to Section 2(a), Section 2(e) or
Section 2(f) of this Exhibit B) if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Preferred Stock, in such transaction or event
without having to convert such Holder’s Preferred Stock and as if such Holder held a number of shares of Common Stock equal to the aggregate Liquidation Preference of all shares of Preferred Stock held by such Holder divided by the
Conversion Price. 

  
 B-9 

 Section 4.        Stockholder
Rights Plans. If any shares of Common Stock are to be issued upon conversion of any share of Preferred Stock and, at the time of such conversion, the Corporation has in effect any stockholder rights plan, then the Holder of such share
will be entitled to receive, in addition to, and concurrently with the delivery of, the consideration otherwise payable under the Certificate of Designations upon such conversion, the rights set forth in such stockholder rights plan, unless such
rights have separated from the Common Stock at such time, in which case, and only in such case, the Conversion Price will be adjusted pursuant to Section 2(c)(i) of this Exhibit B on account of such separation as if,
at the time of such separation, the Corporation had made a distribution of the type referred to in Section 2(c)(i) of this Exhibit B to all holders of the Common Stock, subject to readjustment in accordance with such
Section if such rights expire, terminate or are redeemed. 

Section 5.        Special Provisions for Adjustments that Are Not Yet
Effective and Where Converting Holders Participate in the Relevant Transaction or Event. 

(a)        Adjustments Not Yet Effective. Notwithstanding anything to the
contrary in the Certificate of Designations or this Exhibit B, if: 

(i)        a share of Preferred Stock is to be converted; 

(ii)        the record date, effective date or Tender/Exchange Offer Expiration Time
for any event that requires an adjustment to the Conversion Price pursuant to Section 2 of this Exhibit B has occurred on or before the Conversion Date for such conversion, but an adjustment to the Conversion Price
for such event has not yet become effective as of such Conversion Date; 

(iii)        the consideration due upon such conversion includes any whole shares of
Common Stock; and 
 (iv)        such shares are not entitled to participate in
such event (because they were not held on the related record date or otherwise), 
 then, solely for purposes of such conversion, the
Corporation will, without duplication, give effect to such adjustment on such Conversion Date. In such case, if the date on which the Corporation is otherwise required to deliver the consideration due upon such conversion is before the first date on
which the amount of such adjustment can be determined, then the Corporation will delay the settlement of such conversion until the fifth (5th) Business Day after such first date. 

(b)        Conversion Price Adjustments where Converting Holders Participate in the
Relevant Transaction or Event. Notwithstanding anything to the contrary in the Certificate of Designations or this Exhibit B, if: 

(i)        a Conversion Price adjustment for any dividend or distribution becomes
effective on any Ex-Dividend Date pursuant to Section 2 of this Exhibit B; 

(ii)        any share of Preferred Stock is to be converted; 

  
 B-10 

 (iii)        the Conversion Date for
such conversion occurs on or after such Ex-Dividend Date and on or before the related record date; 

(iv)        the consideration due upon such conversion includes any whole shares of
Common Stock based on a Conversion Price that is adjusted for such dividend or distribution; and 

(v)        such shares would be entitled to participate in such dividend or
distribution (including pursuant to Section 6(b)(vi) of the Certificate of Designations), 
 then
(x) such Conversion Price adjustment will not be given effect for such conversion; and (y) the shares of Common Stock, if any, issuable upon such conversion based on such unadjusted Conversion Price will be entitled to participate in such
dividend or distribution. 
 Section 6.        Calculations. Each
adjustment to the Conversion Price pursuant to this Exhibit B will be made to the nearest one-tenth of a cent. 

  
 B-11 

 Exhibit C 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of [●], 2018, is by and among GNC Holdings, Inc., a Delaware corporation (the “Company”), and [●] (“Investor”). Investor and any other Person who may become a party hereto pursuant to Section 11(c)
are referred to individually as a “Shareholder” and collectively as the “Shareholders.” 

WHEREAS, the Company and Investor are parties to the Securities Purchase Agreement, dated as of February 13, 2018 (as the
same may be amended, supplemented or otherwise modified from time to time, the “Securities Purchase Agreement”); and 

WHEREAS, Investor desires to have, and the Company desires to grant, certain registration and other rights under the
Securities Act with respect to the Registrable Securities on the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1.    Definitions. As used in this Agreement, the following terms shall have the
following meanings, and capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to them in the Securities Purchase Agreement: 

“Adverse Disclosure” means public disclosure of material non-public
information that the Company has determined in good faith (after consultation with legal counsel): (i) would be required to be made in any Registration Statement or Prospectus filed with the SEC by the Company so that such Registration Statement or
Prospectus would not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) would not be required to be made at such time
but for the filing, effectiveness or continued use of such Registration Statement or Prospectus; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For purposes of this definition, (i) “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise and (ii) the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. For purposes of this Agreement (but not for purposes of the definition of “Registrable Securities”), none of the Shareholders or their respective Affiliates shall be deemed to be Affiliates of the
Company or any of its Subsidiaries. 
 “Agreement” shall have the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” shall have the meaning set forth in Rule 405 (or any successor
provision) of the Securities Act. 

  

 “Common Shares” shall mean shares of Class A common stock,
par value $0.001 per share, of the Company. 
 “Company” shall have the meaning set forth in the preamble.

 “Company Indemnitee” shall have the meaning set forth in Section 8(e). 

“Convertible Preferred Stock” shall mean the class of preferred stock of the Company titled the “Series
A Convertible Preferred Stock.” 
 “Demand Notice” shall have the meaning set forth in
Section 3(b). 
 “Demand Registration” shall have the meaning set forth in Section 3(b). 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor statute
thereto, and the rules and regulations of the SEC promulgated thereunder. 
 “FINRA” shall mean the
Financial Industry Regulatory Authority, Inc. 
 “Indemnified Party” shall have the meaning set forth in
Section 8(c). 
 “Indemnifying Party” shall have the meaning set forth in Section 8(c). 

“Investor” shall have the meaning set forth in the preamble. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 422 under the
Securities Act, relating to an offer of the Registrable Securities. 
 “Long-Form Registration” shall have
the meaning set forth in Section 3(b). 
 “Losses” shall have the meaning set forth in
Section 8(a). 
 “Marketed Offering” shall mean a registered Underwritten Offering of Registrable
Securities (including any registered underwritten Shelf Offering) that is consummated, withdrawn or abandoned by the applicable Shareholders following formal participation by the Company’s management in a customary “road show”
(including an “electronic road show”) or other similar marketing effort by the Company. 
 “Offering
Persons” shall have the meaning set forth in Section 6(r). 
 “Person” shall means an
individual, corporation, limited liability company, partnership, association, trust, unincorporated organization, other entity or group (as defined in Section 13(d) of the Exchange Act). 

“Piggyback Notice” shall have the meaning set forth in Section 4(a). 

“Piggyback Registration” shall have the meaning set forth in Section 4(a). 

  
 2 

 “Piggyback Request” shall have the meaning set forth in
Section 4(a). 
 “Proceeding” shall mean an action, claim, suit, charge, mediation, arbitration,
audit or proceeding (including an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

“Prospectus” shall mean (i) the prospectus included in any Registration Statement (including a
prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or Rule 430B promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, and all other amendments and supplements to such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus and (ii) any Issuer
Free Writing Prospectus. 
 “Public Offering” shall mean the sale of Common Shares to the public for cash
pursuant to an effective Registration Statement (other than Form S-4 or Form S-8 or any successor form) filed under the Securities Act or any comparable law or
regulatory scheme of any foreign jurisdiction. 
 “Registrable Securities” shall mean, as of any date of
determination, any Common Shares that the Shareholders have acquired, or have the right to acquire upon conversion of shares of Convertible Preferred Stock, and any other securities issued or issuable with respect to any such shares by way of share
split, share subdivision, bonus issue, share dividend, distribution, recapitalization, merger, amalgamation, exchange, replacement or similar event or otherwise acquired from time to time. As to any particular Registrable Securities, once issued,
such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement; (ii) such securities have been otherwise transferred, new certificates for such securities not bearing a restrictive legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of such securities by the Shareholders shall not require registration under the Securities Act; and (iii) such securities shall cease to be issued and outstanding. In addition, such
securities shall cease to be Registrable Securities with respect to any holder when such holder is able to dispose of all of its, his or her Registrable Securities pursuant to Rule 144 without any notice requirements, volume limitations or manner of
sale limitations thereunder, as reasonably determined by the holder; provided that at such time such Registrable Securities are not required to, and do not, bear any legend restricting the transfer thereof. 

“Registration Statement” shall mean any registration statement of the Company filed with, or to be filed
with, the SEC under the Securities Act which covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

  
 3 

 “Restricted Period” shall have the meaning set forth in
the Stockholders Agreement. 
 “Rule 144” shall mean Rule 144 under the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC”
shall mean the U.S. Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and any successor statute thereto, and
the rules and regulations of the SEC promulgated thereunder. 
 “Securities Purchase Agreement” shall have
the meaning set forth in the recitals. 
 “Shareholders” shall have the meaning set forth in the preamble.

 “Shelf Offering” shall have the meaning set forth in Section 4(c). 

“Short-Form Registration” shall have the meaning set forth in Section 3(b). 

“Stockholders Agreement” shall have the meaning set forth in Section 11(h). 

“Subsidiary” shall mean, with respect to any Person, any company, corporation, partnership, joint venture,
limited liability company or other entity (x) of which such Person or a subsidiary of such Person is a general partner or (y) of which a majority of the voting securities or other voting interests, or a majority of the securities or other
interests of which having by their terms ordinary voting power to elect a majority of the board of directors or Persons performing similar functions with respect to such Person, is directly or indirectly owned by such Person and/or one or more
subsidiaries thereof. 
 “Take-Down Notice” shall have the meaning set forth in Section 4(c). 

“Transfer” shall mean, with respect to any Registrable Security, any interest therein, or any other
securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or
indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 

“Underwritten Registration” or “Underwritten Offering” shall mean a registration in which
securities of the Company are sold to an underwriter for reoffering to the public. 
 “Well-Known Seasoned
Issuer” shall have the meaning set forth in Rule 405 (or any successor provision) of the Securities Act. 

Section 2.    Holders of Registrable Securities. A Person is deemed, and shall only be deemed,
to be a holder of Registrable Securities if such Person owns Registrable Securities or has a right to acquire such Registrable Securities and such Person is a Shareholder. 

  
 4 

 Section 3.    Shelf Registration; Demand
Registrations. 
 (a)        Filing and Effectiveness of Shelf Registration
Statement. Subject to the other applicable provisions of this Agreement and unless otherwise mutually agreed between the Company and the Shareholders holding a majority of the then outstanding Registrable Securities, the Company shall use its
reasonable best efforts to (i) prepare, file and cause to be declared effective by the SEC (if such Registration Statement is not an Automatic Shelf Registration Statement), (x) within thirty (30) days following the expiration of the
Restricted Period, a Registration Statement in the form of a Short-Form Registration (if the Company is then eligible for the same), or (y) within sixty (60) days following the expiration of the Restricted Period, a Registration Statement
in the form of a Long-Form Registration (if the Company is not then eligible for a Short-Form Registration), as applicable, covering the sale or distribution from time to time by the Shareholders pursuant to a plan of distribution acceptable to
Shareholders holding a majority of the then outstanding Registrable Securities, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities; and (ii) cause such Registration Statement
(including by filing a new, replacement Registration Statement as required under the Securities Act) to remain effective under the Securities Act continuously until no Registrable Securities are outstanding. 

(b)        Requests for Registration. 

Subject to the following paragraphs of this Section 3(b), following the expiration of the Restricted Period, the
Shareholders holding a majority of the then-outstanding Registrable Securities shall have the right, by delivering or causing to be delivered a written notice to the Company, to require the Company to register pursuant to the terms of this
Agreement, under and in accordance with the provisions of the Securities Act, the offer, sale and distribution of the number of Registrable Securities requested to be so registered pursuant to the terms of this Agreement on Form S-3 (which, unless all Shareholders delivering such notice request otherwise, shall be (A) filed pursuant to Rule 415 under the Securities Act and (B) if the Company is a Well-Known Seasoned Issuer at the
time of filing such Registration Statement with the SEC, designated by the Company as an Automatic Shelf Registration Statement), if the Company is then eligible for such short-form, or any similar or successor short-form registration
(“Short-Form Registrations”) or, if the Company is not then eligible for such short form registration, on Form S-1 or any similar or successor long-form registration (“Long-Form
Registrations”) (any such written notice, a “Demand Notice” and any such registration, a “Demand Registration”), as soon as reasonably practicable after delivery of such Demand Notice, but, in any event,
the Company shall be required to make the initial filing of the Registration Statement within thirty (30) days following receipt of such Demand Notice in the case of a Short-Form Registration or within sixty (60) days following receipt of
such Demand Notice in the case of a Long-Form Registration; provided, however, that unless a Shareholder requests to have registered all of its Registrable Securities, a Demand Notice for a Marketed Offering may only be made if the
sale of the Registrable Securities requested to be registered by such Shareholders is reasonably expected to result in aggregate gross cash proceeds in excess of $25,000,000 (without regard to any underwriting discount or commission). Following
receipt of a Demand Notice for a Demand Registration in accordance with this Section 3(b), the Company shall use its reasonable best efforts to cause such Registration Statement to become effective

  
 5 

 
under the Securities Act as promptly as practicable after the filing thereof (if such Registration Statement is not an Automatic Shelf Registration Statement). 

(i)    No Demand Registration shall be deemed to have occurred for purposes of this Section 3(b) or
4(c), and any Demand Notice delivered in connection therewith shall not count as a Demand Notice for purposes of Section 3(f) or 4(c), if (A) the Registration Statement relating thereto (and covering not less than all Registrable
Securities specified in the applicable Demand Notice for sale in accordance with the intended method or methods of distribution specified in such Demand Notice) (1) does not become effective, or (2) is not maintained effective for the
period required pursuant to this Section 3; (B) the offering of the Registrable Securities pursuant to such Registration Statement is subject to a stop order, injunction, or similar order or requirement of the SEC during such period; or
(C) the conditions to closing specified in any underwriting agreement, purchase agreement, or similar agreement entered into in connection with the registration relating to such request are not satisfied other than as a result of the
Shareholders’ actions. 
 (ii)    All requests made pursuant to this Section 3(b) must:
(A) state that it is a notice to initiate a Demand Registration under this Agreement; (B) identify the Shareholders effecting the request; and (C) specify the number of Registrable Securities to be registered and the intended
method(s) of disposition thereof. 
 (iii)    Except as otherwise agreed by all Shareholders with
Registrable Securities subject to a Demand Registration, the Company shall maintain the continuous effectiveness of the Registration Statement with respect to any Demand Registration until such securities cease to be Registrable Securities or such
shorter period upon which all Shareholders with Registrable Securities included in such Registration Statement have notified the Company that such Registrable Securities have actually been sold, or, if such Demand Registration is for an Underwritten
Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer. 

(iv)    Within three (3) Business Days after receipt by the Company of a Demand Notice pursuant to
this Section 3(b), the Company shall deliver a written notice of any such Demand Notice to all other holders of Registrable Securities, and the Company shall, subject to the provisions of Section 3(c), include in such Demand Registration
all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within five (5) days after the date that such notice has been delivered; provided that the Shareholders must agree to
the plan of distribution proposed by the Shareholders who delivered the Demand Notice and, in connection with any Underwritten Registration, such holders (together with the Company) must enter into an underwriting agreement in the form reasonably
approved by the Company and the Shareholders holding the majority of the Registrable Securities subject to such Underwritten Registration. All requests made pursuant to the preceding sentence shall specify the aggregate amount of Registrable
Securities to be registered. For the avoidance of doubt, an Underwritten Registration pursuant to a Demand Registration may be made pursuant to an effective shelf Registration Statement filed pursuant to Section 3(a) hereof. 

  
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 (c)        Priority on Demand
Registration. If any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in an Underwritten Offering, and the managing underwriter(s) advise the holders of such securities in writing that in its good faith
opinion the total number or dollar amount of Registrable Securities proposed to be sold in such offering (including, without limitation, securities proposed to be included by other Shareholders of securities entitled to include securities in such
Registration Statement pursuant to piggyback registration rights pursuant to this Agreement) is such as to adversely affect the price, timing or distribution of such Underwritten Offering, then there shall be included in such Underwritten Offering
the number or dollar amount of Registrable Securities that in the opinion of such managing underwriter(s) can be sold without adversely affecting such Underwritten Offering, and such number of Registrable Securities shall be allocated pro-rata among the Shareholders of Registrable Securities that have requested to participate in such Demand Registration on the basis of the percentage of the Registrable Securities requested to be included in
such Registration Statement by such holders. 
 No Registrable Securities excluded from the underwriting by reason of the
managing underwriter’s marketing limitations shall be included in such offering. 

(d)        Postponement of Registration. 

(i)    The Company shall be entitled to postpone the filing (but not the preparation) or the initial
effectiveness of, or suspend the use of, a Registration Statement up to two times in any twelve (12) month period, in each case for a reasonable period of time that does not exceed, in the aggregate together with all other such postponements or
suspensions, ninety (90) days in any twelve (12) month period, if the Company delivers to the Shareholders requesting registration or Shareholders named in a Registration Statement filed pursuant to Section 3(a) a certificate signed
by an executive officer certifying that such registration and offering would (A) require the Company to make an Adverse Disclosure or (B) materially interfere with any bona fide material financing, acquisition, disposition or other
similar transaction involving the Company or any of its Subsidiaries then under consideration. Such certificate shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The Shareholders receiving
such certificate shall keep the information contained in such certificate confidential subject to the same terms set forth in Section 6(r). 

(ii)    If the Company shall so postpone the filing of a Registration Statement pursuant to a Demand
Notice, the Shareholders requesting such registration shall have the right to withdraw a request for registration pursuant to Section 3(b) by giving written notice to the Company within ten (10) days of the anticipated termination date of
the postponement period, as provided in the certificate delivered to the applicable Shareholders and, for the avoidance of doubt, upon such withdrawal, the withdrawn request shall not constitute a Demand Notice; provided that in the event
such Shareholders do not so withdraw the request for registration, the Company shall continue to prepare a Registration Statement during such postponement such that, if it exercises its rights under this Section 3(d), it shall be in a position
to and shall, as promptly as practicable following the expiration of the applicable deferral or suspension period, file or update and use its reasonable efforts to cause the effectiveness and the use of the applicable deferred or suspended
Registration Statement. 

  
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 (iii)    In the event the Company exercises its rights to
postpone the initial effectiveness of, or suspend the use of, a Registration Statement, the Shareholders agree to suspend, promptly upon their receipt of the certificate referred to above, use of the Prospectus relating to the Demand Registration or
Prospectus contained within the Registration Statement filed pursuant to Section 3(a) in connection with any sale or offer to sell Registrable Securities. 

(e)        Cancellation of a Demand Registration. Holders of a majority of the
Registrable Securities that are to be registered in a particular offering pursuant to this Section 3 shall have the right to notify the Company that they have determined that the applicable Registration Statement be abandoned or withdrawn by
giving written notice of such abandonment or withdrawal at any time prior to the effective time of such Registration Statement, in which event the Company shall abandon or withdraw such Registration Statement; provided that any Demand Notice
underlying such abandonment or withdrawal shall not be deemed to be a Demand Notice for purposes of Section 3(f) if such Demand Notice is abandoned or withdrawn in response to a material adverse change regarding the Company or a material
adverse change in the financial markets generally. If all Shareholders withdraw their Registrable Securities from a Demand Registration, the Company shall cease all efforts to secure registration. 

(f)        Number of Demand Notices. In connection with the provisions of this
Section 3, the Shareholders collectively shall have the right to deliver (i) five (5) Demand Notices in connection with Marketed Offerings; provided that in connection therewith, the Company shall cause its officers to use their
reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including participation in “road shows”), and (ii) three (3) additional Demand Notices in connection with
Underwritten Offerings (other than in connection with a Marketed Offering); provided that (A) in connection with any Demand Notice pursuant to clause (ii), the Company shall not be obligated to cause its officers to participate in any
“road shows,” and (B) the Shareholders may not make more than four (4) Demand Registration requests in any 365-day period. 

Section 4.    Piggyback Registration; Shelf Take Down. 

(a)        Right to Piggyback. Except with respect to a Demand Registration,
the procedures for which are addressed in Section 3, if the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Shares, whether or not for sale for its own account and whether or not
an Underwritten Offering or an Underwritten Registration (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto or
(ii) filed to effectuate an offering and sale to employees or directors of the Company or its Subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement), then the Company shall give prompt written notice of
such filing no later than ten (10) Business Days prior to the filing date, or, fifteen (15) Business Days in the case of a Public Offering under a shelf registration statement, the anticipated pricing or trade date (the “Piggyback
Notice”), to all of the holders of Registrable Securities. The Piggyback Notice shall offer such holders the opportunity to include (or cause to be included) in such Registration Statement, or to sell in such Public Offering, the number of
Registrable Securities as each such holder may request (each, a “Piggyback Registration”). Subject to Section 4(b), the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which
the Company has received written requests for inclusion therein (each a “Piggyback Request”) within five (5) 

  
 8 

 
Business Days after notice has been given to the applicable holder. The Company shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration
beyond the earlier to occur of (x) one-hundred eighty (180) days after the effective date thereof and (y) consummation of the distribution by the holders of the Registrable Securities (other
than those making Piggyback Requests) included in such Registration Statement. 

(b)        Priority on Piggyback Registrations. If any of the Registrable
Securities to be registered pursuant to a Piggyback Registration are to be sold in an Underwritten Offering, the Company shall use reasonable best efforts to cause the managing underwriter(s) of a proposed Underwritten Offering to permit holders of
Registrable Securities who have timely submitted a Piggyback Request in connection with such offering to include in such offering all Registrable Securities included in each holder’s Piggyback Request on the same terms and subject to the same
conditions as any other shares, if any, of the Company included in the offering. Notwithstanding the foregoing, if the managing underwriter(s) of such Underwritten Offering advise the Company in writing that it is their good faith opinion the total
number or dollar amount of securities that such holders, the Company and any other Persons having rights to participate in such registration intend to include in such Underwritten Offering is such as to adversely affect the price, timing or
distribution of the securities in such Underwritten Offering, then there shall be included in such Underwritten Offering the number or dollar amount of securities that in the opinion of such managing underwriter(s) can be sold without so adversely
affecting such Underwritten Offering, and such number of Registrable Securities shall be allocated as follows: (i) first, all securities proposed to be sold by the Company for its own account; (ii) second, all Registrable
Securities requested to be included in such Piggyback Registration by the Shareholders pursuant to Section 4, pro rata among such holders on the basis of the percentage of the Registrable Securities requested to be included in such
Registration Statement by such Shareholders; and (iii) third, all other securities requested to be included in such Registration Statement by other holders of securities entitled to include such securities in such Registration Statement
pursuant to piggyback registration rights; provided that any Shareholder may, prior to the effectiveness of the Registration Statement, withdraw its request to be included in such Piggyback Registration pursuant to this Section 4. 

(c)        Shelf-Take Downs. At any time that a shelf Registration Statement
covering Registrable Securities pursuant to Section 3 or Section 4 (or otherwise) is effective, if any Shareholder delivers a notice to the Company (each, a “Take-Down Notice”) stating that it intends to sell all or part
of its Registrable Securities included by it on the shelf Registration Statement (each, a “Shelf Offering”), then the Company shall amend or supplement the shelf Registration Statement as may be necessary in order to enable such
Registrable Securities to be distributed pursuant to the Shelf Offering. In connection with any Shelf Offering, including any Shelf Offering that is an Underwritten Offering (including a Marketed Offering) (i) the Company shall, promptly upon
receipt of a Take-Down Notice (but in no event more than two (2) days thereafter (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”)), deliver a notice to each other holder of
Registrable Securities included on such shelf Registration Statement and permit each such holder to include its Registrable Securities included on the shelf Registration Statement in the Shelf Offering if such holder notifies the Company in writing
within three (3) days (or such shorter period as may be reasonably requested in connection with an underwritten “block trade”) after delivery of notice to such holder; and (ii) if the Shelf Offering is underwritten, in the event
that the managing 

  
 9 

 
underwriter(s) of such Shelf Offering advise such holders in writing that it is their good faith opinion the total number or dollar amount of securities proposed to be sold exceeds the total
number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be included, then the managing underwriter(s) may limit the number of Registrable
Securities which would otherwise be included in such Shelf Offering in the same manner as described in Section 3(c) with respect to a limitation of shares to be included in a registration; provided, however, that the Company shall
not be obligated to take any action to effect any Shelf Offering that is an Underwritten Offering if a Demand Registration or Piggyback Registration was declared effective or an Underwritten Offering was consummated within the preceding ninety
(90) days (unless otherwise consented to by the Company). 
 Section 5.    Restrictions on
Public Sale by Holders of Registrable Securities. 
 (a)        If any
registration pursuant to Section 3 or Section 4 of this Agreement shall be in connection with any: (i) Marketed Offering (including with respect to a Shelf Offering pursuant to Section 3(a) or 4(c) hereof), the Company will cause
each of its executive officers and directors to sign a customary “lock-up” agreement containing provisions consistent with those contemplated pursuant to Section 5(b); and (ii) Underwritten
Offering (including with respect to a Shelf Offering pursuant to Section 3(a) or 4(c) hereof), the Company will also not effect any public sale or distribution of any common equity (or securities convertible into or exchangeable or exercisable
for common equity) (other than a registration statement (A) on Form S-4, Form S-8 or any successor forms thereto or (B) filed to effectuate an offering and
sale to employees or directors of the Company or its Subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement) for its own account, within ninety (90) days after the date of the Prospectus (or Prospectus
supplement if the offering is made pursuant to a shelf Registration Statement) for such offering except as may otherwise be agreed with the holders of the Registrable Securities in such offering. 

(b)        Each holder of Registrable Securities agrees with all other holders of
Registrable Securities and the Company in connection with any Underwritten Offering made pursuant to a Registration Statement filed pursuant to Section 3 or Section 4, as applicable, that if requested in writing by the managing underwriter
or underwriters in such Underwritten Offering, it will not (i) subject to customary exceptions, effect any public sale or distribution, of any of the Company’s securities held by such Shareholder (except as part of such Underwritten
Offering) or (ii) enter into any swap or other arrangement that transfers to another Person any of the economic consequences of ownership of such securities during the period commencing on the date of the Prospectus pursuant to which such
Underwritten Offering may be made and continuing for not more than ninety (90) days after the date of such Prospectus (or Prospectus supplement if the offering is made pursuant to a shelf Registration Statement). In connection with any
Underwritten Offering made pursuant to a Registration Statement filed pursuant to Section 3 or Section 4, the Company, or, if Shareholders will be selling more Registrable Securities in the offering than the Company, Shareholders holding a
majority of the Registrable Securities subject to such Registration Statement shall be responsible for negotiating all “lock-up” agreements with the underwriters and, in addition to the foregoing
provisions of this Section 5, the Shareholders agree to execute the form so negotiated; provided that the form so negotiated is reasonably acceptable to the Company or the Shareholders, as applicable, and consistent with the agreement

  
 10 

 
set forth in this Section 5 and that the Company’s executive officers and directors shall also have executed a form of agreement substantially similar to the agreement so negotiated,
subject to customary exceptions applicable to natural persons in the roles of executive officers and directors. 

Section 6.    Registration Procedures. If and whenever the Company is required to effect the
registration of any Registrable Securities under the Securities Act as provided in Section 3 or Section 4, the Company shall use its reasonable best efforts to effect such registration and to permit the sale of such Registrable Securities
in accordance with the intended method or methods of disposition thereof as promptly as practicable, and pursuant thereto the Company shall cooperate in all reasonable respects in the sale of the securities and shall use its reasonable best efforts,
as promptly as practicable to the extent applicable, to: 
 (a)        prepare and
file with the SEC a Registration Statement or Registration Statements on such form as shall be available for the sale of the Registrable Securities by the holders thereof or by the Company in accordance with the intended method or methods of
distribution thereof and in accordance with this Agreement, and use its reasonable best efforts to cause such Registration Statement to become effective and to remain effective as provided herein; provided, however, that before filing
a Registration Statement or Prospectus or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Company shall furnish or otherwise make available to the holders
of the Registrable Securities covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be subject to the reasonable review and comment of
such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation of such
Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including reasonable access to the Company’s books and records, officers,
accountants and other advisors. The Company shall not file any such Registration Statement or Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated by
reference therein) with respect to a Demand Registration to which the holders of a majority of the Registrable Securities covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object, in
writing, on a timely basis; 
 (b)        prepare and file with the SEC such
amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the
Securities Act with respect to the disposition of all securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act in each case, until
such time as all of such securities have been disposed of in accordance with the intended method or methods of disposition by the seller or sellers thereof set forth in such Registration Statement; 

  
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 (c)        notify each holder of
Registrable Securities covered by the applicable Registration Statement, its counsel and the managing underwriters, if any, promptly, and (if requested by any such Person) confirm such notice in writing and provide copies of the relevant documents,
as soon as reasonably practicable after notice thereof is received by the Company, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has been filed or become effective, (ii) of any written comments by the SEC, or any request by the SEC or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or related Prospectus or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which may affect, the Registration Statement,
(iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the
initiation or threatening of any proceedings for such purposes, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement (including any underwriting agreement)
contemplated by Section 6(r) below cease to be true and correct, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities
for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vi) if the Company has knowledge of the happening of any event that makes any statement made in such Registration Statement or related
Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus,
it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or, if for any other reason
it shall be necessary to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act; 

(d)        prevent the issuance or obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the earliest date reasonably practicable; 

(e)        to the extent the Company is eligible under the relevant provisions of Rule
430B under the Securities Act, if the Company filed any shelf Registration Statement and if requested by a holder of Registrable Securities, the Company shall include in such shelf Registration Statement such disclosures as may be required by Rule
430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to such holder of Registrable Securities) in order to ensure that such holder of Registrable
Securities may be added to such shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment; 

  
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 (f)        if requested by the managing
underwriters, if any, or the holders of a majority of the then issued and outstanding Registrable Securities being sold in connection with an Underwritten Offering, promptly include in a Prospectus supplement, Issuer Free Writing Prospectus or
post-effective amendment to the applicable Registration Statement such information as the managing underwriters, if any, and such holders may reasonably request in order to permit the intended method of distribution of such securities and make all
required filings of such Prospectus supplement, Issuer Free Writing Prospectus or such post-effective amendment as soon as practicable after the Company has received such request; provided, however, that the Company shall not be
required to take any actions under this Section 6(e) that are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law; 

(g)        furnish or make available to each holder of Registrable Securities covered
by the applicable Registration Statement, its counsel and each managing underwriter, if any, without charge, as many conformed copies of the Registration Statement, the Prospectus, any Issuer Free Writing Prospectus, and Prospectus supplements, if
applicable, and each post-effective amendment thereto, including financial statements (including those incorporated by reference) as such holder, counsel or underwriter may reasonably request; provided that the Company may furnish or make
available any such documents in electronic format; 
 (h)        deliver to each
holder of Registrable Securities covered by the applicable Registration Statement, its counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or
supplement thereto and such other documents as such Persons may reasonably request from time to time in connection with the distribution of the Registrable Securities; provided that the Company may furnish or make available any such documents
in electronic format (other than, in the case of a Marketed Offering, upon the request of the managing underwriters thereof for printed copies of any such Prospectus or Prospectuses); and the Company, subject to the last paragraph of this
Section 6, hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the holders of Registrable Securities covered by the applicable Registration Statement and the underwriters, if any, in connection with
the offering and sale of the Registrable Securities covered by such Prospectus and any such amendment or supplement thereto; 

(i)        prior to any Public Offering of Registrable Securities, register or qualify
or cooperate with the holders of Registrable Securities covered by the applicable Registration Statement, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions within the United States as any seller or the managing underwriters reasonably requests in
writing and to keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement and to take any other action that may be
necessary or advisable to enable such holders of Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction; provided, however, that the Company will not be required to (i) qualify
generally to do business in any jurisdiction where would not otherwise be required to qualify but 

  
 13 

 
for this Agreement or (ii) take any action that would subject it to taxation or general service of process in any such jurisdiction where it would not otherwise be subject but for this
Agreement; 
 (j)        cooperate with, and direct the Company’s transfer
agent to cooperate with, the holders of Registrable Securities covered by the applicable Registration Statement and the managing underwriters, if any, to facilitate the timely settlement of any offering or sale of Registrable Securities, including
the preparation and delivery of certificates (not bearing any legends) or book-entry (not bearing stop transfer instructions) representing Registrable Securities to be sold after receiving written representations from each holder of such Registrable
Securities that the Registrable Securities represented by the certificates so delivered by such holder will be transferred in accordance with the Registration Statement and, in connection therewith, if reasonably required by the Company’s
transfer agent, the Company shall promptly after the effectiveness of the Registration Statement cause an opinion of counsel as to the effectiveness of any Registration Statement to be delivered to and maintained with its transfer agent, together
with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without restriction upon sale by the holder of such shares of Registrable
Securities under the Registration Statement; 
 (k)        upon the occurrence of,
and the Company’s receipt of knowledge of, any event contemplated by Section 6(c)(vi) above, prepare a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus (then in effect) or any
document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such that the Registration Statement
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and the Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(l)        prior to the effective date of the Registration Statement relating to the
Registrable Securities, provide a CUSIP number for the Registrable Securities; 

(m)        provide and cause to be maintained a transfer agent and registrar for all
Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(n)        cause all shares of Registrable Securities covered by such Registration
Statement to be listed on a national securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, as the case may be, prior to the effectiveness of such Registration Statement; 

(o)        cause the Registrable Securities covered by the applicable Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter, if any, to consummate the disposition of such Registrable Securities;
provided however that the Company will not be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any 

  
 14 

 
such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to
taxation in any such jurisdiction if it is not otherwise so subject.; 

(p)        enter into such agreements (including underwriting agreements in form,
scope and substance as is customary in Underwritten Offerings and such other documents reasonably required under the terms of such underwriting agreements, including customary legal opinions and auditor “comfort” letters) and take all such
other actions reasonably requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the disposition of
such Registrable Securities; 
 (q)        make such representations and warranties
to the holders of Registrable Securities covered by the applicable Registration Statement and the underwriters, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being
undertaking; 
 (r)        in connection with a customary due diligence review, make
available for inspection by a representative of the holders of Registrable Securities covered by the applicable Registration Statement, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or
accountants retained by such holders or underwriter (collectively, the “Offering Persons”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by
any such Offering Person in connection with such Registration Statement; provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such
Offering Persons except (i) where disclosure of such information is requested or legally compelled (in either case pursuant to the terms of a valid and effective subpoena or order issued by a court of competent jurisdiction or a federal, state
or local governmental or regulatory body or pursuant to a civil investigative demand or similar judicial process), (ii) where such information is or becomes generally known to the public other than as a result of a
non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement, (iii) where such information (A) was known to such Offering Persons on a nonconfidential
basis (prior to its disclosure by the Company) from a source other than the Company that, after reasonable inquiry, is entitled to disclose such information and is not bound by any contractual, legal or fiduciary obligation of confidentiality to the
Company or any other person with respect to such information, (B) was in the possession of the Offering Persons on a nonconfidential basis prior to its disclosure to the Offering Persons by the Company or (C) is subsequently developed by
the Offering Persons without using all or any portion of such information or violating any of the obligations of such Persons under this Agreement or (iv) for disclosure in connection with any suit, arbitration, claim or litigation involving
this Agreement or against any Offering Person under federal, state or other securities laws in connection with the offer and sale of any Registrable Securities. In the case of a proposed disclosure pursuant to (i) (or, unless such Person and the
Company are adversaries in such suit, arbitration, claim or litigation, (iv)) above, such Person shall be required to give the Company written notice of the proposed disclosure prior to 

  
 15 

 
such disclosure and to cooperate with the Company, at the Company’s cost, in any effort the Company undertakes to obtain a protective order or other remedy. In the event that such protective
order or other remedy is not obtained, or that the Company waives compliance with this provision, the Offering Persons will furnish only that portion of such information that the Offering Persons are advised by legal counsel is legally required and
will exercise their reasonable best efforts to obtain an order or other reliable assurance that confidential treatment will be accorded such information; 

(s)        comply with all securities laws and, if a Registration Statement was filed,
make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(t)        take no direct or indirect action prohibited by Regulation M under the
Exchange Act; 
 (u)        cooperate with each holder of Registrable Securities
covered by the Applicable Registration Statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA, including the
use of reasonable best efforts to obtain FINRA’s pre-clearance or pre-approval of the Registration Statement and applicable Prospectus upon filing with the SEC;

 (v)        cause its officers and employees to use their respective reasonable
best efforts to support the reasonable marketing of the Registrable Securities covered by the Registration Statement (including, without limitation, participation in, and preparation of materials for, any “road show”) in a Marketed
Offering and otherwise to facilitate, cooperate with and participate in each proposed offering contemplated herein and customary selling efforts related thereto; 

(w)        take all reasonable action to ensure that any Issuer Free Writing
Prospectus complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken
together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and

 (x)        take all such other commercially reasonable actions as are necessary
or advisable in order to expedite or facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement. 

Each holder of Registrable Securities as to which any registration is being effected shall furnish to the Company in writing such information
required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing as a condition for any Registrable Securities to be included
in the applicable registration hereunder. For the avoidance of doubt, failure of any holder of Registrable Securities to furnish the Company with such information as requested by 

  
 16 

 
the Company pursuant to the preceding sentence shall relieve the Company of any obligation hereunder to include the applicable Registrable Securities of such holder in the Registration Statement
with respect to which such information was requested. 
 Each holder of Registrable Securities agrees if such holder has Registrable
Securities covered by such Registration Statement that, upon receipt of any written notice from the Company of the happening of any event of the kind described in Section 6(c)(ii), (iii), (iv) or (v), such holder will forthwith discontinue
disposition of such Registrable Securities pursuant to such Registration Statement or Prospectus until such holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(f), or until it is advised in
writing by the Company that the use of the applicable Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided,
however, that the time periods under Section 3 with respect to the length of time that the effectiveness of a Registration Statement must be maintained shall automatically be extended by the amount of time the holder is required to
discontinue disposition of such securities. 
 Section 7.    Registration Expenses. All fees
and expenses incurred by the Company and incident to the performance of or compliance with this Agreement by the Company (including without limitation (i) all registration and filing fees (including fees and expenses with respect to
(A) all SEC, stock exchange or trading system and FINRA registration, listing, filing and qualification and any other fees associated with such filings, including with respect to counsel for the underwriters and any qualified independent
underwriter in connection with FINRA qualifications, (B) rating agencies and (C) compliance with securities or “blue sky” laws, including any reasonable fees and disbursements of counsel for the underwriters in connection with
“blue sky” qualifications of the Registrable Securities pursuant to Section 6(i)), (ii) fees and expenses of the financial printer, (iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements
of counsel for the Company, (v) all reasonable fees and disbursements of one legal counsel for the Shareholders with Registrable Securities covered by any Registration Statement, (vi) any reasonable fees and disbursements of underwriters
customarily paid by issuers or sellers of securities, (vii) all expenses related to the “road show” for any Marketed Offering, including the reasonable
out-of-pocket expenses of the Shareholders and underwriters, if so requested, and (viii) fees and disbursements of all independent certified public accountants,
including the expenses of any special audits and/or “comfort letters” required by or incident to such performance and compliance), shall be borne by the Company, whether or not any Registration Statement is filed or becomes effective. All
underwriters’ discounts and selling commissions, in each case related to Registrable Securities registered in accordance with this Agreement, shall be borne by the holders of Registrable Securities included in such registration pro rata
among each other on the basis of the number of Registrable Securities so registered. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this
Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder. 

  
 17 

 The Company shall not be required to pay any discounts, commissions or fees of
underwriters, selling brokers, dealer managers or similar securities industry professionals relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Company). 

Section 8.    Indemnification. 

(a)        Indemnification by the Company. The Company shall, without
limitation as to time, indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, each shareholder, member, limited
or general partner of such holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors, shareholders, employees, advisors and
agents and each Person who controls each such Person (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and each of their respective Representatives from and against any and all losses, claims,
damages, liabilities, costs (including costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or Proceeding and any indemnity and
contribution payments made to underwriters), expenses, judgments, fines, penalties, charges and amounts paid in settlement, joint or several (collectively, “Losses”), as incurred, in each case arising out of or based upon
(i) any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, Prospectus, offering circular, any amendments or supplements thereto, Issuer Free Writing Prospectus or other document (including
any related Registration Statement, notification, or the like or any materials prepared by or on behalf of the Company as part of any “road show” (as defined in Rule 433(h) under the Securities Act)) incident to any such registration,
qualification, or compliance, (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation (or alleged violation)
by the Company or any of its Subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its Subsidiaries and (without limitation of the preceding portions of this Section 8(a)) will
reimburse each such holder, each shareholder, member, limited or general partner of such holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates,
officers, directors, shareholders, employees, advisors and agents and each Person who controls each such Person (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), for any reasonable and documented out-of-pocket legal and any other expenses actually incurred in connection with investigating and defending or, subject to the last sentence of this Section 8(a),
settling any such Loss or action; provided that the Company will not be liable in any such case to the extent that any such Loss arises out of or is based on any untrue statement or omission by such holder, but only if such untrue statement
(or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information regarding such holder of Registrable
Securities furnished to the Company by such holder of Registrable Securities or its authorized representatives expressly for inclusion therein. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such holder or any indemnified party and shall survive the Transfer of such securities by such holder 

  
 18 

 
and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the holders. The Company shall also indemnify the underwriters participating in the distribution
of Registrable Securities, their officers and directors and each Person who controls such underwriters to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified parties. It is agreed
that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such Loss or action if such settlement is effected without the prior written consent of the Company (which consent shall not be
unreasonably withheld). 
 (b)        Indemnification by Holder of Registrable
Securities. In connection with any Registration Statement in which a holder of Registrable Securities is participating, each such holder of Registrable Securities shall indemnify, to the fullest extent permitted by law, severally and not jointly
with any other holders of Registrable Securities, the Company, its officers, directors and managing members and each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
Act) against all Losses arising out of or based on (i) any untrue statement of a material fact contained in such Registration Statement, Prospectus, offering circular, any amendments or supplements thereto, Issuer Free Writing Prospectus or
other document, or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and to reimburse the Company or such officers, directors, managing members and
control persons for any reasonable and documented out-of-pocket legal or any other expenses actually incurred in connection with investigating or defending any such Loss
or action, subject to the immediately following proviso, settling any such Loss or action, in each case to the extent, but only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, offering
circular, any amendments or supplements thereto, Issuer Free Writing Prospectus or other document in reliance upon and in conformity with written information regarding such holder of Registrable Securities furnished to the Company by such holder of
Registrable Securities or its authorized representatives expressly for inclusion therein; provided, however, that the foregoing obligations shall not apply to amounts paid in settlement of any such Losses (or actions in respect
thereof) if such settlement is effected without the consent of such holder (which consent shall not be unreasonably withheld). In no event shall the liability of any holder hereunder be greater in amount than the dollar amount of the proceeds from
the sale of its Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such holder pursuant to Section 8(d) and any
amounts paid by such holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. 

(c)        Conduct of Indemnification Proceedings. If any Person shall be
entitled to indemnification hereunder (each, an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (each, an “Indemnifying Party”) of any claim or
of the commencement of any Proceeding with respect to which such Indemnified Party seeks indemnification or contribution pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall not
relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written
notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such claim or Proceeding, to, unless in the Indemnified Party’s 

  
 19 

 
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume, at the Indemnifying Party’s expense, the defense of
any such claim or Proceeding, with counsel reasonably satisfactory to such Indemnified Party; provided, however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Indemnifying Party agrees to pay such fees and expenses; or (ii) the Indemnifying Party fails
promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, in which case the Indemnified
Party shall have the right to employ separate counsel and to assume the defense of such claim or proceeding at the Indemnifying Party’s expense; provided, further, however, that the Indemnifying Party shall not, in
connection with any one such claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of
more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified Parties. Whether or not such defense is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability
for any settlement made without its consent (but such consent will not be unreasonably withheld). The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such claim or litigation for which such Indemnified Party would
be entitled to indemnification hereunder. All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such proceeding in a manner not
inconsistent with this Section 8) shall be paid to the Indemnified Party, as incurred, promptly upon receipt of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not
entitled to indemnification hereunder; provided that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party
is not entitled to indemnification under this Section 8). 

(d)        Contribution. If the indemnification provided for in this
Section 8 is unavailable to an Indemnified Party in respect of any Losses (other than in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the
actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by
reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information
supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 

  
 20 

 The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the
provisions of this Section 8(d), an Indemnifying Party that is a selling holder of Registrable Securities shall not be required to contribute any amount in excess of the amount by which the total net proceeds received by such holder from the
sale of the Registrable Securities giving rise to such contribution obligation and sold by such holder, less any amounts paid by such holder pursuant to Section 8(b) and any amounts paid by such holder as a result of liabilities incurred under
the underwriting agreement, if any, related to such sale exceeds the amount of any damages that such holder has otherwise been required to pay by reason of the applicable action, statement or omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The obligations of the holders of Registrable Securities to
contribute pursuant to this Section are several and not joint. 

(e)        Indemnification Priority. The Company hereby acknowledges and
agrees that any of the Persons entitled to indemnification pursuant to Section 8(a) (each, a “Company Indemnitee” and collectively, the “Company Indemnitees”) may have certain rights to indemnification,
advancement of expenses and/or insurance provided by other sources. The Company hereby acknowledges and agrees (i) that it is the indemnitor of first resort (i.e., its obligations to a Company Indemnitee are primary and any obligation of such
other sources to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Company Indemnitee are secondary) and (ii) that it shall be required to advance the full amount of expenses incurred by a
Company Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement without regard to any rights a
Company Indemnitee may have against such other sources. The Company further agrees that no advancement or payment by such other sources on behalf of a Company Indemnitee with respect to any claim for which such Company Indemnitee has sought
indemnification, advancement of expenses or insurance from the Company shall affect the foregoing, and that such other sources shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights
of recovery of such Company Indemnitee against the Company. 
 Section 9.    Rule 144. The
Company shall use reasonable best efforts to: (i) file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner, to the extent required from time to time to enable all holders to sell Registrable
Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144, Rule 144A or Regulation S (or, if the Company is not required to file such reports, it will, upon the request of any Shareholder,
make electronically available (which may include posting to a non-public, password-protected website maintained by the Company or a third party) to any holder, any bona fide prospective holder, any bona fide
market maker (or person who intends to be a market maker) or securities analyst such necessary information for so long as necessary to enable all holders to sell Registrable Securities without registration under the Securities Act within the
limitations of the exemption provided by Rule 144, Rule 144A or Regulation S); and (ii) so long as any Registrable Securities are issued and outstanding, furnish holders thereof upon request (A) a written statement by the Company as to its
compliance with 

  
 21 

 
the reporting requirements of Rule 144, Rule 144A and Regulation S under the Securities Act, and of the Exchange Act and (B) a copy of the most recent annual or quarterly report of the
Company (except to the extent the same is available on EDGAR). 
 Section 10.    Underwritten
Registrations. 
 (a)        Selection of Underwriters; Selection of
Counsel. In connection with any Underwritten Offering, the managing underwriter or underwriters to administer the offering shall be selected by the Shareholders holding the majority of Registrable Securities included in any Demand Registration,
including any Shelf Offering initiated by such Shareholders, subject to the reasonable satisfaction of the Company, and the counsel to such holders shall be selected by the holders of a majority of Registrable Securities included in the Demand
Registration. 
 (b)        Shelf and Demand Registrations. If
requested by the underwriters for any Underwritten Offering, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the holders of a
majority of Registrable Securities being sold and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less
favorable to the recipient thereof than those provided in Section 8 of this Agreement. The holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the
negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof, and such holders shall complete and execute all questionnaires, powers of attorney and other documents
reasonably requested by the underwriters and required under the terms of such underwriting arrangements. 

(c)        Piggyback Registrations. If the Company proposes to register
or sell any of its securities under the Securities Act as contemplated by Section 4 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any holder of Registrable Securities pursuant to
Section 4(a), and subject to the provisions of Section 4(b), use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such registration or sale all the
Registrable Securities to be offered and sold by such holder among the securities of the Company to be distributed by such underwriters in such registration or sale. The holders of Registrable Securities to be distributed by such underwriters shall
be parties to the underwriting agreement between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of
such underwriting arrangements. Any such Shareholder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such
Shareholder, such Shareholder’s title to the Registrable Securities, such Shareholder’s intended method of distribution and any other representations to be made by the Shareholder as are generally prevailing in agreements of that type, and
the aggregate amount of the liability of such Shareholder shall not exceed such Shareholder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

Section 11.    Miscellaneous. 

  
 22 

 (a)        Amendments and Waivers.
The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of the Company
and the Shareholders holding a majority of the Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable
Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of at least a majority of the Registrable
Securities being sold by such holders pursuant to such Registration Statement. 

(b)        Notices. All notices required to be given hereunder shall be in
writing and shall be deemed to be duly given if personally delivered, telecopied and confirmed, emailed and confirmed or mailed by certified mail, return receipt requested, or overnight delivery service with proof of receipt maintained, at the
following address (or any other address that any such party may designate by written notice to the other parties): if to the Company, to the address of its principal executive offices; if to any Shareholder, at such Shareholder’s address as set
forth on the records of the Company or such other address as such Shareholder notifies the Company in writing. Any such notice shall be deemed to have been duly given (a) when delivered or sent if delivered in person or sent by facsimile
transmission (provided confirmation of facsimile transmission is obtained), provided that any notice received by facsimile transmission or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (addressee’s local
time) shall be deemed to have been received at 9:00 a.m. (addressee’s local time) on the next Business Day, (b) on the fifth Business Day after dispatch by registered or certified mail (provided, that such form of notice may only be used
if dispatched from the country in which the recipient is located), (c) on the next Business Day if transmitted by national or international overnight courier or (d) on the date delivered if sent by email (provided confirmation of email receipt
is obtained), provided that any noticed received by email at the addressee’s location on any Business Day after 5:00 p.m. (addressee’s local time) shall be deemed to have been received at 9:00 a.m. (addressee’s local time) on
the next Business Day. 
 (c)        Successors and Assigns; Shareholder
Status. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent holders of Registrable Securities acquired, directly or indirectly, from the Shareholders
in compliance with any restrictions on Transfer or assignment; provided, however, that (x) the Company may not assign this Agreement (in whole or in part) without the prior written consent of the holders of a majority of the
Registrable Securities and (y) (i) holders of Registrable Securities may not assign this Agreement (in whole or in part) without the prior written consent of the Company (such consent not to be unreasonably withheld) and (ii) such
successor or assign shall not be entitled to such rights unless the successor or assign shall have executed and delivered to the Company an Addendum Agreement substantially in the form of Exhibit A hereto promptly following the acquisition of such
Registrable Securities. 
 (d)        Counterparts. This Agreement may be
executed in two or more counterparts and delivered by facsimile, pdf or other electronic transmission with the same effect as if all signatory parties had signed and delivered the same original document, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 

  
 23 

 (e)        Headings; Construction.
The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context requires otherwise: (i) pronouns in the
masculine, feminine and neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa; (ii) the term “including” shall be construed to be
expansive rather than limiting in nature and to mean “including, without limitation,”; (iii) references to sections and paragraphs refer to sections and paragraphs of this Agreement; (iv) the words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole, including Exhibit A hereto, and not to any particular subdivision unless expressly so limited;
(v) unless otherwise specified, the term “days” shall mean calendar days; (vi) a “percentage” (or a “majority”) of the Registrable Securities (or, where applicable, any class of securities) shall be determined
based on the number of shares of such securities; and (vii) unless otherwise provided, the currency for all dollar figures included in this Agreement shall be the US Dollar. 

(f)        Governing Law. This Agreement (and any claim or controversy arising
out of or relating to this Agreement) shall be governed by and construed in accordance with, the laws of the State of New York. 

(g)        Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant
or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 (h)        Entire Agreement. This
Agreement, that certain Stockholders Agreement, dated February 13, 2018, by and among the Company and Investor (the “Stockholders Agreement”) and the Securities Purchase Agreement are intended by the parties as a final
expression of their agreement, and are intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein and therein, with respect to the registration rights granted by the Company with respect to Registrable Securities. This Agreement, together with the Securities Purchase
Agreement and the Stockholders Agreement, supersedes all prior agreements and understandings between the parties with respect to such subject matter. Notwithstanding the foregoing, this Agreement shall not supersede the transfer restrictions in the
Stockholders Agreement. 
 (i)        Securities Held by the Company or its
Subsidiaries. Whenever the consent or approval of holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or its subsidiaries shall not be counted in determining whether such
consent or approval was given by the holders of such required percentage. 

  
 24 

 (j)        Specific Performance;
Further Assurances. The parties hereto recognize and agree that money damages may be insufficient to compensate the holders of any Registrable Securities for breaches by the Company of the terms hereof and, consequently, that the equitable
remedy of specific performance of the terms hereof will be available in the event of any such breach. The parties hereto agree that in the event the registrations and sales of Registrable Securities are effected pursuant to the laws of any
jurisdiction outside of the United States, such parties shall use their respective reasonable best efforts to give effect as closely as possible to the rights and obligations set forth in this Agreement, taking into account customary practices of
such foreign jurisdiction, including executing such documents and taking such further actions as may be reasonably necessary in order to carry out the foregoing. 

(k)        Term; Other Agreements. This Agreement shall terminate (i) with
respect to a Shareholder on the date on which such Shareholder ceases to hold Registrable Securities, (ii) with respect to the Company, the date on which all equity securities have ceased to be Registrable Securities and (iii) upon the
dissolution, liquidation or winding up of the Company; provided that such Shareholder’s rights and obligations pursuant to Section 8, as well as the Company’s obligations to pay expenses pursuant to Section 7, shall
survive with respect to any Registration Statement in which any Registrable Securities of such Shareholders were included. 

(l)        Consent to Jurisdiction; Waiver of Jury Trial. The parties hereto
hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of New York located in New York County and the federal courts of the United States of America located in New York County, and the
appropriate appellate courts therefrom for any actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated hereby. The parties hereto hereby irrevocably and unconditionally consent to the jurisdiction
of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of the venue of
any such action, suit or proceeding in any such court or that any such action, suit or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such action, suit or proceeding may be served on any party
anywhere in the world, whether within or without the jurisdiction of any such court. 
 Each of the parties hereto hereby
consents to process being served by any party to this Agreement in any suit, action, or proceeding of the nature specified in the paragraph above by the mailing of a copy thereof in the manner specified by the provisions of Section 11(b). 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed as of the date first above written. 
  

			
	 GNC HOLDINGS, INC.

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [●]

	
	 By:
[●]

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 EXHIBIT A 

ADDENDUM AGREEMENT 

This Addendum Agreement is made this [●] day of [●], 20[●], by [●], a [●] (the “New Shareholder”), pursuant to
a Registration Rights Agreement dated as of [●], [●] (the “Agreement”), by and among GNC Holdings, Inc. (the
“Company”), Investor and the other Shareholders party thereto. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement. 

W I T N E S S E T H: 

WHEREAS, the Company has agreed to provide registration rights with respect to the Registrable Securities as set forth in the
Agreement; and 
 WHEREAS, the New Shareholder has acquired Registrable Securities directly or indirectly from a
Shareholder; and 
 WHEREAS, the Company and the Shareholders have required in the Agreement that all Persons desiring
registration rights pursuant to the Agreement must enter into an Addendum Agreement binding the New Shareholder to the Agreement to the same extent as if it were an original party thereto; 

NOW, THEREFORE, in consideration of the mutual promises of the parties, the New Shareholder acknowledges that it has received
and read the Agreement and that the New Shareholder shall be bound by, and shall have the benefit of, all of the terms and conditions set out in the Agreement to the same extent as if it were an original party to the Agreement (or as otherwise
provided therein) and shall be deemed to be a Shareholder thereunder. 
  

	
	 New Shareholder

	
	  

	 Name:

	 Title:

  

	
	 Address:

	
	  

	
	  

	
	  

 Exhibit D 
  

 
 GNC HOLDINGS, INC. 

STOCKHOLDERS AGREEMENT 
  

Dated as of [ 🌑 ], 2018 

 TABLE OF CONTENTS 

 

							
		    		  	 	Page	 
		
	ARTICLE I INTRODUCTORY MATTERS	  	 	1	 
			
	 1.1
	    	Defined Terms	  	 	1	 
	 1.2
	    	Construction	  	 	8	 
		
	ARTICLE II CORPORATE GOVERNANCE MATTERS	  	 	9	 
			
	 2.1
	    	Composition of the Board	  	 	9	 
	 2.2
	    	Qualification of Investor Designees	  	 	11	 
	 2.3
	    	Resignations	  	 	12	 
	 2.4
	    	Board Approval Standards	  	 	13	 
	 2.5
	    	Affiliate Transactions	  	 	14	 
		
	ARTICLE III VOTING MATTERS	  	 	14	 
			
	 3.1
	    	Voting in Elections	  	 	14	 
	 3.2
	    	Voting with respect to Acquisitions	  	 	15	 
	 3.3
	    	Voting with respect to Other Matters	  	 	15	 
	 3.4
	    	Quorum	  	 	16	 
		
	ARTICLE IV ADDITIONAL COVENANTS	  	 	16	 
			
	 4.1
	    	Transfer Restrictions	  	 	16	 
	 4.2
	    	Right of First Refusal	  	 	18	 
	 4.3
	    	Standstill	  	 	20	 
	 4.4
	    	Information and Access Rights	  	 	22	 
	 4.5
	    	Public Announcements	  	 	23	 
	 4.6
	    	Waiver of Corporate Opportunity	  	 	23	 
		
	ARTICLE V REPRESENTATIONS AND WARRANTIES	  	 	24	 
			
	 5.1
	    	Representations and Warranties of the Company	  	 	24	 
	 5.2
	    	Representations and Warranties of Investor	  	 	24	 
	 5.3
	    	No Other Representations or Warranties	  	 	25	 
		
	ARTICLE VI GENERAL PROVISIONS	  	 	25	 
			
	 6.1
	    	Termination	  	 	25	 
	 6.2
	    	Notices	  	 	25	 
	 6.3
	    	Amendment; Waiver	  	 	26	 
	 6.4
	    	Further Assurances	  	 	27	 
	 6.5
	    	Assignment	  	 	27	 
	 6.6
	    	Third Parties	  	 	27	 
	 6.7
	    	Governing Law	  	 	27	 

  
 i 

							
	 6.8
	    	Jurisdiction; Waiver of Jury Trial	  	 	27	 
	 6.9
	    	Specific Performance	  	 	28	 
	 6.10
	    	Entire Agreement	  	 	28	 
	 6.11
	    	Severability	  	 	28	 
	 6.12
	    	Table of Contents, Headings and Captions	  	 	28	 
	 6.13
	    	Counterparts	  	 	29	 

  
 ii 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement, dated as of [ 🌑 ], 2018, by and between
GNC Holdings, Inc., a Delaware corporation (the “Company”), and [●], a
[ 🌑 ] (“Investor”). 
 BACKGROUND: 

WHEREAS, Investor and the Company are party to that certain Securities Purchase Agreement (as defined below), pursuant to
which, among other things, Investor agreed to purchase from the Company, and the Company has agreed to issue and sell to Investor, shares of Convertible Preferred Stock (as defined below), subject to the terms and conditions set forth in the
Securities Purchase Agreement; 
 WHEREAS, concurrently with the execution of this Agreement, the Company and Investor are
entering into a Registration Rights Agreement, dated as of the date hereof (the “Registration Rights Agreement”), providing for certain registration rights which the Company is granting to Investor; 

WHEREAS, the execution and delivery of this Agreement and the Registration Rights Agreement is a condition of the Investor and
the Company to the Closing; 
 WHEREAS, in connection with the transactions contemplated by the Securities Purchase
Agreement, the Company and Investor wish to set forth certain understandings between such parties, including with respect to certain governance matters; and 

WHEREAS, the Company and Investor have agreed that the rights and obligations set forth herein shall become automatically
effective simultaneously with the Closing (as defined below). 
 NOW, THEREFORE, in consideration of the foregoing, and the
representations, warranties, covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 ARTICLE I 

INTRODUCTORY MATTERS 

1.1    Defined Terms. In addition to the terms defined elsewhere herein, the following terms have
the following meanings when used herein with initial capital letters: 
 “10% Stockholder” means, in
connection with a proposed Transfer of Equity Securities of the Company, any Person or Group that has filed a statement of beneficial ownership report on Schedule 13D or Schedule 13G with the SEC which reports such Person’s or Group’s 

 
Beneficial Ownership of ten percent (10%) or more of the total issued and outstanding Common Stock at the time of such proposed Transfer. 

“Acquisition” means any transaction or series of related transactions involving: (i) any merger,
consolidation, share exchange, business combination, recapitalization, reorganization, or other transaction that would result in the stockholders of the Company immediately preceding such transaction Beneficially Owning less than thirty-five percent
(35%) of the total outstanding Equity Securities in the surviving or resulting entity of such transaction (measured by voting power or economic interest), (ii) any transaction, including any direct or indirect acquisition or any tender offer,
exchange offer or other secondary acquisition, that would result in any Person or Group Beneficially Owning more than thirty-five percent (35%) of the total outstanding Equity Securities of the Company (measured by voting power or economic
interest), or (iii) any sale, lease, license or other disposition, directly or indirectly, of all or substantially all of the consolidated assets of the Company. 

“Acquisition Proposal” means any proposal, offer, inquiry, indication of interest or expression of intent
(whether binding or non-binding, and whether communicated to the Company, the Board or publicly announced to the Company’s stockholders or otherwise) by any Person or Group relating to an Acquisition.

 “Affiliate” has the meaning set forth in Rule 12b-2 promulgated
under the Exchange Act; provided that (i) CITIC Capital Group, its affiliated investment funds and its and their respective Controlled affiliates shall be deemed to be “affiliates” of Investor, and (ii) no Governmental
Entity shall be deemed to be an “affiliate” of either party. 
 “Affiliated Investor Designee”
means any Investor Designee that is not an Independent Investor Designee. 
 “Agreement” means this
Stockholders Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof. 

“As-Converted Basis” means on an as-converted-to-Common Stock basis (disregarding for such purpose any conversion limitations thereon). 

“Beneficially Own” (including its correlative meanings, “Beneficial Owner” and
“Beneficial Ownership”) has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act; provided, however, that, notwithstanding anything in Rule 13d-3(d)(1)(i) to the contrary, the determination of “Beneficial Ownership” of a Person shall be made after giving effect to the conversion of all options, warrants, rights and convertible or other similar
securities outstanding as of any date in question that are held by such Person, irrespective of any conversion or vesting requirement of any such security. 

“Board” means the board of directors of the Company. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York,
New York, are authorized by Law to close prior to 5 p.m. New York City Time or remain closed. 

  
 2 

 “Cash Offer Trigger Event” means any of (i) the issuance
after the Closing by the Company’s auditors of an opinion containing a going concern qualification for the Company with respect to the any full fiscal year of the Company, (ii) the Company being in material breach (which is not cured or
waived) of any financial maintenance covenant in any of its debt instruments or (iii) the eighteen (18) month anniversary of the Closing. 

“CEO Designee” has the meaning set forth in Section 2.1(c). 

“Certificate of Designations” means that certain Certificate of Designations of the Company establishing the
Convertible Preferred Stock, as the same may be amended from time to time. 
 “Closing” has the meaning set
forth in the Securities Purchase Agreement. 
 “Common Stock” means the shares of Class A common
stock, $0.001 par value per share, of the Company, and any other capital stock of the Company into which such common stock is reclassified or reconstituted. 

“Company” has the meaning set forth in the Preamble. 

“Company Charter” means the Amended and Restated Certificate of Incorporation of the Company, as amended.

 “Company Designees” means (i) the Directors duly designated and appointed to the Board as of the
date hereof, in each case pursuant to Section 5.17 of the Securities Purchase Agreement, and (ii) the individuals nominated by the Independent Company Designees pursuant to Section 2.1(d). 

“Confidentiality Agreement” has the meaning set forth in Section 4.4. 

“Contested Election” means an election in which the Secretary of the Company determines in good faith that
the number of Director nominees is greater than the number of Directors to be elected. 
 “Control”
(including its correlative meanings, “Controlled” and “Controlled by”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of
securities or partnership or other ownership interests, by contract or otherwise) of a Person. 
 “Conversion
Price” has the meaning set forth in the Certificate of Designations. 
 “Convertible Notes” means
the Company’s 1.5% Convertible Senior Notes, issued on August 10, 2015 pursuant to the Convertible Notes Indenture, in an original aggregate principal amount of $287,500,000, due in 2020. 

“Convertible Notes Indenture” means that certain Indenture, dated as of August 10, 2015, by and among
the Company, the Subsidiary guarantors party thereto and Bank of New York Mellon Trust Company, N.A., as Trustee. 

  
 3 

 “Convertible Preferred Stock” means the shall mean the class of
preferred stock of the Company titled the “Series A Convertible Preferred Stock.” 
 “Designee
Qualifications” has the meaning set forth in Section 2.2(a)(viii). 

“Director” means any director of the Company. 

“Director Confidentiality Agreement” means a Confidentiality Agreement, substantially in the form attached as
Exhibit A to this Agreement (as it may be modified from time to time by the Nominating and Corporate Governance Committee), which each Director that is not an employee of the Company shall be required to execute as a condition to such
Director’s election or nomination for election and any subsequent nomination for election as a Director. 

“Equity Securities” means any and all (i) shares, interests, participations or other equivalents
(however designated) of capital stock or other voting securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person (other than a corporation), (ii) securities convertible into or
exchangeable for shares, interests, participations or other equivalents (however designated) of capital stock or voting securities of (or other ownership or profit or voting interests in) such Person, and (iii) any and all warrants, rights or
options to purchase any of the foregoing, whether voting or nonvoting, and, in each case, whether or not such shares, interests, participations, equivalents, securities, warrants, options, rights or other interests are authorized or otherwise
existing on any date of determination. 
 “Exchange” shall mean the New York Stock Exchange LLC or any
other exchange on which the Common Stock is listed. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 

“Exempted Person” has the meaning set forth in Section 4.6. 

“Governmental Entity” means any national, federal, state, county, municipal, local or foreign government, or
other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory, taxing, administrative or prosecutorial functions of or pertaining to government. 

“Group” has the meaning assigned to it in Section 13(d)(3) of the Exchange Act and Rule 13d-5 thereunder. 
 “Indebtedness” means, of any Person and as of any
time, the aggregate amount of the following, without duplication: (a) the outstanding principal amount of any indebtedness for borrowed money; (b) all other obligations evidenced by bonds, debentures, notes or similar instruments of
indebtedness; (c) all capitalized lease obligations that are classified as a balance sheet liability in accordance with GAAP; (d) all letters of credit, performance bonds, surety bonds, banker’s acceptances or similar obligations
issued for the account of such Person; (e) all guarantees and keepwell arrangements issued by such Person; (f) to the extent not otherwise included, all indebtedness of another Person secured by a lien on any asset owned by such first
Person, whether or not such indebtedness is assumed by such first Person; (g) all obligations due 

  
 4 

 
and payable under any interest rate swap agreements or interest rate hedge agreements and similar agreements to which any such Person is a party; (h) all obligations issued or assumed as the
deferred purchase price of property or services with respect to which any Person is liable, contingent or otherwise (including conditional sale obligations and “earn-out” obligations but excluding
trade payables arising in the ordinary course of business); and (i) any interest owed with respect to the indebtedness referred to above and prepayment penalties, premiums, breakage or fees and expenses due and payable with respect thereto.

 “Independent Company Designee” means a Company Designee who qualifies as an “independent”
director under the rules of the Exchange and any guidelines adopted by the Board or the Nominating and Corporate Governance Committee that are applicable to all Directors, as determined in good faith by the Nominating and Corporate Governance
Committee. 
 “Independent Investor Designee” means an Investor Designee that (A) at no time during
the three (3) year period prior to his or her election or appointment to the Board, nor during his or her service as a Director, has been or is an employee, director, officer of, or consultant or other service provider to, any of the Investor
Entities, or has received or is receiving compensation from any of the Investor Entities and (B) qualifies as an “independent” director under the rules of the Exchange and any guidelines adopted by the Board or the Nominating and
Corporate Governance Committee that are applicable to all Directors, as determined in good faith by the Nominating and Corporate Governance Committee. 

“Initial Investor Designees” means the individuals duly designated by the Investor as “Investor
Designees” (as such term is defined in the Securities Purchase Agreement) and appointed to the Board as of the date hereof, in each case pursuant to Section 5.17 of the Securities Purchase Agreement. 

“Investor” has the meaning set forth in the Preamble. 

“Investor Acquisition” means any Acquisition in which an Investor Entity is the acquiror. 

“Investor Designee” has the meaning set forth in Section 2.1(b). 

“Investor Entities” means Investor and its Affiliates. 

“Investor Parties” means (i) Investor and (ii) any Investor Permitted Transferee that becomes a
party to this Agreement by executing a joinder agreement substantially in the form attached as Exhibit D to this Agreement. 

“Investor Permitted Transferee” has the meaning set forth in Section 4.1(b)(ii).

 “Issuance Notice” has the meaning set forth in Section 4.2(a). 

“Law” means any applicable national, provincial, state, municipal and local laws, statutes, ordinances,
decrees, rules, regulations or Orders of any Governmental Entity, in each case, having the force of law. 

  
 5 

 “Material Terms” has the meaning set forth in
Section 2.1(b). 
 “New Issuance” has the meaning set forth in
Section 4.2(a). 
 “New Issuance Closing” has the meaning set forth in
Section 4.2(c). 
 “New Securities” means (A) any shares of Common Stock,
(B) any shares of preferred securities or (C) any preferred or debt securities that are convertible into or exchangeable for shares of Common Stock, other than, in each case, any shares of Common Stock or such other securities that are:
(i) issued to employees, officers or directors of, or consultants to, the Company or any of its Affiliates pursuant to any plan, agreement or arrangement approved by the Board (or a committee thereof); (ii) issued as consideration in connection
with the acquisition by the Company (or any of its Affiliates) of any business, assets or property of any third party, by merger, sale of assets, sale of stock or otherwise; (iii) issued upon conversion or exercise of the Convertible Preferred
Stock or the Convertible Notes; (iv) distributed or set aside ratably to all holders of Common Stock on a per share equivalent basis; (v) in connection with the bona fide sale by the Company or any of its Subsidiaries of all or
substantially all of the Equity Securities of one or more Subsidiaries of the Company; or (vi) issued as an “equity kicker” in connection with any debt financing from a financial institution or other equipment or real property loan or
leasing arrangement. 
 “Nominating and Corporate Governance Committee” means the nominating and corporate
governance committee of the Board, or another committee performing the functions of nominating or selecting Persons for election or appointment to the Board. 

“Observer” has the meaning set forth in Section 2.1(h). 

“Order” means any judgment, order, decision, writ, injunction, decree or arbitration award. 

“Per Security Offering Price” has the meaning set forth in Section 4.2(a).

 “Percentage Interest” means, with respect to any stockholder(s) of the Company, the Total Share
Ownership of such stockholder(s) divided by the total issued and outstanding shares of Common Stock, including Convertible Preferred Stock on an As-Converted Basis and any other shares of Common Stock, in each
case, deemed to be Beneficially Owned by such stockholder that are not yet issued and outstanding, expressed as a percentage. 

“Permitted Transfer” has the meaning set forth in Section 4.1(b). 

“Person” means an individual, corporation, limited liability company, partnership, association, trust,
unincorporated organization, other entity or Group. 
 “Registration Rights Agreement” has the meaning set
forth in the Recitals. 
 “Restricted Entity” means a Person principally engaged in the business of owning,
operating, managing, franchising or branding retail nutrition supplement stores, or developing or manufacturing nutritional supplements, that, in each case, competes with the Company and is 

  
 6 

 
listed on Exhibit B attached hereto, as such list may be amended by the Company acting reasonably and in good faith from time to time, but not more than once every twelve (12) months,
by delivery of written notice to Investor no less than one-hundred and twenty (120) days prior to such amendment; provided that in no event shall Exhibit B contain more than fifteen (15) such
Persons at any one time; provided, further, for the avoidance of doubt, “Restricted Entity” shall not include any Investor Entity as of the date hereof. 

“Restricted Period” means the period commencing on the Closing and ending on the second (2nd) anniversary of the Closing. 
 “SEC” means the U.S.
Securities and Exchange Commission or any successor agency. 
 “Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time. 

“Securities Purchase Agreement” means that certain Securities Purchase Agreement, dated as of
February 13, 2018, by and between Investor and the Company. 
 “Subsidiary” of Investor, the Company
or any other Person means any corporation, partnership, joint venture or other legal entity of which Investor, the Company or such other Person, as the case may be (either alone or through or together with any other Subsidiary), owns, directly or
indirectly, a majority of the capital stock or other Equity Securities the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation, limited liability company,
partnership, joint venture or other legal entity, or otherwise owns, directly or indirectly, such capital stock or other Equity Securities that would confer Control of any such corporation, limited liability company, partnership, joint venture or
other legal entity, or any Person that would otherwise be deemed a “subsidiary” under Rule 12b-2 promulgated under the Exchange Act. 

“Sunset Date” means the date that the aggregate Percentage Interest of the Investor Entities is less than
fifteen percent (15%). 
 “Total Number of Directors” means the total number of authorized Directors
comprising the entire Board. 
 “Total Share Ownership” means, as of any applicable date hereunder, and
with respect to any Person, the total number of shares of Common Stock (including Convertible Preferred Stock on an As-Converted Basis) both (i) Beneficially Owned by such Person and (ii) in which
such Person has the pecuniary interest. For the avoidance of doubt, a Person shall not be deemed to have ownership of a share of Common Stock, for purposes of calculating Total Share Ownership, if such Person has Beneficial Ownership of such share
of Common Stock but does not also have the pecuniary interest in such share or, conversely, if such Person has the pecuniary interest in such share of Common Stock but does not also have Beneficial Ownership of such share. 

“Transfer” (including its correlative meaning, “Transferred”) shall mean, with respect to
any Equity Security, directly or indirectly, by operation of Law, contract or otherwise, (i) to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in,

  
 7 

 
offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic,
voting or other rights in or to such Equity Security, (ii) to engage in any hedging, swap, forward contract or other similar transaction that is designed to or which reasonably could be expected to lead to or result in a sale or disposition of
Beneficial Ownership of, or pecuniary interest in, such Equity Security, including any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to such Equity Security, or
(iii) to enter into a short sale of, or trade in, derivative securities representing the right to vote or economic benefits of, such Equity Security. When used as a noun, “Transfer” shall have such correlative meaning as the
context may require. 
 “Two-Thirds Majority Vote” means a vote of
the Board wherein two-thirds or more of the Total Number of Directors approve the matter, including, for so long as the Percentage Interest of the Investor Entities is at least 25%, at least one Affiliated
Investor Designee entitled to vote on the matter; provided, however, that the Total Number of Directors shall be determined without regard to the number of Directors who have recused themselves from voting on such matter, or otherwise is not
entitled to vote on a matter, in each case as a result of such Director’s conflict of interest with respect to such matter. 

“Voting Securities” means shares of Common Stock, Convertible Preferred Stock and any other securities of the
Company entitled to vote generally in the election of Directors. 

1.2      Construction. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be
ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto
or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein shall have the meaning as defined in this
Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof.
References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law,”
“laws” or to any applicable Law shall be deemed to refer to such law or applicable Law as amended from time to time, except as otherwise specified herein, and to any rules or regulations promulgated thereunder. All references to
“days” shall mean calendar days unless otherwise indicated. The parties have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as jointly drafted by the parties and no presumption or burden 

  
 8 

 
of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

ARTICLE II 
 CORPORATE
GOVERNANCE MATTERS 
 2.1      Composition of the Board. 

(a)      Pursuant to the Securities Purchase Agreement and in each case effective as of the
Closing: 
 (i)      the Board shall take all necessary corporate action to
increase the Total Number of Directors to eleven (11), comprised of the five (5) Initial Investor Designees, five (5) Company Designees and the Company’s chief executive officer; 

(ii)     the Company shall use commercially reasonable efforts to cause the
resignations of two (2) individuals who are directors of the Company immediately prior to the Closing (other than the Company Designees and the Company’s chief executive officer); and 

(iii)    the Company shall take all necessary corporate action to appoint the Initial
Investor Designees to the Board. 
 (b)      From and after the Closing until the Sunset Date,
subject to the terms and conditions of this Article II, Investor shall have the right (but not the obligation) to designate, and the individuals nominated for election as Directors by or at the direction of the Board or a duly-authorized
committee thereof shall include, up to five (5) individuals that meet the Designee Qualifications to serve as Directors (each such individual whom Investor shall actually designate pursuant to this Section 2.1 and who
qualifies to serve and is thereafter elected as a Director shall be referred to herein as an “Investor Designee”); provided, that, at all times, at least two (2) of the Investor Designees shall be Independent Investor
Designees (except, if, Investor is only entitled to nominate four (4) Investor Designees, only one (1) of the Investor Designees shall be required to be an Independent Investor Designee, and, if, Investor is only entitled to
nominate three (3) or fewer Investor Designees, no Investor Designees shall be required to be an Independent Investor Designee). Notwithstanding the foregoing provisions of this Section 2.1(b), the number of
individuals that Investor shall be entitled to designate to serve as Directors pursuant to this Section 2.1(b) shall be adjusted, as applicable, immediately after any Transfer of Equity Securities of the Company by an
Investor Entity and otherwise at each record date established by the Board with respect to any meeting of stockholders of the Company involving the election of Directors, to a number equal to the Percentage Interest of the Investor Entities
multiplied by the Total Number of Directors at such time, rounded up to the nearest whole number; provided, that, (i) the number of Investor Designees shall not exceed five (5) individuals and (ii) on and after the Sunset Date,
or the earlier date on which any Investor Entity intentionally breaches Article III, Section 4.1 or Section 4.3 of this Agreement (the “Material Terms”) in any material
respect and such breach continues after written notice from the Company and a ten (10) Business Day opportunity to cure, the Investor shall not be entitled to 

  
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designate any individuals to serve as Directors, and no Investor Designee shall be entitled to serve as Director, in each case pursuant to this Agreement. 

(c)      From and after the Closing until the Sunset Date, the chief executive officer of the
Company shall be entitled to be nominated by the Board for election as a Director (except as otherwise determined by the approval of a majority of the independent directors, including a majority of the Independent Company Designees entitled to vote
on such matter) (such Person, the “CEO Designee”). 
 (d)      From and after
the Closing until the Sunset Date, the Independent Company Designees shall have the exclusive right to nominate persons on behalf of the Board for election at annual stockholders meetings for, or to fill vacancies in, all Director positions, other
than (i) the Investor Designees and (ii) the CEO Designee; provided, that, at all times, the Company Designees shall be Independent Company Designees, unless otherwise determined by the Board (including, for so long as the
Percentage Interest of the Investor Entities is at least 25%, at least a majority of the Investor Designees entitled to vote on such matter). 

(e)      If at any time Investor has designated fewer than the total number of individuals that
Investor is then entitled to designate pursuant to Section 2.1(b), Investor shall have the right (but not the obligation) to designate such number of additional individuals who meet the Designee Qualifications that Investor
is entitled to so designate, in which case, any individuals nominated by or at the direction of the Board or any duly-authorized committee thereof for election as Directors to fill any vacancy or newly created directorships on the Board shall
include such designees, and the Company shall use its reasonable best efforts to (i) effect the election of such additional designees, whether by increasing the size of the Board or otherwise, and (ii) cause the election of such additional
designees to fill any such newly-created vacancies or to fill any other existing vacancies. 

(f)      Subject to Section 2.3, in the event that a vacancy is
created at any time by the death, disability, retirement, removal or resignation of any Investor Designee, any individual nominated or appointed by or at the direction of the Board or any duly-authorized committee thereof to fill such vacancy shall
be, and the Company shall use its reasonable best efforts to cause such vacancy to be filled by, a new designee of Investor who meets the Designee Qualifications, and the Company and the Board shall use reasonable best efforts, to the fullest extent
permitted by Law, at any time and from time to time, to accomplish the same as soon as possible following such designation. 

(g)      For any designation pursuant to this Section 2.1 that occurs
after the Closing, in connection with an election of Directors by the stockholders of the Company, Investor shall identify its designees by written notice to the Company no less than ninety (90) days prior to the date of the meeting of
stockholders of the Company called for the purpose of electing Directors or if later, prior to the 10th day after the public announcement of the meeting date. So long as an individual designated
by Investor pursuant to this Section 2.1 meets the Designee Qualifications, the Company shall, to the fullest extent permitted by Law, include such individual in the slate of nominees recommended by the Board at any meeting
of stockholders called for the purpose of electing Directors, and use its reasonable best efforts to cause the election of such individual to 

  
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the Board, including nominating such individual to be elected as a Director as provided herein, recommending such individual’s election, soliciting proxies or consents in favor thereof. 

(h)      The Company shall at all times provide each Investor Designee (in his or her capacity
as a member of the Board) with the same rights to indemnification, advancement of expenses and exculpation that it provides to other Directors. Each Investor Designee shall be entitled to receive from the Company and its Subsidiaries, if applicable,
the same insurance coverage in connection with his or her service as a member of the Board or any committee thereof as is provided to other Directors. Such insurance coverage shall be provided through customary director and officer indemnity
insurance on commercially reasonable terms.The Company shall at all times provide each Investor Designee with compensation, benefits and reimbursement (including of travel expenses) that it provides to the Company Designees. 

(i)      From the date hereof until the Sunset Date, Investor may designate one
(1) individual as an observer (the “Observer”) to attend each meeting of the Board and its committees in a non-voting capacity, subject to such individual’s prior execution and
delivery to the Company of a customary confidentiality agreement in the form attached hereto as Exhibit C (as it may be reasonably modified from time to time by the Nominating and Corporate Governance Committee) and except when such
attendance would present an actual or potential conflict of interest (in the good faith determination of the Board or any committee thereof, as applicable). 

2.2      Qualification of Investor Designees. 

(a)      Each Investor Designee shall, as determined by the Nominating and Corporate Governance
Committee, acting reasonably and in good faith and in a manner consistent with the fiduciary duties of each Director, the rules of the Exchange and applicable Law, at the time of his or her nomination or appointment as a Director and at all times
thereafter until such individual ceases to serve as a Director: 

(i)      meet and comply in all material respects with any and all policies,
procedures, processes, codes, rules, standards and guidelines of the Company applicable to all non-employee Board members, including the Company’s code of business conduct and ethics, securities trading
policies and corporate governance guidelines; 
 (ii)     meet and comply in all
material respects with any and all applicable qualifications, standards and other requirements for service as a Director as set forth in the Exchange’s rules; 

(iii)    not be involved, during the ten (10) year period prior to his or her
nomination or appointment as a Director, in any of the events enumerated in Item 2(d) or Item 2(e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K; 

(iv)    not be subject to any Order of any Governmental Entity prohibiting service as a
director of any public company; 

  
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 (v)     not be an employee, officer, or
director of, or consultant to, or be receiving any compensation or benefits from, any Restricted Entity (unless otherwise agreed to by the Nominating and Corporate Governance Committee); 

(vi)    have demonstrated in all material respects good judgment, character and integrity
in his or her personal and professional dealings and have relevant financial, investment, management, international business and/or other business experience, qualification and background for purposes of serving as a Director; 

(vii)    have demonstrated proficiency and financial literacy in the English language for
purposes of serving as a Director, including with respect to the reading, comprehension and analysis of English language materials (including financial materials) furnished in advance of and in connection with meetings of the Board (and committees
thereof) and the ability to participate on a conversant basis in the English language meetings of the Board (and committees thereof) and the topics covered therein, including financial discussions; and 

(viii)    if such Investor Designee is an Independent Investor Designee, meet the criteria
set forth in the definition of “Independent Investor Designee” in Article I (the requirements set forth in this Section 2.2(a), Section 2.2(b) and
Section 2.2(c) being referred to, collectively, as the “Designee Qualifications”). 

(b)      As a condition an Investor Designee’s election or nomination for election and any
subsequent nomination for election as a Director, such Investor Designee shall have executed and delivered to the Company a Director Confidentiality Agreement and shall have executed and delivered a consent in the same form as the other non-employee directors to be named as a nominee in any proxy statement or similar materials for any annual meeting or special meeting of stockholders and to serve as a Director if so elected. 

(c)      Each Investor Designee, as a condition to his or her appointment or election to the
Board must be willing to be interviewed by the Nominating and Corporate Governance Committee on the same basis as any other new candidate for appointment or election to the Board and must be reasonably satisfactory to the Nominating and Corporate
Governance Committee acting in good faith. Investor, in its capacity as a stockholder of the Company on behalf of itself and other Investor Entities, and each Investor Designee, shall deliver such questionnaires and otherwise provide such
information as are reasonably requested by the Company in connection with assessing qualification, independence and other criteria applicable to Directors, or required to be or customarily provided by directors, candidates for director, and their
Affiliates and representatives for inclusion in a proxy statement or other filing required by applicable Law and the rules of the Exchange, in each case to substantially the same extent requested or required of other candidates for appointment or
election to the Board after the date hereof. 
 2.3      Resignations. Notwithstanding
anything to the contrary in this Agreement, if, at any time, the number of Investor Designees is greater than the number of Directors that Investor has the right to designate pursuant to Section 2.1, Investor shall cause,
to the fullest extent permitted by applicable Law, that certain number of Investor Designees to promptly tender his, 

  
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her or their resignations from the Board and any applicable committee of the Board, such that the number of Investor Designees serving on the Board corresponds with the number of Directors that
the Investor Designee has the right to designate pursuant to Section 2.1. If the Investor is required to cause, to the fullest extent permitted by applicable Law, an Investor Designee to tender his or her resignation from
the Board and such Investor Designee does not promptly tender his or her resignation from the Board, such Investor Designee shall not thereafter be entitled to participate in any meetings, deliberations, votes or other actions as a member of any
committee of the Board or as a Director of the Board. 
 2.4      Board Approval
Standards. 
 (a)      Notwithstanding the foregoing, from the date hereof until the
Sunset Date, Board action to approve or recommend the matters set forth below shall require a Two-Thirds Majority Vote: 

(i)      any alteration, amendment or repeal (whether by merger, consolidation,
operation of law or otherwise) of any provision of the Company Charter or other Company organizational documents, including the bylaws, in a manner inconsistent with this Agreement; 

(ii)     any creation of a committee of the Board, or the delegation of authority to
any committee of the Board (other than a committee constituted of independent directors formed with respect to a matter for which one or more Directors has recused themselves due to a conflict of interest); 

(iii)     any extraordinary purchase, repurchase or redemption of capital stock; 

(iv)     any appointment or removal of any Director, otherwise than in accordance
with the Company’s organizational documents and this Agreement; 

(v)      any increase or decrease of the Total Number of Directors; 

(vi)     any payment of any extraordinary dividend or other extraordinary
distributions by the Company; 
 (vii)    the acceptance of any Acquisition, other than
with respect to a sale of 100% of the Equity Securities of the Company to a third party in a transaction in which all stockholders of the Company receive the same per share consideration; 

(viii)    (A) any amendment or modification of the Convertible Notes Indenture that would
result in a reduction in the “Conversion Price” or an increase in the “Conversion Rate”, each as defined therein, for the Convertible Notes causing a conversion price per share of Common Stock that is less than the Conversion
Price for the Convertible Preferred Stock or (B) any conversion of the Convertible Notes into Common Stock, or repurchase or redemption of the Convertible Notes in exchange for Common Stock, at a conversion or purchase price per share of Common
Stock that is less than the Conversion Price for the Convertible Preferred Stock; 

  
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 (ix)    any issuance of any Equity Security
senior to or pari passu with the Convertible Preferred Stock; or 

(x)     the commencement of bankruptcy or receivership proceedings, or the adoption
of a plan of complete or partial liquidation or resolutions providing for a complete or partial liquidation, dissolution, or winding up of the Company. 

(b)      Notwithstanding the foregoing, for a period of three years after the Closing Date,
Board action to approve the matters set forth below shall require a Two-Thirds Majority Vote: 

(i)      the removal or replacement of the chief executive officer, president,
chief financial officer, secretary, treasurer or any other executive officer; 

(ii)     the incurrence of Indebtedness in excess of $10,000,000 in respect of any
single transaction or in a series of related transactions; or 
 (iii)    any New
Issuance of New Securities in excess of $10,000,000 in respect of any single transaction or in a series of related transactions (except as set forth in Section 2.4(a)(viii) and Section 2.4(a)(ix) herein). 

2.5      Affiliate Transactions. Until the Sunset Date, any transaction, agreement,
contract or other arrangement by and among the Company or any of its Subsidiaries, on the one hand, and any of the Investor or its Affiliates, on the other hand, shall require the approval of a majority of the independent and disinterested
Directors. The Investor shall notify and fully inform the full Board of any actual or potential conflict of interest that arises due to any such proposed transaction, agreement, contract or other arrangement. Notwithstanding anything to the
contrary, the foregoing provision shall not apply to any transactions contemplated by this Agreement or any of the Transaction Documents (as defined in the Securities Purchase Agreement). 

ARTICLE III 
 VOTING
MATTERS 
 3.1      Voting in Elections. Until the Sunset Date, at any meeting of
stockholders of the Company involving the election of Directors (or if action is taken by written consent of stockholders of the Company in lieu of a meeting in respect of an election of Directors), the Investor Parties shall vote, or cause to be
voted (including, if applicable, by written consent), all Voting Securities Beneficially Owned by the Investor Entities (a) affirmatively in favor of the election of each Investor Designee nominated to serve as a Director in accordance with
this Agreement, (b) except in a Contested Election, affirmatively in favor of the election of each Company Designee and the CEO Designee nominated to serve as a Director in accordance with this Agreement, and (c) in a Contested Election,
either, at the election of such Investor Entities, (i) consistent with the recommendations of the Board or (ii) in the same proportion as the Voting Securities not Beneficially Owned by Investor Entities are voted (including, if
applicable, by written consent, or by voting by ballot or by submitting any alternative proxy card necessary to accomplish the proportionate voting contemplated by this Article III) affirmatively for or against, 

  
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or to withhold authority with respect to, as applicable, the election of each Company Designee and the CEO Designee nominated to serve as a Director in accordance with this Agreement (it being
understood that the Investor Parties must elect to vote as contemplated by this Section 3.1 and cannot elect not to vote or to vote in any other manner). 

3.2      Voting with respect to Acquisitions. 

(a)      Until the Sunset Date, at any meeting of stockholders of the Company at which an
Acquisition (and any other related matter the approval of which is required to consummate such Acquisition) is submitted to a vote of the stockholders of the Company (or if action is taken with respect to such matter(s) by written consent of
stockholders of the Company in lieu of a meeting), the Investor Entities shall be permitted to vote or cause to be voted (including by abstaining or, if applicable, taking action by written consent), all Voting Securities Beneficially Owned by
Investor Entities either, at the election of such Investor Entities, (i) consistent with the recommendation of the Board or (ii) in the same proportion as the Voting Securities not Beneficially Owned by Investor Entities are voted
(including by written consent) for or against, or abstain with respect to, such Acquisition (and such related matter(s)); provided, that, with respect to any meeting of stockholders of the Company occurring prior to the first (1st) anniversary of the Closing at which an Acquisition (and any other related matter the approval of which is required to consummate such Acquisition) in which the consideration per share of Common
Stock is less than $5.35 is submitted to a vote of the stockholders of the Company (or if action is taken with respect to such matter(s) by written consent of stockholders of the Company in lieu of a meeting), the Investor Parties shall be permitted
to vote or cause to be voted (including by abstaining or, if applicable, taking action by written consent) all Voting Securities Beneficially Owned by Investor Entities, in their sole discretion. For the avoidance of doubt, in calculating the voting
requirements of the Investor Parties under this Section 3.2, all broker non-votes and all Voting Securities that are not present or represented at the applicable stockholder meeting
shall not be considered for quorum or voting purposes. 
 (b)      Until the Sunset Date and
in the event an Acquisition by a Person other than an Investor Entity is to be effected by means of a tender or exchange offer, the Investor Entities shall tender the shares of Voting Securities Beneficially Owned by Investor Entities consistent
with the recommendation of the Board or in the same manner such Investor Entities would be required to vote such Voting Securities pursuant to Section 3.2(a) if such Acquisition were submitted to a vote of the stockholders
of the Company. 
 3.3      Voting with respect to Other Matters. Until the
Sunset Date, at any meeting of stockholders of the Company at which any matter, other than matters that are subject to Section 3.1 and Section 3.2, is submitted to a vote of the stockholders of the
Company (or if action is taken with respect thereto by written consent of stockholders in lieu of a meeting), the Investor Parties shall vote or cause to be voted (including by abstaining or, if applicable, taking action by written consent) all
Voting Securities Beneficially Owned by Investor Entities either, at the election of such Investor Entities, (i) consistent with the recommendation of the Board or (ii) in the same proportion as the Voting Securities not Beneficially Owned
by Investor Entities are voted (including, if applicable, by written consent, or by voting by ballot or by submitting any alternative proxy card necessary to accomplish the proportionate voting contemplated by this Article III), it being
understood that the Investor Parties must elect to vote as contemplated by 

  
 15 

 
this Section 3.3 and cannot elect not to vote (unless the Board recommends an abstention) or to vote in any other manner. 

3.4      Quorum. Until the Sunset Date, at each meeting of stockholders, the Investor
Entities shall cause all of the Voting Securities Beneficially Owned by Investor Entities to be present in person or by proxy for quorum purposes, and shall ensure that its broker-designees, if any, have the authority to vote on at least one
“routine” matter at a meeting of stockholders sufficient to be counted as present for quorum purposes. 
 ARTICLE IV 

ADDITIONAL COVENANTS 

4.1      Transfer Restrictions. 

(a)      During the Restricted Period, no Investor Party shall Transfer any shares of
Convertible Preferred Stock or Common Stock, other than pursuant to a Permitted Transfer. 

(b)      “Permitted Transfer” means: 

(i)      a Transfer that has been approved in advance by a majority of the
independent and disinterested members of the Board; 
 (ii)     a Transfer to any
Investor Entity that is not a Restricted Entity (any such Investor Entity, an “Investor Permitted Transferee”), if such Investor Permitted Transferee shall have agreed in writing to be bound to the same extent as Investor by the
obligations of this Agreement by executing a joinder agreement substantially in the form attached as Exhibit D to this Agreement; 

(iii)    a Transfer to the Company in connection with a Fundamental Change (as defined in
the Certificate of Designations) or redemption pursuant to the Certificate of Designations; 

(iv)    a Transfer in connection with any Acquisition approved by the Board or a
duly-authorized committee thereof (including if the Board or such committee recommends that the Company’s stockholders tender in response to a tender or exchange offer that, if consummated, would constitute an Acquisition); or 

(v)     a Transfer that constitutes a tender into a tender or exchange offer
commenced by the Company or any of its Affiliates. 
 (c)      Following the Restricted
Period, each Investor Party shall be free to Transfer any shares of Common Stock or Convertible Preferred Stock; provided, that (i) with respect to any Transfer, other than a Permitted Transfer or an underwritten public offering or an
underwritten block trade, the Investor Parties shall not Transfer any shares of Common Stock or Convertible Preferred Stock to (A) any Restricted Entity or (B) any Person or Group that is a 10% Stockholder or that would become a 10%
Stockholder as a result of the Transfer, (ii) with respect to any Transfer, other than a Permitted Transfer, that is an underwritten public offering or an 

  
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underwritten block trade, such Investor Party shall request that the managing underwriter(s) or broker(s) not to Transfer any shares of Common Stock to any Person or Group that is a 10%
Stockholder or that would become a 10% Stockholder as a result of the Transfer (unless, in each case, the identity of the Person purchasing the shares of Common Stock is not known to the managing underwriter(s) or broker(s)), provided, that,
the Investor Parties shall not have any liability for a failure by the managing underwriter(s) or broker to follow such request, and (iii) with respect to a Transfer, other than a Permitted Transfer, that is an underwritten block trade, such
Investor Party shall request that the broker(s) not to Transfer any shares of Common Stock to a Restricted Entity (unless the identity of the Person purchasing the shares of Common Stock is not known to such Investor Party or broker(s)),
provided, that the Investor Parties shall not have any liability for a failure by the broker(s) to follow such request. For purposes of this Section 4.1(c), the total number of shares of Common Stock issued and
outstanding at any time shall be the number specified in the most recent SEC filing of the Company disclosing the total number of shares of Common Stock issued and outstanding. 

(d)      Any Transfer or attempted Transfer of Equity Securities of the Company in violation of
this Section 4.1 shall, to the fullest extent permitted by applicable Law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to, record or
recognize any such purported transaction on the books of the Company. 
 (e)      The Company
shall use reasonable efforts to have the shares of Convertible Preferred Stock purchased pursuant to the Securities Purchase Agreement (and any shares of Common Stock issued upon the conversion of such Convertible Preferred Stock) registered
directly on the books and records of the transfer agent in the name of the applicable Investor Party and maintained in book entries directly on the books and records of the transfer agent in the name of the applicable Investor Party. Any
certificates for shares of Convertible Preferred Stock held by an Investor Party as of the Closing Date shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with respect to shares maintained in the
form of book entries) referencing restrictions on Transfer of such shares under the Securities Act and under this Agreement which legend shall state in substance: 

“THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF
THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (II) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, OR (III) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND
(B) THE HOLDER WILL NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. THE COMPANY MAY REQUIRE THE DELIVERY OF A WRITTEN OPINION OF COUNSEL, CERTIFICATIONS AND/OR ANY OTHER

  
 17 

 
INFORMATION IT REASONABLY REQUIRES TO CONFIRM THE SECURITIES ACT EXEMPTION FOR SUCH TRANSACTION. 

THIS SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A STOCKHOLDERS AGREEMENT, DATED [ 🌑 ] (AS IT MAY BE AMENDED FROM TIME TO TIME), BY AND AMONG THE COMPANY AND CERTAIN OTHER PARTIES THERETO, COPIES OF WHICH ARE PUBLICLY FILED OR ON FILE WITH THE SECRETARY OF THE ISSUER.” 

Notwithstanding the foregoing, upon the request of the applicable Investor Party, (i) in connection with any Transfer of
Common Stock or Convertible Preferred Stock in accordance with the terms of this Agreement (other than Section 4.1(b)(ii)), the Company shall promptly cause the second paragraph of the legend (or notation) to be removed
upon such Transfer if such restrictions would not be applicable following such Transfer, (ii) following receipt by the Company of an opinion of counsel reasonably satisfactory to the Company to the effect that such legend (or notation) may be
lifted in connection with the Transfer of Common Stock or Convertible Preferred Stock, the Company shall promptly cause the first paragraph of the legend (or notation) to be removed from any Common Stock to be Transferred in accordance with the
terms of this Agreement, and (iii) to the extent the first and second paragraph of the legend (or notation) would be removed pursuant to this paragraph in connection with any Transfer of Common Stock, the Company shall use reasonable efforts to
cause such Common Stock to be registered in the name of The Depository Trust Company’s nominee. 

4.2      Right of First Refusal. 

(a)      If the Company, at any time or from time to time following the Closing and prior to the
Sunset Date, proposes to issue (a “New Issuance”) any New Securities, the Company shall provide Investor with written notice (an “Issuance Notice”) of such New Issuance at least fifteen (15) Business Days prior
to the proposed issuance of such New Securities. The Issuance Notice shall set forth the material terms and conditions of the New Issuance, including (i) the proposed number of New Securities if known or, if not known, an estimate thereof,
(ii) a description of the New Securities and proposed manner of sale, (iii) the purchase price per New Security (or conversion price or premium in the event of an offering of convertible debt) (the “Per Security Offering
Price”) if known or, if not known, an estimate thereof, and (iv) the proposed issuance date if known or, if not known, an estimate thereof. Investor shall be entitled to purchase (either directly or through any other Investor Parties
or Investor Permitted Transferees), at the Per Security Offering Price and on the other terms and conditions specified in the Issuance Notice, any portion of such New Securities that does not exceed the Percentage Interest of the Investor Entities
immediately prior to such New Issuance. The Company shall use its reasonable best efforts in accordance with the DGCL, the Exchange, the Company Charter and the Company Bylaws, to obtain the approval of the stockholders of the Company for any
issuance of New Securities to Investor; provided, however, that no such approval shall delay the issuance of New Securities to any Person other than Investor. 

(b)      Investor may exercise its rights under this Section 4.2 by
delivering written notice of its election to purchase (either directly or through any other Investor Parties or their Investor Permitted Transferees) such New Securities to the Company within ten (10) Business Days after

  
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receipt of the Issuance Notice, which notice shall specify the number of New Securities requested to be purchased by Investor. Delivery of such notice shall constitute a binding commitment of
Investor to purchase (either directly or through any other Investor Parties or their Investor Permitted Transferees) the amount of New Securities so specified at the Per Security Offering Price and on the terms and conditions specified in the
Issuance Notice. If, at the termination of such ten (10) Business Day period, Investor has not exercised its right to purchase any such New Securities, Investor shall be deemed to have waived its rights under this
Section 4.2 with respect to, and only with respect to, the purchase of the New Securities specified in the applicable Issuance Notice. 

(c)      The closing of any sale of New Securities to Investor, any other Investor Parties or
Investor Permitted Transferees pursuant to this Section 4.2 shall take place concurrently with the consummation of the sale of the New Securities on the terms set forth in the Issuance Notice to all other Persons purchasing
such New Securities (the “New Issuance Closing”). 
 (d)      If the Company
issues, at the New Issuance Closing, less than all of the New Securities described in the Issuance Notice, then the number of New Securities that Investor (and any other Investor Parties and Investor Permitted Transferees) shall be entitled to
purchase in connection with such New Issuance pursuant to this Section 4.2 shall be reduced proportionately and Investor’s notice delivered pursuant to Section 4.2(b) shall be deemed amended
to reflect such reduction. If the number of New Securities is reduced as contemplated by this Section 4.2(d), the Company shall not issue or sell the remainder of the New Securities described in the Issuance Notice without
again complying with the provisions of this Section 4.2. If the Company issues, at the New Issuance Closing, more than the New Securities described in the Issuance Notice, then the number of New Securities that Investor
(and any other Investor Parties and Investor Permitted Transferees) shall be entitled to purchase in connection with such New Issuance pursuant to this Section 4.2 shall be increased proportionately and Investor’s
notice delivered pursuant to Section 4.2(b) shall be deemed amended to reflect such increase. 

(e)      If the New Issuance Closing (other than any over-allotment closing) does not occur
within ninety (90) days after the date of the Issuance Notice, the Company shall not issue or sell the New Securities described in the Issuance Notice without again complying with the provisions of this Section 4.2.

 (f)      Investor (or any other Investor Parties or Investor Permitted Transferees) shall,
prior to the closing of any offering pursuant to Rule 144A (or a successor rule) under the Securities Act in which any of them has elected to purchase New Securities pursuant to this Section 4.2, execute and deliver all
such documents and instruments as are customarily required in connection with such an offering and are reasonably requested by the Company, including, without limitation, customary investment representations and representations as to its status as
the type of offeree to whom a private sale may be made pursuant to the Securities Act, and any failure to deliver or enter into any such documents and instruments at or prior to such closing shall constitute a waiver of the right of first refusal
set forth in this Section 4.2 with respect to such New Issuance. 

(g)      Notwithstanding the foregoing provisions of this Section 4.2,
this Section 4.2 shall not apply and the Investor Entities shall have no rights under this Section 4.2 if, at any time, 

  
 19 

 
any Investor Entity intentionally breaches any of the terms of this Agreement or the Confidentiality Agreement in any material respect and such breach continues after written notice from the
Company and a ten (10) Business Day opportunity to cure. 
 4.3      Standstill.

 (a)      Subject to Section 4.3(b), on and after the Closing
until the Sunset Date, Investor and the Investor Parties shall not, shall cause their respective Affiliates not to, and shall cause the Investor Parties and their respective Affiliates acting at their direction not to, in any manner, directly or
indirectly, without the prior written consent of, or waiver by, the Company: 

(i)      acquire, offer to acquire, agree to acquire, or solicit an offer to
sell, by purchase or otherwise, Beneficial Ownership of any Equity Securities of the Company (including any rights, options or other derivative securities or contracts or instruments to acquire such ownership that derives its value (in whole or in
part) from such Equity Securities (whether currently, upon lapse of time, following the satisfaction of any conditions, upon the occurrence of any event or any combinations of the foregoing)) other than: (A) as a result of any stock split,
stock dividend or distribution, subdivision, reorganization, reclassification or similar capital transaction involving Equity Securities of the Company; (B) pursuant to Section 4.1(b)(ii) or
Section 4.2; or (C) a Transfer between Investor Parties; provided, that no Investor Party shall be in breach of this Section 4.3(a)(i) as a result of the
acquisition by any Investor Designee of any Equity Securities of the Company pursuant to (x) the grant or vesting of any equity compensation awards granted by the Company to any Investor Designee, or (y) the exercise of any stock options,
restricted stock units, or similar awards relating to any Equity Securities of the Company granted by the Company to any Investor Designee; 

(ii)     make any public announcement or public offer with respect to any merger,
business combination, tender or exchange offer, recapitalization, reorganization, restructuring, liquidation, change of Control or other similar extraordinary transaction involving the Company or any of its Subsidiaries or any acquisition of all or
substantially all the assets of the Company (unless such transaction is approved or affirmatively recommended by the Board); 

(iii)    make, knowingly encourage or in any way participate in, any
“solicitation” of “proxies” (as such terms are used in the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange Act) to vote any Voting Securities, or seek to advise or influence any Person with respect
to the voting of, any Voting Securities (other than, in each case, in a manner that is consistent with the Board’s recommendation in connection with a matter); 

(iv)    seek election to, or seek to place a representative on, the Board or seek removal
of any member of the Board or otherwise act, alone or in concert with others, to seek representation or to control or influence the management, the Board or policies of the Company (other than (A) with respect to the election or removal of an
Investor Designee or (B) to vote in accordance with the requirements of Article III); 

  
 20 

 (v)      call, or seek to call, a
meeting of the stockholders of the Company or initiate any stockholder proposal for action by stockholders of the Company; 

(vi)     form, join or in any way participate in a Group with respect to Equity
Securities (other than a Group consisting solely of Investor Parties); 

(vii)    otherwise act, alone or in concert with others, to seek to control, advise,
change or influence the management or the policies of the Company (for the avoidance of doubt, excluding any such act in their capacity as a commercial counterparty, customer, supplier, industry participant or the like); 

(viii)    advise or knowingly assist or encourage or enter into any discussions,
negotiations, agreements or arrangements with any other Persons in connection with any of the foregoing activities; 

(ix)      publicly disclose any intention, plan, proposal or arrangement
inconsistent with any of the foregoing activities; 
 (x)       arrange,
or in any way provide, directly or indirectly, any financing for the purchase by any Person or Group of any Equity Securities or assets of the Company, other than debt financing for (A) the purchase of assets then being offered for sale by the
Company and approved by the disinterested Directors, (B) the Transfer of any shares of Common Stock to an Investor Party or an Investor Permitted Transferee, (C) purchases of any Equity Securities of the Company by an Investor Entity that
are permitted by this Agreement and (D) an Investor Acquisition; 

(xi)      take any action that Investor or an Investor Party knows, or would
reasonably be expected to know, after consultation with outside legal counsel, would require the Company to make a public announcement regarding the possibility of an Acquisition or any of the foregoing activities; 

(xii)    deposit any Equity Securities of the Company into a voting trust or subject any
Equity Securities to any agreement or arrangement (including by granting any proxies with respect to the Equity Securities to any third party with respect to the voting of such Equity Securities with any third party) other than (A) to provide
for voting solely in accordance with this Agreement or (B) pursuant to any agreement or arrangement of the Investor set forth in the organizational or governance documents of the Investor existing on the date hereof; or 

(xiii)    contest the validity of this Section 4.3(a) or
initiate or participate in any judicial proceeding to amend, waive, terminate or seek a release of the restrictions contained herein, it being understood and agreed that (A) this Section 4.3 shall not limit
(x) the activities of any Investor Designee taken in good faith in his or her capacity as a Director or (y) the participation of any Investor Designee in any Board (or committee of the Board, as applicable) discussions, deliberations,
negotiations or determinations, and (B) Investor shall be responsible for any breach of this Section 4.3 caused by any action taken by any Investor Entity or by a representative of an Investor Entity acting at the
direction of any Investor Entity. 

  
 21 

 (b)      Notwithstanding anything to the contrary
in Section 4.3(a), on and after the date hereof, no Investor Party shall be prohibited or restricted from: (i) initiating and engaging in private discussions with, and/or making and submitting to, the Company and/or
the Board a non-public, confidential Acquisition Proposal so long as such Investor Party does not know, and would not be reasonably expected to know, after consultation with outside legal counsel, that such
actions would be reasonably likely to require Investor, the Company or any other Person to make a public announcement regarding such Acquisition Proposal; or (ii) from and after a public announcement of a definitive agreement with respect to an
Acquisition entered into between the Company and any Person other than an Investor Entity and until the earlier of (A) the closing of such Acquisition and (B) thirty (30) days after the termination of such definitive agreement, making
and submitting to the Company, the Board, and/or the Company’s stockholders, an alternative Acquisition Proposal on a publicly disclosed and announced basis for all outstanding shares of Common Stock, which, if a tender or exchange offer, shall
be on the same terms for all such shares and include a non-waivable condition that a majority of outstanding shares of Common Stock not Beneficially Owned by any Investor Entity are tendered into such offer. For the avoidance of doubt,
Section 3.3 and Section 4.3(a) shall continue to apply except to the extent such provisions would prevent an Investor Party from taking the actions expressly permitted by
Section 4.3(b)(i) or Section 4.3(b)(ii). 

(c)      Notwithstanding anything to the contrary in Section 4.3(a) or
Section 4.3(b), upon the first occurrence of any Cash Offer Trigger Event, an Investor Party shall be permitted to make a public Acquisition Proposal to the Company’s stockholders to acquire one-hundred (100%) of the outstanding shares of Common Stock of the Company in an all-cash tender offer; provided that (i) such Investor Party has engaged in
confidential negotiations in good faith with the Board (or a special committee thereof formed for such purpose) for a period of not less than twenty (20) days with respect to such Acquisition Proposal and (ii) such Acquisition Proposal is
expressly subject to and conditioned upon the approval of either (x) a majority of the Voting Securities, on an as converted basis, outstanding, other than those Voting Securities held by the Investor Entities, or (y) a duly constituted
and properly authorized special committee of the Board formed for such purpose and composed solely of independent and disinterested Directors. 

4.4      Information and Access Rights. Until the Sunset Date, the Company shall, and
shall cause its Subsidiaries to, (i) upon reasonable notice to the Company and at such reasonable times as the Investor Parties may reasonably request, (A) afford the Investor Parties and their respective representatives access to its
officers, properties, offices and other facilities and to its books and records, and (B) afford the Investor Parties and their respective representatives with the opportunity to consult with its officers from time to time as the Investor
Parties may reasonably request regarding the affairs, finances and accounts of the Company and its Subsidiaries, (ii) to the extent otherwise prepared by the Company and provided to the Board, provide annual operating and capital expenditure
budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries, (iii) provide audited annual and unaudited quarterly financial statements and (iv) subject to applicable Law, provide
any additional information regarding the affairs, finances and accounts of the Company and its Subsidiaries that is reasonably requested by the Investor Parties from time to time (it being acknowledged that the Company may reasonably withhold
information that constitutes a trade secret or other competitively sensitive intellectual property or is subject to attorney-client privilege). Investor hereby agrees that, notwithstanding any
other provision of this Agreement to the contrary, Investor and its Affiliates shall be provided confidential information in accordance with and subject 

  
 22 

 
to the terms of a Confidentiality Agreement in the form attached hereto as Exhibit E, which such Confidentiality Agreement shall be executed and delivered concurrently with the Closing
(the “Confidentiality Agreement”). 
 4.5      Public Announcements.
The initial press release with respect to this Agreement shall be a joint press release to be reasonably agreed upon by Investor and the Company. Thereafter, Investor and the Company shall consult with each other before issuing any press release, or
other public announcement with respect to this Agreement or the matters contemplated hereby and, except in respect of any such press release or other public announcement as may be required by applicable Law or any applicable rule of any securities
exchange or association, shall not issue any such press release or other public announcement prior to such consultation. Investor shall not and shall cause their respective Affiliates and representatives not to, and shall cause the Investor Parties
and their respective Affiliates acting at their direction not to, in any manner, disparage or cause to be disparaged the Company or its Affiliates or any of its or their respective current or former directors or executive officers, and the Company
shall not, shall cause its Affiliates not to, and shall cause its representatives and the representatives of its Affiliates acting at their direction not to, in any manner disparage or cause to be disparaged any of the Investor Parties or any of
their respective Affiliates, or any of its or their respective current or former directors, managers or executive officers. 

4.6      Waiver of Corporate Opportunity. 

(a)      To the fullest extent permitted by applicable Law, the Company hereby agrees that the
Exempted Persons shall not have any obligation to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as the Company or any of its Subsidiaries. To the fullest extent permitted by applicable
Law, the Company, on behalf of itself and its Subsidiaries, renounces any interest or expectancy of the Company and its Subsidiaries in, or in being offered an opportunity to participate in, business opportunities that are from time to time
available to the Exempted Persons, even if the opportunity is one that the Company or its Subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so. The Company hereby further
agrees that, subject to Section 4.6(b), each Exempted Person shall have no duty to communicate or offer such business opportunity to the Company (and that there shall be no restriction on the Exempted Persons using the
general knowledge and understanding of the Company and the industry in which the Company operates that it has gained as an Exempted Person in considering and pursuing such opportunities or in making investment, voting, monitoring, governance or
other decisions relating to other entities or securities) and, to the fullest extent permitted by applicable Law, shall not be liable to the Company or any of its Subsidiaries or stockholders for breach of any fiduciary or other duty, as a director
or officer or otherwise, solely by reason of the fact that such Exempted Person pursues or acquires such business opportunity, directs such business opportunity to another person or fails to present such business opportunity, or information
regarding such business opportunity, to the Company or its Subsidiaries, or uses such knowledge and understanding in the manner described herein. The parties specifically agree that each Exempted Person is an intended third-party beneficiary of this
Section 4.6 and is entitled to rely upon and enforce the rights and obligations granted herein. “Exempted Person” shall mean the Investor Designees, the Investor, its Affiliates and each of their respective
partners, principals, 

  
 23 

 
directors, officers, members, managers, managing directors, operating partners and/or employees, as applicable. In addition to and notwithstanding the foregoing, a corporate opportunity shall not
be deemed to belong to the Company if it is a business opportunity that the Company is not financially able or contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the Company’s business or is of
no practical advantage to it or that is one in which the Company has no interest or reasonable expectancy. The Company hereby covenants and agrees that it shall not take any action, or adopt any resolution, inconsistent with the provisions of this
Section 4.6. 
 (b)      Notwithstanding anything to the contrary in
this Section 4.6, the Company does not renounce its interest in, and the provisions of Section 4.6(a) shall not apply to, any corporate or business opportunity offered to any Investor Designee if
such opportunity is offered to such person in his or her capacity as a director or officer of the Company. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

5.1      Representations and Warranties of the Company. The Company hereby represents and
warrants to Investor as follows as of the Closing: 
 (a)      The Company is a corporation,
duly incorporated, validly existing and in good standing under the Laws of the State of Delaware. The Company has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under the Agreement. 

(b)      The execution and delivery by the Company of this Agreement and the performance of the
obligations of the Company under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been obtained) under,
(x) applicable Law, (y) the organizational documents of the Company, or (z) any contract or agreement to which the Company is a party. 

(c)      The execution and delivery by the Company of this Agreement and the performance of the
obligations of the Company under this Agreement have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming the due authorization, execution
and delivery by Investor, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and other Laws of general applicability relating to or
affecting creditors’ rights and to general principles of equity. 
 5.2     Representations
and Warranties of Investor. Investor hereby represents and warrants to the Company as follows as of the Closing: 

  
 24 

 (a)      Investor is duly organized, validly
existing and in good standing under the Laws of the jurisdiction of its organization. Investor has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement. 

(b)      The execution and delivery by Investor of this Agreement and the performance by
Investor of its obligations under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been obtained) under,
(x) applicable Law, (y) its organizational documents, or (z) any contract or agreement to which it is a party. 

(c)      The execution and delivery by Investor of this Agreement and the performance by
Investor of its obligations under this Agreement have been duly authorized by all necessary corporate or other analogous action on its part. This Agreement has been duly executed and delivered by Investor and, assuming the due authorization,
execution and delivery by the Company, constitutes a legal, valid and binding obligation of Investor, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other Laws of general applicability relating to or
affecting creditors’ rights and to general principles of equity. 
 5.3     No Other
Representations or Warranties. Each of Investor and the Company hereby acknowledges and agrees that except for the express representations and warranties set forth in this Article V, the Securities Purchase Agreement and the Registration
Rights Agreement, neither party hereto nor any Person acting on its behalf is making any representation or warranty of any kind, express or implied, in connection with the negotiation, execution or performance of this Agreement, the Securities
Purchase Agreement, the Registration Rights Agreement or the transactions contemplated hereby and thereby. 
 ARTICLE VI 

GENERAL PROVISIONS 

6.1     Termination. Unless otherwise specified herein, this Agreement shall automatically
terminate on the date on which the aggregate Percentage Interest of the Investor Entities is less than ten percent (10%); provided, that, Section 6.2, Section 6.3,
Section 6.6, Section 6.7, Section 6.8, Section 6.9, and Section 6.10 shall survive the termination of this Agreement
indefinitely, or as specified therein. 
 6.2     Notices. Any notices or other
communications required or permitted under, or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered or sent if delivered in Person or sent by facsimile
transmission (provided confirmation of facsimile transmission is obtained), provided that any notice received by facsimile transmission or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (addressee’s local time)
shall be deemed to have been received at 9:00 a.m. (addressee’s local time) on the next Business Day (b) on the fifth Business Day after dispatch by registered or certified mail (provided, that such form of notice may only be used if
dispatched from the country in which the recipient is located), (c) on the next Business Day if transmitted by national or international overnight courier or (d) on the date delivered if sent by email (provided confirmation of email receipt is
obtained), provided that any notice received by 

  
 25 

 
email at the addressee’s location on any Business Day after 5:00 p.m. (addressee’s local time) shall be deemed to have been received at 9:00 a.m. (addressee’s local time) on the
next Business Day, in each case, as follows (or to such other Persons or addressees as may be designated in writing by the party to receive such notice): 

if to the Company: 

GNC Holdings, Inc. 

300 Sixth Avenue 

Pittsburgh, Pennsylvania 15222 

Tel: (412) 288-4600 

Fax: (412) 288-4764 

Attention: Kenneth A. Martindale 

                 Tricia Tolivar 

Email: ken-martindale@gnc-hq.com; 

          
 tricia-tolivar@gnc-hq.com 
 with a copy (not constituting notice) to: 

Latham & Watkins LLP 

330 N. Wabash Ave., Suite 2800 

Chicago, IL 60611 

USA 

Attention: Bradley C. Faris 

                  Jason Morelli 

Fax:           +1 (312) 993-9767 

Email: Bradley.Faris@lw.com; 

            Jason.Morelli@lw.com 

if to Investor: 

[ 🌑 ] 

with a copy (not constituting notice) to: 

Ropes & Gray LLP 

1211 Avenue of the Americas 

New York, NY 10036 

Tel: (212) 596-9160 

Attention: Michael R. Littenberg 

                  Daniel Yeh 

Email: Michael.Littenberg@ropesgray.com 

            Daniel.Yeh@ropesgray.com 

6.3     Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified,
and the observance of any term hereof may be waived, only by a written instrument executed by (i) the Company and (ii) Investor. Neither the failure nor delay on the 

  
 26 

 
part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such
right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. Any amendment, supplement or modification to this Agreement
and any waiver of any term hereof effected in accordance with this Section 6.3 shall be binding on each party hereto and all of such party’s successors and permitted assigns, whether or not such party, successor or
permitted assign entered into or approved such amendment, supplement or modification. 

6.4     Further Assurances. Each party hereto shall sign such further documents and do and
perform and cause to be done such further acts and things as any other party hereto may reasonably request to the extent necessary to carry out the intent and accomplish the purposes of this Agreement. 

6.5     Assignment. This Agreement will inure to the benefit of and be binding on the parties
hereto and their respective successors and permitted assigns. This Agreement may not be assigned, except by any Investor Party to any Investor Permitted Transferee that has executed a joinder agreement substantially in the form attached as
Exhibit D to this Agreement, without the express prior written consent of the other parties hereto, and any attempted assignment, without such consent, will be null and void. 

6.6     Third Parties. Except as set forth in Section 4.6, this Agreement does not create
any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

6.7     Governing Law. This Agreement shall be governed by and construed in accordance with
the Laws of the State of Delaware, without regard to principles of conflicts of Laws thereof. 

6.8     Jurisdiction; Waiver of Jury Trial. In any judicial proceeding involving any dispute,
controversy or claim between the parties hereto arising out of or relating to this Agreement, each of the parties hereto, by execution and delivery of this Agreement, unconditionally accepts and consents to the exclusive jurisdiction and venue of
the Delaware Court of Chancery and any state appellate court to which orders and judgments thereof may be appealed within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any
state or federal court within the State of Delaware), including but not limited to the in personam and subject matter jurisdiction of those courts, or if jurisdiction over the matter is vested exclusively in federal courts, the United
States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed, waives any objections to such jurisdiction on the grounds of venue or forum non conveniens, the absence
of in personam or subject matter jurisdiction and any similar grounds or any other manner permitted by Law, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. In any such judicial
proceeding, the parties agree that in addition to any method for the service of process permitted or required 

  
 27 

 
by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in Section 6.2. EACH OF THE
PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

6.9      Specific Performance. Each party hereto acknowledges and agrees that in the
event of any breach of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance
that a remedy at law would be adequate and agrees that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

6.10    Entire Agreement. This Agreement, the Securities Purchase Agreement, the Registration
Rights Agreement, the Confidentiality Agreement and any Director Confidentiality Agreement with an Investor Designee set forth the entire understanding of the parties hereto with respect to the subject matter hereof. There are no agreements,
representations, warranties, covenants or understandings with respect to the subject matter hereof other than those expressly set forth herein or in the Confidentiality Agreement or any such Director Confidentiality Agreement. This Agreement, the
Confidentiality Agreement and any such Director Confidentiality Agreement supersede all other prior agreements and understandings between the parties with respect to such subject matter, other than, with respect to the confidentiality and non-use restrictions set forth in that certain letter agreement regarding confidentiality, dated July 18, 2017, by and between General Nutrition Centers, Inc. and CITIC Capital Partners Management Limited and
that certain letter agreement regarding confidentiality, dated October 11, 2017, by and between the General Nutrition Centers, Inc. and Harbin Pharmaceutical Group Holding Co., Ltd., with respect to information disclosed thereunder prior to the
Closing, but only to the extent such information is not otherwise subject to the confidentiality and non-use restrictions set forth in the Confidentiality Agreement or Director Confidentiality Agreement (it
being understood that such letter agreement shall remain in full force and effect in accordance with its terms with respect to the confidentiality and non-use restrictions set forth therein with respect to
such information disclosed thereunder prior to the Closing). 
 6.11    Severability. If any
provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (a) the remainder of this Agreement shall not be affected
thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by Law, (b) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the
fullest extent permitted by Law and (c) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

6.12    Table of Contents, Headings and Captions. The table of contents, headings, subheadings and
captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

  
 28 

 6.13    Counterparts. This Agreement and any amendment
hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

[Remainder Of Page Intentionally Left Blank] 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day
and year first above written. 
  

			
	 GNC HOLDINGS, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 [ 🌑 ]
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 [Signature Page to Stockholders Agreement] 

 Exhibit A 

Form Director Confidentiality Agreement 

 Exhibit B 

Restricted Entities 
  

	1.	 Vitamin Shoppe 

  

	2.	 Rite Aid 

  

	3.	 Whole Foods 

  

	4.	 Vitacost 

  

	5.	 Kroger 

  

	6.	 Amazon 

  

	7.	 Walgreens 

  

	8.	 CVS 

  

	9.	 Nature’s Bounty 

 

	10.	 Bodybuilding.com 

  

	11.	 Swanson 

  

	12.	 Sprout’s 

  

	13.	 Sunflower Farmers’ Market 

 

	14.	 Vitamin Cottage 

 Exhibit C 

Form of Observer Confidentiality Agreement 

 Exhibit D 

Form Joinder Agreement 

 Exhibit E 

Form of Confidentiality Agreement

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